Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Apr. 04, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ANADIGICS INC |
Document Type | 10-Q |
Current Fiscal Year End Date | -19 |
Entity Common Stock, Shares Outstanding | 87,668,442 |
Amendment Flag | FALSE |
Entity Central Index Key | 940332 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | 4-Apr-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $17,042 | $18,430 |
Accounts receivable, net | 5,540 | 5,335 |
Inventories | 11,458 | 13,844 |
Prepaid expenses and other current assets | 3,299 | 2,721 |
Assets held for sale | 335 | 335 |
Total current assets | 37,674 | 40,665 |
Equipment and furniture | 190,890 | 190,718 |
Leasehold improvements | 46,850 | 46,850 |
Projects in process | 1,179 | 1,415 |
238,919 | 238,983 | |
Less accumulated depreciation and amortization | 223,916 | 221,812 |
15,003 | 17,171 | |
Other assets | 117 | 180 |
Total assets | 52,794 | 58,016 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 5,410 | 5,913 |
Accrued liabilities | 3,059 | 3,419 |
Accrued restructuring costs | 514 | 904 |
Bank borrowings | 4,000 | 4,000 |
Total current liabilities | 12,983 | 14,236 |
Other long-term liabilities | 982 | 1,122 |
Total liabilities | 13,965 | 15,358 |
Commitments and contingencies | ||
Common stock, $0.01 par value, 144,000 shares authorized, 87,783 issued at April 4, 2015 and 86,878 issued at December 31, 2014 | 878 | 869 |
Additional paid-in capital | 643,870 | 642,683 |
Accumulated deficit | -605,660 | -600,635 |
Treasury stock at cost: 115 shares | -259 | -259 |
Total stockholders’ equity | 38,829 | 42,658 |
Total liabilities and stockholders’ equity | $52,794 | $58,016 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
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 | 87,783 | 86,878 |
Treasury stock at cost: 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 | Apr. 04, 2015 | Mar. 29, 2014 |
Net sales | $18,446 | $23,271 |
Cost of sales | 14,438 | 21,000 |
Gross profit | 4,008 | 2,271 |
Research and development expenses | 5,211 | 8,576 |
Selling and administrative expenses | 3,803 | 5,126 |
Restructuring charges | 1,451 | |
Operating loss | -5,006 | -12,882 |
Interest and other (expense) income, net | -19 | 1,132 |
Net loss | ($5,025) | ($11,750) |
Basic and diluted loss per share (in Dollars per share) | ($0.06) | ($0.14) |
Basic and diluted (in Shares) | 87,108 | 84,763 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Net loss | ($5,025) | ($11,750) |
Unrealized loss on marketable securities | -37 | |
Effect of net recognized gain on marketable securities reclassified to Interest and other (expense) income, net | -1,160 | |
Comprehensive loss | ($5,025) | ($12,947) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | ($5,025) | ($11,750) |
Depreciation | 2,226 | 3,332 |
Amortization | 9 | 17 |
Stock based compensation | 1,196 | 1,843 |
Gain on marketable securities | -1,160 | |
Gain on disposal of equipment | 3 | |
Accounts receivable | -205 | 2,735 |
Inventories | 2,386 | -1,408 |
Prepaid expenses and other assets | -595 | -1,499 |
Accounts payable | -503 | -2,206 |
Accrued liabilities and other liabilities | -890 | 193 |
Net cash used in operating activities | -1,398 | -9,903 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of plant and equipment | -20 | -407 |
Proceeds from sale of equipment | 30 | |
Proceeds from sale of marketable securities | 2,960 | |
Net cash provided by investing activities | 10 | 2,553 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of common stock | 10 | |
Proceeds from bank borrowings | 4,000 | 700 |
Repayments of bank borrowings | -4,000 | -700 |
Net cash provided by financing activities | 10 | |
Net decrease in cash and cash equivalents | -1,388 | -7,340 |
Cash and cash equivalents at beginning of period | 18,430 | 20,947 |
Cash and cash equivalents at end of period | $17,042 | $13,607 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
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 | |||||||||
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 month period ended April 4, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |||||||||
The condensed consolidated balance sheet at December 31, 2014 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, 2014. | |||||||||
