FORM 10-Q |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ELECTRO SCIENTIFIC INDUSTRIES, INC. | ||
Oregon | 93-0370304 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
13900 N.W. Science Park Drive, Portland, Oregon | 97229 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ¨ | Accelerated filer | ý | Non-accelerated filer | ¨ |
Smaller reporting company | ¨ | Emerging growth company | ¨ |
Part I | FINANCIAL INFORMATION | |
Financial Statements (Unaudited) | ||
Part II | OTHER INFORMATION | |
(In thousands) | Sep 29, 2018 | Mar 31, 2018 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 66,183 | $ | 76,792 | |||
Short-term investments | 112,004 | 47,121 | |||||
Trade receivables, net of allowances of $218 and $832 | 38,422 | 63,044 | |||||
Inventories, net | 81,434 | 87,686 | |||||
Shipped systems pending acceptance | 1,831 | 4,734 | |||||
Other current assets | 4,474 | 5,493 | |||||
Total current assets | 304,348 | 284,870 | |||||
Non-current assets: | |||||||
Property, plant and equipment (PP&E), net of accumulated depreciation of $85,654 and $83,159 | 24,711 | 22,025 | |||||
Deferred income taxes, net | 43,734 | 43,518 | |||||
Goodwill | 2,626 | 2,626 | |||||
Acquired intangible assets, net of accumulated amortization of $23,480 and $22,766 | 4,456 | 5,169 | |||||
Other assets | 12,997 | 14,780 | |||||
Total assets | $ | 392,872 | $ | 372,988 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 16,675 | $ | 37,354 | |||
Accrued liabilities | 28,430 | 34,533 | |||||
Deferred revenue | 8,535 | 9,818 | |||||
Total current liabilities | 53,640 | 81,705 | |||||
Non-current liabilities: | |||||||
Long-term debt | 12,550 | 12,766 | |||||
Income taxes payable | 2,349 | 1,901 | |||||
Other liabilities | 7,932 | 10,258 | |||||
Total liabilities | 76,471 | 106,630 | |||||
Commitments and contingencies (See Note 11: Commitments and Contingencies) | |||||||
Shareholders’ equity: | |||||||
Preferred stock, without par value; 1,000 shares authorized; no shares issued | — | — | |||||
Common stock, without par value; 100,000 shares authorized; 34,699 and 34,387 issued and outstanding | 214,485 | 210,995 | |||||
Retained earnings | 102,836 | 54,816 | |||||
Accumulated other comprehensive (loss) income | (920 | ) | 547 | ||||
Total shareholders’ equity | 316,401 | 266,358 | |||||
Total liabilities and shareholders’ equity | $ | 392,872 | $ | 372,988 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands, except per share amounts) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Net sales: | |||||||||||||||
Systems | $ | 71,263 | $ | 60,316 | $ | 168,120 | $ | 122,409 | |||||||
Services | 14,654 | 10,651 | 28,421 | 21,242 | |||||||||||
Total net sales | 85,917 | 70,967 | 196,541 | 143,651 | |||||||||||
Cost of sales: | |||||||||||||||
Systems | 40,539 | 38,179 | 90,633 | 79,605 | |||||||||||
Services | 6,311 | 6,256 | 13,643 | 11,094 | |||||||||||
Total cost of sales | 46,850 | 44,435 | 104,276 | 90,699 | |||||||||||
Gross profit | 39,067 | 26,532 | 92,265 | 52,952 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 10,838 | 11,648 | 20,968 | 24,456 | |||||||||||
Research, development and engineering | 9,154 | 8,274 | 19,213 | 17,208 | |||||||||||
Restructuring costs | — | 2,162 | — | 3,373 | |||||||||||
Total operating expenses | 19,992 | 22,084 | 40,181 | 45,037 | |||||||||||
Operating income | 19,075 | 4,448 | 52,084 | 7,915 | |||||||||||
Non-operating income (expense): | |||||||||||||||
Interest and other income (expense), net | 383 | (229 | ) | 835 | (413 | ) | |||||||||
Total non-operating income (expense) | 383 | (229 | ) | 835 | (413 | ) | |||||||||
Income before income taxes | 19,458 | 4,219 | 52,919 | 7,502 | |||||||||||
Provision (benefit) for income taxes | 2,623 | (41 | ) | 4,941 | 340 | ||||||||||
Net income | $ | 16,835 | $ | 4,260 | $ | 47,978 | $ | 7,162 | |||||||
Net income per share - basic | $ | 0.49 | $ | 0.13 | $ | 1.39 | $ | 0.21 | |||||||
Net income per share - diluted | $ | 0.47 | $ | 0.12 | $ | 1.34 | $ | 0.21 | |||||||
Weighted average number of shares - basic | 34,606 | 33,861 | 34,529 | 33,647 | |||||||||||
Weighted average number of shares - diluted | 35,959 | 34,874 | 35,916 | 34,716 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Net income | $ | 16,835 | $ | 4,260 | $ | 47,978 | $ | 7,162 | |||||||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustment, net of taxes of $113, $0, $257 and $0 | (400 | ) | 180 | (1,484 | ) | 388 | |||||||||
Benefit plan obligation, net of taxes of $(1), $(3), $(3) and $(5) | 3 | 5 | 7 | 9 | |||||||||||
Net unrealized loss on available-for-sale securities, net of taxes of $2, $0, $(3) and $0 | (7 | ) | — | 10 | (1 | ) | |||||||||
Other comprehensive (loss) income: | (404 | ) | 185 | (1,467 | ) | 396 | |||||||||
Comprehensive income | $ | 16,431 | $ | 4,445 | $ | 46,511 | $ | 7,558 |
Two fiscal quarters ended | |||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 47,978 | $ | 7,162 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization, including acquired intangible amortization | 4,442 | 4,126 | |||||
Share-based compensation expense | 3,164 | 2,797 | |||||
Impairment of PP&E and other long-term assets due to restructuring | — | 5,610 | |||||
(Recovery of) provision for doubtful accounts | (383 | ) | 371 | ||||
Deferred income taxes | (47 | ) | (31 | ) | |||
Impairment of inventory | — | 8,248 | |||||
Other adjustments | 225 | — | |||||
Changes in operating accounts: | |||||||
Decrease (increase) in trade receivables, net | 24,282 | (7,094 | ) | ||||
Decrease (increase) in inventories | 3,338 | (7,874 | ) | ||||
Decrease (increase) in shipped systems pending acceptance | 2,903 | (2,051 | ) | ||||
Decrease in other current assets | 2,291 | 970 | |||||
(Decrease) increase in accounts payable and accrued liabilities | (26,123 | ) | 12,392 | ||||
(Decrease) increase in deferred revenue | (1,230 | ) | 1,070 | ||||
Net cash provided by operating activities | 60,840 | 25,696 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchase of investments | (123,879 | ) | (38,336 | ) | |||
Proceeds from sales and maturities of investments | 58,612 | 10,861 | |||||
Purchase of property, plant and equipment | (5,238 | ) | (1,445 | ) | |||
Proceeds from sale of property, plant and equipment | — | 37 | |||||
Decrease (increase) in other assets | 255 | (4,503 | ) | ||||
Net cash used in investing activities | (70,250 | ) | (33,386 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Repayment of debt | (222 | ) | (212 | ) | |||
Payment of withholding taxes on stock-based compensation | (867 | ) | (1,684 | ) | |||
Proceeds from issuance of common stock | 1,180 | 665 | |||||
Net cash provided by (used in) financing activities | 91 | (1,231 | ) | ||||
Effect of exchange rate changes on cash | (1,283 | ) | 260 | ||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (10,602 | ) | (8,661 | ) | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 77,885 | 57,732 | |||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 67,283 | $ | 49,071 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Cash paid for interest | $ | (321 | ) | $ | (331 | ) | |
Cash paid for income taxes | (1,166 | ) | (500 | ) | |||
Income tax refunds received | 32 | 67 | |||||
Net increase (decrease) in PP&E and other assets related to transfers from inventory | 2,506 | (2,052 | ) | ||||
Non-cash additions to PP&E | 978 | 112 |
Note 1 | ||
Note 2 | ||
Note 3 | ||
Note 4 | ||
Note 5 | ||
Note 6 | ||
Note 7 | ||
Note 8 | ||
Note 9 | ||
Note 10 | ||
Note 11 | ||
Note 12 | ||
Note 13 | ||
Note 14 | ||
Note 15 | ||
Note 16 | ||
Note 17 | ||
Note 18 | ||
Note 19 |
(In thousands) | Sep 29, 2018 | Mar 31, 2018 | Sep 30, 2017 | ||||||||
Cash and cash equivalents | $ | 66,183 | $ | 76,792 | $ | 47,973 | |||||
Restricted cash included in other current assets | 1,100 | — | — | ||||||||
Restricted cash included in other long-term assets | — | 1,093 | 1,098 | ||||||||
Total cash, cash equivalents and restricted cash | $ | 67,283 | $ | 77,885 | $ | 49,071 |
(In thousands) | Mar 31, 2018 | Adjustments | Apr 1, 2018 | ||||||||
ASSETS | |||||||||||
Non-current assets: | |||||||||||
Deferred income taxes, net | $ | 43,518 | $ | (12 | ) | $ | 43,506 | ||||
Total assets | $ | 372,988 | $ | (12 | ) | $ | 372,976 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Deferred revenue | $ | 9,818 | $ | (52 | ) | $ | 9,766 | ||||
Total current liabilities | 81,705 | (52 | ) | 81,653 | |||||||
Total liabilities | 106,630 | (52 | ) | 106,578 | |||||||
Shareholders’ equity: | |||||||||||
Retained earnings | 54,816 | 40 | 54,856 | ||||||||
Total shareholders’ equity | 266,358 | 40 | 266,398 | ||||||||
Total liabilities and shareholders’ equity | $ | 372,988 | $ | (12 | ) | $ | 372,976 |
• | Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; |
• | Level 2, defined as inputs that are observable either directly or indirectly such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that can be corroborated by observable market data; and |
• | Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
September 29, 2018 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash equivalents: | |||||||||||||||
Money market securities | $ | 29,871 | $ | — | $ | — | $ | 29,871 | |||||||
Commercial paper | — | 6,495 | — | 6,495 | |||||||||||
Total cash equivalents | $ | 29,871 | $ | 6,495 | $ | — | $ | 36,366 | |||||||
Short term investments - available for sale: | |||||||||||||||
U.S. treasury fund | $ | 26,793 | $ | — | $ | — | $ | 26,793 | |||||||
Commercial paper | — | 48,904 | — | 48,904 | |||||||||||
Corporate bonds | — | 36,307 | — | 36,307 | |||||||||||
Total short-term investments - available for sale | $ | 26,793 | $ | 85,211 | $ | — | $ | 112,004 | |||||||
Forward purchase or sale contracts: | |||||||||||||||
Japanese Yen | $ | — | $ | (31 | ) | $ | — | $ | (31 | ) | |||||
New Taiwan Dollar | — | (18 | ) | — | (18 | ) | |||||||||
Korean Won | — | (24 | ) | — | (24 | ) | |||||||||
Euro | — | (5 | ) | — | (5 | ) | |||||||||
British Pound | — | (10 | ) | — | (10 | ) | |||||||||
Chinese Renminbi | — | 12 | — | 12 | |||||||||||
Singapore Dollar | — | (1 | ) | — | (1 | ) | |||||||||
Total forward contracts | $ | — | $ | (77 | ) | $ | — | $ | (77 | ) | |||||
Deferred compensation plan assets:* | |||||||||||||||
Mutual funds and exchange traded funds | $ | 2,234 | $ | — | $ | — | $ | 2,234 | |||||||
Money market securities | 208 | — | — | 208 | |||||||||||
Total deferred compensation plan assets | $ | 2,442 | $ | — | $ | — | $ | 2,442 |
March 31, 2018 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash equivalents: | |||||||||||||||
Money market securities | $ | 41,752 | $ | — | $ | — | $ | 41,752 | |||||||
U.S. treasury fund | 2,500 | — | — | 2,500 | |||||||||||
Commercial paper | — | 3,498 | — | 3,498 | |||||||||||
Corporate bonds | — | 1,999 | — | 1,999 | |||||||||||
Total cash equivalents | $ | 44,252 | $ | 5,497 | $ | — | $ | 49,749 | |||||||
Short term investments - available for sale: | |||||||||||||||
U.S. treasury fund | $ | 10,458 | $ | — | $ | — | $ | 10,458 | |||||||
Commercial paper | — | 25,913 | — | 25,913 | |||||||||||
Corporate bonds | — | 10,750 | — | 10,750 | |||||||||||
Total short-term investments - available for sale | $ | 10,458 | $ | 36,663 | $ | — | $ | 47,121 | |||||||
Forward purchase or sale contracts: | |||||||||||||||
Japanese Yen | $ | — | $ | (23 | ) | $ | — | $ | (23 | ) | |||||
New Taiwan Dollar | — | 3 | — | 3 | |||||||||||
Korean Won | — | (12 | ) | — | (12 | ) | |||||||||
Euro | — | 7 | — | 7 | |||||||||||
British Pound | — | 49 | — | 49 | |||||||||||
Chinese Renminbi | — | (29 | ) | — | (29 | ) | |||||||||
Singapore Dollar | — | (1 | ) | — | (1 | ) | |||||||||
Total forward contracts | $ | — | $ | (6 | ) | $ | — | $ | (6 | ) | |||||
Deferred compensation plan assets:* | |||||||||||||||
Mutual funds and exchange traded funds | $ | 1,841 | $ | — | $ | — | $ | 1,841 | |||||||
Money market securities | 207 | — | — | 207 | |||||||||||
Total deferred compensation plan assets | $ | 2,048 | $ | — | $ | — | $ | 2,048 |
Unrealized | |||||||||||||||
September 29, 2018 | Cost | Gain | Loss | Fair Value | |||||||||||
Available-for-sale securities (current): | |||||||||||||||
U.S. treasury fund | $ | 26,800 | $ | — | $ | (7 | ) | $ | 26,793 | ||||||
Commercial paper | 55,399 | — | — | 55,399 | |||||||||||
Corporate Bonds | 36,322 | — | (15 | ) | 36,307 | ||||||||||
Total investments (current) | $ | 118,521 | $ | — | $ | (22 | ) | $ | 118,499 | ||||||
Available-for-sale securities (non-current): | |||||||||||||||
Mutual funds, exchange traded funds and money market securities* | $ | 2,150 | $ | 292 | $ | — | $ | 2,442 | |||||||
Total investments (non-current) | $ | 2,150 | $ | 292 | $ | — | $ | 2,442 | |||||||
Unrealized | |||||||||||||||
March 31, 2018 | Cost | Gain | Loss | Fair Value | |||||||||||
Available-for-sale securities (current): | |||||||||||||||
