Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 28, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'ANADIGICS INC |
Document Type | '10-Q |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 85,824,087 |
Amendment Flag | 'false |
Entity Central Index Key | '0000940332 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Accelerated Filer |
Entity Well-known Seasoned Issuer | 'No |
Document Period End Date | 28-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $13,716 | $20,947 |
Restricted cash | 3,000 | ' |
Short-term marketable securities | ' | 3,447 |
Accounts receivable, net | 11,367 | 15,156 |
Inventories | 17,959 | 21,114 |
Prepaid expenses and other current assets | 4,625 | 3,628 |
Assets held for sale | 3,523 | ' |
Total current assets | 54,190 | 64,292 |
Equipment and furniture | 181,090 | 203,797 |
Leasehold improvements | 46,850 | 46,850 |
Projects in process | 2,477 | 4,832 |
230,417 | 255,479 | |
Less accumulated depreciation and amortization | 210,020 | 222,303 |
20,397 | 33,176 | |
Other assets | 213 | 213 |
Total assets | 74,800 | 97,681 |
Current liabilities: | ' | ' |
Accounts payable | 8,323 | 13,043 |
Accrued liabilities | 4,017 | 4,380 |
Accrued restructuring costs | 875 | 245 |
Bank borrowings | 7,000 | ' |
Total current liabilities | 20,215 | 17,668 |
Other long-term liabilities | 1,398 | 1,604 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $0.01 par value, 144,000 shares authorized, 85,939 issued at June 28, 2014 and 84,437 issued at December 31, 2013 | 859 | 844 |
Additional paid-in capital | 641,116 | 637,922 |
Accumulated deficit | -588,529 | -561,745 |
Accumulated other comprehensive income | ' | 1,647 |
Treasury stock at cost: 115 shares | -259 | -259 |
Total stockholders’ equity | 53,187 | 78,409 |
Total liabilities and stockholders’ equity | $74,800 | $97,681 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 144,000 | 144,000 |
Common stock, shares issued | 85,939 | 84,437 |
Treasury stock at cost: shares | 115 | 115 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Net sales | $23,261 | $34,565 | $46,532 | $60,945 |
Cost of sales | 22,616 | 34,269 | 43,616 | 61,370 |
Gross profit (loss) | 645 | 296 | 2,916 | -425 |
Research and development expenses | 7,262 | 9,433 | 15,838 | 19,713 |
Selling and administrative expenses | 4,536 | 6,215 | 9,662 | 12,457 |
Restructuring charges | 4,409 | ' | 5,860 | 1,915 |
Operating loss | -15,562 | -15,352 | -28,444 | -34,510 |
Interest income | 1 | 65 | 6 | 158 |
Interest expense | -60 | -20 | -93 | -20 |
Other income, net | 587 | 1,508 | 1,747 | 1,554 |
Net loss | ($15,034) | ($13,799) | ($26,784) | ($32,818) |
Basic and diluted loss per share (in Dollars per share) | ($0.18) | ($0.17) | ($0.31) | ($0.42) |
Basic and diluted (in Shares) | 85,687 | 83,042 | 85,225 | 78,100 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Net loss | ($15,034) | ($13,799) | ($26,784) | ($32,818) |
Unrealized gain on marketable securities | 118 | 242 | 81 | 1,360 |
Foreign currency translation adjustment | ' | 3 | ' | 3 |
Net recognized gain on marketable securities previously included in Accumulated other comprehensive income | -568 | -1,422 | -1,728 | -1,451 |
Comprehensive loss | ($15,484) | ($14,976) | ($28,431) | ($32,906) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($26,784) | ($32,818) |
Depreciation | 6,308 | 7,499 |
Amortization | 34 | 38 |
Stock based compensation | 3,199 | 3,557 |
Marketable securities recovery and accretion | -1,728 | -1,451 |
Loss (gain) on disposal or anticipated disposal of equipment | 3,705 | -161 |
Accounts receivable | 3,789 | -5,507 |
Inventories | 3,155 | -664 |
Prepaid expenses and other assets | -1,031 | -1,565 |
Accounts payable | -4,720 | 1,630 |
Accrued liabilities and other liabilities | 61 | 1,276 |
Net cash used in operating activities | -14,012 | -28,166 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of plant and equipment | -774 | -3,454 |
Proceeds from sale of equipment | 17 | 1 |
Purchases of marketable securities | ' | -8,130 |
Proceeds from sale of marketable securities | 3,528 | 24,024 |
Net cash provided by investing activities | 2,771 | 12,441 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Issuance of common stock | 10 | 19,800 |
Borrowings from credit facility | 7,000 | ' |
Restricted cash for credit facility | -3,000 | ' |
Net cash provided by financing activities | 4,010 | 19,800 |
Net (decrease) increase in cash and cash equivalents | -7,231 | 4,075 |
Cash and cash equivalents at beginning of period | 20,947 | 24,949 |
Cash and cash equivalents at end of period | $13,716 | $29,024 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||
1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
BASIS OF PRESENTATION | |||||||||
The terms “we,” “our,” “ours,” “us” and “Company” refer to ANADIGICS, Inc. The Company is a global leader in the design and manufacture of radio frequency semiconductor solutions for Infrastructure and Mobile applications. Infrastructure is comprised of products for the following applications: CATV, small cell, WiFi, M2M, optical and other general RF applications. Mobile is comprised of WiFi and Cellular products that primarily address the smartphone, handset and tablet markets. | |||||||||
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 and six month periods ended June 28, 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 2 and Note 5, 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 (ASU) to the FASB’s Accounting Standards Codification. | |||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace most current revenue recognition guidance. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. It also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company is in the process of evaluating the impact of this guidance on their consolidated financial statements. | |||||||||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The revised guidance is effective prospectively for fiscal and interim periods beginning on or after December 15, 2014. Adoption of this guidance is not expected to have a material impact on the Company’s 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 June 28, 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: | |||||||||
Six months ended | |||||||||
June 28, | June 29, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 383 | $ | 770 | |||||
Additions charged to costs and expenses | 133 | 277 | |||||||
Claims processed | (315 | ) | (615 | ) | |||||
Ending balance | $ | 201 | $ | 432 | |||||
RECLASSIFICATIONS | |||||||||
Certain prior period amounts have been reclassified to conform to the current presentation. |
Note_2_Restructuring_and_Other
Note 2 - Restructuring and Other Charges | 6 Months Ended | ||||
Jun. 28, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||
2 | RESTRUCTURING AND OTHER CHARGES | ||||
RESTRUCTURING | |||||
