Note 14 - Lease Financing Obligations

9 Months Ended

Dec. 28, 2014

Disclosure Text Block Supplement [Abstract]

Debt and Capital Leases Disclosures [Text Block]

NOTE 14. LEASE FINANCING OBLIGATIONS

We have acquired engineering design tools (“Design Tools”) under capital leases. We acquired Design Tools of $4.4 million in October 2014 under a three-year license with a prepayment of $1.5 million for the first year license, $0.9 million in July 2012 under a three-year license, $4.5 million in December 2011 under a three-year license and $5.8 million in October 2011 under a three-year license all of which were accounted for as capital leases and recorded in the property, plant and equipment, net line item in the condensed consolidated balance sheets. The obligations related to the Design Tools were included in other current liabilities and long-term lease financing obligations in our condensed consolidated balance sheets as of December 28, 2014 and March 30, 2014, respectively. The effective interest rates for the Design Tools range from 2.0% to 7.25%.

Amortization expense related to the Design Tools, which was recorded using the straight-line method over the remaining useful life for the periods indicated below, was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	December 28, 2014		December 29, 2013		December 28, 2014		December 29, 2013
Amortization expense	$	848	$	800	$	2,448	$	2,494

Future minimum lease and sublease income payments for the lease financing obligations as of December 28, 2014 are as follows (in thousands):

Fiscal Years	Design Tools
2015 (3 months remaining)	$	1,323
2016		1,583
2017		1,534
2018		6
Total minimum lease payments		4,446
Less: amount representing interest		130
Present value of minimum lease payments		4,316
Less: short-term lease financing obligations		2,837
Long-term lease financing obligations	$	1,479

Interest expense for the lease financing obligation for the periods indicated below was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	December 28, 2014		December 29, 2013		December 28, 2014		December 29, 2013
Interest expense	$	37	$	39	$	115	$	115

In the course of our business, we enter into arrangements accounted for as operating leases related to rental of office space. Rent expenses for all operating leases for the periods indicated below were as follows (in thousands):

	Three Months Ended				Nine Months Ended
	December 28, 2014		December 29, 2013		December 28, 2014		December 29, 2013
Rent expense	$	266	$	229	$	1,162	$	658

Our future minimum lease payments for the lease operating obligations as of December 28, 2014 are as follows (in thousands):

Fiscal Years	Facilities
2015 (3 months remaining)	$	252
2016		775
2017		214
Total minimum lease payments	$	1,241