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Note 7 - Restructuring charges
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Jan. 01, 2012
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| Restructuring and Related Activities Disclosure [Text Block] |
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 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 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:
Remaining
accrued amounts relating to the 2011 Plan consist of
severance payments of $104 in the United States and $811 in
Canada that are expected to be paid out by the end of fiscal
2012 through a drawdown on the revolving credit
facilities.
Fiscal
2009 charges and recoveries:
In
2009, the Company reduced staff levels in response to
expected lower revenues resulting from the global economic
recession (the “2009 Plan”). In the
first quarter of 2009, the Company recorded restructuring
charges of $815, consisting of severance charges of $445 in
the Mexican facility, $337 in the Canadian facility, and $33
in the U.S. facilities, reflecting a reduction of staff
levels by approximately 160. In the second quarter of 2009,
the Company recorded a restructuring recovery of $32
consisting of a recovery of severances.
The
following table details original charges, payments and
adjustments and the related amounts included in accrued
liabilities relating to the 2009 Plan:
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