During the three and six months ended June 28, 2014, the Company implemented workforce reductions that eliminated approximately 60 and 100 positions, respectively, throughout the Company, and recorded restructuring charges of $687 and $2,138, respectively, for severance, related benefits and other costs. The Company is implementing further workforce reductions in the third quarter which will eliminate approximately another 80 positions, and result in a restructuring charge of approximately $1,800 to be recorded in the third quarter of 2014. | |||||
During the six months ended June 29, 2013, the Company implemented a workforce reduction that eliminated approximately 25 positions throughout the Company, and recorded restructuring charges of $1,915 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 | 2,138 | ||||
Payments | (1,508 | ) | |||
June 28, 2014 balance | $ | 875 | |||
OTHER CHARGES | |||||
During the second quarter of 2014, the Company reviewed and identified certain surplus manufacturing fixed assets and recorded a restructuring charge of $3,722 to write down certain assets to their current market value based on expected cash proceeds for the sale of these fixed assets. As of June 28, 2014, net fixed assets in the amount of $3,523 have been classified as Assets held for sale within Current assets on the Condensed consolidated balance sheets. Subsequent to June 28, 2014, certain of the assets held for sale have been sold, resulting in approximate proceeds and gain on sale of $1,700 and $1,500, respectively. | |||||
During the second quarter of 2014, the Company recorded a charge of $2,080 to Cost of sales for inventory write-downs on certain excess Mobile inventory. |
Note_3_Fair_Value_and_Marketab
Note 3 - Fair Value and Marketable Securities | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
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 at December 31, 2013 and June 28, 2014: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||
Using | |||||||||||||||||||||
Security Type | Amortized | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
Cost Basis | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
-1 | |||||||||||||||||||||
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 | |||||||||||
Total at June 28, 2014 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
-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. | |||||||||||||||||||||
In May 2014, our remaining Level 3 preferred equity auction rate security was sold for $568, with a realized gain of $568 recorded in the second quarter of 2014 to Other income, net. | |||||||||||||||||||||
The fair value of each of the following instruments approximates their carrying value because of the short maturity of these instruments: cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities. | |||||||||||||||||||||
For the three and six months ended June 29, 2013, the table below provides a reconciliation of the beginning and ending balances for each type of security valued using a Level 3 valuation. | |||||||||||||||||||||
($ in 000’s) | Fair Value Measurements Using | ||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||
(Level 3) | |||||||||||||||||||||
Six months ended June 29, 2013 | |||||||||||||||||||||
Preferred Equity Securities (a) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 1,568 | |||||||||||||||||||
Total gains or losses realized/unrealized | |||||||||||||||||||||
Included in earnings (loss) | |||||||||||||||||||||
- quarter ended March 30, 2013 | - | ||||||||||||||||||||
- quarter ended June 29, 2013 | 872 | ||||||||||||||||||||
Included in other comprehensive income(loss) | |||||||||||||||||||||
- quarter ended March 30, 2013 | 477 | ||||||||||||||||||||
- quarter ended June 29, 2013 | (467 | ) | |||||||||||||||||||
Purchases | - | ||||||||||||||||||||
Redemptions and settlements | |||||||||||||||||||||
- quarter ended March 30, 2013 | - | ||||||||||||||||||||
- quarter ended June 29, 2013 | (2,000 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at June 29, 2013 | $ | 450 | |||||||||||||||||||
- | |||||||||||||||||||||
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 | |||||||||||||||||||||
Securities held at June 29,2013: | |||||||||||||||||||||
Face value | $ | 1,125 | |||||||||||||||||||
Financial ratings | NR | ||||||||||||||||||||
Weighted average interest rate | 0 | % | |||||||||||||||||||
Maturity date | N/A | ||||||||||||||||||||
(a) Preferred securities issued by subsidiaries of two publicly-held debt default insurers. During the second quarter of 2013, one of these securities redeemed at $2,000 par, resulting in an $872 realized gain recorded to Other income, net. |
Note_4_Inventories
Note 4 - Inventories | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
4 | INVENTORIES | ||||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of the following: | |||||||||
28-Jun-14 | 31-Dec-13 | ||||||||
Raw materials | $ | 5,091 | $ | 7,323 | |||||
Work in process | 7,057 | 8,424 | |||||||
Finished goods | 5,811 | 5,367 | |||||||
Total | $ | 17,959 | $ | 21,114 | |||||
Note_5_Stockholders_Equity
Note 5 - Stockholders' Equity | 6 Months Ended | |
Jun. 28, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | |
5 | STOCKHOLDERS’ EQUITY | |
NASDAQ LISTING | ||
The Company’s common stock currently trades on the Nasdaq Global Market (“Nasdaq”). Nasdaq has the authority to delist the Company’s common stock if, during any period of 30 consecutive trading days, the closing bid price falls below $1.00 minimum bid price. The Company’s closing bid price has been below the minimum during the 28 consecutive trading days preceding August 7, 2014. Nasdaq typically permits an initial period of 180 calendar days to regain compliance. If at any time before expiration of that period, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of ten consecutive business days, but generally no more than 20 consecutive business days, Nasdaq staff should provide written confirmation of compliance. If the Company does not regain compliance within the initial 180 calendar day period, the Company may be eligible for an additional 180 calendar days compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the staff would notify the Company that its securities would then be subject to delisting. In the event of such notification the Company may appeal the staff’s determination to delist its securities. | ||
STOCK OFFERING | ||
In March 2013, the Company completed an underwritten public offering, resulting in an aggregate issuance of 10,704 shares of common stock at a price of $2.00 per share, generating net proceeds to the Company of $19,675. |
Note_6_Stock_Based_Compensatio
Note 6 - Stock Based Compensation | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||||||||||
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 Amended and Restated (as of March 30, 2013) 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 units 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 units 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 and six month periods: | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Amortization of restricted stock units | $ | 1,282 | $ | 2,037 | $ | 3,016 | $ | 3,267 | |||||||||||||||||||||||||
