Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 29, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'ANADIGICS INC |
Entity Central Index Key | '0000940332 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 85,561,053 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 29-Mar-14 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $13,607 | $20,947 |
Short-term marketable securities | 450 | 3,447 |
Accounts receivable, net | 12,421 | 15,156 |
Inventories | 22,522 | 21,114 |
Prepaid expenses and other current assets | 5,110 | 3,628 |
Total current assets | 54,110 | 64,292 |
Plant and equipment | ' | ' |
Equipment and furniture | 204,741 | 203,797 |
Leasehold improvements | 46,850 | 46,850 |
Projects in process | 4,295 | 4,832 |
Plant and equipment, gross | 255,886 | 255,479 |
Less accumulated depreciation and amortization | 225,635 | 222,303 |
Plant and equipment, net | 30,251 | 33,176 |
Other assets | 213 | 213 |
Total assets | 84,574 | 97,681 |
Current liabilities: | ' | ' |
Accounts payable | 10,837 | 13,043 |
Accrued liabilities | 4,392 | 4,380 |
Accrued restructuring costs | 529 | 245 |
Total current liabilities | 15,758 | 17,668 |
Other long-term liabilities | 1,501 | 1,604 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Common stock, $0.01 par value, 144,000 shares authorized, 85,676 issued at March 29, 2014 and 84,437 issued at December 31, 2013 | 857 | 844 |
Additional paid-in capital | 639,762 | 637,922 |
Accumulated deficit | -573,495 | -561,745 |
Accumulated other comprehensive income | 450 | 1,647 |
Treasury stock at cost: 115 shares | -259 | -259 |
Total stockholders' equity | 67,315 | 78,409 |
Total liabilities and stockholders' equity | $84,574 | $97,681 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Stockholders' equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 144,000 | 144,000 |
Common stock, issued (in shares) | 85,676 | 84,437 |
Treasury stock at cost (in shares) | 115 | 115 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) [Abstract] | ' | ' |
Net sales | $23,271 | $26,380 |
Cost of sales | 21,000 | 27,101 |
Gross profit (loss) | 2,271 | -721 |
Research and development expenses | 8,576 | 10,280 |
Selling and administrative expenses | 5,126 | 6,242 |
Restructuring charge | 1,451 | 1,915 |
Operating loss | -12,882 | -19,158 |
Interest income | 5 | 93 |
Interest expense | -33 | 0 |
Other income, net | 1,160 | 46 |
Net loss | ($11,750) | ($19,019) |
Basic and diluted loss per share (in dollars per share) | ($0.14) | ($0.26) |
Weighted average common shares outstanding used in computing loss per share | ' | ' |
Basic and diluted (in shares) | 84,763 | 73,158 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) [Abstract] | ' | ' |
Net loss | ($11,750) | ($19,019) |
Other comprehensive income | ' | ' |
Unrealized (loss) gain on marketable securities | -37 | 1,118 |
Reclassification adjustment: | ' | ' |
Net recognized gain on marketable securities previously included in Accumulated other comprehensive income | -1,160 | -29 |
Comprehensive loss | ($12,947) | ($17,930) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($11,750) | ($19,019) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 3,332 | 3,827 |
Amortization | 17 | 21 |
Stock based compensation | 1,843 | 1,501 |
Marketable securities recovery and accretion | -1,160 | -29 |
Gain on disposal of equipment | 0 | -46 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,735 | -446 |
Inventories | -1,408 | -1,473 |
Prepaid expenses and other assets | -1,499 | -1,388 |
Accounts payable | -2,206 | -2,776 |
Accrued liabilities and other liabilities | 193 | 1,195 |
Net cash used in operating activities | -9,903 | -18,633 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of plant and equipment | -407 | -1,466 |
Purchases of marketable securities | 0 | -5,911 |
Proceeds from sale of marketable securities | 2,960 | 17,724 |
Net cash provided by investing activities | 2,553 | 10,347 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Issuance of common stock | 10 | 18,419 |
Net cash provided by financing activities | 10 | 18,419 |
Net (decrease) increase in cash and cash equivalents | -7,340 | 10,133 |
Cash and cash equivalents at beginning of period | 20,947 | 24,949 |
Cash and cash equivalents at end of period | $13,607 | $35,082 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
BASIS OF PRESENTATION | |||||||||
The terms “we,” “our,” “ours,” “us” and “Company” refer to ANADIGICS Inc. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 29, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |||||||||
The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
The Company has evaluated subsequent events and determined that, other than matters outlined in Note 10, there were no subsequent events to recognize or disclose in these unaudited interim condensed consolidated financial statements. | |||||||||
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS | |||||||||
Changes to accounting principles generally accepted in the United States of America are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates to the FASB’s Accounting Standards Codification. | |||||||||
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). Adoption of the amended guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements. | |||||||||
INCOME TAXES | |||||||||
The Company maintains a full valuation allowance on its deferred tax assets. Accordingly, the Company has not recorded a benefit or provision for income taxes. The Company recognizes interest and penalties related to the underpayment of income taxes in income tax expense. No unrecognized tax benefits, interest or penalties were accrued at March 29, 2014. The Company’s U.S. federal net operating losses have occurred since 1998 and as such, tax years subject to potential tax examination could apply from that date because carrying-back net operating loss opens the relevant year to audit. | |||||||||
WARRANTY | |||||||||
Based on the examination of historical returns and other information it deems critical, the Company estimates that a current charge to income will need to be provided in order to cover future warranty obligations for products sold during the year. The accrued liability for warranty costs is included in Accrued liabilities in the condensed consolidated balance sheets. Changes in the Company’s product warranty reserve are as follows: | |||||||||
Three months ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Beginning balance | $ | 383 | $ | 770 | |||||
Additions charged to costs and expenses | 51 | 108 | |||||||
Claims processed | (101 | ) | (482 | ) | |||||
Ending balance | $ | 333 | $ | 396 | |||||
RECLASSIFICATIONS | |||||||||
Certain prior period amounts have been reclassified to conform to the current presentation. |
RESTRUCTURING
RESTRUCTURING | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
RESTRUCTURING [Abstract] | ' | ||||
RESTRUCTURING | ' | ||||
2 | RESTRUCTURING | ||||
In February 2014, the Company implemented a workforce reduction that eliminated approximately 40 positions throughout the Company which resulted in the Company recording a restructuring charge of $1,451 during the first quarter of 2014 covering severance, related benefits and other costs. The unpaid balance at March 29, 2014 was $529 and was recorded within Accrued restructuring costs. | |||||
In February 2013, the Company implemented a workforce reduction that eliminated approximately 25 positions throughout the Company which resulted in the Company recording a restructuring charge of $1,915 during the first quarter of 2013 for severance, related benefits and other costs. | |||||
Activity and liability balances related to the restructurings were as follows: | |||||
Accrued | |||||
Restructuring | |||||
Costs | |||||
December 31, 2012 balance | $ | 395 | |||