U.S. treasury fund | $ | 12,975 | $ | — | $ | (17 | ) | $ | 12,958 | ||||||
Commercial paper | 29,411 | — | — | 29,411 | |||||||||||
Corporate bonds | 12,768 | — | (19 | ) | 12,749 | ||||||||||
Total investments (current) | $ | 55,154 | $ | — | $ | (36 | ) | $ | 55,118 | ||||||
Available-for-sale securities (non-current): | |||||||||||||||
Mutual funds, exchange traded funds and money market securities* | $ | 1,881 | $ | 167 | $ | — | $ | 2,048 | |||||||
Total investments (non-current) | $ | 1,881 | $ | 167 | $ | — | $ | 2,048 |
(In thousands) | Sep 29, 2018 | Mar 31, 2018 | |||||
Raw materials and purchased parts | $ | 60,329 | $ | 52,591 | |||
Work-in-process | 15,038 | 18,634 | |||||
Finished goods | 6,067 | 16,461 | |||||
$ | 81,434 | $ | 87,686 |
(In thousands) | Sep 29, 2018 | Mar 31, 2018 | |||||
Demo and leased equipment, net | $ | 6,658 | $ | 6,746 | |||
Long term deposits and non-trade receivables | 3,261 | 3,232 | |||||
Non-current restricted cash | — | 1,093 | |||||
Other non-current assets | 3,078 | 3,709 | |||||
$ | 12,997 | $ | 14,780 |
(In thousands) | Sep 29, 2018 | Mar 31, 2018 | |||||
Payroll-related liabilities | $ | 8,579 | $ | 15,879 | |||
Product warranty accrual | 5,667 | 4,646 | |||||
Income taxes payable | 4,090 | 1,152 | |||||
Purchase order commitments and receipts | 2,904 | 2,978 | |||||
Customer deposits | 1,075 | 2,214 | |||||
Current portion, long-term debt | 432 | 421 | |||||
Other current liabilities | 5,683 | 7,243 | |||||
$ | 28,430 | $ | 34,533 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Product warranty accrual, beginning | $ | 11,525 | $ | 6,538 | $ | 10,220 | $ | 5,474 | |||||||
Warranty charges incurred, net | (742 | ) | (2,666 | ) | (4,343 | ) | (5,111 | ) | |||||||
Provision for warranty charges | (1,560 | ) | 3,284 | 3,346 | 6,793 | ||||||||||
Product warranty accrual, ending | $ | 9,223 | $ | 7,156 | $ | 9,223 | $ | 7,156 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Deferred revenue, beginning | $ | 9,246 | $ | 15,616 | $ | 10,514 | $ | 15,397 | |||||||
Revenue deferred | 8,558 | 31,182 | 28,284 | 46,652 | |||||||||||
Revenue recognized | (9,253 | ) | (30,429 | ) | (30,247 | ) | (45,680 | ) | |||||||
Deferred revenue, ending | $ | 8,551 | $ | 16,369 | $ | 8,551 | $ | 16,369 |
(In thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||
Principal maturities | $ | 466 | $ | 487 | $ | 512 | $ | 537 | $ | 563 |
(In thousands) | Sep 29, 2018 | Mar 31, 2018 | |||||
Total debt outstanding | $ | 12,982 | $ | 13,187 | |||
Less: Current portion, long-term debt | (432 | ) | (421 | ) | |||
Long-term debt | $ | 12,550 | $ | 12,766 |
Foreign currency translation adjustment | Accumulated other comprehensive income related to benefit plan obligation | Net unrealized loss on available-for-sale securities | Total | ||||||||||||
Balance at March 31, 2018 | $ | 590 | $ | (16 | ) | $ | (27 | ) | $ | 547 | |||||
Other comprehensive (loss) income before reclassifications and taxes | (1,741 | ) | 10 | 13 | (1,718 | ) | |||||||||
Amounts reclassified from AOCI | — | — | — | — | |||||||||||
Tax effect | 257 | (3 | ) | (3 | ) | 251 | |||||||||
Other Comprehensive (loss) income | (1,484 | ) | 7 | 10 | (1,467 | ) | |||||||||
Balance at September 29, 2018 | $ | (894 | ) | $ | (9 | ) | $ | (17 | ) | $ | (920 | ) |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Cost of sales | $ | 122 | $ | 77 | $ | 228 | $ | 144 | |||||||
Selling, general and administrative | 1,279 | 1,070 | 2,427 | 2,131 | |||||||||||
Research, development and engineering | 264 | 183 | 509 | 333 | |||||||||||
Total share-based compensation expense | $ | 1,665 | $ | 1,330 | $ | 3,164 | $ | 2,608 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Printed Circuit Board | $ | 38,816 | $ | 38,187 | $ | 105,153 | $ | 84,372 | |||||||
Component Test | 18,555 | 7,007 | 27,960 | 14,455 | |||||||||||
Semiconductor | 11,227 | 9,641 | 30,004 | 14,822 | |||||||||||
Industrial Machining | 2,665 | 5,481 | 5,003 | 8,760 | |||||||||||
Service | 14,654 | 10,651 | 28,421 | 21,242 | |||||||||||
Net sales | $ | 85,917 | $ | 70,967 | $ | 196,541 | $ | 143,651 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Point-in-time | $ | 79,898 | $ | 65,494 | $ | 183,954 | $ | 132,820 | |||||||
Over-time | 6,019 | 5,473 | 12,587 | 10,831 | |||||||||||
Net sales | $ | 85,917 | $ | 70,967 | $ | 196,541 | $ | 143,651 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Asia | $ | 76,334 | $ | 64,053 | $ | 175,700 | $ | 130,616 | |||||||
Europe | 6,468 | 3,978 | 11,363 | 5,929 | |||||||||||
Americas | 3,115 | 2,936 | 9,478 | 7,106 | |||||||||||
Net sales | $ | 85,917 | $ | 70,967 | $ | 196,541 | $ | 143,651 |
Total Expected Costs for the Plan | Costs Recognized from inception of the plan through the Quarter ended Sep 29, 2018 | Remaining Costs to be Recognized Subsequent to Sep 29, 2018 | |||||||||
Employee severance and related personnel costs | $ | 4,925 | $ | 4,925 | $ | — | |||||
Site closure costs | 1,516 | 1,516 | — | ||||||||
Current asset impairments and other gross profit charges(1) | 14,947 | 14,947 | — | ||||||||
Non-current asset impairments | 3,033 | 3,033 | — | ||||||||
Other costs | 239 | 239 | — | ||||||||
Total | $ | 24,660 | $ | 24,660 | $ | — |
Employee severance and related personnel costs | Site closure costs | Current asset impairments and other gross profit charges | Non-current asset impairments | Other Costs | Total | ||||||||||||||||||
Balance as of April 1, 2017 | $ | 3,247 | $ | 888 | $ | — | $ | — | $ | — | $ | 4,135 | |||||||||||
Costs incurred | 1,337 | 627 | 13,278 | 1,657 | 175 | 17,074 | |||||||||||||||||
Cash payments | (4,445 | ) | (1,515 | ) | (2,402 | ) | 32 | (175 | ) | (8,505 | ) | ||||||||||||
Non-cash items | — | — | (10,876 | ) | (1,689 | ) | — | (12,565 | ) | ||||||||||||||
Balance as of March 31, 2018 | $ | 139 | $ | — | $ | — | $ | — | $ | — | $ | 139 | |||||||||||
Costs incurred | — | — | — | — | — | — | |||||||||||||||||
Cash (payments) receipts | (58 | ) | — | — | — | — | (58 | ) | |||||||||||||||
Non-cash items | — | — | — | — | — | — | |||||||||||||||||
Balance as of September 29, 2018 | $ | 81 | $ | — | $ | — | $ | — | $ | — | $ | 81 |
Restructuring and cost management amounts payable as of April 1, 2017 | $ | 861 | |
Cash payments and other adjustments | (980 | ) | |
Costs incurred | 409 | ||
Restructuring and cost management amounts payable as of March 31, 2018 | 290 | ||
Cash payments and other adjustments | (196 | ) | |
Costs incurred | — | ||
Restructuring and cost management amounts payable as of September 29, 2018 | $ | 94 |
Fiscal quarter ended | Two fiscal quarters ended | ||||||||||||||
(In thousands, except per share data) | Sep 29, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||
Net income | $ | 16,835 | $ | 4,260 | $ | 47,978 | $ | 7,162 | |||||||
Weighted average shares used for basic earnings per share | 34,606 | 33,861 | 34,529 | 33,647 | |||||||||||
Incremental diluted shares | 1,353 | 1,013 | 1,387 | 1,069 | |||||||||||
Weighted average shares used for diluted earnings per share | 35,959 | 34,874 | 35,916 | 34,716 | |||||||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.49 | $ | 0.13 | $ | 1.39 | $ | 0.21 | |||||||
Diluted | $ | 0.47 | $ | 0.12 | $ | 1.34 | $ | 0.21 |
• | Total net sales increased by 21% year-over-year to $85.9 million in the second quarter of fiscal 2019 primarily driven by the Component Test market due to increased use of MLCC components, particularly in consumer electronics and automotive applications, which require our tools for processing. Additionally, sales were driven by increased service revenue and increased sales of our wafer mark tools. Backlog at the end of the second quarter of fiscal 2019 remained strong at $105.2 million. |
• | Orders in the second quarter of fiscal 2019 were $66.9 million primarily due to increased capacity spend by MLCC producers, as described above. Orders for flex via drilling have experienced cyclical reduction in the first half of fiscal 2019 due to capacity build-up. |
• | Gross margin was 45.5% in the second quarter of fiscal 2019, up significantly from 37.4% in the second quarter of fiscal 2018, primarily due to higher sales and lower charges due to restructuring as compared to fiscal 2018. |
• | Operating expenses were $20.0 million in the second quarter of fiscal 2019, and represent a $2.1 million decrease compared to the second quarter of fiscal 2018. The decrease was primarily driven by lower restructuring costs as well as lower variable expense. These decreases were partially offset by increased investment in new product development. |
• | Net income was $0.47 per diluted share, compared to $0.12 per share a year ago, on higher sales and gross profit combined with lower operating expenses. |
• | Operating cash flows were $51.1 million, compared to $18.3 million in the second quarter of fiscal 2018, on higher net income and increased collections of accounts receivable. |
Fiscal quarter ended | |||||
Sep 29, 2018 | Sep 30, 2017 | ||||
Net sales | 100.0 | % | 100.0 | % | |
Cost of sales | 54.5 | 62.6 | |||
Gross profit | 45.5 | 37.4 | |||
Selling, general and administrative | 12.6 | 16.5 | |||
Research, development and engineering | 10.7 | 11.7 | |||
Restructuring costs | — | 3.0 | |||
Operating income | 22.2 | 6.2 | |||
Interest and other income (expense), net | 0.4 | (0.3 | ) | ||
Total non-operating income (loss) | 0.4 | (0.3 | ) | ||
Income before income taxes | 22.6 | 5.9 | |||
Provision for income taxes | 3.0 | (0.1 | ) | ||
Net income | 19.6 | % | 6.0 | % |
Fiscal quarter ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Net Sales | % of Net Sales | Net Sales | % of Net Sales | |||||||||
Printed Circuit Board | $ | 38,816 | 45.1 | % | $ | 38,187 | 53.8 | % | |||||
Component Test | 18,555 | 21.6 | 7,007 | 9.9 | |||||||||
Semiconductor | 11,227 | 13.1 | 9,641 | 13.6 | |||||||||
Industrial Machining | 2,665 | 3.1 | 5,481 | 7.7 | |||||||||
Service | 14,654 | 17.1 | 10,651 | 15.0 | |||||||||
Net sales | $ | 85,917 | 100.0 | % | $ | 70,967 | 100.0 | % |
Fiscal quarter ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Net Sales | % of Net Sales | Net Sales | % of Net Sales | |||||||||
Asia | $ | 76,334 | 88.9 | % | $ | 64,053 | 90.3 | % | |||||
Europe | 6,468 | 7.5 | 3,978 | 5.6 | |||||||||
Americas | 3,115 | 3.6 | 2,936 | 4.1 | |||||||||
Net sales | $ | 85,917 | 100.0 | % | $ | 70,967 | 100.0 | % |
Fiscal quarter ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Gross Profit | % of Net Sales | Gross Profit | % of Net Sales | |||||||||
Gross Profit | $ | 39,067 | 45.5 | % | $ | 26,532 | 37.4 | % |
Fiscal quarter ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Expense | % of Net Sales | Expense | % of Net Sales | |||||||||
Selling, general and administrative | $ | 10,838 | 12.6 | % | $ | 11,648 | 16.5 | % | |||||
Research, development and engineering | 9,154 | 10.7 | 8,274 | 11.7 | |||||||||
Restructuring costs | — | — | 2,162 | 3.0 | |||||||||
Operating Expenses | $ | 19,992 | 23.3 | % | $ | 22,084 | 31.2 | % |
Fiscal quarter ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Non-Operating Income (Expense) | % of Net Sales | Non-Operating Income (Expense) | % of Net Sales | |||||||||
Interest and other income (expense), net | $ | 383 | 0.4 | % | $ | (229 | ) | (0.3 | )% | ||||
Total non-operating income (expense) | $ | 383 | 0.4 | % | $ | (229 | ) | (0.3 | )% |
Fiscal quarter ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Income Tax Provision | Effective Tax Rate | Income Tax Benefit | Effective Tax Rate | |||||||||
Provision (benefit) for income taxes | $ | 2,623 | 13.5 | % | $ | (41 | ) | (1.0 | )% |
Two fiscal quarters ended | |||||
Sep 29, 2018 | Sep 30, 2017 | ||||
Net sales | 100.0 | % | 100.0 | % | |
Cost of sales | 53.1 | 63.1 | |||
Gross profit | 46.9 | 36.9 | |||
Selling, general and administrative | 10.7 | 17.1 | |||
Research, development and engineering | 9.8 | 12.0 | |||
Restructuring costs | — | 2.3 | |||
Operating income | 26.4 | 5.5 | |||
Interest and other income (expense), net | 0.4 | (0.3 | ) | ||
Total non-operating income (loss) | 0.4 | (0.3 | ) | ||
Income before income taxes | 26.8 | 5.2 | |||
Provision for income taxes | 2.4 | 0.2 | |||
Net income | 24.4 | % | 5.0 | % |
Two fiscal quarters ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Net Sales | % of Net Sales | Net Sales | % of Net Sales | |||||||||
Printed Circuit Board | $ | 105,153 | 53.5 | % | $ | 84,372 | 58.7 | % | |||||
Component Test | 27,960 | 14.2 | 14,455 | 10.1 | |||||||||
Semiconductor | 30,004 | 15.3 | 14,822 | 10.3 | |||||||||
Industrial Machining | 5,003 | 2.5 | 8,760 | 6.1 | |||||||||
Service | 28,421 | 14.5 | 21,242 | 14.8 | |||||||||
Net sales | $ | 196,541 | 100.0 | % | $ | 143,651 | 100.0 | % |
Two fiscal quarters ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Net Sales | % of Net Sales | Net Sales | % of Net Sales | |||||||||
