Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Interim Consolidated Financial Statement Details

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Note 3 - Interim Consolidated Financial Statement Details
 3 Months Ended
Apr. 03, 2016
Notes to Financial Statements  
Condensed Financial Statements [Text Block]
3
.
Interim Consolidated financial statement details
 
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 loss.
 
Consolidated Balance Sheets
 
Restricted cash
 
 
 
April
3,
2016
 
 
January 3,
2016
 
Restricted cash
  $ 695     $ 805  
 
Restricted cash pertains to deposits which have been guaranteed to a government agency pertaining to estimated value added taxes (VAT) on imported raw materials inventory in Suzhou, China. Cash is generally restricted for a contractual term of 12 months or less and is released when the finished goods are exported or the expected imported raw materials are cancelled.
 
 
Accounts receivable – net:
 
 
 
April 3,
2016
 
 
January 3,
2016
 
Trade accounts receivable
   $ 25,942     $ 28,797  
Other receivables
     1,055       1,347  
Allowance for doubtful accounts
     (246
)
     (259
)
Accounts receivable—net
   $ 26,751     $ 29,885  
 
Inventories:
 
 
 
April 3
,
2016
 
 
January 3, 2016
 
Raw materials
   $ 17,911     $ 19,385  
Work in process
     2,254       1,416  
Finished goods
     4,681       4,400  
Parts
     574       676  
Inventories
   $ 25,420     $ 25,877  
 
Inventories are recorded net of a provision for obsolescence as at April 3, 2016 and January 3, 2016 of $816 and $673 respectively.
 
Property, plant and equipment – net:
 
 
 
April 3,
2016
 
 
January 3, 2016
 
Cost:
                
Land
   $ 1,648     $ 1,648  
Buildings
     9,852       9,852  
Machinery and equipment (a)
     31,058       30,707  
Office furniture and equipment
     637       599  
Computer hardware and software (b)
     3,463       3,447  
Leasehold improvements
    3,303       3,232  
      49,961       49,485  
Less accumulated depreciation:
               
Land
     —       —  
Buildings
     (7,834
)
     (7,719
)
Machinery and equipment (a)
     (20,870
)
     (20,347
)
Office furniture and equipment
     (508
)
     (496
)
Computer hardware and software (b)
     (2,454
)
     (2,284
)
Leasehold improvements
    (2,283
)
     (2,196
)
      (33,949
)
     (33,042
)
Property, plant and equipment—net
   $ 16,012     $ 16,443  
 
(a)
Included within machinery and equipment were assets under capital leases with costs of $1,660 and $2,528 and associated accumulated depreciation of $435 and $865 as of April 3, 2016 and January 3, 2016, respectively. The related depreciation expense for the three months ended April 3, 2016 and March 29, 2015 was $80 and $124, respectively.
   
(b)
Included within computer hardware and software are assets under capital leases with costs of $119 as at April 3, 2016 and January 3, 2016 and associated accumulated depreciation of $96 and $86 as at April 3, 2016 and January 3, 2016, respectively. The related depreciation expense for the three months ended April 3, 2016 and March 29, 2015 was $10 and $19, respectively.
 
 
Accrued liabilities: 
 
 
 
April 3,
2016
 
 
January 3, 2016
 
Customer related
   $ 917     $ 1,852  
Payroll
     2,441       2,649  
Professional services
     268       367  
Restructuring
     156       —  
Vendor related
     350       383  
Other
     229       311  
Accrued liabilities
   $ 4,361     $ 5,562  
 
 
Consolidated Statements of Operations and Comprehensive Income (Loss)
 
Interest expense:
 
 
 
Three months ended
 
 
 
April ,
2016
 
 
March 29,
2015
 
Revolving credit facility
     166       260  
Long-term debt
     39       —  
Amortization of deferred financing fees
     9       8  
Obligations under capital leases
     17       42  
Interest expense
   $ 231     $ 310