Restructuring expense | 1,915 | ||||
Payments | (2,065 | ) | |||
December 31, 2013 balance | $ | 245 | |||
Restructuring expense | 1,451 | ||||
Payments | (1,167 | ) | |||
March 29, 2014 balance | $ | 529 |
FAIR_VALUE_AND_MARKETABLE_SECU
FAIR VALUE AND MARKETABLE SECURITIES | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
FAIR VALUE AND MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE AND MARKETABLE SECURITIES | ' | ||||||||||||||||||||
3 | FAIR VALUE AND MARKETABLE SECURITIES | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified in the following hierarchy: | |||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities | ||||||||||||||||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability | ||||||||||||||||||||
Level 3 | Unobservable inputs for the asset or liability | ||||||||||||||||||||
The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents a summary of fair value information for available-for-sale securities as at December 31, 2013 and March 29, 2014: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||
Using | |||||||||||||||||||||
Security Type | Amortized | Fair | Quoted Prices | ||||||||||||||||||
Cost Basis | Value | in Active | Significant | ||||||||||||||||||
-1 | Markets for | Other | Significant | ||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Former-auction corporate debt security (2) | $ | 1,800 | $ | 2,997 | $ | - | $ | 2,997 | $ | - | |||||||||||
Auction Rate Security - Preferred Equity | - | 450 | - | - | 450 | ||||||||||||||||
Total at December 31, 2013 | $ | 1,800 | $ | 3,447 | $ | - | $ | 2,997 | $ | 450 | |||||||||||
Auction Rate Security - Preferred Equity | - | 450 | - | - | 450 | ||||||||||||||||
Total at March 29, 2014 | $ | - | $ | 450 | $ | - | $ | - | $ | 450 | |||||||||||
-1 | Difference between amortized cost basis and fair value represents gross unrealized gains. | ||||||||||||||||||||
-2 | Available for sale debt security with a contractual maturity in excess of 10 years. | ||||||||||||||||||||
In January 2014, the Level 2 former-auction corporate debt security was sold for $2,960, resulting in a realized gain of $1,160 which was recorded in the first quarter of 2014 to Other income, net. | |||||||||||||||||||||
As of March 29, 2014, our remaining preferred equity auction rate security was valued at $450 applying a market comparables method where the ARS is valued based on indications from the secondary market of what discounts buyers demand when purchasing similar ARS. There was no change in the fair value of this equity auction rate security from December 31, 2013 to March 29, 2014. | |||||||||||||||||||||
The fair value of each of the following instruments approximates their carrying value because of the short maturity of these instruments: cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities. | |||||||||||||||||||||
For the three month period ended March 30, 2013, the table below provides a reconciliation of the beginning and ending balances for each type of security valued using a Level 3 valuation. | |||||||||||||||||||||
($ in 000’s) | Fair Value | ||||||||||||||||||||
Measurements Using | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Unobservable | |||||||||||||||||||||
Inputs (Level 3) | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||
30-Mar-13 | |||||||||||||||||||||
Preferred Equity | |||||||||||||||||||||
Securities (a) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 1,568 | |||||||||||||||||||
Total gains or losses realized/unrealized | |||||||||||||||||||||
Included in earnings (loss) | - | ||||||||||||||||||||
Included in other comprehensive income(loss) | 477 | ||||||||||||||||||||
Purchases, redemptions, and settlements | - | ||||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at March 30, 2013 | $ | 2,045 | |||||||||||||||||||
Amount of total gains or losses for the period included in earnings(loss) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | - | ||||||||||||||||||||
(a) Preferred securities issued by subsidiaries of two publicly-held debt default insurers. For one security, a non-binding offer by the issuer to repurchase the security used a 5% discount. For the second security, the discounted cash flow model discount rate and market comparables model discount were 34% and 81%, respectively. |
INVENTORIES
INVENTORIES | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
4 | INVENTORIES | ||||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of the following: | |||||||||
29-Mar-14 | 31-Dec-13 | ||||||||
Raw materials | $ | 6,941 | $ | 7,323 | |||||
Work in process | 9,753 | 8,424 | |||||||
Finished goods | 5,828 | 5,367 | |||||||
Total | $ | 22,522 | $ | 21,114 |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended | |
Mar. 29, 2014 | ||
STOCKHOLDERS' EQUITY [Abstract] | ' | |
STOCKHOLDERS' EQUITY | ' | |
5 | STOCKHOLDERS’ EQUITY | |
In March 2013, the Company completed an underwritten public offering (the March 2013 Offering) of 10,000 shares of common stock at a price of $2.00 per share, generating net proceeds to the Company of $18,374. Subsequent to the March 2013 Offering, the underwriters exercised a portion of an overallotment option and purchased an additional 704 shares in April 2013, generating net proceeds to the Company of $1,301. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended | |||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||
STOCK BASED COMPENSATION [Abstract] | ' | |||||||||||||||||||||
STOCK BASED COMPENSATION | ' | |||||||||||||||||||||
6 | STOCK BASED COMPENSATION | |||||||||||||||||||||
Equity Compensation Plans | ||||||||||||||||||||||
The Company has two active equity compensation plans under which equity securities are authorized for issuance to employees and/or directors and two plans (the 1995 Plan and 1997 Plan, described below) which have been terminated: | ||||||||||||||||||||||
§ | The 1995 Long-Term Incentive and Share Award Plan for Officers and Directors (terminated February 28, 2005) (1995 Plan); | |||||||||||||||||||||
§ | The 1997 Long Term Incentive and Share Award Plan (terminated February 28, 2005) (1997 Plan); | |||||||||||||||||||||
§ | The 2005 Long Term Incentive and Share Award Plan (2005 Plan, collectively with the 1995 Plan and the 1997 Plan, the Plans); and | |||||||||||||||||||||
§ | The Employee Stock Purchase Plan (ESP Plan). | |||||||||||||||||||||
Employees and outside directors have been granted restricted stock shares or units (collectively, restricted stock) and options to purchase shares of common stock under stock option plans adopted in 1995, 1997 and 2005. An aggregate of 4,913, 5,100 and 24,850 shares of common stock were reserved for issuance under the 1995 Plan, the 1997 Plan and the 2005 Plan, respectively. The Plans provide for the granting of stock options, stock appreciation rights, restricted stock and other share based awards to eligible employees and directors, as defined in the Plans. Option grants have terms of ten years and become exercisable in varying amounts over periods of up to three years. To date, no stock appreciation rights have been granted under the Plans. | ||||||||||||||||||||||
In 1995, the Company adopted the ESP Plan under Section 423 of the Internal Revenue Code. All full-time employees of ANADIGICS, Inc. and part-time employees, as defined in the ESP Plan, are eligible to participate in the ESP Plan. An aggregate of 6,694 shares of common stock were reserved for offering under the ESP Plan. Offerings are made at the commencement of each calendar year and must be purchased by the end of that calendar year. Pursuant to the terms of the ESP Plan, shares purchased and the applicable per share price were 271 and $1.64, respectively for the year ended December 31, 2013. | ||||||||||||||||||||||
