XBRL WorkbookBrought to you by:
|
|
Document And Entity Information
|
9 Months Ended | |
|---|---|---|
|
Oct. 02, 2011
|
Jul. 03, 2011
|
|
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | SMTC CORP | |
| Document Type | 10-Q | |
| Current Fiscal Year End Date | --01-01 | |
| Entity Common Stock, Shares Outstanding | 15,628,426 | |
| Amendment Flag | false | |
| Entity Central Index Key | 0001108320 | |
| Entity Current Reporting Status | Yes | |
| Entity Voluntary Filers | No | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Well-known Seasoned Issuer | No | |
| Document Period End Date | Oct. 02, 2011 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q3 |
| X | ||||||||||
|
- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document.
|
| X | ||||||||||
|
- Definition
End date of current fiscal year in the format --MM-DD.
|
| X | ||||||||||
|
- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
|
| X | ||||||||||
|
- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
|
| X | ||||||||||
|
- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
|
| X | ||||||||||
|
- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, and Other.
|
| X | ||||||||||
|
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument
|
| X | ||||||||||
|
- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
|
| X | ||||||||||
|
- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
|
| X | ||||||||||
|
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
|
| X | ||||||||||
|
- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
|
| X | ||||||||||
|
- Details
|
|
Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands |
Oct. 02, 2011
|
Jan. 02, 2011
|
|---|---|---|
| Current assets: | ||
| Cash | $ 1,603 | $ 933 |
| Accounts receivable—net (note 3) | 29,519 | 35,291 |
| Inventories (note 3) | 52,492 | 42,413 |
| Prepaid expenses | 1,550 | 2,096 |
| [AssetsCurrent] | 85,164 | 80,733 |
| Property, plant and equipment—net (note 3) | 14,617 | 13,891 |
| Deferred financing costs—net (note 3) | 1,035 | 480 |
| Deferred income taxes (note 6) | 3,379 | 3,323 |
| [Assets] | 104,195 | 98,427 |
| Current liabilities: | ||
| Accounts payable | 35,840 | 42,921 |
| Accrued liabilities (note 3) | 10,169 | 9,299 |
| Income taxes payable | 791 | 700 |
| Current portion of long-term debt (note 4) | 4,322 | 3,705 |
| Current portion of capital lease obligations | 1,005 | 928 |
| [LiabilitiesCurrent] | 52,127 | 57,553 |
| Long-term debt (note 4) | 18,669 | 7,086 |
| Capital lease obligations | 1,841 | 959 |
| Shareholders’ equity: | ||
| Capital stock (note 5) | 5,796 | 5,903 |
| Additional paid-in capital | 257,264 | 256,723 |
| Deficit | (231,502) | (229,797) |
| [StockholdersEquity] | 31,558 | 32,829 |
| [LiabilitiesAndStockholdersEquity] | $ 104,195 | $ 98,427 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid within one year (or one operating cycle, if longer) of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net amount of long-term deferred finance costs capitalized at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Oct. 02, 2011
|
Oct. 03, 2010
|
Oct. 02, 2011
|
Oct. 03, 2010
|
|
| Revenue | $ 44,082 | $ 65,381 | $ 149,243 | $ 197,950 |
| Cost of sales | 40,236 | 57,518 | 135,633 | 175,360 |
| Gross profit | 3,846 | 7,863 | 13,610 | 22,590 |
| Selling, general and administrative expenses | 3,693 | 4,737 | 10,611 | 13,115 |
| Loss on extinguishment of debt (note 12) | 300 | 300 | ||
| Loss on derivative financial instruments (note 13) | 125 | 125 | ||
| Restructuring charges (note 9) | 686 | 2,793 | ||
| Operating earnings (loss) | (958) | 3,126 | (219) | 9,475 |
| Interest expense (note 3) | 326 | 436 | 981 | 1,376 |
| Earnings (loss) before income taxes | (1,284) | 2,690 | (1,200) | 8,099 |
| Income tax expense (note 6) | ||||
| Current | 99 | 118 | 462 | 284 |
| Deferred | 73 | (9) | 43 | (10) |
| [IncomeTaxExpenseBenefit] | 172 | 109 | 505 | 274 |
| Net earnings (loss), also being comprehensive income (loss) | $ (1,456) | $ 2,581 | $ (1,705) | $ 7,825 |
| Basic | ||||
| Basic (in Dollars per share) | $ (0.09) | $ 0.17 | $ (0.11) | $ 0.53 |
| Diluted (in Dollars per share) | $ (0.09) | $ 0.16 | $ (0.11) | $ 0.51 |
| Weighted average number of shares outstanding (note 7) | ||||
| Basic (in Shares) | 16,200,575 | 15,049,668 | 16,113,866 | 14,841,673 |
| Diluted (in Shares) | 16,200,575 | 15,745,506 | 16,113,866 | 15,422,228 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues.