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 the workforce reduction disclosed in Note 2, there were no subsequent events to recognize or disclose in these unaudited interim condensed consolidated financial statements. | |||||||||
RECENTLY ADOPTED ACCOUNTING STANDARDS | |||||||||
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. The ASU became effective January 1, 2015. Adoption of this guidance did not impact the Company’s consolidated financial statements. | |||||||||
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS | |||||||||
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The guidance states that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. The guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. | |||||||||
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 amended guidance permits the initial application to be applied either retrospectively to each prior reporting period presented, or retrospectively with a cumulative effect adjustment made at the date of initial application. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company is currently evaluating the adoption method and the impact of adopting this guidance on its 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 April 4, 2015. 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 | |||||||||
April 4, | March 29, | ||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 237 | $ | 383 | |||||
Net (release) addition charged to Cost of sales | (35 | ) | 51 | ||||||
Claims processed | (27 | ) | (101 | ) | |||||
Ending balance | $ | 175 | $ | 333 | |||||
RECLASSIFICATIONS | |||||||||
Certain prior period amounts have been reclassified to conform to the current presentation. |
Note_2_Restructuring_and_Subse
Note 2 - Restructuring and Subsequent Event | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | 2. RESTRUCTURING AND SUBSEQUENT EVENT | ||||||||||||
RESTRUCTURING | |||||||||||||
In February 2014, the Company implemented a workforce reduction that eliminated approximately 40 positions throughout the Company, and recorded a restructuring charge of $1,451 during the first quarter of 2014 for severance, related benefits and other costs. In mid 2014, the Company implemented a strategic restructuring plan to better address growth opportunities in infrastructure markets and to lower operating costs. The strategy included expanding the Company’s presence in the infrastructure space and reducing fixed costs associated with certain legacy mobile activities through a resizing of staff and manufacturing capability. By the end of 2014 and inclusive of the aforementioned first quarter 2014 charge, approximately 150 positions were eliminated throughout the Company and a $4,199 workforce reduction charge was recorded to Restructuring charges. | |||||||||||||
Activity and liability balances related to the restructurings were as follows: | |||||||||||||
Workforce- | Lease-related | Total | |||||||||||
related | |||||||||||||
December 31, 2013 balance | $ | 245 | - | $ | 245 | ||||||||
Restructuring expense | 4,002 | 197 | 4,199 | ||||||||||
Payments | (3,502 | ) | (38 | ) | (3,540 | ) | |||||||
December 31, 2014 balance | $ | 745 | $ | 159 | $ | 904 | |||||||
Payments | (350 | ) | (40 | ) | (390 | ) | |||||||
April 4, 2015 balance | $ | 395 | $ | 119 | $ | 514 | |||||||
SUBSEQUENT EVENT | |||||||||||||
In May 2015, as an extension of its strategic shift to Infrastructure and migration of its business model, the Company implemented a workforce reduction that eliminated approximately 25 positions throughout the Company and anticipates recording approximately $550 of restructuring charges during the second quarter of 2015 covering severance, related benefits and other costs. |
Note_3_Fair_Value_and_Marketab
Note 3 - Fair Value and Marketable Securities | 3 Months Ended |
Apr. 04, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE AND MARKETABLE SECURITIES |
The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the relatively short maturity of these items. | |
During the first quarter of 2014, a former-auction corporate debt security held by the Company sold for $2,960, resulting in a realized gain of $1,160 which was recorded to Interest and other (expense) income, net. |