The table below summarizes stock based compensation by source and by financial statement line item for the three month periods: | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||
Amortization of restricted stock | 1,734 | $ | 1,230 | |||||||||||||||||||
Amortization of ESP Plan | 60 | 150 | ||||||||||||||||||||
Amortization of stock option awards | 49 | 121 | ||||||||||||||||||||
Total stock based compensation | 1,843 | $ | 1,501 | |||||||||||||||||||
By Financial Statement line item | ||||||||||||||||||||||
Cost of sales | 276 | $ | 179 | |||||||||||||||||||
Research and development expenses | 554 | 345 | ||||||||||||||||||||
Selling and administrative expenses | 1,013 | 1,048 | ||||||||||||||||||||
Restructuring charge | - | (71 | ) | |||||||||||||||||||
No tax benefits have been recorded due to the Company’s full valuation allowance position. | ||||||||||||||||||||||
Restricted Stock and Stock Option Awards | ||||||||||||||||||||||
Under the Plans, the Company grants restricted stock shares and units to its employees. The value of restricted stock grants are fixed upon the date of grant and amortized over the related vesting period, primarily ranging up to three years. Restricted stock is subject to forfeiture if employment terminates prior to vesting. The Company estimates that approximately 2.5% of its restricted stock and stock option awards are forfeited annually (exclusive of performance-based restricted stock awards and performance-based option shares, as described below). The restricted stock shares carry voting and certain forfeitable dividend rights commencing upon grant, whereas restricted stock units do not. Neither restricted stock shares nor restricted stock units may be traded or transferred prior to vesting. Grant, vest and forfeit activity and related weighted average (WA) price per share for restricted stock and for stock options during the period from January 1, 2013 to March 29, 2014 is presented in tabular form below: | ||||||||||||||||||||||
Restricted Stock Units | Stock Options | |||||||||||||||||||||
Units | WA | Issuable | WA | |||||||||||||||||||
price/ | upon | exercise | ||||||||||||||||||||
unit | exercise | price | ||||||||||||||||||||
Outstanding at January 1, 2013 | 1,430 | $ | 4.63 | 2,495 | $ | 4.89 | ||||||||||||||||
Granted (1) | 3,509 | 2.11 | 13 | 2.26 | ||||||||||||||||||
Shares vested/options exercised | (1,539 | ) | 3.34 | (69 | ) | 1.93 | ||||||||||||||||
Forfeited/expired (2,3) | (528 | ) | 2.5 | (480 | ) | 3.99 | ||||||||||||||||
Balance at December 31, 2013 | 2,872 | $ | 2.63 | 1,959 | $ | 5.2 | ||||||||||||||||
Granted (1) | 2,070 | 1.85 | 3 | 1.91 | ||||||||||||||||||
Shares vested/options exercised | (1,234 | ) | 3.36 | (5 | ) | 1.83 | ||||||||||||||||
Forfeited/expired | (62 | ) | 2.21 | (617 | ) | 5.88 | ||||||||||||||||
Balance at March 29, 2014 | 3,646 | 1.95 | 1,340 | 4.89 | ||||||||||||||||||
-1 | Years 2013 and 2014 restricted stock units granted include 560 and 412.5 performance-based restricted stock units, respectively. | |||||||||||||||||||||
-2 | Year 2013 restricted stock units forfeited include 384 performance-based units; Year 2013 stock options forfeited include 42 performance-based option shares. | |||||||||||||||||||||
-3 | In the second quarter of 2013, 125 time-based and 83 (125 at maximum performance achievement) performance-based stock options were rescinded with the consent of and without payment to the CEO due to the fact that the original grants with respect to which these options were a part of exceeded the sub-limits of the applicable plan by the number of shares as to which the options were rescinded. | |||||||||||||||||||||
In June 2011, the Company’s Chief Executive Officer was awarded a base grant of 250 performance-based stock options contingent upon the Company’s shareholder return performance against the performance of the Philadelphia Semiconductor Index component companies. Following the rescission discussed in footnote (3) in the table immediately above, the base grant was reduced by 83 performance-based stock options during the second quarter of 2013. The award and performance is evaluated during the one, two and three year periods following the award. The performance-based stock options have an exercise price of $3.24, expire 10 years after the grant date, and had an average fair value of $2.62 on the date of grant. The fair value estimate was calculated with the assistance of a valuation consultant using a Monte Carlo Simulation model. In the second quarters of 2012 and 2013, 83 and 42 shares, respectively, were canceled for non-achievement of performance goals at the end of the first and second measurement periods. | ||||||||||||||||||||||
On February 16, 2012, subject to stockholder approval of additional 2005 Long-Term Incentive and Share Award Plan shares at the Company’s 2013 Annual Stockholder Meeting (at which such approval was received), the Company awarded 661 time-based and 220 performance-based restricted stock units to its officers and employees. The time-based restricted stock units vested one-third on May 20, 2013 and one-third on February 18, 2014, and vest one-third on February 18, 2015. The performance-based restricted stock units vest based on absolute total stockholder return for one-year, two-year and three-year periods starting from the baseline date of December 31, 2011, compared to total stockholder return targets for each of the respective periods. As of December 31, 2013, the performance metrics for the first and second year periods were not met on the performance-based awards and 155 restricted stock units were forfeited. | ||||||||||||||||||||||
On December 4, 2012, subject to stockholder approval of additional 2005 Long-Term Incentive and Share Award Plan shares at the Company’s 2013 Annual Stockholder Meeting (at which such approval was received), the Company awarded 660 restricted stock units to its officers and other key employees (subsequently increased by 20 units awarded to an additional officer in July 2013). Fifty percent of these restricted stock units have time-based vesting conditions and 50% have performance-based vesting conditions. The restricted stock units vest one-third annually in May 2014, 2015, and 2016 (August 2014, 2015 and 2016 vest for the July 2013 grant). The performance-based awards were evaluated based on the Company’s adjusted cash flow from operations for the year ended December 31, 2013, with 34.8% of the performance metrics achieved, 111 performance-based restricted stock units vested, and the remaining 229 performance-based stock units were forfeited. | ||||||||||||||||||||||
On February 13, 2014, the Company awarded 825 restricted stock units to its officers and other key employees where fifty percent of these restricted stock units have time-based vesting conditions and 50% have performance-based vesting conditions contingent upon the Company’s relative levels of shareholder returns against the peer group companies, as defined in the Company’s annual proxy statement, as filed with the SEC on March 21, 2014. The restricted stock units will vest, if at all, one-third annually in March 2015, 2016, and 2017. The performance-based awards and performance will be evaluated annually in one-third increments measuring Company shareholder returns during the one, two and three year periods following the award. Company performance below the 25th-percentile in a measurement period would result in no vesting for that period. The performance-based restricted stock units have an average fair value of $1.84 on the date of grant. The fair value estimate was calculated with the assistance of a valuation consultant using a Monte Carlo Simulation model. | ||||||||||||||||||||||
As of March 29, 2014 | ||||||||||||||||||||||
Unrecognized stock based compensation cost | ||||||||||||||||||||||
Option plans | $ | 58 | ||||||||||||||||||||