Asia | $ | 175,700 | 89.4 | % | $ | 130,616 | 90.9 | % | |||||
Europe | 11,363 | 5.8 | 5,929 | 4.1 | |||||||||
Americas | 9,478 | 4.8 | 7,106 | 4.9 | |||||||||
Net sales | $ | 196,541 | 100.0 | % | $ | 143,651 | 100.0 | % |
Two fiscal quarters ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Gross Profit | % of Net Sales | Gross Profit | % of Net Sales | |||||||||
Gross Profit | $ | 92,265 | 46.9 | % | $ | 52,952 | 36.9 | % |
Two fiscal quarters ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Expense | % of Net Sales | Expense | % of Net Sales | |||||||||
Selling, general and administrative | $ | 20,968 | 10.7 | % | $ | 24,456 | 17.1 | % | |||||
Research, development and engineering | 19,213 | 9.8 | 17,208 | 12.0 | |||||||||
Restructuring costs | — | — | 3,373 | 2.3 | |||||||||
Operating Expenses | $ | 40,181 | 20.5 | % | $ | 45,037 | 31.4 | % |
Two fiscal quarters ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Non-Operating (Expense) Income | % of Net Sales | Non-Operating (Expense) Income | % of Net Sales | |||||||||
Interest and other income (expense), net | $ | 835 | 0.4 | % | $ | (413 | ) | (0.3 | )% | ||||
Total non-operating income (expense) | $ | 835 | 0.4 | % | $ | (413 | ) | (0.3 | )% |
Two fiscal quarters ended | |||||||||||||
Sep 29, 2018 | Sep 30, 2017 | ||||||||||||
(In thousands, except percentages) | Income Tax Provision | Effective Tax Rate | Income Tax Provision | Effective Tax Rate | |||||||||
Provision for income taxes | $ | 4,941 | 9.3 | % | $ | 340 | 4.5 | % |
• | If the Merger is not completed, and no other party is willing and able to acquire us at an equivalent price or higher, on terms acceptable to us, the share price of our common stock is may to decline; |
• | We have incurred, and continue to incur, significant expenses for professional services in connection with the proposed Merger, for which we will have received little or no benefit if the Merger is not completed. Many of these fees and costs will be payable even if the Merger is not completed and may relate to activities that we would not have undertaken other than to complete the Merger; |
• | A failed Merger may result in negative publicity and/or give a negative impression of us in the investment community or business community generally; and |
• | If the Merger Agreement is terminated under specified circumstances, we may be required to pay MKS a $35.65 million termination fee. |
• | diversion of significant management time and resources towards the completion of the Merger; |
• | impairment of our ability to attract and retain key personnel; |
• | difficulties maintaining relationships with employees, customers, and other business partners; |
• | restrictions on the conduct of our business prior to the completion of the Merger, which prevent us from taking specified actions without the prior consent of MKS, which we might otherwise take in the absence of the Merger Agreement; and |
• | potential litigation relating to the Merger and the related costs. |
• | the timing of orders and terms or acceptance of product shipments by our customers; |
• | the mix of products and services that we sell in a given quarter; |
• | timing and market acceptance of our new product introductions; and |
• | delays or problems in the planned introduction of new products, or in the performance of any such products following delivery to customers. |
• | periodic local or geographic economic downturns; |
• | price and currency exchange controls; |
• | fluctuation in the relative values of currencies; |
• | difficulty in repatriating money, whether as a result of tax laws or otherwise; |
• | difficulties protecting intellectual property; |
• | shipping delays and disruptions, including as a result of border controls; |
• | retaliatory trade practices, trade tensions, and changes in or inconsistency in application of trading policies, regulatory requirements, export control regulations, tariffs and other barriers, the termination or renegotiation of existing trade agreements; and |
• | difficulties in managing a global enterprise, including staffing, collecting accounts receivable, and managing suppliers, distributors and representatives. |
• | exposure to local labor disputes, potential corruption, and noncompliance with labor laws and other laws governing employees; |
• | unpredictable costs, redundancy costs and cost overruns for developing facilities and acquiring equipment; |
• | challenges in building local management teams, technical personnel and other staff for functions that we have not previously conducted outside of the United States; |
• | technical obstacles such as poor production or process yield and loss of quality control during the ramp of a new facility; |
• | re-qualifications and other procedures that our customers may require; |
• | our ability to bring up local suppliers to meet our quality and cycle-time needs; |
• | rapidly changing business conditions that may require us to change or abandon plans before we fully implement them; |
• | complexity of managing our financial reporting and internal controls and procedures; and |
• | the ability to understand and comply with many different laws, infrastructures, ways of doing business, and surmount other challenges posed by distance and differences in language and culture. |
• | increased costs in connection with integration of personnel, operations, technologies and products of the acquired businesses; |
• | difficulties in implementation of our enterprise resource planning system into the acquired company’s operations; |
• | diversion of management’s attention from other operational matters; |
• | the potential loss of key employees of the acquired company; |
• | lack of synergy or inability to realize expected synergies resulting from the acquisition; |
• | the inability to successfully enter new markets expected to result from the acquisition; |
• | acquired assets becoming impaired as a result of technological advancements or worse-than-expected performance by the acquired company; |
• | establishing satisfactory internal controls and accounting practices at the acquired company; |
• | difficulties implementing internal manufacturing processes at the acquired company; |
• | achieving our anticipated financial and operational performance for the acquired company or the performance of the combined company following the transaction; |
• | acquiring unanticipated liabilities; and |
• | potential litigations arising out of breach of contract terms. |
• | Rule-making and additional technical guidance from the Department of Treasury, the FASB, and other relevant rule-making bodies continues to evolve and is likely to impact the treatment of the impact of the Tax Act. |
• | Our assessment remains ongoing; therefore, the final impact of the Tax Act may differ due to changes in interpretations, assumptions and we are not able to fully quantify the impact on our condensed consolidated financial statements at this time. |
• | Reaction to the new regulations by states and international trading partners is not yet clear, and could have a material impact on our business and results from operations. |
Fiscal quarter ended | |||||||||||||||||||||||
Jul 1, 2017 | Sep 30, 2017 | ||||||||||||||||||||||
(In thousands) | As reported | Adjustment | As Reclassified | As reported | Adjustment | As Reclassified | |||||||||||||||||
Printed Circuit Board | $ | 52,318 | $ | (6,133 | ) | $ | 46,185 | $ | 43,541 | $ | (5,354 | ) | $ | 38,187 | |||||||||
Component Test | 8,181 | (733 | ) | 7,448 | 7,677 | (670 | ) | 7,007 | |||||||||||||||
Semiconductor | 6,737 | (1,556 | ) | 5,181 | 12,028 | (2,387 | ) | 9,641 | |||||||||||||||
Industrial Machining | 5,448 | (2,169 | ) | 3,279 | 7,721 | (2,240 | ) | 5,481 | |||||||||||||||
Service | — | 10,591 | 10,591 | — | 10,651 | 10,651 | |||||||||||||||||
Net sales | $ | 72,684 | $ | — | $ | 72,684 | $ | 70,967 | $ | — | $ | 70,967 |
Fiscal quarter ended | |||||||||||||||||||||||
Dec 30, 2017 | Mar 31, 2018 | ||||||||||||||||||||||
(In thousands) | As reported | Adjustment | As Reclassified | As reported | Adjustment | As Reclassified | |||||||||||||||||
Printed Circuit Board | $ | 83,799 | $ | (6,866 | ) | $ | 76,933 | $ | 76,772 | $ | (5,876 | ) | $ | 70,896 | |||||||||
Component Test | 7,473 | (969 | ) | 6,504 | 9,459 | (1,058 | ) | 8,401 | |||||||||||||||
Semiconductor | 12,351 | (1,687 | ) | 10,664 | 24,055 | (1,693 | ) | 22,362 | |||||||||||||||
Industrial Machining | 7,217 | (1,900 | ) | 5,317 | 3,107 | (1,244 | ) | 1,863 | |||||||||||||||
Service | — | 11,422 | 11,422 | — | 9,871 | 9,871 | |||||||||||||||||
Net Sales | $ | 110,840 | $ | — | $ | 110,840 | $ | 113,393 | $ | — | $ | 113,393 |
2.1 | ||
3.1 | ||
3.2 | ||
10.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101.INS | XBRL Instance Document * | |
101.SCH | XBRL Taxonomy Extension Schema Document * | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document * | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document * | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document * | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document * |
Date: | November 6, 2018 | ELECTRO SCIENTIFIC INDUSTRIES, INC. | |
By: | /s/ Michael D. Burger | ||
Michael D. Burger | |||
President and Chief Executive Officer | |||
(Principal Executive Officer) | |||
By: | /s/ Allen Muhich | ||
Allen Muhich | |||
Vice President, Chief Financial Officer and Corporate Secretary | |||
(Principal Financial Officer) | |||
1. | I have reviewed this quarterly report on Form 10-Q of Electro Scientific Industries, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Michael D. Burger |
Michael D. Burger |
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Electro Scientific Industries, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Allen Muhich |
Allen Muhich |
Vice President, Chief Financial Officer and |
Corporate Secretary |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Michael D. Burger |
Michael D. Burger |
President and Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Allen Muhich |
Allen Muhich |
Vice President, Chief Financial Officer and |
Corporate Secretary |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Sep. 29, 2018 |
Nov. 01, 2018 |
|
Document And Entity Information [Abstract] | ||
Entity Common Stock, Shares Outstanding | 34,296,541 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ELECTRO SCIENTIFIC INDUSTRIES INC | |
Entity Central Index Key | 0000726514 | |
Current Fiscal Year End Date | --03-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Trade receivables, allowances | $ 218 | $ 832 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 85,654 | 83,159 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 23,480 | $ 22,766 |
Preferred stock, without par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, without par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 34,699,000 | 34,387,000 |
Common stock, outstanding | 34,699,000 | 34,387,000 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Revenues | $ 85,917 | $ 70,967 | $ 196,541 | $ 143,651 |
Cost of sales | 46,850 | 44,435 | 104,276 | 90,699 |
Gross profit | 39,067 | 26,532 | 92,265 | 52,952 |
Operating expenses: | ||||
Selling, service and administration | 10,838 | 11,648 | 20,968 | 24,456 |
Research, development and engineering | 9,154 | 8,274 | 19,213 | 17,208 |
Restructuring Costs | 0 | 2,162 | 0 | 3,373 |
Net operating expenses | 19,992 | 22,084 | 40,181 | 45,037 |
Operating (loss) income | 19,075 | 4,448 | 52,084 | 7,915 |
Non-operating (expense) income: | ||||
Interest and other (expense) income, net | 383 | (229) | 835 | (413) |
Other Nonoperating Income (Expense) | 383 | (229) | 835 | (413) |
Income (loss) before income taxes | 19,458 | 4,219 | 52,919 | 7,502 |
Provision for (benefit from) income taxes | 2,623 | (41) | 4,941 | 340 |
Net (loss) income | $ 16,835 | $ 4,260 | $ 47,978 | $ 7,162 |
Net (loss) income per share - basic | $ 0.49 | $ 0.13 | $ 1.39 | $ 0.21 |
Net (loss) income per share - diluted | $ 0.47 | $ 0.12 | $ 1.34 | $ 0.21 |
Weighted average number of shares - basic | 34,606 | 33,861 | 34,529 | 33,647 |
Weighted Average Number of Shares Outstanding, Diluted | 35,959 | 34,874 | 35,916 | 34,716 |
Product [Member] | ||||
Revenues | $ 71,263 | $ 60,316 | $ 168,120 | $ 122,409 |
Cost of sales | 40,539 | 38,179 | 90,633 | 79,605 |
Service Market [Member] | ||||
Revenues | 14,654 | 10,651 | 28,421 | 21,242 |
Cost of sales | $ 6,311 | $ 6,256 | $ 13,643 | $ 11,094 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Statement - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Net (loss) income | $ 16,835 | $ 4,260 | $ 47,978 | $ 7,162 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (400) | 180 | (1,484) | 388 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 3 | 5 | 7 | 9 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (7) | 0 | 10 | (1) |
