2015 Q1 Form 10-Q Financial Statement

#000005697815000060 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q3 2014 Q1
Revenue $145.2M $194.7M $114.2M
YoY Change 27.16% 12.17% 7.63%
Cost Of Revenue $76.66M $102.4M $56.53M
YoY Change 35.59% 10.23% -1.32%
Gross Profit $68.57M $92.36M $57.67M
YoY Change 18.9% 14.47% 18.13%
Gross Profit Margin 47.22% 47.43% 50.5%
Selling, General & Admin $35.61M $32.10M $28.24M
YoY Change 26.11% 4.22% -0.66%
% of Gross Profit 51.93% 34.76% 48.96%
Research & Development $23.17M $22.80M $19.33M
YoY Change 19.9% 48.05% 58.32%
% of Gross Profit 33.79% 24.69% 33.51%
Depreciation & Amortization $2.261M $3.500M $2.164M
YoY Change 4.48% -16.67% -10.13%
% of Gross Profit 3.3% 3.79% 3.75%
Operating Expenses $58.78M $54.80M $47.56M
YoY Change 23.59% 18.61% 17.06%
Operating Profit $9.791M $37.50M $10.11M
YoY Change -3.16% 8.55% 23.46%
Interest Expense $316.0K $0.00 $297.0K
YoY Change 6.4% -100.0% 29600.0%
% of Operating Profit 3.23% 0.0% 2.94%
Other Income/Expense, Net
YoY Change
Pretax Income $9.928M $37.50M $10.16M
YoY Change -2.25% 7.76% 21.25%
Income Tax $1.997M $8.241M $1.087M
% Of Pretax Income 20.11% 21.98% 10.7%
Net Earnings $7.931M $29.26M $9.070M
YoY Change -12.56% -0.92% 23.64%
Net Earnings / Revenue 5.46% 15.03% 7.94%
Basic Earnings Per Share $0.10 $0.38 $0.12
Diluted Earnings Per Share $0.10 $0.38 $0.12
COMMON SHARES
Basic Shares Outstanding 76.82M shares 76.66M shares 76.40M shares
Diluted Shares Outstanding 77.57M shares 77.93M shares 77.02M shares

Balance Sheet

Concept 2015 Q1 2014 Q3 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $528.8M $597.1M $596.3M
YoY Change -11.32% 13.73% 19.59%
Cash & Equivalents $527.1M $588.0M $587.1M
Short-Term Investments $1.600M $9.100M $9.200M
Other Short-Term Assets $19.30M $19.40M $23.00M
YoY Change -16.09% -31.93% 4.55%
Inventory $76.53M $49.69M $43.62M
Prepaid Expenses
Receivables $149.4M $171.5M $97.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $774.0M $837.7M $760.2M
YoY Change 1.81% 11.04% 11.24%
LONG-TERM ASSETS
Property, Plant & Equipment $52.15M $52.76M $53.43M
YoY Change -2.4% 10.97% 100.87%
Goodwill $81.27M $41.55M $41.55M
YoY Change 95.62% 0.0%
Intangibles $63.28M $5.891M $8.550M
YoY Change 640.11% -47.44%
Long-Term Investments
YoY Change
Other Assets $6.599M $6.565M $8.321M
YoY Change -20.69% -21.0% -24.35%
Total Long-Term Assets $203.3M $106.8M $111.8M
YoY Change 81.76% -1.7% 17.74%
TOTAL ASSETS
Total Short-Term Assets $774.0M $837.7M $760.2M
Total Long-Term Assets $203.3M $106.8M $111.8M
Total Assets $977.3M $944.4M $872.0M
YoY Change 12.07% 9.44% 12.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.69M $35.13M $38.29M
YoY Change 32.4% -5.13% 45.03%
Accrued Expenses $23.60M $24.50M $16.50M
YoY Change 43.03% 2.51% -45.54%
Deferred Revenue
YoY Change
Short-Term Debt $837.0K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.78M $81.35M $72.25M
YoY Change 33.95% 5.1% 3.06%
LONG-TERM LIABILITIES
Long-Term Debt $17.50M $19.10M $19.60M
YoY Change -10.71% -1.55%
Other Long-Term Liabilities $11.28M $9.790M $8.830M
YoY Change 27.75% 10.97% -1.89%
Total Long-Term Liabilities $11.28M $9.790M $8.830M
YoY Change 27.75% 10.97% -1.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.78M $81.35M $72.25M
Total Long-Term Liabilities $11.28M $9.790M $8.830M
Total Liabilities $177.0M $155.2M $141.9M
YoY Change 24.75% 6.07% 21.08%
SHAREHOLDERS EQUITY
Retained Earnings $370.6M $352.2M $299.0M
YoY Change 23.96% 21.78%
Common Stock $485.8M $479.1M $474.2M
YoY Change 2.45% 2.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $57.21M $46.98M $46.36M
YoY Change 23.41% 1.35%
Treasury Stock Shares 5.753M shares 4.998M shares 4.954M shares
Shareholders Equity $800.2M $786.6M $730.1M
YoY Change
Total Liabilities & Shareholders Equity $977.3M $944.4M $872.0M
YoY Change 12.07% 9.44% 12.03%

Cashflow Statement

Concept 2015 Q1 2014 Q3 2014 Q1
OPERATING ACTIVITIES
Net Income $7.931M $29.26M $9.070M
YoY Change -12.56% -0.92% 23.64%
Depreciation, Depletion And Amortization $2.261M $3.500M $2.164M
YoY Change 4.48% -16.67% -10.13%
Cash From Operating Activities $2.200M -$1.700M $41.10M
YoY Change -94.65% -106.39% -2517.65%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$800.0K -$2.000M
YoY Change 20.0% -92.86% 11.11%
Acquisitions
YoY Change
Other Investing Activities -$84.10M -$6.400M -$2.600M
YoY Change 3134.62% 100.0% -131.71%
Cash From Investing Activities -$86.40M -$7.300M -$4.600M
YoY Change 1778.26% -49.66% -171.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.00M -400.0K 200.0K
YoY Change -5600.0% -150.0% -33.33%
NET CHANGE
Cash From Operating Activities 2.200M -1.700M 41.10M
Cash From Investing Activities -86.40M -7.300M -4.600M
Cash From Financing Activities -11.00M -400.0K 200.0K
Net Change In Cash -95.20M -9.400M 36.70M
YoY Change -359.4% -172.87% 634.0%
FREE CASH FLOW
Cash From Operating Activities $2.200M -$1.700M $41.10M
Capital Expenditures -$2.400M -$800.0K -$2.000M
Free Cash Flow $4.600M -$900.0K $43.10M
YoY Change -89.33% -102.38% 43000.0%

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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-98000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-246000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.123
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.183
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
6082000 USD
CY2014Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
21498000 USD
CY2015Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19993000 USD
CY2015Q1 us-gaap Escrow Deposit
EscrowDeposit
14600000 USD
CY2015Q1 us-gaap Escrow Deposit
EscrowDeposit
12000000 EUR
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5807000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6086000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6661000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
63279000 USD
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
159000 USD
