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Restructuring Activities and Other
10501 - Disclosure - Restructuring Activities and Other
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<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b>Note 5</b><b>—Restructuring Activities and Other </b></p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; text-indent: 0.15in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">As a result of deterioration in general economic conditions in fiscal year 2010, the Company expanded its restructuring activities during fiscal year 2010 in order to improve its performance and better position the Company for current market conditions and longer-term growth. During the three months ended July 31, 2009, the Company recorded $1.6 million related to these restructuring activities which included costs to complete the Company's plan to relocate its manufacturing activities from Taiwan to the United States and severance expenses related to a reduction in global staffing levels. The Company concluded its restructuring efforts in fiscal year 2010 and there were no further planned restructuring activities as of July 31, 2010.<font class="_mt"> </font></p>
<p style="text-align: justify; text-indent: 11pt; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">During the three months ended July 31, 2009, the Company also recorded a $6 million charge pursuant to the provisions of an amended Merger Agreement with OMAX, net of a $2.8 million discount on two subordinated notes issued to OMAX in fiscal year 2010. Refer to further detail in <font class="_mt">Note 6 —<i>Termination of OMAX Merger Agreement</i></font>. </p>
<p style="text-align: justify; text-indent: 11pt; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; text-indent: 11pt; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">The following table summarizes the Company's restructuring and other operating charges for the three months ended July 31, 2009: </p>
<p style="text-align: justify; line-height: 95%; text-indent: 11pt; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="623">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 425.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="567">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77" colspan="2" align="right">
<p style="text-align: right; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="font-size: 8pt;" class="_mt">Three Months Ended July 31, 2010</font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 425.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="567">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Severance and termination benefits<font class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">$<font class="_mt"> </font>1,604</p></td>
<td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="2">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 425.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="567">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Merger termination charge<font class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 1px solid; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>3,219</p></td>
<td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="2">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 425.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="567">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="border-bottom: black 3px double; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">$<font class="_mt"> </font>4,823</p></td>
<td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="2">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr></table>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; text-indent: 11pt; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">The following table summarizes the Company's fiscal year 2011 year-to-date restructuring activity: </p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.5pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="554">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 95%; font-size: 8pt;" class="_mt"><font class="_mt"> </font>Consolidated</font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.5pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="554">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Balance, May 1, 2010<font class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">$<font class="_mt"> </font>155</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.5pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="554">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Restructuring Charges<font class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>—</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.5pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="554">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Cash Payments<font class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 1px solid; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>(155)</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.5pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="554">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Balance, July 31, 2010<font class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 3px double; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">$<font class="_mt"> </font>—</p></td></tr></table>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p> </div>
Note 5—Restructuring Activities and Other
As a result of deterioration in general economic conditions in fiscal year 2010, the Company expanded
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Description and amount of restructuring costs by type of cost including the expected cost, the costs incurred during the period, and the cumulative costs incurred as of the balance sheet date for the restructuring activity, and the income statement caption that includes the restructuring charges recognized for the period. This element may be used to encapsulate all of the disclosures for the costs of a restructuring and related activities.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 146
-Paragraph 20
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