Note_4_Inventories
Note 4 - Inventories | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
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: | |||||||||
4-Apr-15 | 31-Dec-14 | ||||||||
Raw materials | $ | 3,536 | $ | 4,584 | |||||
Work in process | 2,677 | 3,052 | |||||||
Finished goods | 5,245 | 6,208 | |||||||
Total | $ | 11,458 | $ | 13,844 | |||||
Note_5_Stock_Based_Compensatio
Note 5 - Stock Based Compensation | 3 Months Ended | |||||||||||||||||||||||||
Apr. 04, 2015 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. STOCK BASED COMPENSATION | |||||||||||||||||||||||||
Equity Compensation Plans | ||||||||||||||||||||||||||
As of April 4, 2015, the Company had one equity compensation plan: 2005 Long-Term Incentive and Share Award Plan (the “2005 Plan”). The 2005 Plan expired on April 6, 2015; therefore, as of that date, the Company has no shares reserved for issuance under any equity compensation plan. The Company has submitted for approval by its stockholders on May 12, 2015 a new equity compensation plan: 2015 Long-Term Incentive and Share Award Plan (the “2015 Plan”). If approved on May 12, 2015, the Company will have reserved for issuance under the 2015 Plan a maximum of 10,000 shares. Both the expired 2005 Plan and the proposed 2015 Plan 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 respective plans. | ||||||||||||||||||||||||||
The Company also has one employee stock purchase plan (the “ESP Plan”). As of April 4, 2015, approximately 1,820 shares of common stock remain available for grant under the ESP Plan. | ||||||||||||||||||||||||||
The following table summarizes information related to awards of restricted stock units and stock options as well as changes during the three months period ended April 4, 2015: | ||||||||||||||||||||||||||
Restricted Stock Units | Stock Options | |||||||||||||||||||||||||
Time-based | Performance- | Time-based | ||||||||||||||||||||||||
based | ||||||||||||||||||||||||||
Units | Weighted | Units | WA | Issuable | WA | WA | ||||||||||||||||||||
Average | price/ | upon | exercise | remaining contractual | ||||||||||||||||||||||
(WA) | unit | exercise | price | life | ||||||||||||||||||||||
grant | ||||||||||||||||||||||||||
date | ||||||||||||||||||||||||||
fair | ||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||
Outstanding at January 1, 2015 | 2,790 | $ | 1.58 | 314 | $ | 1.87 | 1,219 | $ | 4.82 | |||||||||||||||||
Granted | 2,635 | 1.18 | 264 | 1.05 | 6 | 1.37 | ||||||||||||||||||||
Shares vested/options exercised | (905 | ) | 1.39 | - | - | |||||||||||||||||||||
Forfeited/expired | (44 | ) | 0.96 | - | - | (120 | ) | 4.41 | ||||||||||||||||||
Outstanding at April 4, 2015 | 4,476 | $ | 1.39 | 578 | $ | 1.5 | 1,105 | $ | 4.85 | 3.5 years | ||||||||||||||||
Exercisable at April 4, 2015 | N/A | N/A | N/A | N/A | 1,094 | $ | 4.88 | 3.4 years | ||||||||||||||||||
In February 2015, the Company awarded 264 restricted stock units to its officers and other key employees which have market performance-based vesting conditions contingent upon the Company’s relative shareholder returns measured against defined peer group companies. 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 top 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. These market performance-based restricted stock units, included in the table above, have an average fair value of $1.05 calculated using a Monte Carlo Simulation model on the date of grant. | ||||||||||||||||||||||||||
The table below summarizes stock based compensation by financial statement line item for the three month periods ended April 4, 2015 and March 29, 2014: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
4-Apr-15 | 29-Mar-14 | |||||||||||||||||||||||||
Cost of sales | $ | 274 | $ | 276 | ||||||||||||||||||||||
Research and development expenses | 453 | 554 | ||||||||||||||||||||||||
Selling and administrative expenses | 469 | 1,013 | ||||||||||||||||||||||||
Total stock based compensation | $ | 1,196 | $ | 1,843 | ||||||||||||||||||||||
No tax benefits have been recorded due to the Company’s full valuation allowance position. | ||||||||||||||||||||||||||