Amortization of ESP Plan | 25 | 120 | 85 | 270 | |||||||||||||||||||||||||||||
Amortization of stock option awards | 49 | (101 | ) | 98 | 20 | ||||||||||||||||||||||||||||
Total stock based compensation | $ | 1,356 | $ | 2,056 | $ | 3,199 | $ | 3,557 | |||||||||||||||||||||||||
By Financial Statement line item | |||||||||||||||||||||||||||||||||
Cost of sales | $ | 246 | $ | 413 | $ | 522 | $ | 592 | |||||||||||||||||||||||||
Research and development expenses | 522 | 695 | 1,076 | 1,040 | |||||||||||||||||||||||||||||
Selling and administrative expenses | 588 | 948 | 1,601 | 1,996 | |||||||||||||||||||||||||||||
Restructuring charge | - | - | - | (71 | ) | ||||||||||||||||||||||||||||
No tax benefits have been recorded due to the Company’s full valuation allowance position. | |||||||||||||||||||||||||||||||||
Restricted Stock Units and Stock Option Awards | |||||||||||||||||||||||||||||||||
Under the Plans, the Company grants restricted stock units to its employees. The value of restricted stock units are fixed upon the date of grant and amortized over the related vesting period, primarily ranging up to three years. Restricted stock units are subject to forfeiture if employment terminates prior to vesting. The Company estimates that approximately 2.5% of its restricted stock units and stock option awards are forfeited annually (exclusive of performance-based restricted stock units and performance-based option shares, as described below). Restricted stock units do not carry voting, forfeitable dividend rights, and cannot be traded or transferred prior to vesting. Grant, vest and forfeit activity and related weighted average (WA) price per share for restricted stock units and for stock options during the period from January 1, 2013 to June 28, 2014 is presented in tabular form below: | |||||||||||||||||||||||||||||||||
Time-based | Performance- | Time-based | Performance-based | ||||||||||||||||||||||||||||||
Restricted | based | Stock Options | Stock Options | ||||||||||||||||||||||||||||||
Stock Units | Restricted | ||||||||||||||||||||||||||||||||
Stock Units | |||||||||||||||||||||||||||||||||
Units | WA | Units | WA | Issuable | WA | Issuable | WA | ||||||||||||||||||||||||||
price/ | price/ | upon | exercise | upon | exercise | ||||||||||||||||||||||||||||
unit | unit | exercise | price | exercise | price | ||||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 1,430 | $ | 4.63 | - | $ | - | 2,328 | $ | 5.01 | 167 | $ | 3.24 | |||||||||||||||||||||
Granted | 2,949 | 2.12 | 560 | 2.02 | 13 | 2.26 | - | - | |||||||||||||||||||||||||
Shares vested/options exercised | (1,539 | ) | 3.34 | - | - | (69 | ) | 1.93 | - | - | |||||||||||||||||||||||
Forfeited/expired (1) | (144 | ) | 3.75 | (384 | ) | 2.02 | (355 | ) | 4.25 | (125 | ) | 3.24 | |||||||||||||||||||||
Balance at December 31, 2013 | 2,696 | $ | 2.67 | 176 | $ | 2.02 | 1,917 | $ | 5.24 | 42 | $ | 3.24 | |||||||||||||||||||||
Granted | 2,106 | 1.7 | 413 | 1.84 | 3 | 1.91 | - | - | |||||||||||||||||||||||||
Shares vested/options exercised | (1,478 | ) | 3.13 | (19 | ) | 2.01 | (5 | ) | 1.83 | - | - | ||||||||||||||||||||||
Forfeited/expired | (104 | ) | 2.03 | (10 | ) | 1.84 | (643 | ) | 5.96 | (42 | ) | 3.24 | |||||||||||||||||||||
Balance at June 28, 2014 | 3,220 | $ | 1.85 | 560 | $ | 1.89 | 1,272 | $ | 4.88 | - | $ | - | |||||||||||||||||||||
-1 | In the second quarter of 2013, 125 time-based and 83 (125 at maximum performance achievement) market performance-based stock options were rescinded with the consent of and without payment to the Chief Executive Officer (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 CEO was awarded a base grant of 250 market 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 (1) in the table immediately above, the base grant was reduced by 83 market performance-based stock options during the second quarter of 2013. The award and market performance was evaluated during the one, two and three-year periods following the award. The market performance-based stock options had an exercise price of $3.24, an expiration of 10 years after the grant date, and 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, 2013, and 2014, 83, 42 and 42 shares, respectively, were forfeited for non-achievement of market performance goals at the end of their three year annual measurement periods. | |||||||||||||||||||||||||||||||||
On February 16, 2012, subject to stockholder approval of additional 2005 Plan shares at the Company’s 2013 Annual Stockholder Meeting (at which such approval was received), the Company awarded 661 time-based and 220 Company 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 Company 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 Company performance-based awards and 155 restricted stock units were forfeited. | |||||||||||||||||||||||||||||||||
On December 4, 2012, subject to stockholder approval of additional 2005 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 fifty percent have Company 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 Company 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 Company performance metrics achieved, 111 performance-based restricted stock units qualified for vest, 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 fifty percent (assuming maximum goal performance) have market performance-based vesting conditions contingent upon the Company’s relative shareholder returns measured against the peer group companies. The restricted stock units will vest, if at all, one-third annually in March 2015, 2016, and 2017. The market performance-based awards 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 within the 75th percentile tier in a measurement period would result in maximum performance attainment, while performance below the 25th-percentile results 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, calculated with the assistance of a valuation consultant using a Monte Carlo Simulation model. As of June 28, 2014, 10 performance-based restricted awards have forfeited. | |||||||||||||||||||||||||||||||||
As of June 28, 2014, unrecognized stock based compensation cost and weighted average remaining recognition periods for our equity compensation plans are as follows: | |||||||||||||||||||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||||||||||||||
Unrecognized stock based compensation cost | |||||||||||||||||||||||||||||||||
Option plans | $ | 9 | |||||||||||||||||||||||||||||||
Restricted stock units | $ | 3,963 | |||||||||||||||||||||||||||||||
Weighted average remaining recognition period | |||||||||||||||||||||||||||||||||
Option plans (Years) | 1.9 | ||||||||||||||||||||||||||||||||
Restricted stock units (Years) | 1.5 | ||||||||||||||||||||||||||||||||