Restricted stock | $ | 4,675 | ||||||||||||||||||||
Weighted average remaining recognition period | ||||||||||||||||||||||
Option plans | 0.7 Years | |||||||||||||||||||||
Restricted stock | 1.8 Years | |||||||||||||||||||||
Stock options outstanding at March 29, 2014 are summarized as follows: | ||||||||||||||||||||||
Range of exercise prices | Outstanding | Weighted | Weighted | Exercisable | Weighted | |||||||||||||||||
Options at | average | average | at March 29, | average | ||||||||||||||||||
29-Mar-14 | remaining | exercise | 2014 | exercise | ||||||||||||||||||
contractual | price | price | ||||||||||||||||||||
life | ||||||||||||||||||||||
$1.23 - $1.93 | 474 | 4.5 | $ | 1.92 | 466 | $ | 1.93 | |||||||||||||||
$2.00 - $3.24 | 317 | 6.9 | $ | 3.19 | 240 | $ | 3.2 | |||||||||||||||
$3.30 - $8.79 | 147 | 2.7 | $ | 5.49 | 147 | $ | 5.49 | |||||||||||||||
$8.84 - $18.98 | 402 | 2.5 | $ | 9.49 | 402 | $ | 9.49 | |||||||||||||||
Valuation Method for ESP Plan and Stock Option Awards | ||||||||||||||||||||||
The fair value of these equity awards was estimated at the date of grant using a Black-Scholes option pricing model. The weighted average assumptions and fair values for stock based compensation grants used for the three month periods ended March 29, 2014 and March 30, 2013 are summarized below. | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||
Stock option awards: | ||||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 0.8 | % | ||||||||||||||||||
Expected volatility | 58 | % | 72 | % | ||||||||||||||||||
Average expected term (in years) | 5 | 5 | ||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||
Weighted average fair value of options granted | $ | 0.97 | $ | 1.53 | ||||||||||||||||||
ESP Plan: | ||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | ||||||||||||||||||
Expected volatility | 45 | % | 66 | % | ||||||||||||||||||
Average expected term (in years) | 1 | 1 | ||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||
Weighted average fair value of purchase option | $ | 0.49 | $ | 0.72 | ||||||||||||||||||
For equity awards with an expected term of one year or less, the assumption for expected volatility is solely based on the Company’s historical volatility, whereas for equity awards with expected terms of greater than one year, the assumption is based on a combination of implied and historical volatility. |
LOSS_PER_SHARE
LOSS PER SHARE | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
LOSS PER SHARE [Abstract] | ' | ||||||||
LOSS PER SHARE | ' | ||||||||
7 | LOSS PER SHARE | ||||||||
The reconciliation of shares used to calculate basic and diluted loss per share consists of the following: | |||||||||
Three months ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Weighted average common shares for basic loss per share | 84,763 | 73,158 | |||||||
Effect of dilutive securities: | |||||||||
Stock options (*) | - | - | |||||||
Unvested restricted shares (*) | - | - | |||||||
Adjusted weighted average shares for diluted loss per share | 84,763 | 73,158 | |||||||
* | Incremental shares from restricted shares and stock options are computed using the treasury stock method. | ||||||||
For the three months ended March 29, 2014 and March 30, 2013, potential additional dilution arising from any of the Company's outstanding stock options or unvested restricted stock (shares or units) is detailed below. Such potential dilution was excluded as their effect was anti-dilutive. | |||||||||
Three months ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Stock options | 1,340 | 2,437 | |||||||
Unvested restricted shares and units | 3,646 | 1,627 |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||
8 | ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||
The changes in accumulated other comprehensive income are as follows (in thousands): | |||||||||||||
Net Unrealized | Foreign | Total | |||||||||||
Gain (Loss) on | Currency | ||||||||||||
Marketable | Translation | ||||||||||||
Securities | |||||||||||||
Balance at January 1, 2013 | $ | 3,255 | $ | (3 | ) | $ | 3,252 | ||||||
Other comprehensive income before reclassifications | 1,118 | - | 1,118 | ||||||||||
Amounts reclassified from accumulated other comprehensive income * | (29 | ) | - | (29 | ) | ||||||||
Net current period other comprehensive income | 1,089 | - | 1,089 | ||||||||||
Balance at March 30, 2013 | $ | 4,344 | $ | (3 | ) | $ | 4,341 | ||||||
Balance at January 1, 2014 | $ | 1,647 | $ | - | $ | 1,647 | |||||||
Other comprehensive income before reclassifications | (37 | ) | - | (37 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income * | (1,160 | ) | - | (1,160 | ) | ||||||||
Net current period other comprehensive income | (1,197 | ) | - | (1,197 | ) | ||||||||
Balance at March 29, 2014 | $ | 450 | $ | - | $ | 450 | |||||||
* Amounts reclassified are recorded within Other income, net in the Condensed Consolidated Statements of Operations. |
LEGAL_PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended | |
Mar. 29, 2014 | ||
LEGAL PROCEEDINGS [Abstract] | ' | |
LEGAL PROCEEDINGS | ' | |
9 | LEGAL PROCEEDINGS | |
The Company is a party to ordinary course litigation arising out of the operation of our business. The Company believes that the ultimate resolution of such ordinary course litigation should not have a material adverse effect on its consolidated financial condition or results of operations. |
LINE_OF_CREDIT
LINE OF CREDIT | 3 Months Ended | |
Mar. 29, 2014 | ||
LINE OF CREDIT [Abstract] | ' | |
LINE OF CREDIT | ' | |
10 | LINE OF CREDIT | |
In April 2013, the Company entered into a Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, N.A., which Agreement was amended in December 2013 and further amended on April 30, 2014, to revise the minimum EBITDA covenants. The Credit Agreement provides the Company with a three-year revolving credit facility of $11,000 that expires on April 30, 2016. The facility is secured by certain cash balances with borrowing availability based upon Accounts receivable and compliance with covenants, including minimum EBITDA (as defined in the Credit Agreement) and certain capital expenditure limits. The Company may elect to borrow at rates approximating LIBOR plus 3.25%. The Credit Agreement contains a fee for any unused portion of the facility. As of March 29, 2014, the Company was in compliance with its covenants and there were no amounts outstanding under the Credit Agreement. On April 30, 2014, the Company entered into an Amended and Restated Collateral Assignment of Account as collateral security for the Company’s existing and future obligations to Lenders under the Credit Agreement. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
BASIS OF PRESENTATION | ' | ||||||||
BASIS OF PRESENTATION | |||||||||
The terms “we,” “our,” “ours,” “us” and “Company” refer to ANADIGICS Inc. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 29, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |||||||||
The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
The Company has evaluated subsequent events and determined that, other than matters outlined in Note 10, there were no subsequent events to recognize or disclose in these unaudited interim condensed consolidated financial statements. | |||||||||
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS | ' | ||||||||
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS | |||||||||
Changes to accounting principles generally accepted in the United States of America are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates to the FASB’s Accounting Standards Codification. | |||||||||
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). Adoption of the amended guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements. | |||||||||
INCOME TAXES | ' | ||||||||
INCOME TAXES | |||||||||