As of April 4, 2015, there was $4,514 of unrecognized stock based compensation cost related to unvested restricted awards and unvested stock options. The weighted average remaining recognition periods for our restricted stock units and stock options are 1.2 and 2.3 years, respectively. | ||||||||||||||||||||||||||
Valuation Method for ESP Plan, Stock Option Awards and Performance Awards | ||||||||||||||||||||||||||
For ESP Plan and stock option awards, the fair value is estimated at the date of grant using a Black-Scholes option pricing model. The fair value of Company-based performance awards are fixed upon the date of grant. Market-based performance equity award fair values are calculated with the assistance of a valuation consultant using a Monte Carlo simulation method. The weighted average assumptions and fair values for stock-based compensation grants used for the three month periods ended April 4, 2015 and March 29, 2014 are summarized below: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
4-Apr-15 | 29-Mar-14 | |||||||||||||||||||||||||
Stock option awards: | ||||||||||||||||||||||||||
Risk-free interest rate | 1.3 | % | 1.7 | % | ||||||||||||||||||||||
Expected volatility | 63 | % | 58 | % | ||||||||||||||||||||||
Average expected term (in years) | 5 | 5 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||||||
Weighted average fair value of options granted | $ | 0.73 | $ | 0.97 | ||||||||||||||||||||||
ESP Plan: | ||||||||||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.1 | % | ||||||||||||||||||||||
Expected volatility | 75 | % | 45 | % | ||||||||||||||||||||||
Average expected term (in years) | 1 | 1 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||||||
Weighted average fair value of purchase option | $ | 0.34 | $ | 0.49 | ||||||||||||||||||||||
Performance awards: | ||||||||||||||||||||||||||
Average risk-free interest rate | 0.6 | % | 0.3 | % | ||||||||||||||||||||||
Expected volatility | 66.5 | % | 54.6 | % | ||||||||||||||||||||||
Average expected term (in years) | 3 | 3 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||||||
Weighted average fair value of performance awards | $ | 1.05 | $ | 1.84 | ||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
Equity-based compensation recognized is reduced for estimated forfeitures and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Note_6_Loss_Per_Share
Note 6 - Loss Per Share | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | 6. Loss Per Share | ||||||||
The reconciliation of shares used to calculate basic and diluted loss per share consists of the following: | |||||||||
Three months ended | |||||||||
4-Apr-15 | 29-Mar-14 | ||||||||
Weighted average common shares for basic loss per share | 87,108 | 84,763 | |||||||
Effect of dilutive securities: | |||||||||
Stock options (*) | - | - | |||||||
Unvested restricted stock units (*) | - | - | |||||||
Adjusted weighted average shares for diluted loss per share | 87,108 | 84,763 | |||||||
* | Incremental shares from restricted stock units and stock options are computed using the treasury stock method. | ||||||||
For the three months ended April 4, 2015 and March 29, 2014, 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 | |||||||||
4-Apr-15 | 29-Mar-14 | ||||||||
Stock options | 1,105 | 1,340 | |||||||
Unvested restricted stock units | 5,054 | 3,646 | |||||||
Note_7_Legal_Proceedings
Note 7 - Legal Proceedings | 3 Months Ended |
Apr. 04, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 7. LEGAL PROCEEDINGS |
The Company is a party to ordinary course litigation arising out of the operation of its business. The Company accrues for a loss contingency when it determines that it is probable, after consultation with counsel, that a liability has been incurred and the amount of such loss can be reasonably estimated. The Company believes that the ultimate resolution of such ordinary course litigation, either individually or in the aggregate, will not have a material adverse effect on its consolidated financial condition, results of operations, or cash flows. |
Note_8_Bank_Borrowings_Under_C
Note 8 - Bank Borrowings Under Credit Facility | 3 Months Ended |
Apr. 04, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 8. BANK BORROWINGS UNDER CREDIT FACILITY |