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
1973000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-30000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
CY2014Q3 us-gaap Goodwill
Goodwill
41546000 USD
CY2015Q1 us-gaap Goodwill
Goodwill
81272000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
39726000 USD
CY2014Q1 us-gaap Gross Profit
GrossProfit
57672000 USD
us-gaap Gross Profit
GrossProfit
96037000 USD
CY2015Q1 us-gaap Gross Profit
GrossProfit
68570000 USD
us-gaap Gross Profit
GrossProfit
123304000 USD
CY2013Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
3400000 SGD
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10157000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8109000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9928000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19613000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1087000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
996000 USD
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1997000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3840000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1710000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
2409000 USD
us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
-65502000 USD
us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
-31467000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
263000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-2458000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7374000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8161000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-374000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-2073000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-5551000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2408000 USD
CY2014Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5891000 USD
CY2015Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
63279000 USD
CY2014Q1 us-gaap Interest Expense
InterestExpense
297000 USD
us-gaap Interest Expense
InterestExpense
416000 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
316000 USD
us-gaap Interest Expense
InterestExpense
619000 USD
us-gaap Interest Paid
InterestPaid
416000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-773000 USD
us-gaap Interest Paid
InterestPaid
591000 USD
CY2014Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
22590000 USD
CY2015Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
43828000 USD
CY2014Q3 us-gaap Inventory Gross
InventoryGross
63557000 USD
CY2015Q1 us-gaap Inventory Gross
InventoryGross
97113000 USD
CY2014Q3 us-gaap Inventory Net
InventoryNet
49694000 USD
CY2015Q1 us-gaap Inventory Net
InventoryNet
76529000 USD
CY2014Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
22184000 USD
CY2015Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
28248000 USD
CY2014Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
13863000 USD
CY2015Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
20584000 USD
CY2014Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
18783000 USD
CY2015Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
25037000 USD
us-gaap Inventory Write Down
InventoryWriteDown
1894000 USD
us-gaap Inventory Write Down
InventoryWriteDown
581000 USD
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
343000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
622000 USD
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
453000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
715000 USD
CY2014Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
9105000 USD
CY2015Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1629000 USD
CY2014Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
13962000 USD
CY2015Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
19519000 USD
us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P10Y
CY2014Q3 us-gaap Liabilities
Liabilities
155206000 USD
CY2015Q1 us-gaap Liabilities
Liabilities
177037000 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
944448000 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
977276000 USD
CY2014Q3 us-gaap Liabilities Current
LiabilitiesCurrent
81351000 USD
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
96776000 USD
CY2014Q4 us-gaap Line Of Credit Facility Increase Decrease For Period Net
LineOfCreditFacilityIncreaseDecreaseForPeriodNet
3500000 USD
CY2014Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
5000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
479000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-18592000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13329000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-90557000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
78270000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
48560000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
9070000 USD
us-gaap Net Income Loss
NetIncomeLoss
7113000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
7931000 USD
us-gaap Net Income Loss
NetIncomeLoss
15773000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9070000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7113000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7931000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15773000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
47561000 USD
us-gaap Operating Expenses
OperatingExpenses
88134000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
58779000 USD
us-gaap Operating Expenses
OperatingExpenses
103787000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10111000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
7903000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
9791000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
19517000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