Stock options outstanding at June 28, 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
Range of exercise prices | Outstanding | Weighted | Weighted | Exercisable | Weighted | ||||||||||||||||||||||||||||
Options at June | average | average | at June 28, | average | |||||||||||||||||||||||||||||
28, 2014 | remaining | exercise | 2014 | exercise | |||||||||||||||||||||||||||||
contractual | price | price | |||||||||||||||||||||||||||||||
life | |||||||||||||||||||||||||||||||||
$1.23 - $1.93 | 466 | 4.3 | $ | 1.93 | 459 | $ | 1.93 | ||||||||||||||||||||||||||
$2.00 - $3.24 | 275 | 6.7 | $ | 3.19 | 241 | $ | 3.19 | ||||||||||||||||||||||||||
$3.30 - $8.79 | 147 | 2.8 | $ | 5.49 | 147 | $ | 5.49 | ||||||||||||||||||||||||||
$8.84 - $18.98 | 384 | 2.3 | $ | 9.46 | 384 | $ | 9.46 | ||||||||||||||||||||||||||
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 six month periods ended June 28, 2014 and June 29, 2013 are summarized below: | |||||||||||||||||||||||||||||||||
Six months ended | |||||||||||||||||||||||||||||||||
28-Jun-14 | 29-Jun-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 | $ | 1.41 | |||||||||||||||||||||||||||||
ESP Plan: | |||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.2 | % | |||||||||||||||||||||||||||||
Expected volatility | 57 | % | 65 | % | |||||||||||||||||||||||||||||
Average expected term (in years) | 1 | 1 | |||||||||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||||||||
Weighted average fair value of purchase option | $ | 0.28 | $ | 0.78 | |||||||||||||||||||||||||||||
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. |
Note_7_Loss_Per_Share
Note 7 - Loss Per Share | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
7 | LOSS PER SHARE | ||||||||||||||||
The reconciliation of shares used to calculate basic and diluted loss per share consists of the following: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares for basic loss per share | 85,687 | 83,042 | 85,225 | 78,100 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options (*) | - | - | - | - | |||||||||||||
Unvested restricted stock units (*) | - | - | - | - | |||||||||||||
Adjusted weighted average shares for diluted loss per share | 85,687 | 83,042 | 85,225 | 78,100 | |||||||||||||
* | Incremental shares from restricted stock units and stock options are computed using the treasury stock method. | ||||||||||||||||
For the three and six months ended June 28, 2014 and June 29, 2013, potential additional dilution arising from any of the Company's outstanding stock options or unvested restricted stock units is detailed below. Such potential dilution was excluded as their effect was anti-dilutive. | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 1,272 | 2,021 | 1,272 | 2,021 | |||||||||||||
Unvested restricted stock units | 3,780 | 3,278 | 3,780 | 3,278 | |||||||||||||
Note_8_Accumulated_Other_Compr
Note 8 - Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
8 | ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
The changes in accumulated other comprehensive income are as follows (in thousands): | |||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
Jun 28, | June 29, | Jun 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 450 | $ | 3,141 | $ | 1,647 | $ | 2,052 | |||||||||
Other comprehensive income before reclassifications | 118 | 242 | 81 | 1,360 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net Unrealized Gain(Loss) on Marketable Securities * | (568 | ) | (1,422 | ) | (1,728 | ) | (1,451 | ) | |||||||||
Foreign Currency Translation | - | 3 | - | 3 | |||||||||||||
Net current period other comprehensive income | (450 | ) | (1,177 | ) | (1,647 | ) | (88 | ) | |||||||||
Ending balance | $ | - | $ | 1,964 | $ | - | $ | 1,964 | |||||||||
* Amounts reclassified are recorded within Other income, net in the Condensed Consolidated Statements of Operations. |
Note_9_Legal_Proceedings
Note 9 - Legal Proceedings | 6 Months Ended | |
Jun. 28, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Legal Matters and Contingencies [Text Block] | ' | |
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. |
Note_10_Line_of_Credit
Note 10 - Line of Credit | 6 Months Ended | |
Jun. 28, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
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. The Credit 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 Credit Agreement is secured by certain cash balances (classified as restricted cash of $3,000 on the condensed consolidated balance sheet as of June 28, 2014) 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. On April 30, 2014, the Company entered into an Amended and Restated Collateral Assignment of Account which secures the Company’s existing and future obligations to the Lenders with a Company business account. As of June 28, 2014, the Company was in compliance with its covenants and $7,000 was outstanding under the Credit Agreement. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||
BASIS OF PRESENTATION | |||||||||
The terms “we,” “our,” “ours,” “us” and “Company” refer to ANADIGICS, Inc. The Company is a global leader in the design and manufacture of radio frequency semiconductor solutions for Infrastructure and Mobile applications. Infrastructure is comprised of products for the following applications: CATV, small cell, WiFi, M2M, optical and other general RF applications. Mobile is comprised of WiFi and Cellular products that primarily address the smartphone, handset and tablet markets. | |||||||||
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 and six month periods ended June 28, 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 2 and Note 5, there were no subsequent events to recognize or disclose in these unaudited interim condensed consolidated financial statements. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
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 (ASU) to the FASB’s Accounting Standards Codification. | |||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace most current revenue recognition guidance. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. It also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company is in the process of evaluating the impact of this guidance on their consolidated financial statements. | |||||||||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The revised guidance is effective prospectively for fiscal and interim periods beginning on or after December 15, 2014. Adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
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 June 28, 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. | |||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||||||
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: | |||||||||
Six months ended | |||||||||
June 28, | June 29, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 383 | $ | 770 | |||||
Additions charged to costs and expenses | 133 | 277 | |||||||
Claims processed | (315 | ) | (615 | ) | |||||