|
| X | ||||||||||
|
- Definition
Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (USD $)
In Thousands |
Common Stock [Member]
|
Additional Paid-in Capital [Member]
|
Retained Earnings [Member]
|
Total
|
|---|---|---|---|---|
| Balance at Jan. 03, 2010 | $ 7,093 | $ 253,304 | $ (242,147) | $ 18,250 |
| Stock-based compensation | 139 | 139 | ||
| Conversion of shares from exchangeable to common stock | (1,052) | 1,052 | ||
| Exercise of stock options | 5 | 797 | 802 | |
| Net Income (loss) | 7,825 | 7,825 | ||
| Balance at Oct. 03, 2010 | 6,046 | 255,292 | (234,322) | 27,016 |
| Balance at Jan. 02, 2011 | 5,903 | 256,723 | (229,797) | 32,829 |
| Stock-based compensation | 117 | 117 | ||
| Conversion of shares from exchangeable to common stock | (110) | 110 | ||
| Exercise of stock options | 3 | 314 | 317 | |
| Net Income (loss) | (1,705) | (1,705) | ||
| Balance at Oct. 02, 2011 | $ 5,796 | $ 257,264 | $ (231,502) | $ 31,558 |
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross value of stock issued during the period upon the conversion of convertible securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate. Alternate captions include Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase during the period in capital lease obligations due to entering into new capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Costs and payments related to employee benefits and equity-based compensation, such as pension expense and contributions, other postretirement benefits expense and payments, stock or unit options expense, and amortization of restricted stock or unit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of expenditures made during the current reporting period for benefits that will be received over a period of years. Deferred charges differ from prepaid expenses in that they usually extend over a long period of time and may or may not be regularly recurring costs of operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net increase or decrease in the carrying amount of the debt instrument for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for the obligation for a lease meeting the criteria for capitalization (with maturities exceeding one year or beyond the operating cycle of the entity, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 1 - Nature of the Business
|
9 Months Ended | ||
|---|---|---|---|
|
Oct. 02, 2011
|
|||
| Nature of Operations [Text Block] |
SMTC
Corporation (the “Company”) is a worldwide
provider of advanced electronics manufacturing services to
original equipment manufacturers. The Company services its
customers through manufacturing and technology centers
located in the United States, Canada, Mexico and China. For
the past ten years the Company has had an evolving
manufacturing relationship with Alco Electronics Ltd.
(“Alco”), a Hong Kong-headquartered,
publicly-traded company with large scale manufacturing
operations in China. The Company operates under a
manufacturing agreement with Alco, having established a new
dedicated manufacturing facility in Chang An, China.
Capitalizing on the strengths of both companies, this site
provides the Company’s current and prospective
customers with highly efficient, low cost Asia-based
manufacturing solutions. The facility provides a full suite
of integrated manufacturing services including assembly,
testing, box build, final product integration, and expanded
supply chain capabilities through an international sourcing
and procurement office.
The
unaudited interim consolidated financial statements of the
Company have been prepared in accordance with the accounting
principles and methods of application disclosed in the
audited consolidated financial statements within the
Company’s Form 10-K for the fiscal period ended January
2, 2011, (“Form 10-K”) filed with the Securities
and Exchange Commission (the “SEC”) on March 11,
2011, except as described in Note 2. The accompanying
unaudited interim consolidated financial statements include
adjustments that are, in the opinion of management, necessary
for a fair presentation under generally accepted accounting
principles in the United States (“U.S. GAAP”).