On October 24, 2014, the Company terminated a three-year $11,000 revolving credit facility with PNC Bank, N.A which had been scheduled to expire in 2016 and entered into a Loan and Security Agreement with Silicon Valley Bank (the “SVB Loan Agreement”). The SVB Loan Agreement provides the Company with a two-year revolving credit facility of $10,000 that expires on October 24, 2016. The Credit Agreement enables borrowings based upon 85% of eligible accounts receivable and is secured by certain insured accounts receivable and substantially all of the Company’s other assets. The SVB Loan Agreement requires compliance with certain covenants, including minimum EBITDA (as defined in the SVB Loan Agreement) and quick ratio levels, in addition to certain capital expenditure limits. The interest rate on the outstanding balance under the SVB Loan Agreement is Prime plus 0.5%. The SVB Loan Agreement contains a fee for any unused portion of the facility. As of April 4, 2015, the Company was in compliance with its covenants and $4,000 was outstanding under the SVB Loan Agreement. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | ||||||||
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 month period ended April 4, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |||||||||
The condensed consolidated balance sheet at December 31, 2014 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, 2014. | |||||||||
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 the workforce reduction disclosed in Note 2, there were no subsequent events to recognize or disclose in these unaudited interim condensed consolidated financial statements. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | RECENTLY ADOPTED ACCOUNTING STANDARDS | ||||||||
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. The ASU became effective January 1, 2015. Adoption of this guidance did not impact the Company’s consolidated financial statements. | |||||||||
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS | |||||||||
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The guidance states that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. The guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. | |||||||||
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 amended guidance permits the initial application to be applied either retrospectively to each prior reporting period presented, or retrospectively with a cumulative effect adjustment made at the date of initial application. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company is currently evaluating the adoption method and the impact of adopting this guidance on its 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 April 4, 2015. 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: | |||||||||
Three months ended | |||||||||
April 4, | March 29, | ||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 237 | $ | 383 | |||||
Net (release) addition charged to Cost of sales | (35 | ) | 51 | ||||||
Claims processed | (27 | ) | (101 | ) | |||||
Ending balance | $ | 175 | $ | 333 | |||||
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) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | Three months ended | ||||||||
April 4, | March 29, | ||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 237 | $ | 383 | |||||
Net (release) addition charged to Cost of sales | (35 | ) | 51 | ||||||
Claims processed | (27 | ) | (101 | ) | |||||
Ending balance | $ | 175 | $ | 333 |
Note_2_Restructuring_and_Subse1
Note 2 - Restructuring and Subsequent Event (Tables) | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Costs [Table Text Block] | Workforce- | Lease-related | Total | ||||||||||
related | |||||||||||||
December 31, 2013 balance | $ | 245 | - | $ | 245 | ||||||||
Restructuring expense | 4,002 | 197 | 4,199 | ||||||||||
Payments | (3,502 | ) | (38 | ) | (3,540 | ) | |||||||
December 31, 2014 balance | $ | 745 | $ | 159 | $ | 904 | |||||||
Payments | (350 | ) | (40 | ) | (390 | ) | |||||||
April 4, 2015 balance | $ | 395 | $ | 119 | $ | 514 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 4-Apr-15 | 31-Dec-14 | |||||||
Raw materials | $ | 3,536 | $ | 4,584 | |||||
Work in process | 2,677 | 3,052 | |||||||
Finished goods | 5,245 | 6,208 | |||||||
Total | $ | 11,458 | $ | 13,844 |