Ending balance | $ | 201 | $ | 432 | |||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||
RECLASSIFICATIONS | |||||||||
Certain prior period amounts have been reclassified to conform to the current presentation. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
Six months ended | |||||||||
June 28, | June 29, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 383 | $ | 770 | |||||
Additions charged to costs and expenses | 133 | 277 | |||||||
Claims processed | (315 | ) | (615 | ) | |||||
Ending balance | $ | 201 | $ | 432 |
Note_2_Restructuring_and_Other1
Note 2 - Restructuring and Other Charges (Tables) | 6 Months Ended | ||||
Jun. 28, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Costs [Table Text Block] | ' | ||||
Accrued Restructuring Costs | |||||
December 31, 2012 balance | $ | 395 | |||
Restructuring expense | 1,915 | ||||
Payments | (2,065 | ) | |||
December 31, 2013 balance | $ | 245 | |||
Restructuring expense | 2,138 | ||||
Payments | (1,508 | ) | |||
June 28, 2014 balance | $ | 875 |
Note_3_Fair_Value_and_Marketab1
Note 3 - Fair Value and Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||
Using | |||||||||||||||||||||
Security Type | Amortized | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
Cost Basis | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
-1 | |||||||||||||||||||||
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 | |||||||||||
Total at June 28, 2014 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||
($ in 000’s) | Fair Value Measurements Using | ||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||
(Level 3) | |||||||||||||||||||||
Six months ended June 29, 2013 | |||||||||||||||||||||
Preferred Equity Securities (a) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 1,568 | |||||||||||||||||||
Total gains or losses realized/unrealized | |||||||||||||||||||||
Included in earnings (loss) | |||||||||||||||||||||
- quarter ended March 30, 2013 | - | ||||||||||||||||||||
- quarter ended June 29, 2013 | 872 | ||||||||||||||||||||
Included in other comprehensive income(loss) | |||||||||||||||||||||
- quarter ended March 30, 2013 | 477 | ||||||||||||||||||||
- quarter ended June 29, 2013 | (467 | ) | |||||||||||||||||||
Purchases | - | ||||||||||||||||||||
Redemptions and settlements | |||||||||||||||||||||
- quarter ended March 30, 2013 | - | ||||||||||||||||||||
- quarter ended June 29, 2013 | (2,000 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at June 29, 2013 | $ | 450 | |||||||||||||||||||
- | |||||||||||||||||||||
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 | |||||||||||||||||||||
Securities held at June 29,2013: | |||||||||||||||||||||
Face value | $ | 1,125 | |||||||||||||||||||
Financial ratings | NR | ||||||||||||||||||||
Weighted average interest rate | 0 | % | |||||||||||||||||||
Maturity date | N/A |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
28-Jun-14 | 31-Dec-13 | ||||||||
Raw materials | $ | 5,091 | $ | 7,323 | |||||
Work in process | 7,057 | 8,424 | |||||||
Finished goods | 5,811 | 5,367 | |||||||
Total | $ | 17,959 | $ | 21,114 |
Note_6_Stock_Based_Compensatio1
Note 6 - Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Amortization of restricted stock units | $ | 1,282 | $ | 2,037 | $ | 3,016 | $ | 3,267 | |||||||||||||||||||||||||
Amortization of ESP Plan | 25 | 120 | 85 | 270 | |||||||||||||||||||||||||||||
Amortization of stock option awards | 49 | (101 | ) | 98 | 20 | ||||||||||||||||||||||||||||
Total stock based compensation | $ | 1,356 | $ | 2,056 | $ | 3,199 | $ | 3,557 | |||||||||||||||||||||||||
By Financial Statement line item | |||||||||||||||||||||||||||||||||
Cost of sales | $ | 246 | $ | 413 | $ | 522 | $ | 592 | |||||||||||||||||||||||||
Research and development expenses | 522 | 695 | 1,076 | 1,040 | |||||||||||||||||||||||||||||
Selling and administrative expenses | 588 | 948 | 1,601 | 1,996 | |||||||||||||||||||||||||||||
Restructuring charge | - | - | - | (71 | ) | ||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Time-based | Performance- | Time-based | Performance-based | ||||||||||||||||||||||||||||||
Restricted | based | Stock Options | Stock Options | ||||||||||||||||||||||||||||||
Stock Units | Restricted | ||||||||||||||||||||||||||||||||
Stock Units | |||||||||||||||||||||||||||||||||
Units | WA | Units | WA | Issuable | WA | Issuable | WA | ||||||||||||||||||||||||||
price/ | price/ | upon | exercise | upon | exercise | ||||||||||||||||||||||||||||
unit | unit | exercise | price | exercise | price | ||||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 1,430 | $ | 4.63 | - | $ | - | 2,328 | $ | 5.01 | 167 | $ | 3.24 | |||||||||||||||||||||
Granted | 2,949 | 2.12 | 560 | 2.02 | 13 | 2.26 | - | - | |||||||||||||||||||||||||
Shares vested/options exercised | (1,539 | ) | 3.34 | - | - | (69 | ) | 1.93 | - | - | |||||||||||||||||||||||
Forfeited/expired (1) | (144 | ) | 3.75 | (384 | ) | 2.02 | (355 | ) | 4.25 | (125 | ) | 3.24 | |||||||||||||||||||||
Balance at December 31, 2013 | 2,696 | $ | 2.67 | 176 | $ | 2.02 | 1,917 | $ | 5.24 | 42 | $ | 3.24 | |||||||||||||||||||||
Granted | 2,106 | 1.7 | 413 | 1.84 | 3 | 1.91 | - | - | |||||||||||||||||||||||||
Shares vested/options exercised | (1,478 | ) | 3.13 | (19 | ) | 2.01 | (5 | ) | 1.83 | - | - | ||||||||||||||||||||||
Forfeited/expired | (104 | ) | 2.03 | (10 | ) | 1.84 | (643 | ) | 5.96 | (42 | ) | 3.24 | |||||||||||||||||||||
Balance at June 28, 2014 | 3,220 | $ | 1.85 | 560 | $ | 1.89 | 1,272 | $ | 4.88 | - | $ | - | |||||||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||||||||||||||
Unrecognized stock based compensation cost | |||||||||||||||||||||||||||||||||
Option plans | $ | 9 | |||||||||||||||||||||||||||||||
Restricted stock units | $ | 3,963 | |||||||||||||||||||||||||||||||
Weighted average remaining recognition period | |||||||||||||||||||||||||||||||||
Option plans (Years) | 1.9 | ||||||||||||||||||||||||||||||||
Restricted stock units (Years) | 1.5 | ||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Range of exercise prices | Outstanding | Weighted | Weighted | Exercisable | Weighted | ||||||||||||||||||||||||||||
Options at June | average | average | at June 28, | average | |||||||||||||||||||||||||||||
28, 2014 | remaining | exercise | 2014 | exercise | |||||||||||||||||||||||||||||
contractual | price | price | |||||||||||||||||||||||||||||||
life | |||||||||||||||||||||||||||||||||
$1.23 - $1.93 | 466 | 4.3 | $ | 1.93 | 459 | $ | 1.93 | ||||||||||||||||||||||||||
$2.00 - $3.24 | 275 | 6.7 | $ | 3.19 | 241 | $ | 3.19 | ||||||||||||||||||||||||||
$3.30 - $8.79 | 147 | 2.8 | $ | 5.49 | 147 | $ | 5.49 | ||||||||||||||||||||||||||
$8.84 - $18.98 | 384 | 2.3 | $ | 9.46 | 384 | $ | 9.46 | ||||||||||||||||||||||||||
Schedule of Share-based Payment Award Stock Option Awards and Employee Stock Purchase Plan Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Six months ended | |||||||||||||||||||||||||||||||||