The Company maintains a full valuation allowance on its deferred tax assets. Accordingly, the Company has not recorded a benefit or provision for income taxes. The Company recognizes interest and penalties related to the underpayment of income taxes in income tax expense. No unrecognized tax benefits, interest or penalties were accrued at March 29, 2014. The Company’s U.S. federal net operating losses have occurred since 1998 and as such, tax years subject to potential tax examination could apply from that date because carrying-back net operating loss opens the relevant year to audit. | |||||||||
WARRANTY | ' | ||||||||
WARRANTY | |||||||||
Based on the examination of historical returns and other information it deems critical, the Company estimates that a current charge to income will need to be provided in order to cover future warranty obligations for products sold during the year. The accrued liability for warranty costs is included in Accrued liabilities in the condensed consolidated balance sheets. Changes in the Company’s product warranty reserve are as follows: | |||||||||
Three months ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Beginning balance | $ | 383 | $ | 770 | |||||
Additions charged to costs and expenses | 51 | 108 | |||||||
Claims processed | (101 | ) | (482 | ) | |||||
Ending balance | $ | 333 | $ | 396 | |||||
RECLASSIFICATIONS | ' | ||||||||
RECLASSIFICATIONS | |||||||||
Certain prior period amounts have been reclassified to conform to the current presentation. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
Product warranty reserve | ' | ||||||||
Changes in the Company’s product warranty reserve are as follows: | |||||||||
Three months ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Beginning balance | $ | 383 | $ | 770 | |||||
Additions charged to costs and expenses | 51 | 108 | |||||||
Claims processed | (101 | ) | (482 | ) | |||||
Ending balance | $ | 333 | $ | 396 |
RESTRUCTURING_Tables
RESTRUCTURING (Tables) | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
RESTRUCTURING [Abstract] | ' | ||||
Activity and liability balances related to the restructurings | ' | ||||
Activity and liability balances related to the restructurings were as follows: | |||||
Accrued | |||||
Restructuring | |||||
Costs | |||||
December 31, 2012 balance | $ | 395 | |||
Restructuring expense | 1,915 | ||||
Payments | (2,065 | ) | |||
December 31, 2013 balance | $ | 245 | |||
Restructuring expense | 1,451 | ||||
Payments | (1,167 | ) | |||
March 29, 2014 balance | $ | 529 |
FAIR_VALUE_AND_MARKETABLE_SECU1
FAIR VALUE AND MARKETABLE SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
FAIR VALUE AND MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||
Fair value of available-for-sale securities | ' | ||||||||||||||||||||
The following table presents a summary of fair value information for available-for-sale securities as at December 31, 2013 and March 29, 2014: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||
Using | |||||||||||||||||||||
Security Type | Amortized | Fair | Quoted Prices | ||||||||||||||||||
Cost Basis | Value | in Active | Significant | ||||||||||||||||||
-1 | Markets for | Other | Significant | ||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Former-auction corporate debt security (2) | $ | 1,800 | $ | 2,997 | $ | - | $ | 2,997 | $ | - | |||||||||||
Auction Rate Security - Preferred Equity | - | 450 | - | - | 450 | ||||||||||||||||
Total at December 31, 2013 | $ | 1,800 | $ | 3,447 | $ | - | $ | 2,997 | $ | 450 | |||||||||||
Auction Rate Security - Preferred Equity | - | 450 | - | - | 450 | ||||||||||||||||
Total at March 29, 2014 | $ | - | $ | 450 | $ | - | $ | - | $ | 450 | |||||||||||
-1 | Difference between amortized cost basis and fair value represents gross unrealized gains. | ||||||||||||||||||||
-2 | Available for sale debt security with a contractual maturity in excess of 10 years. | ||||||||||||||||||||
Reconciliation of the beginning and ending balances for each type of security valued using a Level 3 valuation | ' | ||||||||||||||||||||
For the three month period ended March 30, 2013, the table below provides a reconciliation of the beginning and ending balances for each type of security valued using a Level 3 valuation. | |||||||||||||||||||||
($ in 000’s) | Fair Value | ||||||||||||||||||||
Measurements Using | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Unobservable | |||||||||||||||||||||
Inputs (Level 3) | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||
30-Mar-13 | |||||||||||||||||||||
Preferred Equity | |||||||||||||||||||||
Securities (a) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 1,568 | |||||||||||||||||||
Total gains or losses realized/unrealized | |||||||||||||||||||||
Included in earnings (loss) | - | ||||||||||||||||||||
Included in other comprehensive income(loss) | 477 | ||||||||||||||||||||
Purchases, redemptions, and settlements | - | ||||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at March 30, 2013 | $ | 2,045 | |||||||||||||||||||
Amount of total gains or losses for the period included in earnings(loss) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | - | ||||||||||||||||||||
(a) Preferred securities issued by subsidiaries of two publicly-held debt default insurers. For one security, a non-binding offer by the issuer to repurchase the security used a 5% discount. For the second security, the discounted cash flow model discount rate and market comparables model discount were 34% and 81%, respectively. |
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of the following: | |||||||||
29-Mar-14 | 31-Dec-13 | ||||||||
Raw materials | $ | 6,941 | $ | 7,323 | |||||
Work in process | 9,753 | 8,424 | |||||||
Finished goods | 5,828 | 5,367 | |||||||
Total | $ | 22,522 | $ | 21,114 |
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||
STOCK BASED COMPENSATION [Abstract] | ' | |||||||||||||||||||||
Summary of stock-based compensation by source | ' | |||||||||||||||||||||
The table below summarizes stock based compensation by source and by financial statement line item for the three month periods: | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||
Amortization of restricted stock | 1,734 | $ | 1,230 | |||||||||||||||||||
Amortization of ESP Plan | 60 | 150 | ||||||||||||||||||||
Amortization of stock option awards | 49 | 121 | ||||||||||||||||||||
Total stock based compensation | 1,843 | $ | 1,501 | |||||||||||||||||||
By Financial Statement line item | ||||||||||||||||||||||
Cost of sales | 276 | $ | 179 | |||||||||||||||||||
Research and development expenses | 554 | 345 | ||||||||||||||||||||
Selling and administrative expenses | 1,013 | 1,048 | ||||||||||||||||||||
Restructuring charge | - | (71 | ) | |||||||||||||||||||
Restricted stock and stock option awards activity | ' | |||||||||||||||||||||
Grant, vest and forfeit activity and related weighted average (WA) price per share for restricted stock and for stock options during the period from January 1, 2013 to March 29, 2014 is presented in tabular form below: | ||||||||||||||||||||||
Restricted Stock Units | Stock Options | |||||||||||||||||||||
Units | WA | Issuable | WA | |||||||||||||||||||
price/ | upon | exercise | ||||||||||||||||||||
unit | exercise | price | ||||||||||||||||||||
Outstanding at January 1, 2013 | 1,430 | $ | 4.63 | 2,495 | $ | 4.89 | ||||||||||||||||
Granted (1) | 3,509 | 2.11 | 13 | 2.26 | ||||||||||||||||||
Shares vested/options exercised | (1,539 | ) | 3.34 | (69 | ) | 1.93 | ||||||||||||||||
Forfeited/expired (2,3) | (528 | ) | 2.5 | (480 | ) | 3.99 | ||||||||||||||||
Balance at December 31, 2013 | 2,872 | $ | 2.63 | 1,959 | $ | 5.2 | ||||||||||||||||
Granted (1) | 2,070 | 1.85 | 3 | 1.91 | ||||||||||||||||||
Shares vested/options exercised | (1,234 | ) | 3.36 | (5 | ) | 1.83 | ||||||||||||||||