Note_5_Stock_Based_Compensatio1
Note 5 - Stock Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Apr. 04, 2015 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | Restricted Stock Units | Stock Options | ||||||||||||||||||||||||
Time-based | Performance- | Time-based | ||||||||||||||||||||||||
based | ||||||||||||||||||||||||||
Units | Weighted | Units | WA | Issuable | WA | WA | ||||||||||||||||||||
Average | price/ | upon | exercise | remaining contractual | ||||||||||||||||||||||
(WA) | unit | exercise | price | life | ||||||||||||||||||||||
grant | ||||||||||||||||||||||||||
date | ||||||||||||||||||||||||||
fair | ||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||
Outstanding at January 1, 2015 | 2,790 | $ | 1.58 | 314 | $ | 1.87 | 1,219 | $ | 4.82 | |||||||||||||||||
Granted | 2,635 | 1.18 | 264 | 1.05 | 6 | 1.37 | ||||||||||||||||||||
Shares vested/options exercised | (905 | ) | 1.39 | - | - | |||||||||||||||||||||
Forfeited/expired | (44 | ) | 0.96 | - | - | (120 | ) | 4.41 | ||||||||||||||||||
Outstanding at April 4, 2015 | 4,476 | $ | 1.39 | 578 | $ | 1.5 | 1,105 | $ | 4.85 | 3.5 years | ||||||||||||||||
Exercisable at April 4, 2015 | N/A | N/A | N/A | N/A | 1,094 | $ | 4.88 | 3.4 years | ||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three months ended | |||||||||||||||||||||||||
4-Apr-15 | 29-Mar-14 | |||||||||||||||||||||||||
Cost of sales | $ | 274 | $ | 276 | ||||||||||||||||||||||
Research and development expenses | 453 | 554 | ||||||||||||||||||||||||
Selling and administrative expenses | 469 | 1,013 | ||||||||||||||||||||||||
Total stock based compensation | $ | 1,196 | $ | 1,843 | ||||||||||||||||||||||
Schedule of Share-based Payment Award Stock Option Awards and Employee Stock Purchase Plan Valuation Assumptions [Table Text Block] | Three months ended | |||||||||||||||||||||||||
4-Apr-15 | 29-Mar-14 | |||||||||||||||||||||||||
Stock option awards: | ||||||||||||||||||||||||||
Risk-free interest rate | 1.3 | % | 1.7 | % | ||||||||||||||||||||||
Expected volatility | 63 | % | 58 | % | ||||||||||||||||||||||
Average expected term (in years) | 5 | 5 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||||||
Weighted average fair value of options granted | $ | 0.73 | $ | 0.97 | ||||||||||||||||||||||
ESP Plan: | ||||||||||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.1 | % | ||||||||||||||||||||||
Expected volatility | 75 | % | 45 | % | ||||||||||||||||||||||
Average expected term (in years) | 1 | 1 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||||||
Weighted average fair value of purchase option | $ | 0.34 | $ | 0.49 | ||||||||||||||||||||||
Performance awards: | ||||||||||||||||||||||||||
Average risk-free interest rate | 0.6 | % | 0.3 | % | ||||||||||||||||||||||
Expected volatility | 66.5 | % | 54.6 | % | ||||||||||||||||||||||
Average expected term (in years) | 3 | 3 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||||||||
Weighted average fair value of performance awards | $ | 1.05 | $ | 1.84 |
Note_6_Loss_Per_Share_Tables
Note 6 - Loss Per Share (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended | ||||||||
4-Apr-15 | 29-Mar-14 | ||||||||
Weighted average common shares for basic loss per share | 87,108 | 84,763 | |||||||
Effect of dilutive securities: | |||||||||
Stock options (*) | - | - | |||||||
Unvested restricted stock units (*) | - | - | |||||||
Adjusted weighted average shares for diluted loss per share | 87,108 | 84,763 | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended | ||||||||
4-Apr-15 | 29-Mar-14 | ||||||||
Stock options | 1,105 | 1,340 | |||||||
Unvested restricted stock units | 5,054 | 3,646 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | Apr. 04, 2015 |
Accounting Policies [Abstract] | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Changes in Warranty Reserve (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Changes in Warranty Reserve [Abstract] | ||
Beginning balance | $237 | $383 |
Net (release) addition charged to Cost of sales | -35 | 51 |
Claims processed | -27 | -101 |
Ending balance | $175 | $333 |
Note_2_Restructuring_and_Subse2
Note 2 - Restructuring and Subsequent Event (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 31-May-15 | Feb. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2014 |