28-Jun-14 | 29-Jun-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 | $ | 1.41 | |||||||||||||||||||||||||||||
ESP Plan: | |||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.2 | % | |||||||||||||||||||||||||||||
Expected volatility | 57 | % | 65 | % | |||||||||||||||||||||||||||||
Average expected term (in years) | 1 | 1 | |||||||||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||||||||
Weighted average fair value of purchase option | $ | 0.28 | $ | 0.78 |
Note_7_Loss_Per_Share_Tables
Note 7 - Loss Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares for basic loss per share | 85,687 | 83,042 | 85,225 | 78,100 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options (*) | - | - | - | - | |||||||||||||
Unvested restricted stock units (*) | - | - | - | - | |||||||||||||
Adjusted weighted average shares for diluted loss per share | 85,687 | 83,042 | 85,225 | 78,100 | |||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 1,272 | 2,021 | 1,272 | 2,021 | |||||||||||||
Unvested restricted stock units | 3,780 | 3,278 | 3,780 | 3,278 |
Note_8_Accumulated_Other_Compr1
Note 8 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
Jun 28, | June 29, | Jun 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 450 | $ | 3,141 | $ | 1,647 | $ | 2,052 | |||||||||
Other comprehensive income before reclassifications | 118 | 242 | 81 | 1,360 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net Unrealized Gain(Loss) on Marketable Securities * | (568 | ) | (1,422 | ) | (1,728 | ) | (1,451 | ) | |||||||||
Foreign Currency Translation | - | 3 | - | 3 | |||||||||||||
Net current period other comprehensive income | (450 | ) | (1,177 | ) | (1,647 | ) | (88 | ) | |||||||||
Ending balance | $ | - | $ | 1,964 | $ | - | $ | 1,964 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | Jun. 28, 2014 |
Accounting Policies [Abstract] | ' |
Unrecognized Tax Benefits | $0 |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Changes in Warranty Reserve (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Changes in Warranty Reserve [Abstract] | ' | ' |
Beginning balance | $383 | $770 |
Additions charged to costs and expenses | 133 | 277 |
Claims processed | -315 | -615 |
Ending balance | $201 | $432 |
Note_2_Restructuring_and_Other2
Note 2 - Restructuring and Other Charges (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Aug. 06, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 31, 2013 | Jun. 28, 2014 |
Subsequent Event [Member] | Scenario, Forecast [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Asset Write-downs [Member] | ||||
Note 2 - Restructuring and Other Charges (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated | 60 | 100 | 25 | ' | 80 | ' | ' | ' | ' |
Restructuring Charges | $4,409 | $5,860 | $1,915 | ' | $1,800 | $687 | $2,138 | $1,915 | $3,722 |
Assets Held for Sale | 3,523 | 3,523 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Machinery and Equipment | ' | 17 | 1 | 1,700 | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | -3,705 | 161 | 1,500 | ' | ' | ' | ' | ' |
Inventory Write-down | $2,080 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_2_Restructuring_and_Other3
Note 2 - Restructuring and Other Charges (Details) - Liability Balance Related to Restructuring (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance | ' | $245 | $395 | $395 |
Restructuring expense | 4,409 | 5,860 | 1,915 | ' |
Payments | ' | -1,508 | ' | -2,065 |
Balance | 875 | 875 | ' | 245 |
Employee Severance [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring expense | $687 | $2,138 | ' | $1,915 |
Note_3_Fair_Value_and_Marketab2
Note 3 - Fair Value and Marketable Securities (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | 31-May-14 | Jun. 29, 2013 | Mar. 29, 2014 | Jan. 31, 2014 | Dec. 31, 2013 |
Preferred Equity Securities [Member] | Preferred Equity Securities [Member] | Preferred Equity Securities [Member] | Preferred Equity Securities [Member] | Other Income [Member] | Corporate Debt Securities [Member] | Minimum [Member] | |
Other Income [Member] | Other Income [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Note 3 - Fair Value and Marketable Securities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Available-for-Sale Debt Securities, Contractual Maturities | ' | ' | ' | ' | ' | ' | '10 years |
Proceeds from Sale of Available-for-sale Securities, Debt | ' | ' | ' | ' | ' | $2,960 | ' |
Gain (Loss) on Sale of Debt Investments | ' | ' | ' | ' | 1,160 | ' | ' |
Proceeds from Sale of Available-for-sale Securities, Equity | ' | ' | 568 | 2,000 | ' | ' | ' |
Gain (Loss) on Sale of Equity Investments | $568 | $872 | ' | ' | ' | ' | ' |
Note_3_Fair_Value_and_Marketab3
Note 3 - Fair Value and Marketable Securities (Details) - Summary of Available-for-Sale Securities (USD $) | Jun. 28, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Note 3 - Fair Value and Marketable Securities (Details) - Summary of Available-for-Sale Securities [Line Items] | ' | ' | ||
Former-auction corporate debt security (2) | ' | $2,997 | [1] | |
Auction Rate Security - Preferred Equity | ' | 450 | ||
Total at | ' | 3,447 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 3 - Fair Value and Marketable Securities (Details) - Summary of Available-for-Sale Securities [Line Items] | ' | ' | ||
Former-auction corporate debt security (2) | ' | ' | [1] | |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 3 - Fair Value and Marketable Securities (Details) - Summary of Available-for-Sale Securities [Line Items] | ' | ' | ||
Former-auction corporate debt security (2) | ' | 2,997 | [1] | |
Total at | ' | 2,997 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Note 3 - Fair Value and Marketable Securities (Details) - Summary of Available-for-Sale Securities [Line Items] | ' | ' | ||
Former-auction corporate debt security (2) | ' | ' | [1] | |
Auction Rate Security - Preferred Equity | ' | 450 | ||
Total at | ' | 450 | ||
Amortized Cost Basis [Member] | ' | ' | ||
Note 3 - Fair Value and Marketable Securities (Details) - Summary of Available-for-Sale Securities [Line Items] | ' | ' | ||
Former-auction corporate debt security (2) | ' | 1,800 | [1],[2] | |
Auction Rate Security - Preferred Equity | ' | ' | [2] | |
Total at | ' | [2] | $1,800 | [2] |
[1] | Available for sale debt security with a contractual maturity in excess of 10 years. | |||
[2] | Difference between amortized cost basis and fair value represents gross unrealized gains. |
Note_3_Fair_Value_and_Marketab4
Note 3 - Fair Value and Marketable Securities (Details) - Reconciliation of Fair Value Using Significant Unobservable Inputs (Preferred Equity Securities [Member], Fair Value, Inputs, Level 3 [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2013 | Jun. 29, 2013 | ||
Preferred Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance at January 1, 2013 | $1,568 | [1] | $1,568 | [1] |
Included in earnings (loss) | ' | ' | ||
Included in earnings (loss) | ' | [1] | 872 | [1] |