These unaudited interim consolidated financial statements
should be read in conjunction with the Company’s
audited consolidated financial statements for the period
ended January 2, 2011.
|
| X | ||||||||||
|
- Definition
The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 2 - Accounting Changes
|
9 Months Ended | ||
|---|---|---|---|
|
Oct. 02, 2011
|
|||
| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
Accounting
Changes
In
September 2009, the FASB issued ASU No. 2009-13,
“Multiple-Deliverable Revenue Arrangements—a
consensus of the FASB Emerging Issues Task Force” (ASU
2009-13). It updates the existing multiple-element revenue
arrangements guidance currently included under ASC 605,
“Revenue Recognition”. The revised guidance
primarily provides two significant changes: 1) eliminates the
need for objective and reliable evidence of the fair value
for the undelivered element in order for a delivered item to
be treated as a separate unit of accounting, and 2)
eliminates the residual method to allocate the arrangement
consideration. In addition, the guidance also expands the
disclosure requirements for revenue recognition. ASU 2009-13
was effective for the Company on January 3, 2011. The
adoption of this ASU did not have any impact on the
Company’s consolidated financial statements.
Recent
Accounting Pronouncements
In
April 2011, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update No. 2011-04, “Fair
Value Measurement” (Topic 820) — Amendments to
Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs (ASU 20111-04). The
amendments in this ASU change the wording used to describe
many of the requirements in U.S. GAAP for measuring fair
value and for disclosing information about fair value
measurements. For many of the requirements, the FASB does not
intend for the amendments in this ASU to result in a change
in the application of the requirements in Topic 820. Some of
the amendments clarify the FASB’s intent about the
application of existing fair value measurement requirements.
Other amendments change a particular principle or requirement
for measuring fair value or for disclosing information about
fair value measurements. The amendments in this ASU are to be
applied prospectively for interim and annual periods
beginning after December 15, 2011. We are currently
evaluating the impact of our pending adoption of ASU 2011-04
on our consolidated financial statements.
In
June 2011, the FASB issued ASU No. 2011-05,
“Comprehensive Income” (Topic 220) —
Presentation of Comprehensive Income (ASU 2011-05), to
require an entity to present the total of comprehensive
income, the components of net income, and the components of
other comprehensive income either in a single continuous
statement of comprehensive income or in two separate but
consecutive statements. ASU 2011-05 eliminates the option to
present the components of other comprehensive income as part
of the statement of equity. ASU 2011-05 is effective for us
in our first quarter of fiscal 2012 and will be applied
retrospectively. We are currently evaluating the impact of
our pending adoption of ASU 2011-05 on our consolidated
financial statements.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 3 - Consolidated financial statement details
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
The
following consolidated financial statement details are
presented as of the period ended for the consolidated balance
sheets and for the periods ended for each of the consolidated
statements of operations and comprehensive income.
Consolidated
balance sheets
Accounts
receivable – net:
Inventories:
Accrued
liabilities:
Consolidated
statements of operations and comprehensive
income
Interest
expense:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 4 - Long-term debt
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] |
On
September 22, 2011, the Company signed a Revolving Credit and
Security Agreement with PNC Bank, National Association and
its Canadian branch (collectively, “PNC”). This
revolving credit facility (the “PNC Facility”)
replaced the previous revolving loan agreement with Wells
Fargo Capital Finance Corporation (“Wells Fargo”)
and has a term of three years. The Company continues to have
a term debt facility with Export Development Canada
(“EDC”, and the “EDC Facility”), and
on September 22, 2011 signed an amendment to its agreement
with EDC to accommodate the change in revolving credit
lender, but is otherwise largely unchanged from the existing
agreement.
The
maximum amount of funds available under the PNC Facility is
$45 million. Availability under the revolving credit facility
is subject to certain borrowing base conditions based on the
eligible inventory and accounts receivable. Advances
made under the revolving credit facility will bear interest
at the base commercial lending rate of PNC in the respective
country, which should approximate prime rate. The EDC
Facility bears interest at LIBOR plus 2.5% to 3.5% depending
on the achievement of financial performance levels as
specified in the amended debt agreement.