Forfeited/expired | (62 | ) | 2.21 | (617 | ) | 5.88 | ||||||||||||||||
Balance at March 29, 2014 | 3,646 | $ | 1.95 | 1,340 | $ | 4.89 | ||||||||||||||||
-1 | Years 2013 and 2014 restricted stock units granted include 560 and 412.5 performance-based restricted stock units, respectively. | |||||||||||||||||||||
-2 | Year 2013 restricted stock units forfeited include 384 performance-based units; Year 2013 stock options forfeited include 42 performance-based option shares. | |||||||||||||||||||||
-3 | In the second quarter of 2013, 125 time-based and 83 (125 at maximum performance achievement) performance-based stock options were rescinded with the consent of and without payment to the CEO due to the fact that the original grants with respect to which these options were a part of exceeded the sub-limits of the applicable plan by the number of shares as to which the options were rescinded. | |||||||||||||||||||||
Unrecognized stock based compensation cost | ' | |||||||||||||||||||||
The fair value estimate was calculated with the assistance of a valuation consultant using a Monte Carlo Simulation model. | ||||||||||||||||||||||
As of March 29, 2014 | ||||||||||||||||||||||
Unrecognized stock based compensation cost | ||||||||||||||||||||||
Option plans | $ | 58 | ||||||||||||||||||||
Restricted stock | $ | 4,675 | ||||||||||||||||||||
Weighted average remaining recognition period | ||||||||||||||||||||||
Option plans | 0.7 Years | |||||||||||||||||||||
Restricted stock | 1.8 Years | |||||||||||||||||||||
Stock options outstanding by exercise price range | ' | |||||||||||||||||||||
Stock options outstanding at March 29, 2014 are summarized as follows: | ||||||||||||||||||||||
Range of exercise prices | Outstanding | Weighted | Weighted | Exercisable | Weighted | |||||||||||||||||
Options at | average | average | at March 29, | average | ||||||||||||||||||
29-Mar-14 | remaining | exercise | 2014 | exercise | ||||||||||||||||||
contractual | price | price | ||||||||||||||||||||
life | ||||||||||||||||||||||
$1.23 - $1.93 | 474 | 4.5 | $ | 1.92 | 466 | $ | 1.93 | |||||||||||||||
$2.00 - $3.24 | 317 | 6.9 | $ | 3.19 | 240 | $ | 3.2 | |||||||||||||||
$3.30 - $8.79 | 147 | 2.7 | $ | 5.49 | 147 | $ | 5.49 | |||||||||||||||
$8.84 - $18.98 | 402 | 2.5 | $ | 9.49 | 402 | $ | 9.49 | |||||||||||||||
Weighted average assumptions and fair values for stock-based compensation grants | ' | |||||||||||||||||||||
The weighted average assumptions and fair values for stock based compensation grants used for the three month periods ended March 29, 2014 and March 30, 2013 are summarized below. | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||
Stock option awards: | ||||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 0.8 | % | ||||||||||||||||||
Expected volatility | 58 | % | 72 | % | ||||||||||||||||||
Average expected term (in years) | 5 | 5 | ||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||
Weighted average fair value of options granted | $ | 0.97 | $ | 1.53 | ||||||||||||||||||
ESP Plan: | ||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | ||||||||||||||||||
Expected volatility | 45 | % | 66 | % | ||||||||||||||||||
Average expected term (in years) | 1 | 1 | ||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||
Weighted average fair value of purchase option | $ | 0.49 | $ | 0.72 |
LOSS_PER_SHARE_Tables
LOSS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
LOSS PER SHARE [Abstract] | ' | ||||||||
Reconciliation of shares used to calculate basic and diluted loss per share | ' | ||||||||
The reconciliation of shares used to calculate basic and diluted loss per share consists of the following: | |||||||||
Three months ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Weighted average common shares for basic loss per share | 84,763 | 73,158 | |||||||
Effect of dilutive securities: | |||||||||
Stock options (*) | - | - | |||||||
Unvested restricted shares (*) | - | - | |||||||
Adjusted weighted average shares for diluted loss per share | 84,763 | 73,158 | |||||||
* | Incremental shares from restricted shares and stock options are computed using the treasury stock method. | ||||||||
Anti-dilutive shares excluded from the calculation of basic earnings per share | ' | ||||||||
For the three months ended March 29, 2014 and March 30, 2013, potential additional dilution arising from any of the Company's outstanding stock options or unvested restricted stock (shares or units) is detailed below. Such potential dilution was excluded as their effect was anti-dilutive. | |||||||||
Three months ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Stock options | 1,340 | 2,437 | |||||||
Unvested restricted shares and units | 3,646 | 1,627 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | ' | ||||||||||||
Accumulated other comprehensive income | ' | ||||||||||||
The changes in accumulated other comprehensive income are as follows (in thousands): | |||||||||||||
Net Unrealized | Foreign | Total | |||||||||||
Gain (Loss) on | Currency | ||||||||||||
Marketable | Translation | ||||||||||||
Securities | |||||||||||||
Balance at January 1, 2013 | $ | 3,255 | $ | (3 | ) | $ | 3,252 | ||||||
Other comprehensive income before reclassifications | 1,118 | - | 1,118 | ||||||||||
Amounts reclassified from accumulated other comprehensive income * | (29 | ) | - | (29 | ) | ||||||||
Net current period other comprehensive income | 1,089 | - | 1,089 | ||||||||||
Balance at March 30, 2013 | $ | 4,344 | $ | (3 | ) | $ | 4,341 | ||||||
Balance at January 1, 2014 | $ | 1,647 | $ | - | $ | 1,647 | |||||||
Other comprehensive income before reclassifications | (37 | ) | - | (37 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income * | (1,160 | ) | - | (1,160 | ) | ||||||||
Net current period other comprehensive income | (1,197 | ) | - | (1,197 | ) | ||||||||
Balance at March 29, 2014 | $ | 450 | $ | - | $ | 450 | |||||||
* Amounts reclassified are recorded within Other income, net in the Condensed Consolidated Statements of Operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' |
Unrecognized tax benefits, interest or penalties accrued | $0 | ' |
Changes in product warranty reserve [Roll Forward] | ' | ' |
Beginning balance | 383 | 770 |
Additions charged to costs and expenses | 51 | 108 |
Claims processed | -101 | -482 |
Ending balance | $333 | $396 |
RESTRUCTURING_Details
RESTRUCTURING (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2013 |
Position | Position | ||||
RESTRUCTURING [Abstract] | ' | ' | ' | ' | ' |
Number of positions eliminated | 40 | 25 | ' | ' | ' |
Activity and liability balances related to the restructuring [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | $245 | $395 | $395 |
Restructuring expense | ' | ' | 1,451 | 1,915 | 1,915 |
Payments | ' | ' | -1,167 | ' | -2,065 |
Ending Balance | ' | ' | $529 | ' | $245 |
FAIR_VALUE_AND_MARKETABLE_SECU2
FAIR VALUE AND MARKETABLE SECURITIES (Details) (USD $) | 3 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | ||||||
Minimum [Member] | Amortized Cost Basis [Member] | Amortized Cost Basis [Member] | Fair Value [Member] | Fair Value [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | |||||||
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Other Observable Inputs, Level 2 [Member] | Significant Other Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Former-auction corporate debt security | ' | ' | $1,800 | [1],[2] | ' | $2,997 | [2] | ' | $0 | [2] | ' | $2,997 | [2] | ' | $0 | [2] | |
Auction Rate Security - Preferred Equity | ' | 0 | [1] | 0 | [1] | 450 | 450 | 0 | 0 | 0 | 0 | 450 | 450 | ||||
Total | ' | $0 | [1] | $1,800 | [1] | $450 | $3,447 | $0 | $0 | $0 | $2,997 | $450 | $450 | ||||
Available for sale debt securities, contractual maturities | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Difference between amortized cost basis and fair value represents gross unrealized gains. | ||||||||||||||||