Included in other comprehensive income(loss) | ' | ' | ||
Included in other comprehensive income (loss) | 477 | [1] | -467 | [1] |
Purchases | ' | ' | [1] | |
Redemptions and settlements | ' | ' | ||
Redemptions and settlements | ' | [1] | -2,000 | [1] |
Transfers in and/or out of Level 3 | ' | ' | [1] | |
Balance at June 29, 2013 | ' | 450 | [1] | |
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 | ' | ' | [1] | |
Face value | ' | $1,125 | [1] | |
Financial ratings | ' | ' | [1] | |
Weighted average interest rate | ' | 0.00% | [1] | |
Maturity date | ' | NaN, NaN | [1] | |
[1] | Preferred securities issued by subsidiaries of two publicly-held debt default insurers. During the second quarter of 2013, one of these securities redeemed at $2,000 par, resulting in an $872 realized gain recorded to Other income, net. |
Note_4_Inventories_Details_Sum
Note 4 - Inventories (Details) - Summary of Inventories (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Inventories [Abstract] | ' | ' |
Raw materials | $5,091 | $7,323 |
Work in process | 7,057 | 8,424 |
Finished goods | 5,811 | 5,367 |
Total | $17,959 | $21,114 |
Note_5_Stockholders_Equity_Det
Note 5 - Stockholders' Equity (Details) (USD $) | 1 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2013 |
Stockholders' Equity Note [Abstract] | ' |
Stock Issued During Period, Shares, New Issues | 10,704 |
Share Price | $2 |
Proceeds from Issuance Initial Public Offering | $19,675 |
Note_6_Stock_Based_Compensatio2
Note 6 - Stock Based Compensation (Details) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Dec. 04, 2012 | Feb. 13, 2014 | Jul. 31, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 30, 2011 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 29, 2012 | Dec. 31, 2013 | Feb. 13, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 31, 2013 | Jun. 29, 2013 | Jun. 28, 2014 | Dec. 31, 2013 | Feb. 16, 2012 | Jun. 28, 2014 | Dec. 31, 2013 | Feb. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 31, 2013 | Jun. 28, 2014 | ||||
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Stock Appreciation Rights (SARs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Stock Options and RSUs [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Time-based Stock Options [Member] | Time-based Stock Options [Member] | Time-based Stock Options [Member] | Time-based Restricted Stock Units (RSUs) [Member] | Time-based Restricted Stock Units (RSUs) [Member] | Time-based Restricted Stock Units (RSUs) [Member] | Performance-base Restricted Stock Units (RSUs) [Member] | Performance-base Restricted Stock Units (RSUs) [Member] | Performance-base Restricted Stock Units (RSUs) [Member] | The 1995 Plan [Member] | The 1997 Plan [Member] | The 2005 Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||||
The 1995 Plan, 1997 Plan, and 2005 Plan [Member] | The 1995 Plan, 1997 Plan, and 2005 Plan [Member] | Officers and Key Employees [Member] | Officers and Key Employees [Member] | Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Officers and Key Employees [Member] | Officers and Key Employees [Member] | Officers and Key Employees [Member] | Chief Executive Officer [Member] | Officers and Employees [Member] | Officers and Employees [Member] | Officers and Employees [Member] | Officers and Key Employees [Member] | ||||||||||||||||||||
The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | |||||||||||||||||||||||||||||||
Note 6 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Equity Compensation Plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Equity Compensation Plans Terminated | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,913,000 | 5,100,000 | 24,850,000 | ' | 6,694,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '3 years | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | 0 | 660,000 | 825,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 661,000 | 2,106,000 | 2,949,000 | 220,000 | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 271,000 | ' | |||
Employee Stock Purchase Plan ESPP, Weighted-average Purchase Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.64 | ' | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense (in Dollars) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated Annual Forfeiture Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,000 | ' | ' | 229,000 | ' | ' | 42,000 | 125,000 | [1] | 125,000 | 643,000 | 355,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.24 | ' | ' | ' | ' | ' | ' | ' | ' | $1.91 | $2.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | $0.97 | $1.41 | ' | ' | ' | ' | ' | ' | ' | ' | $2.62 | ' | ' | ' | $1.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000 | ' | 42,000 | 83,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | 104,000 | 144,000 | [1] | ' | 155,000 | ' | ' | ' | ' | ' | ' | ||
Percentage of Restricted Stock Units Will Have Time-based Vesting Conditions | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of Restricted Stock Units Will Have Performance Based Vesting Conditions | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of Performance Metrics Achieved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,478,000 | 1,539,000 | ' | ' | 111,000 | ' | ' | ' | ' | ' | |||
[1] | In the second quarter of 2013, 125 time-based and 83 (125 at maximum performance achievement) market performance-based stock options were rescinded with the consent of and without payment to the Chief Executive Officer (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. |
Note_6_Stock_Based_Compensatio3
Note 6 - Stock Based Compensation (Details) - Allocation of Share-based Compensation (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $1,356 | $2,056 | $3,199 | $3,557 |
Cost of Sales [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 246 | 413 | 522 | 592 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 522 | 695 | 1,076 | 1,040 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 588 | 948 | 1,601 | 1,996 |
Restructuring Charges [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | -71 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 1,282 | 2,037 | 3,016 | 3,267 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 25 | 120 | 85 | 270 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $49 | ($101) | $98 | $20 |
Note_6_Stock_Based_Compensatio4
Note 6 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 28, 2014 | Dec. 31, 2013 | ||
Time-based Restricted Stock Units (RSUs) [Member] | ' | ' | |
Note 6 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity [Line Items] | ' | ' | |
Outstanding at | 2,696,000 | 1,430,000 | |
Outstanding at | $2.67 | $4.63 | |
Granted | 2,106,000 | 2,949,000 | |
Granted | $1.70 | $2.12 | |
Shares vested/options exercised | -1,478,000 | -1,539,000 | |
Shares vested/options exercised | $3.13 | $3.34 | |
Forfeited/expired | -104,000 | -144,000 | [1] |
Forfeited/expired | $2.03 | $3.75 | [1] |
Outstanding at | 3,220,000 | 2,696,000 | |