The
Company incurred costs of $997 in 2011 related to the PNC
Facility and the amended EDC Facility. These costs were
recorded as a non-current deferred charge and are being
amortized over the terms of the respective debt
agreements.
Remaining
principal repayments of the term loan to EDC consist of two
quarterly installment of $1,235, followed by six quarterly
installments of $926 until the maturity date of August 13,
2013.
The
PNC Facility and EDC Facility are jointly and severally
guaranteed by the Company and secured by the assets and
capital stock of each of the Company’s subsidiaries and
its future subsidiaries.
The
Company is required to use a “lock-box”
arrangement, whereby remittances from customers are swept
daily to reduce the borrowings under the revolving credit
facilities.
At
October 2, 2011 there was a Canadian dollar denominated debt
balance of $1,319 million. At January 2, 2011, there was a
Canadian dollar denominated cash balance of $78, which was
classified as an offset to debt balances as it was used to
reduce the outstanding revolving credit facilities.
The
Company is in compliance with the financial covenants
included in the PNC Facility and the EDC Facility as at
October 2, 2011. Management believes that the Company will be
in compliance with these covenants for the foreseeable
future. Accordingly, the outstanding balances under the
lending agreements continue to be classified as long-term.
Continued compliance with its covenants, however, is
dependent on the Company achieving certain forecasts. While
management is confident in its plans, market conditions have
been difficult to predict and there is no assurance that the
Company will achieve its forecasts. In the event of
non-compliance, the Company’s lenders have the right to
demand repayment of the amounts outstanding under the lending
agreements or pursue other remedies or, if the Company can
reach an agreement with its lenders to amend or waive the
financial covenants.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 5 - Capital stock
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note Disclosure [Text Block] |
Common
shares
Authorized
share capital:
The
authorized share capital of the Company at October 2, 2011
and January 2, 2011 consisted of:
Issued
and outstanding:
The
issued and outstanding number of common shares included in
shareholders’ equity consisted of the following as of
October 2, 2011:
Exchangeable
shares:
Exchangeable
shares of SMTC Manufacturing Corporation of Canada
(“SMTC Canada”), an indirect subsidiary of the
Company, can be exchanged on a one-for-one basis for one
share of the common stock of the Company. Each exchangeable
share of SMTC Canada, as nearly as practicable, is intended
to be the economic equivalent of a share of common stock of
the Company and holders of the exchangeable shares of SMTC
Canada are able to exercise essentially the same voting
rights with respect to the Company as they would have if they
had exchanged their exchangeable shares of SMTC Canada for
common stock of the Company. Upon the earlier of July 27,
2015, or the number of outstanding exchangeable shares
falling below 500,000, subject to certain adjustment and
acceleration provisions, SMTC Canada will have the right to
redeem all of the outstanding exchangeable shares by
delivering common shares of the Company on a one-for-one
basis.
For
information regarding the Company’s stock option
arrangements, see Note 6 of Form 10-K. 547,000 stock options
were granted during the three and nine month periods ended
October 2, 2011. The Company generally issues new shares when
options are exercised. A summary of stock option activity for
the nine month period ended October 2, 2011 is as
follows:
The
following weighted average assumptions were used in
calculating the estimated fair value of options granted in
the period used to compute stock-based compensation
expenses:
During
the three month periods ended October 2, 2011 and October 3,
2010, the Company recorded stock-based compensation expense
and a corresponding increase in additional paid-in capital of
$27 and $42, respectively. For the nine month periods ended
October 2, 2011 and October 3, 2010, the Company recorded
stock-based compensation expense and a corresponding increase
in additional paid-in capital of $117 and $139, respectively.
At October 2, 2011, compensation expense of $484 related to
non-vested stock options had not been recognized.
Deferred
share units
In
previous periods, Deferred Share Units were granted to
directors and the former Chief Executive Officer of the
Company as remuneration. No deferred share units were granted
in the three or nine months ended October 2, 2011 or October
3, 2010. As at January 2, 2011, 46,688 deferred share units
were outstanding, and none as at October 2, 2011. Cash
payments of $128 were made for 46,688 deferred share units
during the nine months ended October 2, 2011. There were no
cash payments made during the three months ended October 2,
2011, or the three and nine months ended October 3,
2010.