Note 2 - Restructuring and Subsequent Event (Details) [Line Items] | ||||
Restructuring and Related Cost, Number of Positions Eliminated | 25 | 40 | 150 | |
Restructuring Charges | $1,451 | |||
Employee Severance [Member] | ||||
Note 2 - Restructuring and Subsequent Event (Details) [Line Items] | ||||
Restructuring Charges | 550 | $1,451 | 4,199 |
Note_2_Restructuring_and_Subse3
Note 2 - Restructuring and Subsequent Event (Details) - Liability Balance Related to Restructuring (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | 31-May-15 |
Restructuring Cost and Reserve [Line Items] | ||||
Balance | $904 | $245 | $245 | |
Restructuring expense | 1,451 | |||
Payments | -390 | -3,540 | ||
Balance | 514 | 904 | ||
Workforce-related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 745 | 245 | 245 | |
Restructuring expense | 4,002 | |||
Payments | -350 | -3,502 | ||
Balance | 395 | 745 | ||
Lease-related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 159 | |||
Restructuring expense | 197 | |||
Payments | -40 | -38 | ||
Balance | 119 | 159 | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $1,451 | $4,199 | $550 |
Note_3_Fair_Value_and_Marketab1
Note 3 - Fair Value and Marketable Securities (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |
Note 3 - Fair Value and Marketable Securities (Details) [Line Items] | |
Proceeds from Sale of Available-for-sale Securities, Debt | $2,960 |
Interest and Other (Expense) [Member] | |
Note 3 - Fair Value and Marketable Securities (Details) [Line Items] | |
Gain (Loss) on Sale of Equity Investments | $1,160 |
Note_4_Inventories_Details_Sum
Note 4 - Inventories (Details) - Summary of Inventories (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Inventories [Abstract] | ||
Raw materials | $3,536 | $4,584 |
Work in process | 2,677 | 3,052 |
Finished goods | 5,245 | 6,208 |
Total | $11,458 | $13,844 |
Note_5_Stock_Based_Compensatio2
Note 5 - Stock Based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 28, 2015 | Feb. 13, 2013 | Apr. 04, 2015 | Mar. 29, 2014 | Dec. 31, 2012 |
Note 5 - Stock Based Compensation (Details) [Line Items] | ||||||
Number of Equity Compensation Plans | 1 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense (in Dollars) | $0 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 4,514,000 | |||||
Restricted Stock Units (RSUs) [Member] | Officers and Key Employees [Member] | ||||||
Note 5 - Stock Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 264 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Note 5 - Stock Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $1.05 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||||
Employee Stock Option [Member] | ||||||
Note 5 - Stock Based Compensation (Details) [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | ||||
The 2015 Plan [Member] | ||||||
Note 5 - Stock Based Compensation (Details) [Line Items] | ||||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 10,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,820 | |||||
Employee Stock Purchase Plan [Member] | ||||||
Note 5 - Stock Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year |
Note_5_Stock_Based_Compensatio3
Note 5 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2015 | Dec. 31, 2014 |
Time-based Restricted Stock Units (RSUs) [Member] | ||
Note 5 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity [Line Items] | ||
Balance, Restricted Stock Shares | 4,476 | 2,790 |
Balance, Restricted Stock Weighted Average per Share | $1.39 | $1.58 |
Exercisable at April 4, 2015 | 0 | |
Exercisable at April 4, 2015 | $0 | |
Granted | 2,635 | |
Granted | $1.18 | |
Shares vested/options exercised | -905 | |
Shares vested/options exercised | $1.39 | |
Forfeited/expired | -44 | |
Forfeited/expired | $0.96 | |
Performance-base Restricted Stock Units (RSUs) [Member] | ||
Note 5 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity [Line Items] | ||
Balance, Restricted Stock Shares | 578 | 314 |
Balance, Restricted Stock Weighted Average per Share | $1.50 | $1.87 |
Exercisable at April 4, 2015 | 0 | |
Exercisable at April 4, 2015 | $0 | |
Granted | 264 | |
Granted | $1.05 | |
Time-based Stock Options [Member] | ||