29479000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2708000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2762000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3391000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3987000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
16631000 USD
CY2014Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6565000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6599000 USD
CY2015Q1 us-gaap Other Commitment
OtherCommitment
139988000 USD
CY2015Q1 us-gaap Other Commitment Due After Fifth Year
OtherCommitmentDueAfterFifthYear
16631000 USD
CY2015Q1 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
2762000 USD
CY2015Q1 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
113217000 USD
CY2015Q1 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
3987000 USD
CY2015Q1 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
3391000 USD
CY2014Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
-12000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
-12000 USD
CY2015Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2014Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
0 USD
CY2015Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
392000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
0 USD
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
204000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
314000 USD
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-567000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1246000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
216000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
326000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-175000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1246000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-525000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-773000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-133000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11280000 USD
CY2014Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8045000 USD
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8756000 USD
CY2014Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9790000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1477000 USD
CY2014Q3 us-gaap Payables To Customers
PayablesToCustomers
8999000 USD
CY2015Q1 us-gaap Payables To Customers
PayablesToCustomers
8495000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10225000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
93153000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
9173000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1630000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7417000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4903000 USD
CY2014Q1 us-gaap Pension Contributions
PensionContributions
328000 USD
us-gaap Pension Contributions
PensionContributions
609000 USD
CY2015Q1 us-gaap Pension Contributions
PensionContributions
364000 USD
us-gaap Pension Contributions
PensionContributions
659000 USD
CY2014Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2015Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2014Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2015Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15090000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14997000 USD
CY2014Q3 us-gaap Present Value Of Future Minimum Lease Payments Sale Leaseback Transactions
PresentValueOfFutureMinimumLeasePaymentsSaleLeasebackTransactions
19102000 USD
CY2015Q1 us-gaap Present Value Of Future Minimum Lease Payments Sale Leaseback Transactions
PresentValueOfFutureMinimumLeasePaymentsSaleLeasebackTransactions
17522000 USD
CY2013Q4 us-gaap Present Value Of Future Minimum Lease Payments Sale Leaseback Transactions
PresentValueOfFutureMinimumLeasePaymentsSaleLeasebackTransactions
20000000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
3261000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
9129000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
837000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
588000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
528000 USD
CY2013Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1194000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
887000 USD
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
885000 USD
CY2014Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1542000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1215000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1849000 USD
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
354000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
809000 USD
CY2015Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
951000 USD
CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
352000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
500000 USD
CY2015Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1038000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1237000 USD
CY2014Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
3145000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
8574000 USD
CY2015Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1191000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
3444000 USD
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
118101000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
132328000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52755000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52152000 USD
CY2014Q3 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
45442000 USD
CY2015Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
50820000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
109000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
9732000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19326000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
36797000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23172000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