Other Comprehensive Income (Loss), Net of Tax | (404) | 185 | (1,467) | 396 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 16,431 | $ 4,445 | $ 46,511 | $ 7,558 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 30, 2017 |
|
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 113 | $ 0 | $ 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (1) | (3) | (5) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 2 | $ 0 | $ 0 |
The Company |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | 1. Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) have been condensed or omitted in these interim statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Annual Report of Electro Scientific Industries, Inc. (the Company) on Form 10-K for its fiscal year ended March 31, 2018. These interim statements include all adjustments (consisting of only normal recurring adjustments and accruals) necessary for a fair presentation of results for the interim periods presented. The results for interim periods are not necessarily indicative of the results of operations for the entire year. On October 29, 2018, the Company signed a definitive agreement for MKS Instruments, Inc. (NASDAQ:MKSI) to acquire the Company. See Note 19: Merger Agreement for further details. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. Management believes that the estimates used are reasonable. Estimates made by management include: revenue recognition; inventory valuation; valuation of investments; accrued restructuring costs; share-based compensation; income taxes, including the valuation of deferred tax assets; valuation of long-lived assets, including intangibles; valuation of goodwill and acquisition accounting. All references to years or quarters relate to fiscal years or fiscal quarters unless otherwise noted. The fiscal quarters ended September 29, 2018 and September 30, 2017 each consisted of 13-week periods. Similarly, the two quarters ended September 29, 2018 and the two quarters ended September 30, 2017 each consisted of 26-week periods. Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Other current assets on our balance sheet for fiscal 2019 and in Other long-term assets in fiscal 2018. The following table provides a summary of the Company's cash, cash equivalents and restricted cash position:
Changes to Significant Accounting Policies The only significant changes to the Company's significant accounting policies from those presented in Note 2: Summary of Significant Accounting Policies to the consolidated financial statements included in the Company's Annual Report on Form 10-K for its fiscal year ended March 31, 2018 were due to the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606, "Revenue from Contracts with Customers". Changes to associated accounting policies are summarized below. Accounts Receivable and Allowance for Doubtful Accounts Trade receivables are stated at the amount the Company has an unconditional right to bill and generally do not bear interest, net of any estimated allowance for doubtful accounts. The Company establishes and monitors the collectability of amounts due from customers and sets appropriate credit limits based on an evaluation of the financial condition of customers and other relevant factors, including but not limited to obtaining credit ratings and customers' financial statements. With certain customers, letters of credit are obtained to mitigate credit risk. Subsequent to entering into a contract, if it is determined or expected that a customer will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material events impacting its business, a specific allowance for bad debt is recorded to reduce the related receivable to the amount expected to be recovered. Bad debts are historically insignificant for the Company, and allowances for doubtful accounts are established based on actual experience. Unbilled receivables arise when the Company has performed services and earned amounts related to a customer contract, but has not yet billed those amounts. Unbilled receivables were $1.2 million as of September 29, 2018 and were included as a component of Trade receivables, net of allowances, on the Condensed Consolidated Balance Sheets. Shipped Systems Pending Acceptance Shipped systems pending acceptance represent deferred costs of sales related to systems shipped to the customer, but where revenue has been deferred pending the customer's final acceptance. These contracts also generally result in a deferred revenue contract liability. Once the criteria for revenue recognition have been met for these contracts, the deferred costs are recognized as a cost of sales together with the associated revenue. Contract Assets and Liabilities Arising from Contracts with Customers Customer deposits (see Note 6: Accrued Liabilities) are a contract liability representing amounts collected from customers prior to any performance of the contract on the part of the Company. Customer deposits are included as a component of Accrued liabilities on our balance sheet. Deferred revenues (see Note 8: Deferred Revenue) are a contract liability representing the amount of billings for contracts where the Company has an unconditional right to consideration, in excess of revenues recognized and amounts billed. The value of customer deposits and deferred revenues will increase or decrease based on the timing of invoices and recognition of revenue. Revenue Recognition The Company recognizes revenue according to the five steps required by ASC 606; (1) identifying the contract with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to performance obligations in the contract, and (5) recognizing revenue when (or as) the Company satisfies a performance obligation. The Company's revenue streams primarily come from two sources, system sales and service sales. Systems Revenues: The Company sells high-value capital equipment to customers and these system sales generally include the base system, supporting components (such as input devices and related tooling), and a standard warranty. The performance obligations related to system sales are generally satisfied at a point-in-time upon transfer of control. Transfer of control is determined with consideration of commercial and billing terms, physical movement, transfer of the risks and rewards of ownership, transfer of title, and customer acceptance or a track record of acceptance and any other relevant factors. If the Company has a demonstrable track record of acceptance for a system sold, the Company deems transfer of control to have occurred in accordance with commercial terms, even if customer acceptance has not been received, as the acceptance is a formality and is not considered substantive. Payment on system sales is generally due within 90 days of shipment or less. Standard warranties on systems are assurance-type warranties and are recorded as a liability at the time of shipment (see Note 7: Product Warranty). Service Revenues: The Company offers additional services directly associated with the capital equipment it sells. These are generally in two major categories: (1) service contracts, which are generally recognized over time, and (2) point-in-time services. Service contracts recognized over time include extended service contracts (labor and materials), consumables and materials contracts, and labor-only contracts. Most service contracts recognized over time have a stated contract period and revenue is recognized over that period. Certain contracts may be consumption-based, in which case the revenue is recognized ratably in relation to the associated consumption. Service contracts are generally billed and are due in advance of the service period. Point-in-time services include spare parts sales, labor, trouble-shooting services, and similar items, and these are recognized at a point in time upon shipment or transfer of control, and are generally billed concurrent with recognition. Standard warranties on parts are assurance-type warranties and are recorded as a liability at the time of shipment (see Note 7: Product Warranty). The Company must make various judgments and estimates that vary in level of significance and subjectivity when recognizing revenue. The primary judgments include an evaluation of any credit risk, as described in our policy on accounts receivable, the identification of variable consideration in the contract, the determination of performance obligations in a contract, the determination of standalone selling prices for performance obligations, and the determination of when performance obligations are fulfilled. Generally, our revenue streams are subject to little variable consideration as we have minimal historical or expected future returns or other adjustments to selling price. Accordingly, standalone selling price is used to determine how to allocate the overall transaction price for a contract. Standalone selling price is based on historical transactions where available and relevant, and when not available, on a method that maximizes the use of observable inputs, which is generally a cost plus reasonable margin approach. Performance obligations are typically documented and evident from our contracts with customers and the associated triggers for transfer of control are generally objective as they are based on attributes such as shipment, customer acceptance, and other similar criteria. From time to time, however, the Company must exercise judgment to determine if transfer of control has occurred based on criteria such as whether a track record of acceptance has been established and acceptance terms are substantive, whether the risks and rewards of ownership have been transferred, or whether there are other facts and circumstances that could impact the timing and amount of revenue recognized. These judgmental determinations are made based on a weighting of all available evidence. Revenues associated with sales to customers under local contracts in Japan are typically recognized upon title transfer, which generally occurs upon customer acceptance. Revenues are recorded net of taxes collected from customers, which are subsequently submitted to governmental authorities. Practical Expedients Related to Revenue Recognition For contracts with customers which have a duration of less than 12 months, the Company has elected the practical expedient to recognize commission costs when paid, as the amortization period would generally be one year or less. Commissions associated with contracts with a duration over 12 months are immaterial. Commission costs are recorded as a component of Selling, general and administrative expenses. As the Company's contracts with customers generally have a duration of less than 12 months, and for certain contracts with a duration over 12 months, a right to payment exists as services are performed, the Company has elected to not disclose the remaining performance obligations for those contracts. For contracts where the Company has a right to consideration from a customer in an amount that corresponds directly to the services delivered to-date and for which the Company has a right to invoice, the Company recognizes revenue for the services rendered. The Company's contracts are generally not paid more than 12 months in advance or more than 12 months after delivery and therefore do not typically have a significant financing element. Accordingly, the Company has elected to not assess whether a contract has a significant financing component in performing the revenue assessment. For contracts where control transfers prior to delivery, the Company accounts for shipping and handling costs as a fulfillment cost and not as a performance obligation for revenue recognition purposes. |