Outstanding at | $1.85 | $2.67 | |
Performance-based Restricted Stock Units [Member] | ' | ' | |
Note 6 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity [Line Items] | ' | ' | |
Outstanding at | 176,000 | ' | |
Outstanding at | $2.02 | ' | |
Granted | 413,000 | 560,000 | |
Granted | $1.84 | $2.02 | |
Shares vested/options exercised | -19,000 | ' | |
Shares vested/options exercised | $2.01 | ' | |
Forfeited/expired | -10,000 | -384,000 | [1] |
Forfeited/expired | $1.84 | $2.02 | [1] |
Outstanding at | 560,000 | 176,000 | |
Outstanding at | $1.89 | $2.02 | |
Time-based Stock Options [Member] | ' | ' | |
Note 6 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity [Line Items] | ' | ' | |
Outstanding at | 1,917,000 | 2,328,000 | |
Outstanding at | $5.24 | $5.01 | |
Granted | 3,000 | 13,000 | |
Granted | $1.91 | $2.26 | |
Shares vested/options exercised | -5,000 | -69,000 | |
Shares vested/options exercised | $1.83 | $1.93 | |
Forfeited/expired | -643,000 | -355,000 | [1] |
Forfeited/expired | $5.96 | $4.25 | [1] |
Outstanding at | 1,272,000 | 1,917,000 | |
Outstanding at | $4.88 | $5.24 | |
Performance Shares [Member] | ' | ' | |
Note 6 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity [Line Items] | ' | ' | |
Outstanding at | 42,000 | 167,000 | |
Outstanding at | $3.24 | $3.24 | |
Forfeited/expired | -42,000 | -125,000 | [1] |
Forfeited/expired | $3.24 | $3.24 | [1] |
Outstanding at | ' | 42,000 | |
Outstanding at | ' | $3.24 | |
[1] | In the second quarter of 2013, 125 time-based and 83 (125 at maximum performance achievement) market performance-based stock options were rescinded with the consent of and without payment to the Chief Executive Officer (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. |
Note_6_Stock_Based_Compensatio5
Note 6 - Stock Based Compensation (Details) - Summary of Unrecognized Stock-based Compensation Cost (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 |
Unrecognized stock based compensation cost | ' |
Option plans | $9 |
Restricted Stock Units (RSUs) [Member] | ' |
Unrecognized stock based compensation cost | ' |
Restricted stock units | $3,963 |
Weighted average remaining recognition period | ' |
Weighted-average remaining recognition period | '1 year 6 months |
Employee Stock Option [Member] | ' |
Weighted average remaining recognition period | ' |
Weighted-average remaining recognition period | '1 year 328 days |
Note_6_Stock_Based_Compensatio6
Note 6 - Stock Based Compensation (Details) - Summary of Outstanding Stock Options by Price Range (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 |
Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding Options | 466 |
Weighted average remaining contractual life | '4 years 109 days |
Weighted average exercise price | $1.93 |
Exercisable | 459 |
Exercisable, Weighted average exercise price | $1.93 |
Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding Options | 275 |
Weighted average remaining contractual life | '6 years 255 days |
Weighted average exercise price | $3.19 |
Exercisable | 241 |
Exercisable, Weighted average exercise price | $3.19 |
Range Three [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding Options | 147 |
Weighted average remaining contractual life | '2 years 292 days |
Weighted average exercise price | $5.49 |
Exercisable | 147 |
Exercisable, Weighted average exercise price | $5.49 |
Range Four [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding Options | 384 |
Weighted average remaining contractual life | '2 years 109 days |
Weighted average exercise price | $9.46 |
Exercisable | 384 |
Exercisable, Weighted average exercise price | $9.46 |
Note_6_Stock_Based_Compensatio7
Note 6 - Stock Based Compensation (Details) - Weighted-Average Assumptions and Fair Values for Stock-based Compensation Grants (USD $) | 6 Months Ended | |
Jun. 28, 2014 | Jun. 29, 2013 | |
Employee Stock Option [Member] | ' | ' |
Note 6 - Stock Based Compensation (Details) - Weighted-Average Assumptions and Fair Values for Stock-based Compensation Grants [Line Items] | ' | ' |
Risk-free interest rate | 1.70% | 0.80% |
Expected volatility | 58.00% | 72.00% |
Average expected term (in years) | '5 years | '5 years |
Expected dividend yield | 0.00% | 0.00% |
Weighted average fair value of (in Dollars per share) | $0.97 | $1.41 |
Employee Stock Purchase Plan [Member] | ' | ' |
Note 6 - Stock Based Compensation (Details) - Weighted-Average Assumptions and Fair Values for Stock-based Compensation Grants [Line Items] | ' | ' |
Risk-free interest rate | 0.10% | 0.20% |
Expected volatility | 57.00% | 65.00% |
Average expected term (in years) | '1 year | '1 year |
Expected dividend yield | 0.00% | 0.00% |
Weighted average fair value of (in Dollars per share) | $0.28 | $0.78 |
Note_7_Loss_Per_Share_Details_
Note 7 - Loss Per Share (Details) - Reconciliation of Earnings (Loss) per Share | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||||
Reconciliation of Earnings (Loss) per Share [Abstract] | ' | ' | ' | ' | ||||
Weighted average common shares for basic loss per share | 85,687 | 83,042 | 85,225 | 78,100 | ||||
Effect of dilutive securities: | ' | ' | ' | ' | ||||
Stock options (*) | 0 | [1] | 0 | [1] | ' | [1] | ' | [1] |
Unvested restricted stock units (*) | 0 | [1] | 0 | [1] | ' | [1] | ' | [1] |
Adjusted weighted average shares for diluted loss per share | 85,687 | 83,042 | 85,225 | 78,100 | ||||
[1] | Incremental shares from restricted stock units and stock options are computed using the treasury stock method. |
Note_7_Loss_Per_Share_Details_1
Note 7 - Loss Per Share (Details) - Antidilutive Securities Excluded from Earnings (Loss) per Share | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Equity Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities | 1,272 | 2,021 | 1,272 | 2,021 |
Unvested Restricted Shares and Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities | 3,780 | 3,278 | 3,780 | 3,278 |
Note_8_Accumulated_Other_Compr2
Note 8 - Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | $450 | $3,141 | $1,647 | $2,052 |
Other comprehensive income before reclassifications | 118 | 242 | 81 | 1,360 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Net current period other comprehensive income | -450 | -1,177 | -1,647 | -88 |
Accumulated other comprehensive income | ' | 1,964 | ' | 1,964 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -568 | -1,422 | -1,728 | -1,451 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | $3 | ' | $3 |
Note_10_Line_of_Credit_Details
Note 10 - Line of Credit (Details) (USD $) | Jun. 28, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Note 10 - Line of Credit (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | '3 years | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $11,000 | ' |
Restricted Cash and Cash Equivalents, Current | 3,000 | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 3.25% | ' | ' |
Long-term Line of Credit | ' | ' | ' | $7,000 |