42753000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
354866000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
370639000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
114206000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
193319000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
145227000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
252665000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28235000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
51337000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
35607000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
61034000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
1
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
43000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
963000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
23000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
740000 shares
CY2014Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2015Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
837000 USD
CY2014Q3 us-gaap Short Term Investments
ShortTermInvestments
9105000 USD
CY2015Q1 us-gaap Short Term Investments
ShortTermInvestments
1629000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
547000 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
547000 USD
CY2014Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
789242000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
800239000 USD
CY2014Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
1067000 USD
CY2015Q1 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
376000 USD
CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
4998000 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
5753000 shares
CY2015Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
200000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
800000 shares
CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
46984000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
57209000 USD
CY2015Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
2600000 USD
us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
10200000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77021000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76777000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77570000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77488000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76404000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76163000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76821000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76855000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These consolidated financial statements include the accounts of Kulicke and Soffa Industries, Inc. and its subsidiaries (the &#8220;Company&#8221;), with appropriate elimination of intercompany balances and transactions. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The interim consolidated financial statements are unaudited and, in management's opinion, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of results for these interim periods. The interim consolidated financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 27, 2014, filed with the Securities and Exchange Commission, which includes Consolidated Balance Sheets as of September 27, 2014 and September 28, 2013, and the related Consolidated Statements of Operations, Statements of Other Comprehensive Income, Changes in Shareholders' Equity and Cash Flows for each of the years in the three-year period ended September 27, 2014. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full year.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each of the Company's first three fiscal quarters end on the Saturday that is 13 weeks after the end of the immediately preceding fiscal quarter. The fourth quarter of each fiscal year ends on the Saturday closest to September 30</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;">. Fiscal 2015 quarters end on December 27, 2014, March 28, 2015, June 27, 2015 and October 3, 2015. Fiscal 2014 quarters ended on December 28, 2013, March 29, 2014, June 28, 2014 and September 27, 2014. In fiscal years consisting of 53 weeks, the fourth quarter will consist of 14 weeks.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company designs, manufactures and sells capital equipment and expendable tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company's operating results depend upon the capital and operating expenditures of semiconductor device manufacturers, outsourced semiconductor assembly and test providers (&#8220;OSATs&#8221;), and other electronics manufacturers including automotive electronics suppliers, worldwide which, in turn, depend on the current and anticipated market demand for semiconductors and products utilizing semiconductors. The semiconductor industry is highly volatile and experiences downturns and slowdowns which can have a severe negative effect on the semiconductor industry's demand for semiconductor capital equipment, including assembly equipment manufactured and sold by the Company and, to a lesser extent, expendable tools, including those sold by the Company. These downturns and slowdowns have in the past adversely affected the Company's operating results. The Company believes such volatility will continue to characterize the industry and the Company's operations in the future.