[2] | Available for sale debt securities with contractual maturities in excess of 10 years. |
FAIR_VALUE_AND_MARKETABLE_SECU3
FAIR VALUE AND MARKETABLE SECURITIES, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2013 | Mar. 30, 2013 | Mar. 30, 2013 | Mar. 30, 2013 | ||
Insurer | Corporate Debt Security [Member] | Preferred Equity Securities [Member] | Preferred Equity Securities [Member] | Preferred Security One [Member] | Preferred Security Second [Member] | Preferred Security Second [Member] | |||
DCF Discount Rate [Member] | DCF Discount Rate [Member] | Secondary Market Discount [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Balance, beginning of period | ' | ' | ' | $1,568 | [1] | ' | ' | ' | |
Total gains or losses realized/unrealized [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Included in earnings (loss) | ' | ' | 0 | [1] | ' | ' | ' | ' | |
Included in other comprehensive income (loss) | ' | ' | 477 | [1] | ' | ' | ' | ' | |
Purchases, redemptions, and settlements: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Purchases, redemptions, and settlements | ' | ' | 0 | [1] | ' | ' | ' | ' | |
Transfers in and/or out of Level 3 | ' | ' | 0 | [1] | ' | ' | ' | ' | |
Balance, end of period | ' | ' | 2,045 | [1] | 1,568 | [1] | ' | ' | ' |
Number of publicly held debt of default insurers | 2 | ' | ' | ' | ' | ' | ' | ||
Interest rate (in hundredths) | ' | ' | ' | ' | 5.00% | 34.00% | 81.00% | ||
Securities sold at par | ' | 2,960 | ' | ' | ' | ' | ' | ||
Gain on sale | ' | $1,160 | ' | ' | ' | ' | ' | ||
[1] | Preferred securities issued by subsidiaries of two publicly-held debt default insurers. For one security, a non-binding offer by the issuer to repurchase the security used a 5% discount. For the second security, the discounted cash flow model discount rate and market comparables model discount were 34% and 81%, respectively. |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $6,941 | $7,323 |
Work in process | 9,753 | 8,424 |
Finished goods | 5,828 | 5,367 |
Total | $22,522 | $21,114 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 1 Months Ended | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2013 | Mar. 29, 2014 |
STOCKHOLDERS' EQUITY [Abstract] | ' | ' |
Shares issued under public offering (in shares) | 704 | 10,000 |
Share price (in dollars per share) | ' | $2 |
Net proceeds from shares purchased by underwriters | $1,301 | $18,374 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Jun. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 29, 2013 | Jun. 29, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Jul. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2012 | Mar. 29, 2014 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | ||
Plan | $1.23 - $1.93 [Member] | $2.04 - $3.24 [Member] | $3.30 - $7.27 [Member] | $8.79 - $18.98 [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Research and Development Expenses [Member] | Research and Development Expenses [Member] | Selling and Administrative Expenses [Member] | Selling and Administrative Expenses [Member] | Restructuring Charge [Member] | Restructuring Charge [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Performance Award Shares [Member] | Performance Award Shares [Member] | Performance Award Shares [Member] | Performance Award Shares [Member] | Performance Award Shares [Member] | Time based Restricted Stock Units [Member] | Long Term Incentive and Share Award Plan 1995 [Member] | Long Term Incentive and Share Award Plan 1997 [Member] | Long Term Incentive and Share Award Plan 2005 [Member] | Long Term Incentive and Share Award Plan 2005 [Member] | Long Term Incentive and Share Award Plan 2005 [Member] | Long Term Incentive and Share Award Plan 2005 [Member] | Long Term Incentive and Share Award Plan 2005 [Member] | Long Term Incentive and Share Award Plan 2005 [Member] | Long Term Incentive and Share Award Plan 2005 [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||||
Maximum [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance Award Shares [Member] | Performance Award Shares [Member] | Time based Restricted Stock Units [Member] | |||||||||||||||||||||||||||||||||
STOCK BASED COMPENSATION [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of equity compensation plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of equity compensation plans terminated | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock reserved for issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,913,000 | 5,100,000 | 24,850,000 | ' | ' | ' | ' | ' | ' | 6,694,000 | ' | ||
Terms of award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Awards vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares purchased under ESP plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 271,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price of shares Under ESP Plan (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock based compensation | $1,843 | $1,501 | ' | ' | ' | ' | ' | $276 | $179 | $554 | $345 | $1,013 | $1,048 | $0 | ($71) | $49 | $121 | $1,734 | $1,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60 | $150 | ||
Estimated annual forfeiture rate (in hundredths) | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restricted Stock Shares and Restricted Stock Units, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares outstanding, Beginning balance (in shares) | 2,872,000 | 1,430,000 | 1,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Granted (in shares) | 2,070,000 | [1] | ' | 3,509,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 825,000 | 412,500 | ' | 560,000 | ' | ' | ' | ' | ' | ' | 20,000 | 250,000 | 660,000 | ' | 220,000 | 661,000 | ' | ' |
Shares vested/options exercised (in shares) | -1,234,000 | ' | -1,539,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Forfeited/expired-rescinded (in shares) | -62,000 | ' | -528,000 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 384,000 | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | 155,000 | ' | ' | ' | |
Shares outstanding, Ending balance (in shares) | 3,646,000 | ' | 2,872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restricted Stock Shares and Restricted Stock Units, Weighted Average Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average grant date fair value, Beginning balance (in dollars per share) | $2.63 | $4.63 | $4.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Granted (in dollars per share) | $1.85 | [1] | ' | $2.11 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.49 | $0.72 |
Shares vested/options exercised (in dollars per share) | $3.36 | ' | $3.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Forfeited/expired-rescinded (in dollars per share) | $2.21 | ' | $2.50 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average grant date fair value, Ending balance (in dollars per share) | $1.95 | ' | $2.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Options outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares outstanding, Beginning balance (in shares) | 1,959,000 | 2,495,000 | 2,495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Granted (in shares) | 3,000 | [1] | ' | 13,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vested/options exercised (in shares) | -5,000 | ' | -69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,000 | ' | ' | ' | ' | ' | ||
Forfeited/expired-rescinded (in shares) | -617,000 | ' | -480,000 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,000 | 42,000 | 83,000 | 125,000 | ' | ' | ' | ' | ' | ' | 229,000 | ' | ' | ' | ' | ' | |
