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Note 7 - Restructuring charges
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Dec. 30, 2012
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| Restructuring and Related Activities Disclosure [Text Block] |
Fiscal
2012 charges:
During
the first quarter of 2012 the Company executed its 2012 Plan
to combine the operations of the San Jose and ZF Array
Technologies (“ZF Array”) facilities into one
facility. The Company recorded restructuring
charges of $451, consisting of severance costs of $196 and
facility exit costs of $255. Staff levels were reduced by
approximately 16 full-time equivalents
(“FTEs”).
During
the fourth quarter of 2012, the Company announced that the
closure of the Markham facility will occur in the second
quarter of 2013 and recorded severance restructuring charges
of $1,729, impacting approximately 197 FTEs.
The
following table details the change in restructuring accrual
for the period from January 2, 2012 to December 30, 2012,
relating to the 2012 Plan:
Remaining
accrued amounts relating to the 2012 Plan in the United
States and Markham are expected to be paid out by the end of
the first quarter of 2014 through a drawdown on the revolving
credit facilities.
Fiscal
2011 charges:
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 FTE’s 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 and ZF Array
Technologies (“ZF Array”) facilities reflecting
the integration of the two businesses, $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. In the fourth quarter of 2011,
severance expense of $82 at the San Jose and ZF Array
facilities, and of $33 at the Mexico facility, was reversed
as the Company delayed its integration process.
The
following table details original charges, payments and
adjustments and the related amounts included in accrued
liabilities relating to the 2011 Plan:
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