Unaudited Quarterly Financial Results

12 Months Ended

Dec. 28, 2012

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Results

12. Unaudited Quarterly Financial Results

	First Quarter		Second Quarter as Previously Reported		Second Quarter Corrections			Second Quarter as Corrected		Third Quarter as Previously Reported			Third Quarter Corrections			Third Quarter as Corrected			Fourth Quarter			Fiscal Year
	(In thousands, except per share data)
Fiscal Year 2012
Sales	$	110,565	$	101,949	$	—		$	101,949	$	100,849		$	—		$	100,849		$	90,067		$	403,430
Gross profit		15,660		14,254		—			14,254		14,323			—			14,323			11,551			55,788
Operating expenses		9,393		9,338		454	(a)		9,792		15,750			(761	)(a),(b)		14,989			12,655			47,136
Income from operations		6,267		4,916		(454	)		4,462		(1,427	)		761			(666	)		(1,411	)		8,345
Income tax provision (benefit)		1,502		979		679	(c),(d)		1,658		(539	)		184	(d)		(356	)		(398	)		1,544
Net income (loss)		4,660		3,923		(1,133	)		2,790		(1,701	)		577			(1,124	)		(1,729	)		5,153
Earnings per share — basic		0.20		0.17		(0.05	)		0.12		(0.06	)		0.02			(0.04	)		(0.04	)		0.20
Earnings per share — diluted		0.20		0.17		(0.05	)		0.12		(0.06	)		0.02			(0.04	)		(0.04	)		0.20
	First Quarter		Second Quarter							Third Quarter									Fourth Quarter*			Fiscal Year*
Fiscal Year 2011
Sales	$	126,719	$	133,741						$	105,306								$	86,873		$	452,639
Gross profit		17,552		18,993							12,852									9,595			58,992
Operating expenses		9,365		9,500							8,542									8,039			35,446
Income from operations		8,187		9,493							4,310									1,556			23,546
Income tax provision (benefit)		1,999		2,168							880									(6,341	)		(1,294	)
Net income (loss)		5,820		6,958							3,155									7,801			23,734
Earnings per share — basic		0.26		0.31							0.14									0.34			1.05
Earnings per share — diluted		0.25		0.30							0.14									0.34			1.01

* Net income for the fourth quarter and fiscal year 2011 includes the effect of a $6.7 million reversal of a deferred tax valuation allowance.

In the above table, management has made certain corrections to amounts previously reported for the quarters ended June 29, 2012 and September 29, 2012. These corrections relate to:

a) $454,000 of costs associated with the acquisition of AIT that were capitalized at June 29, 2012 and expensed in the quarter ended September 29, 2012, which should have been expensed in the quarter ended June 29, 2012;

b) the reversal of $307,000 of expense associated with performance equity awards that was recorded in the quarter ended December 28, 2012, but should have been recorded in the quarter ended September 29, 2012; and,

c) foreign tax payments of $770,000 that were recorded as a reduction of other current liabilities as of June 29, 2012 and September 28, 2012, and expensed in the quarter ended December 28, 2012, but should have been expensed in the quarter ended June 29, 2012.

d) the tax effect of items a) and b) above.

The Company has concluded that, due to the nature of the affected expenses as described above, these corrections are not material to the interim financial statements for the three and six month periods ended June 29, 2012, and three and nine month periods ended September 29, 2012. The Company will record such corrections in its 2012 interim financial statements for the periods ended June 29, 2012 and September 29, 2012 to be included in its reports on Form 10-Q for the second and third quarters of fiscal 2013.