Recent Accounting Pronouncements |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Adopted accounting pronouncements: In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which made six targeted amendments to ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. These amendments mostly affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. ASU 2018-03 became effective as of the Company's second quarter of fiscal 2019 ending September 29, 2018. Adopting ASU 2018-03 had no material effect on the Company's financial position, results of operations or cash flows. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, in response the enactment of the Tax Cuts and Jobs Act (the Tax Act) and the subsequent questions and concerns of stakeholders regarding how to apply the changes to the income tax effects of deferred tax assets and liabilities sitting in accumulated other comprehensive income. The guidance eliminates the resulting stranded tax effects and improves the usefulness of the information reported to users of the financial statements. ASU 2018-02 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. Adopting ASU 2018-02 had no material effect on the Company's financial position, results of operations or cash flows. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the scope of modification accounting surrounding share-based payment arrangements as issued in ASU 2016-09 by providing guidance on the various types of changes which would trigger modification accounting for share-based payment awards, specifically an entity would not apply modification accounting under ASC 718 if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. ASU 2017-09 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The adoption of ASU 2017-09 has not had a material effect on the Company's financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires companies to disaggregate the current-service-cost component from other components of net benefit cost and provides specific guidance for presentation in the income statement. ASU 2017-07 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The adoption of ASU 2017-07 has not had a material effect on the Company's financial position, results of operations or cash flows. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, to improve and simplify the accounting for the income tax consequences of intra-entity transfers of assets other than inventory, requiring companies to recognize income tax consequences upon the transfer of the asset to a third party. ASU 2017-09 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The adoption of ASU 2016-16 has not had a material effect on the Company's financial position, results of operations or cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that the Company expects to be entitled to for those goods or services. The FASB has continued to issue ASU topics to further clarify ASU 2014-09. These have included ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20. The new standards were effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The Company elected the modified retrospective approach as its transition method. The new standard resulted in an immaterial change to revenue recognition related to system sales and service contracts, the Company's major revenue streams. The cumulative effect of the changes made to our consolidated balance sheet as of April 1, 2018 related to the adoption of ASC 606 for contracts not completed at the date of adoption were as follows:
The adoption of ASC 606 did not have a material impact on the Company's financial position, results of operations or cash flows for the second quarter of 2019 or the first two quarters of fiscal 2019. Additionally, we do not expect the adoption of the standard to have a material impact to our financial position on an ongoing basis. Recently issued accounting pronouncements not yet adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, to improve disclosures of the key provisions of ASC 820 by adding, modifying, and removing certain targeted disclosure requirements. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods, which would be the Company's fiscal year ending April 3, 2021. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued and early adoption is permitted for any removed or modified disclosure while delaying adoption of the remaining disclosures until their effective date. While the Company does not expect the adoption of ASU 2018-13 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2018-13 may have on its financial position, results of operations or cash flows. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, in order to (i) improve disclosures related to an entity's risk management activities through better transparency and understandability and (ii) simplify and reduce the complexity of hedge accounting by preparers. ASU 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods, which would be the Company's fiscal year ending March 28, 2020. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. The FASB also issued ASU 2018-16 to modify and clarify portions of ASU 2017-12. While the Company does not expect the adoption of ASU 2017-12 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2017-12 may have on its financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. The FASB has issued ASU 2018-11 to clarify ASU 2016-02 comparative reporting requirements for initial adoption. ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods, which would be the Company's fiscal year ending March 28, 2020. The Company is still evaluating any potential impact that adoption of ASU 2016-02 may have on its financial position, results of operations or cash flows. The Company is in the preliminary scoping phase of implementation and is currently identifying the impacted leases and preparing to perform initial quantification of the potential impacts. The Company has developed a plan to develop and implement any associated business processes, as well as perform applicable accounting and reporting evaluations in advance of the effective date of the standard. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 3. Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include the following:
The Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 29, 2018 and March 31, 2018 was as follows (in thousands):
*These investments represent assets held in trust for the deferred compensation plan For Level 1 assets, the Company utilized quoted prices in active markets for identical assets. For Level 2 assets, exclusive of forward contracts, the Company utilized quoted prices in active markets for similar assets. For forward contracts, spot prices at September 29, 2018 and March 31, 2018 were utilized to calculate fair values. During the first two quarters of fiscal 2019 and 2018, there were no transfers between Level 1, 2 or 3 assets. Investments The Company’s investments, including investments classified as cash equivalents, at September 29, 2018 and March 31, 2018 were as follows (in thousands):
*These investments represent assets held in trust for the deferred compensation plan For purposes of determining gross realized gains and losses and reclassification out of accumulated other comprehensive income (loss), the cost of securities sold is based on specific identification. Net unrealized holding gains and losses on current available-for-sale securities included in accumulated other comprehensive income (loss) were insignificant as of September 29, 2018 and March 31, 2018. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 4. Inventories Inventories are principally valued at standard cost, which approximates the lower of cost or net realizable value on a first-in, first-out basis. Components of inventories were as follows:
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Other Assets |
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Other Assets | 5. Other Assets Other assets consisted of the following:
Depreciation expense for demo and leased equipment totaled $0.1 million in the second quarter of fiscal 2019 and $0.1 million for the second quarter of fiscal 2018. For the first two quarters of fiscal 2019 depreciation expense for demo and leased equipment totaled $0.6 million compared to $0.1 million in the first two quarters of fiscal 2018. Of the total $6.7 million and $6.7 million of demo and leased equipment at September 29, 2018 and March 31, 2018, $1.4 million and $3.4 million were leased assets at customer sites generating revenue. Included in Other non-current assets are long-term investments held in a trust for the deferred compensation plan and other similar items. |
Accrued Liabilities (Current) Other liabilities (Notes) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. Accrued Liabilities Accrued liabilities consisted of the following:
Included in other current liabilities above are accrued amounts for value-added taxes, income taxes, freight, restructuring activities and other similar items. |
Product Warranty |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty | 7. Product Warranty The following is a reconciliation of the changes in the aggregate product warranty accrual:
Net warranty charges incurred include labor charges and costs of replacement parts for repairs under warranty. These costs are recorded net of any estimated cost recoveries resulting from either successful repair of damaged parts or from warranties offered by the Company’s suppliers for defective components. The provision for warranty charges reflects the estimate of future anticipated net warranty costs to be incurred for all products under warranty at quarter end and is recorded to cost of sales. Of the total of $9.2 million and $7.2 million of product warranty accruals as of September 29, 2018 and September 30, 2017, $3.6 million and $2.3 million were non-current and were included in Other Liabilities on the Condensed Consolidated Balance Sheets. The provision for warranty charges decreased $1.6 million in the second quarter of fiscal 2019, as the cost of supporting our systems decreased by more than the cost of new warranty set-ups. |
Deferred Revenue |
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Deferred Revenue Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue | 8. Deferred Revenue Generally, revenue is recognized upon satisfaction of performance obligations, which includes fulfillment of acceptance criteria at the Company's factory and transfer of risk of loss and title. Revenue is deferred whenever title transfer is pending, risk of loss has not transferred, and/or acceptance criteria have not yet been fulfilled. Deferred revenue arises from, among other factors, sales to Japanese customers, shipments of substantially new products and shipments with custom specifications and other acceptance criteria where the Company cannot demonstrate a track record of acceptance. For sales involving multiple performance obligations, the stand-alone selling price of any undelivered performance obligation, is deferred until the performance obligations are delivered and acceptance criteria are met. Revenue related to maintenance and service contracts is deferred and recognized ratably over the duration of the contracts. The following is a reconciliation of the changes in deferred revenue:
Of the total of $8.6 million and $16.4 million of deferred revenue at September 29, 2018 and September 30, 2017, $16 thousand and $0.6 million were non-current and were included in Other Liabilities on the Condensed Consolidated Balance Sheets. For the second quarter of fiscal 2019 and the first two quarters of fiscal 2019, revenue recognized that was included in the opening deferred revenue balance was $2.6 million and $6.9 million, respectively. For the second quarter of fiscal 2019 and the first two quarters of fiscal 2019, $7.9 million and $2.0 million of the beginning customer deposit balance was utilized in each of the periods, respectively. Customer deposits are included as a component of Accrued liabilities on our balance sheet (see Note 6: Accrued Liabilities). The amount of revenue recognized from performance obligations satisfied in prior periods was not material. |
Long-term Debt (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | 9. Long-term Debt ESI Leasing, LLC (ESI Leasing), a wholly owned subsidiary of the Company, has a loan agreement (Loan Agreement) with First Technology Federal Credit Union (Lender) which provides for a term loan from the Lender to ESI Leasing in the principal amount of $14 million (Loan). The interest rate of the Loan is fixed at 4.75% per annum, except that it may be increased if certain covenants under the Loan Agreement are not satisfied and after and during the continuation of an “Event of Default” as defined in the Loan Agreement. The Loan amortizes over a period of approximately 20 years, with the outstanding principal maturing and becoming due on January 1, 2027. ESI Leasing pays monthly principal and interest payments on the Loan totaling $1.1 million annually through the maturity of the Loan. The Company unconditionally guarantees the Loan. The Company is required to maintain certain deposits with the Lender through March 31, 2019, at which point the restriction will be removed as long as it is in compliance with certain minimum covenants. The principal maturities for each of the next five twelve-month periods ending on September 29 are as follows:
Total debt outstanding on the Loan Agreement were as follows:
Deferred debt issuance costs related to the above long-term debt as of September 29, 2018 and March 31, 2018 were $285 thousand and $302 thousand, respectively. |
Revolving Credit Facility (Notes) |
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Debt Disclosure [Abstract] | |