Note 5 - Stock Based Compensation (Details) - Summary of Stock Option and Restricted Stock Activity [Line Items] | ||
Balance, Stock Options Shares | 1,105 | 1,219 |
Balance, Stock Options Weighted Average Exercise Price | $4.85 | $4.82 |
Balance, Stock Options Weighted Average Remaining Contractual Life | 3 years 6 months | |
Exercisable at April 4, 2015 | 1,094 | |
Exercisable at April 4, 2015 | $4.88 | |
Exercisable at April 4, 2015 | 3 years 146 days | |
Granted | 6 | |
Granted | $1.37 | |
Forfeited/expired | -120 | |
Forfeited/expired | $4.41 |
Note_5_Stock_Based_Compensatio4
Note 5 - Stock Based Compensation (Details) - Allocation of Share-based Compensation (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $1,196 | $1,843 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 274 | 276 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 453 | 554 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $469 | $1,013 |
Note_5_Stock_Based_Compensatio5
Note 5 - Stock Based Compensation (Details) - Weighted Average Assumptions and Fair Values for Stock-based Compensation Grants (USD $) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Employee Stock Option [Member] | ||
Note 5 - Stock Based Compensation (Details) - Weighted Average Assumptions and Fair Values for Stock-based Compensation Grants [Line Items] | ||
Risk-free interest rate | 1.30% | 1.70% |
Expected volatility | 63.00% | 58.00% |
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) | $0.73 | $0.97 |
Employee Stock Purchase Plan [Member] | ||
Note 5 - Stock Based Compensation (Details) - Weighted Average Assumptions and Fair Values for Stock-based Compensation Grants [Line Items] | ||
Risk-free interest rate | 0.20% | 0.10% |
Expected volatility | 75.00% | 45.00% |
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) | $0.34 | $0.49 |
Performance Shares [Member] | ||
Note 5 - Stock Based Compensation (Details) - Weighted Average Assumptions and Fair Values for Stock-based Compensation Grants [Line Items] | ||
Risk-free interest rate | 0.60% | 0.30% |
Expected volatility | 66.50% | 54.60% |
Average expected term (in years) | 3 years | 3 years |
Expected dividend yield | 0.00% | 0.00% |
Weighted average fair value of (in Dollars per share) | $1.05 | $1.84 |
Note_6_Loss_Per_Share_Details_
Note 6 - Loss Per Share (Details) - Reconciliation of Earnings (Loss) Per Share | 3 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | ||
Reconciliation of Earnings (Loss) Per Share [Abstract] | ||||
Weighted average common shares for basic loss per share | 87,108 | 84,763 | ||
Effect of dilutive securities: | ||||
Stock options (*) | 0 | [1] | 0 | [1] |
Unvested restricted stock units (*) | 0 | [1] | 0 | [1] |
Adjusted weighted average shares for diluted loss per share | 87,108 | 84,763 | ||
[1] | Incremental shares from restricted stock units and stock options are computed using the treasury stock method. |
Note_6_Loss_Per_Share_Details_1
Note 6 - Loss Per Share (Details) - Antidilutive Securities Excluded from Earnings (Loss) Per Share | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 1,105 | 1,340 |
Unvested Restricted Shares and Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 5,054 | 3,646 |
Note_8_Bank_Borrowings_Under_C1
Note 8 - Bank Borrowings Under Credit Facility (Details) (USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | Oct. 24, 2014 | Apr. 04, 2015 |
Note 8 - Bank Borrowings Under Credit Facility (Details) [Line Items] | ||
Debt Instrument, Term | 3 years | |
Prime Rate [Member] | SVB Loan Agreement [Member] | Line of Credit [Member] | ||
Note 8 - Bank Borrowings Under Credit Facility (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
PNC Credit Agreement [Member] | Line of Credit [Member] | ||
Note 8 - Bank Borrowings Under Credit Facility (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $11,000 | |
SVB Loan Agreement [Member] | Line of Credit [Member] | ||
Note 8 - Bank Borrowings Under Credit Facility (Details) [Line Items] | ||
Debt Instrument, Term | 2 years | |
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | |
Line of Credit Facility, Expiration Date | 24-Oct-16 | |
Line of Credit Facility, Percent of Eligible Accounts Receivable | 85.00% | |
Long-term Line of Credit | $4,000 |