Annual report pursuant to Section 13 and 15(d)

Note 3 - Consolidated Financial Statement Details

v2.4.0.6
Note 3 - Consolidated Financial Statement Details
 12 Months Ended
Dec. 30, 2012
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
 3.      Consolidated financial statement details

The following consolidated financial statement details are presented as of the period end dates indicated for the consolidated balance sheets and for each of the periods indicated for the consolidated statements of operations and comprehensive income.

Consolidated balance sheets

Accounts receivable—net:

   
December 30, 
2012
   
January 1,
2012
 
Accounts receivable
  $ 36,506     $ 37,959  
Taxes receivable
    —       —  
Allowance for doubtful accounts
    (205 )     (55 )
Accounts receivable—net
  $ 36,301     $ 37,904  

Inventories:

   
December 30,
2012
   
January 1,
2012
 
Raw materials
  $ 39,714     $ 37,438  
Work in process
    9,717       9,716  
Finished goods
    3,894       4,047  
Parts
    1,481       1,447  
Inventories
  $ 54,806     $ 52,648  

Property, plant and equipment—net:

   
December 30,
2012
   
January 1,
2012
 
Cost:
           
Land
  $ 1,648     $ 1,648  
Buildings
    9,878       9,878  
Machinery and equipment (a)
    41,050       35,743  
Office furniture and equipment
    2,770       2,417  
Computer hardware and software (b)
    10,226       9,365  
Leasehold improvements
    3,967       3,275  
      69,539       62,326  
Less accumulated depreciation:
               
Land
    —       —  
Buildings
    (6,303 )     (5,795 )
Machinery and equipment (a)
    (28,931 )     (26,833 )
Office furniture and equipment
    (2,414 )     (2,350 )
Computer hardware and software (b)
    (9,342 )     (9,001 )
Leasehold improvements (c)
    (3,139 )     (2,992 )
      (50,129 )     (46,971 )
Property, plant and equipment—net
  $ 19,410     $ 15,355  

(a)
Included within machinery and equipment were assets under capital leases with costs of $5,114 and $5,569, and associated accumulated depreciation of $1,038 and $1,088 as of December 30, 2012 and January 1, 2012, respectively. The related depreciation expense for the periods ended December 30, 2012, January 1, 2012 and January 2, 2011 were $598, $627 and $960, respectively. During the period ended December 30, 2012, the Company assumed ownership of machinery and equipment formerly under capital lease with cost of $1,004 and accumulated depreciation of $660, upon conclusion of the capital lease terms. Nominal consideration was paid for these assets. These assets were reclassified to owned machinery and equipment on a prospective basis.

(b)
At December 30, 2012, included within computer hardware and software were assets under capital leases with costs of $400 and associated accumulated depreciation of $122. During the period ended December 30, 2012, the Company assumed ownership of these assets formerly under capital lease, which were fully depreciated upon conclusion of the capital lease terms. Nominal consideration was paid for these assets. The related depreciation expense for the periods ended December 30, 2012, January 1, 2012 and January 2, 2011 was $122, $43 and $88, respectively.

(c)
Included within leasehold improvements were assets under capital leases with costs of $73, and associated accumulated depreciation of $12 as of December 30, 2012. The related depreciation expense for the period ended December 30, 2012 was $12. There were no leasehold improvements under capital lease for the periods ended January 1, 2012 or January 2, 2011.

Deferred financing costs – net:

   
December 30,
2012
   
January 1,
2012
 
Deferred financing costs
  $ 1,396     $ 1,356  
Accumulated amortization
    (832 )     (440 )
    $ 564     $ 916  

Accrued liabilities:

   
December 30,
2012
   
January 1,
2012
 
Customer related
  $ 1,374     $ 1,892  
Payroll
    3,968       3,169  
Professional services
    597       485  
Restructuring (note 7)
    1,727       915  
Vendor related
    95       722  
Miscellaneous taxes
    45       108  
Acquisition related (note 15)
    785       2,400  
Other
    629       473  
Accrued liabilities
  $ 9,220     $ 10,164  

Consolidated statements of operations and comprehensive income

Interest expense:

   
Period ended
December 30, 2012
   
Period ended
January 1, 2012
   
Period ended
January 2, 2011
 
Long-term debt
  $ 170     $ 287     $ 430  
Revolving credit facility   $ 1,537     $ 994     $ 1,212  
Obligations under capital leases
    250       187       55  
Interest expense
  $ 1,957     $ 1,468     $ 1,697