Revolving Credit Facility [Text Block] | 10. Revolving Credit Facility The Company is party to a loan and security agreement (Credit Facility) with Silicon Valley Bank (SVB), which was initially entered into on March 20, 2015 and amended on July 12, 2016. The Credit Facility provides for a senior secured asset-based revolving facility with availability up to $30.0 million, including a $15.0 million sublimit for letters of credit. In the fourth quarter of fiscal 2017, the Company amended and extended the Credit Facility by one year. With this extension, the Credit Facility expires March 20, 2019. At September 29, 2018, the Company had no amounts outstanding under the Credit Facility, was in compliance with all covenants, and was not in default under the Credit Facility. The commitment fee on the amount of unused credit was 0.3 percent. As amended, the Credit Facility allows for a greater level of EBITDA losses, but reduces the level of permitted acquisitions and purchases of capital equipment. If the Company fails to meet the covenants in its Credit Facility or its lenders fail to fund, access to the facility may be limited or the facility may become unavailable altogether. |
Commitments & Contingencies (Notes) |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies The Company mitigates credit risk by transacting with highly rated counterparties for foreign exchange contracts, letters of credit and other transactions where counterparty risk is a factor. The Company has evaluated the non-performance risks associated with the Company's lenders and other parties and believes them to be insignificant. From time to time the Company may be party to litigation arising in the normal course of business. Currently, the Company is not party to any litigation it believes would have a material adverse effect on the Company's financial position, results of operations or cash flows. |
Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 12. Shareholders’ Equity Share Repurchase Program In December 2011, the Board of Directors authorized a share repurchase program totaling $20.0 million to acquire shares of the Company's outstanding common stock. The repurchases are to be made at management’s discretion in the open market or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements and are subject to market conditions, acceptable share price and other factors. The Company did not repurchase any shares during fiscal 2018 or the first two quarters of fiscal 2019. There is no expiration date for the repurchase program and $18.3 million still remains for future repurchases. |
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Notes) |
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Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 13. Accumulated Other Comprehensive Income (Loss) The following is a reconciliation of the changes in accumulated other comprehensive income (AOCI):
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Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | 14. Share-Based Compensation The Company's share-based compensation consists of restricted stock unit awards with a service condition (time-based RSUs), restricted stock unit awards with a market performance condition (market-based RSUs), restricted stock unit awards with a performance condition other than market performance (performance-based RSUs), an employee stock purchase plan and stock-settled stock appreciation rights (SARs). The fair value of time-based and performance-based restricted stock units (RSUs) are measured on the grant date based on the market value of the Company's common stock. The market-based RSUs must achieve the total shareholder return (TSR) measures in order for the awards to vest, and the grant date fair value of the awards is calculated using a Monte Carlo simulation model. The Company recognizes expense related to the fair value of the 1990 Employee Stock Purchase Plan (ESPP) and SARs using the Black-Scholes model to estimate the fair value of awards on the date of grant. Except for performance-based RSUs, the Company recognizes compensation expense for all share-based compensation awards, net of estimated forfeitures, on a straight-line basis over the requisite service period of the award. Expense for performance-based RSUs is recognized based on the probability of achievement of the performance criteria. The compensation cost for market-based RSUs is recognized over the related service period, even if the market condition is never satisfied. The impact of adjustments related to awards where the requisite service period was not completed is reflected as an offset to current period shared-based compensation expense. The Company granted a total of 276,715 time-based RSUs and 92,500 market-based RSUs during the first two quarters of fiscal 2019, but did not grant any SARs or performance-based RSUs. Grants for the second quarter of fiscal 2019 consisted of 37,715 time-based RSUs. Share-based compensation expense under the stock incentive plans is included in the Company’s Condensed Consolidated Statements of Operations as follows:
The Company incurred $13 thousand of capitalizable share-based compensation costs during the two fiscal quarters of 2019. The capitalizable cost was incurred for internal labor hours allocated to the enterprise resource planning software and related systems implementation, which will support the Company's operating and financial function. No capitalized share-based compensation costs were incurred during the 2018 fiscal year. As of September 29, 2018, the Company had $10.9 million of total unrecognized share-based compensation costs, net of estimated forfeitures, which are expected to be recognized over a weighted average period of 2.0 years. |
Revenue, Product and Geographic Information (Notes) |
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Product ang Geographic Information Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product and Geographic Information [Text Block] | 15. Revenues, Product and Geographic Information Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer (CEO). The Company and its consolidated subsidiaries operate in a single segment, defined as a manufacturer of high-technology microfabrication and related equipment. This segment sells products into a variety of end markets that are grouped into four major categories for the purpose of providing an understanding of the principal end markets for the products manufactured by the Company, specifically: (1) Printed Circuit Board (PCB), (2) Component Test, (3) Semiconductor, and (4) Industrial Machining. Service sales are interrelated with all major end markets of the Company and are separately presented. The following table presents net sales information by the four major market categories and associated service sales addressed by the Company's single segment:
The following table presents net sales information by timing of delivery:
Net sales by geographic area, based on the location of the end user, were as follows:
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Restructuring and Cost Management Plans |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Cost Management Plans | 16. Restructuring and Cost Management Plans 2017 Corporate Restructuring: In the fourth quarter of 2017, the Company initiated a restructuring plan to improve business effectiveness and streamline operations to achieve a stated target profit level for the Company as a whole. As a part of the restructuring plan, the management team was reorganized from a business unit to a functional structure; the Company closed facilities in Montreal, Canada; Napa, California; and Sunnyvale, California; the Company discontinued certain products; and the Company made select reductions in headcount across the Company. Actions under this plan were completed as of the end of the third quarter of fiscal 2018. Total expenses related to the plan were $17.1 million in 2018, while no expenses have been incurred in the first two quarters of fiscal 2019. Included in the fiscal 2018 expenses are approximately $13.3 million of charges impacting gross margins, all incurred in the first and second quarters of fiscal 2018, primarily related to impairment of other assets and inventory stemming from the product portfolio program reviews which resulted in discontinuing certain products. Operating expense charges included $2.3 million of facilities and fixed assets charges related to streamlining facilities and discontinued products and $1.3 million of employee severance and related costs. Product portfolio reviews related to the restructuring plan were completed as of the end of the third quarter of fiscal 2018. The impacts of the decisions made in the portfolio reviews involve the use of certain estimates. The following table presents the total expected restructuring costs as of September 29, 2018 (in thousands):
(1) Current asset impairments include inventory charges recorded in cost of sales. The following table presents the amounts payable related to the 2017 Corporate Restructuring (in thousands):
Other restructuring plans: The Company's previously disclosed other restructuring plans are largely complete. No net restructuring costs related to these plans were recorded in the first two quarters of fiscal 2019 while $0.4 million were recorded in fiscal 2018. The amounts payable of $0.1 million at September 29, 2018 are expected to be future cash outflows, primarily relating to facility costs to be paid through the end of the third quarter of fiscal 2019. The Company does not expect to incur additional expenses related to these plans. The following table presents the amounts related to restructuring costs payable (in thousands):
Overall restructuring reserve: As of September 29, 2018, and March 31, 2018, the amount of unpaid restructuring costs included in accrued liabilities on the Consolidated Balance Sheets were $0.2 million and $0.4 million, respectively. Included in the payable balance are amounts for severance and employee benefits, and net lease commitments. |
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(Loss) Earnings Per Share | 18. Earnings Per Share The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share:
RSUs and SARs representing an additional 0.3 million shares of stock for the second quarter of fiscal 2018 and 0.6 million shares of stock for the first two quarters of fiscal 2018 were not included in the calculation of diluted net earnings per share because their effect would have been antidilutive. Antidilutive shares were immaterial for the second quarter of fiscal 2019 and the first two quarters of fiscal 2019. |
Income Taxes (Notes) |
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Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 17. Income Taxes The Tax Cuts and Jobs Act (the Tax Act) was enacted into law in the United States on December 22, 2017. The Tax Act includes various changes to the tax law, including a reduction in the U.S. corporate income tax rate from 35% to 21%. The Tax Act added section 250 to the Internal Revenue Code, effectively creating a new preferential tax rate for income derived by domestic corporations from serving foreign markets. The new deduction is described as a deduction for foreign-derived intangible income. This lower tax rate provides a new benefit for owning intangible property and conducting business operations in the United States. The Tax Act also includes a base erosion and anti-abuse tax (BEAT), applicable to corporations with annual gross receipts of at least $500 million for the prior 3-years, which requires U.S. multinationals making “excessive” deductible payments to their foreign affiliates to pay a 10 percent tax on their income without those deductions, after a one-year, 5 percent transition rate. The Company does not expect the BEAT provisions to apply until it meets the threshold. Further the Tax Act imposes a tax on global intangible low-taxed income (GILTI) on controlled foreign corporations’ aggregate net income over a 10% benchmark return on qualified business asset investment less interest expense. The Company continues to assess the impacts of these provisions on the Company’s financial position, results of operations or cash flows. The Securities and Exchange Commission Staff Accounting Bulletin No. 118 allows the use of provisional amounts in the Company’s financial statements during a measurement period if accounting for the income tax effects of the Tax Act has not been completed when the Company’s financial statements are issued. This measurement period may extend no longer than one year. The Company continues to evaluate the impact the new legislation will have on its financial position, results of operations, and cash flows. Additional technical guidance from the Department of Treasury, the FASB, and other relevant rule-making bodies continue to evolve, which is likely to impact the interpretation of various provisions of the Tax Act. Areas where changes may still occur include, but are not limited to, GILTI, and calculation of deemed repatriation. |