Deferred
Share Unit compensation recovery for the three and nine
months ended October 2, 2011 was nil and $21, respectively,
compared to expense of $175 and $726 for the three and nine
months ended October 3, 2010, reflecting mark-to-market
adjustments. There will be no further
Deferred Share Unit compensation recoveries or expenses since
there are no deferred share units outstanding.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 6 - Income taxes
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Text Block] |
6. Income
taxes
During
the three months ended October 2, 2011 and October 3, 2010,
respectively, the Company recorded a net income tax expense
of $172 and $109, primarily related to minimum taxes and
taxes on profits in certain jurisdictions, combined with
foreign exchange revaluation. During the nine months ended
October 2, 2011 and October 3, 2010, respectively, the
Company recorded a net income tax expense of $505 and $274,
primarily related to minimum taxes and taxes on profits in
certain jurisdictions, combined with foreign exchange
revaluation.
At
January 2, 2011, the Company had total net operating loss
(“NOL”) carry forwards of $101,311, which will
expire in the years presented below:
At
October 2, 2011 and January 2, 2011, the Company had gross
unrecognized tax benefits of $315 and $330, respectively,
which if recognized, would favorably impact the
Company’s effective tax rate in future periods. The
change during the period relates to foreign exchange
revaluation of existing uncertain tax positions. The Company
does not expect any of these unrecognized tax benefits to
reverse in the next twelve months.
Tax
years 2003 to 2010 remain open for review by tax authorities
in Canada. Tax years 2004 and 2006 to 2010 remain open for
review by tax authorities in the United States.
The
Company accounts for interest and penalties related to
unrecognized tax benefits in income tax expense based on the
likelihood of the event and its ability to reasonably
estimate such amounts. The Company has approximately $237 and
$225 accrued for interest and penalties as of October 2, 2011
and January 2, 2011, respectively. The change is primarily
due to the recording of incremental interest on existing
uncertain positions for the period and foreign exchange
revaluation.
In
assessing the realization of deferred tax assets, management
considers whether it is more likely than not that some
portion or all of its deferred tax assets will not be
realized. The ultimate realization of deferred tax assets is
dependent upon the generation of future taxable income.
Management considers the scheduled reversal of deferred tax
liabilities, change of control limitations, projected future
taxable income and tax planning strategies in making this
assessment. Guidance under Accounting Standards Codification
(“ASC”) 740, “Income Taxes”,
(“ASC 740”) states that forming a conclusion that
a valuation allowance is not needed is difficult when there
is negative evidence, such as cumulative losses in recent
years in the jurisdictions to which the deferred tax assets
relate. At the end of the second quarter of 2003, the Company
concluded that given the weakness and uncertainty in the
economic environment at that time, it was appropriate to
establish a full valuation allowance for the deferred tax
assets. Commencing in 2004, it was determined by management
that it was more likely than not that the deferred tax assets
associated with the Mexican jurisdiction would be realized
and no valuation allowance has been recorded against these
deferred tax assets since 2004. In 2010, it was
determined by management that it was more likely than not
that certain deferred tax assets associated with the U.S.
jurisdiction would be realized and no valuation allowance has
been recorded against these deferred tax assets. The Canadian
jurisdiction continues to have a full valuation allowance
recorded against the deferred tax assets.
|
| X | ||||||||||
|
- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 7 - Earnings per common share
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Text Block] |
7. Earnings per
common share
The
following table details the weighted average number of common
shares outstanding for the purposes of computing basic and
diluted earnings per common share for the following
periods:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 8 - Segmented information
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Disclosure [Text Block] |
The
Company derives its revenue from one industry segment, the
electronics manufacturing services industry. The Company is
operated and managed geographically and has facilities in the
United States, Canada, Mexico and Asia. The Company monitors
the performance of its geographic operating segments based on
adjusted EBITDA (earnings before restructuring charges, loss
on extinguishment of debt, loss on derivative financial
instruments, interest, taxes, depreciation and amortization).