Shares outstanding, Ending balance (in shares) | 1,340,000 | ' | 1,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Options, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average exercise price per share, Beginning balance (in dollars per share) | $5.20 | $4.89 | $4.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average exercise price, Granted (in dollars per share) | $1.91 | [1] | ' | $2.26 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, Shares vested/options exercised (in dollars per share) | $1.83 | ' | $1.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average exercise price, Forfeited/expired-rescinded (in dollars per share) | $5.88 | ' | $3.99 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average exercise price per share, Ending balance (in dollars per share) | $4.89 | ' | $5.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Average exercise prices (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Award vesting rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The time-based restricted stock units vested 1/3rd on May 20, 2013, and vest 1/3rd on February 18, 2014 and 1/3rd on February 18, 2015. The performance-based restricted stock units vest based on absolute total stockholder return for one-year, two-year and three-year periods starting from the baseline date of December 31, 2011, compared to total stockholder return targets for each of the respective periods. | ' | 'The award and performance is evaluated during the one, two and three year periods following the award. | ' | ' | ' | ' | ||
Minimum percentage of company performance for restricted stock to vest (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ||
Average fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.97 | $1.53 | ' | ' | ' | $1.84 | ' | ' | $2.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of performance metrics achieved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.80% | ' | ' | ' | ' | ' | ||
Percentage of restricted stock units will have time based vesting conditions (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ||
Percentage of restricted stock units will have performance based vesting conditions (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ||
Unrecognized stock-based compensation cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Option plans and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $58 | ' | $4,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average remaining contractual term for outstanding options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years 8 months 12 days | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average assumptions and fair values for stock-based compensation grants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Risk-free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | 0.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.10% | ||
Expected volatility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | 72.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | 66.00% | ||
Average expected term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ||
Expected dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ||
Weighted average fair value of options granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.97 | $1.53 | ' | ' | ' | $1.84 | ' | ' | $2.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average fair value of purchase option (in dollars per share) | $1.85 | [1] | ' | $2.11 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.49 | $0.72 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exercise price range, lower range limit (in dollars per share) | ' | ' | ' | $1.23 | $2.04 | $3.30 | $8.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exercise price range, upper range limit (in dollars per share) | ' | ' | ' | $1.93 | $3.24 | $7.27 | $18.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Outstanding options (in shares) | ' | ' | ' | 474,000 | 317,000 | 147,000 | 402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average remaining contractual life | ' | ' | ' | '4 years 6 months | '6 years 10 months 24 days | '2 years 8 months 12 days | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average exercise price (in dollars per share) | ' | ' | ' | $1.92 | $3.19 | $5.49 | $9.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exercisable options (in shares) | ' | ' | ' | 466,000 | 240,000 | 147,000 | 402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average exercise price (in dollars per share) | ' | ' | ' | $1.93 | $3.20 | $5.49 | $9.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Years 2013 and 2014 restricted stock units granted include 560 and 412.5 performance-based restricted stock units, respectively. | |||||||||||||||||||||||||||||||||||||||
[2] | Year 2013 restricted stock units forfeited include 384 performance-based units; Year 2013 stock options forfeited include 42 performance-based option shares. | |||||||||||||||||||||||||||||||||||||||
[3] | In the second quarter of 2013, 125 time-based and 83 (125 at maximum performance achievement) performance-based stock options were rescinded with the consent of and without payment to the CEO due to the fact that the original grants with respect to which these options were a part of exceeded the sub-limits of the applicable plan by the number of shares as to which the options were rescinded. |
LOSS_PER_SHARE_Details
LOSS PER SHARE (Details) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | ||
LOSS PER SHARE [Abstract] | ' | ' | ||
Weighted average common shares for basic loss per share (in shares) | 84,763 | 73,158 | ||
Effect of dilutive securities: [Abstract] | ' | ' | ||
Stock options (in shares) | 0 | [1] | 0 | [1] |
Unvested restricted shares (in shares) | 0 | [1] | 0 | [1] |
Adjusted weighted average shares for diluted loss per share (in shares) | 84,763 | 73,158 | ||
Stock Options [Member] | ' | ' | ||
Antidilutive Securities Excluded From Computation Of Earning Per Share [Abstract] | ' | ' | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,340 | 2,437 | ||
Unvested Restricted Shares and Units [Member] | ' | ' | ||
Antidilutive Securities Excluded From Computation Of Earning Per Share [Abstract] | ' | ' | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,646 | 1,627 | ||
[1] | Incremental shares from restricted shares and stock options are computed using the treasury stock method. |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning Balance | $1,647 | $3,252 | ||
Other comprehensive income before reclassifications | -37 | 1,118 | ||
Amounts reclassified from accumulated other comprehensive income | -1,160 | [1] | -29 | [1] |
Net current period other comprehensive income | -1,197 | 1,089 | ||
Ending Balance | 450 | 4,341 | ||
Net Unrealized Gain (Loss) on Marketable Securities [Member] | ' | ' | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning Balance | 1,647 | 3,255 | ||
Other comprehensive income before reclassifications | -37 | 1,118 | ||
Amounts reclassified from accumulated other comprehensive income | -1,160 | [1] | -29 | [1] |
Net current period other comprehensive income | -1,197 | 1,089 | ||
Ending Balance | 450 | 4,344 | ||
Foreign Currency Translation [Member] | ' | ' | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning Balance | 0 | -3 | ||
Other comprehensive income before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | [1] | 0 | [1] |
Net current period other comprehensive income | 0 | 0 | ||
Ending Balance | $0 | ($3) | ||
[1] | Amounts reclassified are recorded within Other income, net in the Condensed Consolidated Statements of Operations. |
LINE_OF_CREDIT_Details
LINE OF CREDIT (Details) (Line Of Credit [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Line Of Credit [Member] | ' |
Line Of Credit Facility [Line Items] | ' |
Term of line of credit facility | '3 years |
Revolving credit facility, Amount | $11,000 |
Revolving credit facility, Expiration date | 30-Apr-16 |
Variable rate basis | 'LIBOR |
Basis spread on variable rate (in hundredths) | 3.25% |