Merger Agreement (Notes) |
6 Months Ended |
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Sep. 29, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 19. Merger Agreement Merger Agreement On October 29, 2018, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with MKS Instruments, Inc., a Massachusetts corporation (MKS) and EAS Equipment, Inc., a Delaware corporation and a wholly owned subsidiary of MKS (Merger Sub). The Merger Agreement provides for, subject to the terms and conditions of the Merger Agreement, the acquisition of the Company by MKS at a price of $30.00 per share in cash, without interest and subject to deduction for any required withholding tax, through the merger of Merger Sub into the Company (the Merger), with the Company surviving the Merger as a wholly owned subsidiary of MKS. |
Recent Accounting Pronouncements Table of Adjustment due to Adoption of ASC 606 (Tables) |
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Sep. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our consolidated balance sheet as of April 1, 2018 related to the adoption of ASC 606 for contracts not completed at the date of adoption were as follows:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis | The Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 29, 2018 and March 31, 2018 was as follows (in thousands):
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Investments | The Company’s investments, including investments classified as cash equivalents, at September 29, 2018 and March 31, 2018 were as follows (in thousands):
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Inventories (Tables) |
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Sep. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | Components of inventories were as follows:
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Other Assets (Tables) |
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Sep. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets, Noncurrent Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other assets consisted of the following:
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Accrued Liabilities (Current) Other Liabilities Disclosure (Tables) |
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Sep. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consisted of the following:
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Other Noncurrent Liabilities [Table Text Block] | ncluded in other current liabilities above are accrued amounts for value-added taxes, income taxes, freight, restructuring activities and other similar items. |
Product Warranty (Tables) |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the Change in Aggregate Accrual for Product Warranty | The following is a reconciliation of the changes in the aggregate product warranty accrual:
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Deferred Revenue (Tables) |
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Deferred Revenue Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the Changes in Deferred Revenue | The following is a reconciliation of the changes in deferred revenue:
Of the total of $8.6 million and $16.4 million of deferred revenue at September 29, 2018 and September 30, 2017, $16 thousand and $0.6 million were non-current and were included in Other Liabilities on the Condensed Consolidated Balance Sheets. For the second quarter of fiscal 2019 and the first two quarters of fiscal 2019, revenue recognized that was included in the opening deferred revenue balance was $2.6 million and $6.9 million, respectively. For the second quarter of fiscal 2019 and the first two quarters of fiscal 2019, $7.9 million and $2.0 million of the beginning customer deposit balance was utilized in each of the periods, respectively. Customer deposits are included as a component of Accrued liabilities on our balance sheet (see Note 6: Accrued Liabilities). The amount of revenue recognized from performance obligations satisfied in prior periods was not material. |
Long-term Debt Debt Outstanding (Tables) |
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Sep. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Total debt outstanding on the Loan Agreement were as follows:
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Share-Based Compensation Expense (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | hare-based compensation expense under the stock incentive plans is included in the Company’s Condensed Consolidated Statements of Operations as follows:
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Revenue, Product and Geographic Information (Tables) |
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Product ang Geographic Information Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] |
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Revenue from External Customers by Geographic Areas [Table Text Block] | Net sales by geographic area, based on the location of the end user, were as follows:
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Restructuring and Cost Management Plans (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Related to Restructuring Costs Payable | The following table presents the amounts related to restructuring costs payable (in thousands):
The following table presents the amounts payable related to the 2017 Corporate Restructuring (in thousands):
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Earnings (Loss) Per Share (Tables) |
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Sep. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share | The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share:
|
Basis of Presentation Cash and Cash Equivalents and Restricted Cash reconciliation (Details) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Apr. 01, 2017 |
---|---|---|---|---|
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 66,183 | $ 76,792 | $ 47,973 | |
Restricted Cash, Current | 1,100 | 0 | 0 | |
Restricted Cash | 0 | 1,093 | 1,098 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 67,283 | $ 77,885 | $ 49,071 | $ 57,732 |
Basis of Presentation Basis of presentation text (Details) $ in Millions |
Sep. 29, 2018
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Unbilled Contracts Receivable | $ 1.2 |
Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
|||
---|---|---|---|---|---|
US Government Agencies Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 1,999 | ||||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 1,999 | ||||
Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 36,366 | 49,749 | |||
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 29,871 | 44,252 | |||
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 6,495 | 5,497 | |||
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Cash Equivalents [Member] | Money Market Instruments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 29,871 | 41,752 | |||
Cash Equivalents [Member] | Money Market Instruments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 29,871 | 41,752 | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 2,500 | ||||
Cash Equivalents [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 2,500 | ||||
Cash Equivalents [Member] | Commercial Paper [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 6,495 | 3,498 | |||
Cash Equivalents [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | ||||
Cash Equivalents [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 6,495 | 3,498 | |||
Short-term Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 112,004 | 47,121 | |||
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 26,793 | 10,458 | |||
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 85,211 | 36,663 | |||
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Short-term Investments [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 26,793 | 10,458 | |||
Short-term Investments [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 26,793 | 10,458 | |||
Short-term Investments [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Short-term Investments [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Short-term Investments [Member] | Commercial Paper [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 48,904 | 25,913 | |||
Short-term Investments [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Short-term Investments [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 48,904 | 25,913 | |||
Short-term Investments [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Short-term Investments [Member] | Corporate Bond Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 36,307 | 10,750 | |||
Short-term Investments [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Short-term Investments [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 36,307 | 10,750 | |||
Short-term Investments [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | ||||
Foreign Exchange Forward [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (6) | ||||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (6) | ||||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (77) | ||||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (77) | ||||
Deferred Compensation Plan Asset [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 2,442 | 2,048 | ||
Deferred Compensation Plan Asset [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 2,442 | 2,048 | ||
Deferred Compensation Plan Asset [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 0 | 0 | ||
Deferred Compensation Plan Asset [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 0 | 0 | ||
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | 2,234 | 1,841 | |||
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 2,234 | 1,841 | ||
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 0 | 0 | ||
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 0 | 0 | ||
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 208 | 207 | ||
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 208 | 207 | ||
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 0 | 0 | ||
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Compensation Plan Assets | [1] | 0 | 0 | ||
Japan, Yen | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (31) | (23) | |||
Japan, Yen | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (31) | (23) | |||
Taiwan, New Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 3 | ||||
Obligations, Fair Value Disclosure | (18) | ||||
Taiwan, New Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 3 | ||||
Obligations, Fair Value Disclosure | (18) | ||||
Korea (South), Won | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (24) | (12) | |||
Korea (South), Won | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (24) | (12) | |||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 7 | ||||
Obligations, Fair Value Disclosure | (5) | ||||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 7 | ||||
Obligations, Fair Value Disclosure | (5) | ||||
United Kingdom, Pounds | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 49 | ||||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 49 | ||||
Obligations, Fair Value Disclosure | (10) | ||||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (10) | ||||
China, Yuan Renminbi | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 12 | ||||
Obligations, Fair Value Disclosure | (29) | ||||
China, Yuan Renminbi | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 12 | ||||
Obligations, Fair Value Disclosure | (29) | ||||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (1) | ||||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | $ (1) | ||||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | (1) | ||||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Obligations, Fair Value Disclosure | $ (1) | ||||
|
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 60,329 | $ 52,591 |
Work-in-process | 15,038 | 18,634 |
Finished goods | 6,067 | 16,461 |
Inventories | $ 81,434 | $ 87,686 |
Other Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
|
Other Assets, Noncurrent Disclosure [Abstract] | |||
Demo equipment depreciation expense | $ 100 | $ 100 | |
Consignment and demo equipment, net | 6,658 | $ 6,746 | |
Long term deposits | 3,261 | 3,232 | |
Restricted Cash, Noncurrent | 0 | 1,093 | |
Other | 3,078 | 3,709 | |
Other assets | $ 12,997 | $ 14,780 |
Other Assets - Additional Information (Details) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
---|---|---|
Schedule of Cost-method Investments [Line Items] | ||
Consignment and demo equipment, net | $ 6,658 | $ 6,746 |
Other Assets Other assets other details (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Demo equipment depreciation expense | $ 0.1 | $ 0.1 |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