Intersegment adjustments reflect intersegment sales that are
generally recorded at prices that approximate
arm’s-length transactions. In assessing the performance
of the operating segments management attributes revenue to
the operating segment which ships the product to the
customer. In previous quarters, the segment measure of
profitability previously reported on was adjusted EBITA
(earnings before restructuring charges, loss on
extinguishment of debt, loss on derivative financial
instruments, interest, taxes and amortization). The measure
was changed to conform to the measure used in the
Company’s quarterly results press release and analyst
call, and to provide a more cash-flow based measure of
performance that the chief operating decision makers use in
evaluating the business. Information for prior periods has
been restated to reflect the updated measure. Information
about the operating segments is as follows:
Additions
to Property, Plant and Equipment
The
following table contains additions, including those acquired
through capital leases, to property, plant and equipment for
the three and nine months ended October 2, 2011 and October
3, 2010:
Long-lived
assets (a)
Geographic
revenues
The
following table contains geographic revenues based on the
product shipment destination, for the three and nine months
ended October 2, 2011 and October 3, 2010:
Significant
customers and concentration of credit risk:
Sales
of the Company’s products are concentrated in certain
cases among specific customers in the same industry. The
Company is subject to concentrations of credit risk in trade
receivables. The Company considers concentrations of credit
risk in establishing the allowance for doubtful accounts and
believes the recorded allowances are adequate.
The
Company expects to continue to depend upon a relatively small
number of customers for a significant percentage of its
revenue. In addition to having a limited number of customers,
the Company manufactures a limited number of products for
each customer. If the Company loses any of its larger
customers or any product line manufactured for one of its
larger customers, it could experience a significant reduction
in revenue. Also, the insolvency of one or more of its larger
customers or the inability of one or more of its larger
customers to pay for its orders could decrease revenue. As
many costs and operating expenses are relatively fixed, a
reduction in net revenue can decrease profit margins and
adversely affect the business, financial condition and
results of operations.
During
the three months ended October 2, 2011, four customers
individually comprised 22.5%, 11.6%, 11.0% and 10.4% (October
3, 2010– three customers 16.7%, 15.9% and 13.9%) of
total revenue from continuing operations across all
geographic segments. During the nine months ended October 2,
2011 four customers individually comprised 17.7%, 12.2%,
11.9% and 10.3% (October 3, 2010 – 16.5%, 14.9%, 13.4%
and 13.4% ) of total revenue from continuing
operations across all geographic segments. As of
October 2, 2011, these customers represented 18%, 13%, 8% and
3%, respectively, (January 2, 2011, 8%, 4%, 10% and 5%,
respectively) of the Company’s trade accounts
receivable.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 9 - Restructuring charges
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities Disclosure [Text Block] |
During
the first quarter of 2011 the Company began executing its
2011 Plan to streamline operations in response to reductions
in forecasted revenues. The Company recorded
restructuring charges of $364, consisting of severance costs
of $205 at the Mexico facility and $159 at the Markham
facility. The Company reduced staff levels by approximately
120 full-time equivalents (FTEs) in Mexico and 40 FTEs in
Canada. In the second quarter of 2011, the Company continued
its 2011 Plan and recorded additional restructuring charges
of $1,743, consisting of severance costs of $408 at the
Mexico facility, $427 at the Markham facility and $908 in the
Corporate office. Staff levels were reduced by approximately
120 FTEs in Mexico and 70 FTEs in Canada. In the third
quarter of 2011, the Company continued its 2011 Plan and
recorded additional restructuring charges of $686, consisting
of severance costs of $186 at the San Jose/ZF facilities, $24
at the Mexico facility, $207 at the Markham facility and $269
in the Corporate office. Staff levels were reduced by
approximately an additional 13 FTEs in the United States, 1
FTE in Mexico and 40 FTEs in Canada.
The
following table details the change in restructuring accrual
for the nine months ended October 2, 2011, relating to the
2011 Plan:
Remaining
accrued amounts relating to the 2011 Plan consist of
severance payments of $186 in the United States, $33 in
Mexico and $1,148 in Canada that are expected to be paid out
by the end of fiscal 2012 through a drawdown on the revolving
credit facilities.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 10 - Commitments and contingencies
|
9 Months Ended | ||
|---|---|---|---|
|
Oct. 02, 2011
|
|||
| Commitments and Contingencies Disclosure [Text Block] |
In
the normal course of business, the Company may be subject to
litigation and claims from customers, suppliers and former
employees. Management believes that adequate provisions have
been recorded in the financial statements, as required.