---|---|---|
Disclosure Accrued Liabilities [Abstract] | ||
Payroll-related liabilities | $ 8,579 | $ 15,879 |
Product Warranty Accrual, Current | 5,667 | 4,646 |
Customer Deposits, Current | 1,075 | 2,214 |
Purchase order commitments and receipts | 2,904 | 2,978 |
Accrued Income Taxes, Current | 4,090 | 1,152 |
Long-term Debt, Current Maturities | 432 | 421 |
Other | 5,683 | 7,243 |
Accrued liabilities | $ 28,430 | $ 34,533 |
Product Warranty (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Product Warranty | ||||
Standard and Extended Product Warranty Accrual | $ 11,525 | $ 6,538 | $ 10,220 | $ 5,474 |
Warranty charges incurred, net | (742) | (2,666) | (4,343) | (5,111) |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | (1,560) | |||
Provision for warranty charges | 3,284 | 3,346 | 6,793 | |
Standard and Extended Product Warranty Accrual | 9,223 | 7,156 | 9,223 | 7,156 |
Product Warranty Accrual, Noncurrent | $ 3,556 | $ 2,300 | $ 3,556 | $ 2,300 |
Document Period End Date | Sep. 29, 2018 |
Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Deferred Revenue Disclosure [Abstract] | ||||
Deferred Revenue, Period Start | $ 9,246 | $ 15,616 | $ 10,514 | $ 15,397 |
Deferred Revenue, Noncurrent | 16 | 600 | 16 | 600 |
Revenue deferred | 8,558 | 31,182 | 28,284 | 46,652 |
Revenue recognized | (9,253) | (30,429) | (30,247) | (45,680) |
Deferred Revenue, Period Start | $ 8,551 | $ 16,369 | $ 8,551 | $ 16,369 |
Long-term Debt (Details) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
---|---|---|
Debt Disclosure [Abstract] | ||
Debt Issuance Costs, Net | $ 285 | $ 302 |
Long-term Debt Long-term debt table (Details) - USD ($) $ in Thousands |
Sep. 29, 2018 |
Mar. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 12,982 | $ 13,187 |
Long-term Debt, Current Maturities | (432) | (421) |
Long-term Debt | $ 12,550 | $ 12,766 |
Long-term Debt Maturities of LT Debt (Details) $ in Thousands |
Sep. 29, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 466 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 537 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 512 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 487 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 563 |
Shareholders' Equity - Share repurchase (Details) $ in Millions |
Dec. 09, 2011
USD ($)
|
---|---|
Statement of Stockholders' Equity [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ 20.0 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ (1,718) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | 266,358 | |||
Stockholders' Equity Attributable to Parent | $ 316,401 | 316,401 | ||
Other Comprehensive Income (Loss), Tax | 251 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (400) | $ 180 | (1,484) | $ 388 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 3 | 5 | 7 | 9 |
Other Comprehensive Income (Loss), Net of Tax | (404) | 185 | (1,467) | 396 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (7) | $ 0 | 10 | $ (1) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,741) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | 590 | |||
Stockholders' Equity Attributable to Parent | (894) | (894) | ||
Other Comprehensive Income (Loss), Tax | 257 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 10 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | (16) | |||
Stockholders' Equity Attributable to Parent | (9) | (9) | ||
Other Comprehensive Income (Loss), Tax | (3) | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 13 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | (27) | |||
Stockholders' Equity Attributable to Parent | (17) | (17) | ||
Other Comprehensive Income (Loss), Tax | (3) | |||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent | 547 | |||
Stockholders' Equity Attributable to Parent | $ (920) | $ (920) |
Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | $ 1,665 | $ 1,330 | $ 3,164 | $ 2,608 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 11 months 29 days | |||
Cost of Sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | 122 | 77 | $ 228 | 144 |
Selling, General and Administrative Expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | 1,279 | 1,070 | 2,427 | 2,131 |
Research and Development Expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | 264 | $ 183 | $ 509 | $ 333 |
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 276,715 | |||
Market-based [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 92,500 | |||
Stock Options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,900 | $ 10,900 |
Share-Based Compensation Other items (Details) $ in Thousands |
3 Months Ended |
---|---|
Sep. 29, 2018
USD ($)
| |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 13 |
Revenue, Product and Geographic Information Revenue from Product Market (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Revenue from External Customer [Line Items] | ||||
Revenues | $ 85,917 | $ 70,967 | $ 196,541 | $ 143,651 |
Service Market [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 14,654 | 10,651 | 28,421 | 21,242 |
Printed Circuit Board [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 38,816 | 38,187 | 105,153 | 84,372 |
Component Test [Member] [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 18,555 | 7,007 | 27,960 | 14,455 |
Semiconductor [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 11,227 | 9,641 | 30,004 | 14,822 |
Industrial Machining [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 2,665 | $ 5,481 | $ 5,003 | $ 8,760 |
Revenue, Product and Geographic Information Revenue from Geographic Location table (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Revenue from External Customer [Line Items] | ||||
Revenues | $ 85,917 | $ 70,967 | $ 196,541 | $ 143,651 |
Asia [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 76,334 | 64,053 | 175,700 | 130,616 |
Americas [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 3,115 | 2,936 | 9,478 | 7,106 |
Europe [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 6,468 | $ 3,978 | $ 11,363 | $ 5,929 |
Revenue, Product and Geographic Information Revenue by Point-in-time vs Over-time (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 85,917 | $ 70,967 | $ 196,541 | $ 143,651 |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 79,898 | 65,494 | 183,954 | 132,820 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6,019 | $ 5,473 | $ 12,587 | $ 10,831 |
Restructuring and Cost Management Plans - Amounts Related to Restructuring Costs Payable (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 29, 2018 |
Jul. 01, 2017 |
Apr. 01, 2017 |
|||||||||
Q4 FY17 Restructuring Plan [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 24,660 | $ 17,074 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Reserve Start | 139 | ||||||||||
Restructuring Reserve End | 81 | 4,135 | |||||||||
Q4 FY17 Restructuring Plan [Member] | Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 4,925 | 1,337 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Reserve Start | 139 | ||||||||||
Restructuring Reserve End | 81 | 3,247 | |||||||||
Q4 FY17 Restructuring Plan [Member] | Current Asset Impairments and Other Gross Profit [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | [1] | $ 14,947 | [2] | 13,278 | [1] | |||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Reserve Start | [1] | 0 | |||||||||
Restructuring Reserve End | [1] | 0 | 0 | ||||||||
Q4 FY17 Restructuring Plan [Member] | Site Closures and Non-current Asset Impairments [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Incurred Cost | 2,284 | ||||||||||
Chelmsford Plan [Domain] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 409 | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Reserve Start | 290 | ||||||||||
Restructuring Reserve End | $ 94 | $ 861 | |||||||||
|
Restructuring and Cost Management Plans Q4 FY17 Restructuring Plan Expected Costs (Details) - Q4 FY17 Restructuring Plan [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 29, 2018 |
Jul. 01, 2017 |
Apr. 01, 2017 |
|||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost | $ 24,660 | ||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | $ 24,660 | $ 17,074 | ||||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||||||
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost | 4,925 | ||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 4,925 | 1,337 | ||||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||||||
Site Closures [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost | 1,516 | ||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 1,516 | 627 | ||||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||||||
Current Asset Impairments and Other Gross Profit [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost | [1] | 14,947 | |||||||||
Restructuring and Related Cost, Incurred Cost | 0 | [2] | 14,947 | [1] | 13,278 | [2] | |||||
Restructuring and Related Cost, Expected Cost Remaining | [1] | 0 | |||||||||
Non-Current Asset Impairments [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost | 3,033 | ||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 3,033 | 1,657 | ||||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||||||
Other Restructuring [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost | 239 | ||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | $ 239 | $ 175 | ||||||||
Restructuring and Related Cost, Expected Cost Remaining | $ 0 | ||||||||||
|
Restructuring and Cost Management Plans Q4 FY17 Restructuring Plan Accrual Reconciliation (Details) - Q4 FY17 Restructuring Plan [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 29, 2018 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Mar. 31, 2018 |
|||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring Reserve | $ 81 | $ 4,135 | $ 139 | |||||||||
Restructuring and Related Cost, Incurred Cost | 0 | $ 24,660 | 17,074 | |||||||||
Payments for Restructuring | (58) | (8,505) | ||||||||||
Restructuring Reserve, Settled without Cash | 0 | (12,565) | ||||||||||
Site Closures [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring Reserve | 0 | 888 | 0 | |||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 1,516 | 627 | |||||||||
Payments for Restructuring | 0 | (1,515) | ||||||||||
Restructuring Reserve, Settled without Cash | 0 | 0 | ||||||||||
Current Asset Impairments and Other Gross Profit [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring Reserve | [1] | 0 | 0 | 0 | ||||||||
Restructuring and Related Cost, Incurred Cost | 0 | [1] | 14,947 | [2] | 13,278 | [1] | ||||||
Payments for Restructuring | [1] | 0 | (2,402) | |||||||||
Restructuring Reserve, Settled without Cash | [1] | 0 | (10,876) | |||||||||
Non-Current Asset Impairments [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring Reserve | 0 | 0 | 0 | |||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 3,033 | 1,657 | |||||||||
Cash Receipts For Restructuring | 32 | |||||||||||
Cash receipt for disposal of restructured assets | 0 | |||||||||||
Restructuring Reserve, Settled without Cash | 0 | (1,689) | ||||||||||
Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring Reserve | 0 | 0 | 0 | |||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 239 | 175 | |||||||||
Payments for Restructuring | 0 | (175) | ||||||||||
Restructuring Reserve, Settled without Cash | 0 | 0 | ||||||||||
Employee Severance [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring Reserve | 81 | 3,247 | $ 139 | |||||||||
Restructuring and Related Cost, Incurred Cost | 0 | $ 4,925 | 1,337 | |||||||||
Payments for Restructuring | (58) | (4,445) | ||||||||||
Restructuring Reserve, Settled without Cash | $ 0 | $ 0 | ||||||||||
|
Restructuring and Cost Management Plans Chelmsford Restructuring Plan Accrual (Details) - Chelmsford Plan [Domain] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 29, 2018 |
Apr. 01, 2017 |
Mar. 31, 2018 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 94 | $ 861 | $ 290 |
Payments for Restructuring | (196) | (980) | |
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 409 |
Earnings (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Sep. 30, 2017 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) | $ 16,835 | $ 4,260 | $ 47,978 | $ 7,162 |
Weighted average number of shares - basic | 34,606 | 33,861 | 34,529 | 33,647 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,353 | 1,013 | 1,387 | 1,069 |
Weighted Average Number of Shares Outstanding, Diluted | 35,959 | 34,874 | 35,916 | 34,716 |
Net (loss) income per share - basic | $ 0.49 | $ 0.13 | $ 1.39 | $ 0.21 |
Net (loss) income per share - diluted | $ 0.47 | $ 0.12 | $ 1.34 | $ 0.21 |
Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2017 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Number of shares that are not included in the calculation of diluted net earnings per share | 0.3 | 0.6 |
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