Although it is not possible to estimate the extent of
potential costs, if any, management believes that ultimate
resolution of such contingencies would not have a material
adverse effect on the financial position, results of
operations and cash flows of the Company.
|
| X | ||||||||||
|
- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 11 - Business combinations
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 02, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination Disclosure [Text Block] |
On
August 31, 2011, the Company completed its acquisition of
100% of the outstanding common shares of ZF Array Technology,
Incorporated (“ZF Array”), a privately held
electronics manufacturing services provider based in San
Jose, California. The acquisition increases manufacturing and
engineering capabilities in the region and diversifies the
revenue base. In accordance with ASC Topic 805, this
acquisition was accounted for as a business
combination.
The
results of ZF Array’s operations were included in the
Company’s consolidated financial results beginning on
September 1, 2011.
The
Company paid $4 million in cash and accrued $2.4 million upon
acquisition for contingent consideration. Contingent
consideration is based on financial performance of the
acquired company’s operations for a 24-month period
following the acquisition date, to a maximum of $2.4
million.
Acquisition
related costs for the period ended October 2, 2011 were $15,
included in Selling, General and Administrative expenses on
the consolidated statement of operations.
The
recognized amounts of identifiable assets acquired and
liabilities assumed, based upon preliminary estimates of fair
values as of August 31, 2011 are set out below:
Current
assets include trade receivable balances with a fair value of
$3,899, the entirety of which is expected by management to be
collectable. Due to the timing of the transaction,
the fair values of inventory, intangible assets, and accrued
liabilities are currently being assessed.
Gain
on bargain purchase of $22 was recorded against Selling,
General and Administrative expenses for the three month
period ended October 2, 2011, a result of the absence of
intangible assets identified during the preliminary estimates
of fair value.
The
amount of ZF Array’s revenue and net income included in
the Company’s consolidated statements of operations for
the three month period ended October 2, 2011, and the
unaudited pro forma revenue and net income of the combined
entity had the acquisition date been consummated as of
January 4, 2010, are set forth below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 12 - Loss on extinguishment of debt
|
9 Months Ended | ||
|---|---|---|---|
|
Oct. 02, 2011
|
|||
| Schedule of Extinguishment of Debt [Table Text Block] |
Upon
the repayment of the Company’s previous credit facility
with Wells Fargo during the third quarter of 2011, the
Company recorded a non-cash charge to write off the remaining
unamortized deferred financing costs related to the
extinguished revolving credit facility of $300.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 13 - Derivative financial instruments
|
9 Months Ended | ||
|---|---|---|---|
|
Oct. 02, 2011
|
|||
| Derivative Instruments and Hedging Activities Disclosure [Text Block] |
During
the three months ended October 2, 2011 the Company entered
into forward foreign exchange contracts to reduce its
exposure to foreign exchange currency rate changes related to
forecasted Canadian dollar denominated payroll, rent and
utility cash flows in the remainder of fiscal 2011 and the
first quarter of 2012. These contracts were effective as
hedges from an economic perspective, but were not designated
as hedges for accounting purposes under ASC 815. Accordingly,
changes in the fair value of these contracts were recognized
in the consolidated statement of operations and comprehensive
income. The Company does not enter into forward foreign
exchange contracts for trading or speculative
purposes.
As
of October 2, 2011, forward foreign exchange contracts with
an aggregate exercise value of $7,037 were outstanding, and
are to be settled between November 30, 2011 and January 31,
2012 at an average forward rate of USD $1.00 = CAD $1.031.
The unrealized loss recognized in earnings as a result of
revaluing the instruments to fair value on October 2, 2011
was $125 which was included in loss on derivative financial
instruments in the statement of operations and comprehensive
income and accrued liabilities on the balance sheet. Fair
value was determined using the market approach with quoted
prices in active markets for identical assets.
|
| X | ||||||||||
|
- Definition
The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|