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. On an ongoing basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory, carrying value and lives of fixed assets, goodwill and intangible assets, valuation allowances for deferred tax assets and deferred tax liabilities, repatriation of un-remitted foreign subsidiary earnings, equity-based compensation expense, and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of its assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Vulnerability to Certain Concentrations</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which may subject the Company to concentrations of credit risk as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;27, 2014</font><font style="font-family:inherit;font-size:10pt;"> consisted primarily of short-term investments and trade receivables. The Company manages credit risk associated with investments by investing its excess cash in highly rated debt instruments of the U.S. Government and its agencies, financial institutions, and corporations. The Company has established investment guidelines relative to diversification and maturities designed to maintain safety and liquidity. These guidelines are periodically reviewed and modified as appropriate. The Company does not have any exposure to sub-prime financial instruments or auction rate securities. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's trade receivables result primarily from the sale of semiconductor equipment, related accessories and replacement parts, and expendable tools to a relatively small number of large manufacturers in a highly concentrated industry. Write-offs of uncollectible accounts have historically not been significant. The Company actively monitors its customers' financial strength to reduce the risk of loss. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's products are complex and require raw materials, components and subassemblies having a high degree of reliability, accuracy and performance. The Company relies on subcontractors to manufacture many of these components and subassemblies and it relies on sole source suppliers for some important components and raw material inventory.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Foreign Currency Translation</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The majority of the Company's business is transacted in U.S. dollars; however, the functional currencies of some of the Company's subsidiaries are their local currencies. In accordance with ASC No. 830, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Foreign Currency Matters</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 830&#8221;), for a subsidiary of the Company that has a functional currency other than the U.S. dollar, gains and losses resulting from the translation of the functional currency into U.S. dollars for financial statement presentation are not included in determining net income, but are accumulated in the cumulative translation adjustment account as a separate component of shareholders' equity (accumulated other comprehensive income (loss)). Under ASC 830, cumulative translation adjustments are not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. Gains and losses resulting from foreign currency transactions are included in the determination of net income.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's operations are exposed to changes in foreign currency exchange rates due to transactions denominated in currencies other than the location's functional currency. The Company is also exposed to foreign currency fluctuations that impact the remeasurement of net monetary assets of those operations whose functional currency, the U.S. dollar, differs from their respective local currencies, most notably in Israel, Malaysia, Singapore and Switzerland. In addition to net monetary remeasurement, the Company has exposures related to the translation of subsidiary financial statements from their functional currency, the local currency, into its reporting currency, the U.S. dollar, most notably in Netherlands, China, Taiwan, Japan and Germany. The Company's U.S. operations also have foreign currency exposure due to net monetary assets denominated in currencies other than the U.S. dollar.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Derivative Financial Instruments </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s primary objective for holding derivative financial instruments is to manage the fluctuation in foreign exchange rates and accordingly is not speculative in nature. The Company&#8217;s international operations are exposed to changes in foreign exchange rates as described above. The Company has established a program to monitor the forecasted transaction currency risk to protect against foreign exchange rate volatility. Generally, the Company uses foreign exchange forward contracts in these hedging programs. These instruments, which have maturities of up to six months, are recorded at fair value and are included in prepaid expenses and other current assets, or other accrued expenses and other current liabilities. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our accounting policy for derivative financial instruments is based on whether they meet the criteria for designation as a cash flow hedge. A designated hedge with exposure to variability in the functional currency equivalent of the future foreign currency cash flows of a forecasted transaction is referred to as a cash flow hedge. The criteria for designating a derivative as a cash flow hedge include the assessment of the instrument&#8217;s effectiveness in risk reduction, matching of the derivative instrument to its underlying transaction, and the assessment of the probability that the underlying transaction will occur. For derivatives with cash flow hedge accounting designation, we report the after-tax gain / (loss) from the effective portion of the hedge as a component of accumulated other comprehensive income / (loss) and reclassify it into earnings in the same period in which the hedged transaction affects earnings and in the same line item on the consolidated statement of income as the impact of the hedged transaction. Derivatives that we designate as cash flow hedges are classified in the consolidated statement of cash flows in the same section as the underlying item, primarily within cash flows from operating activities. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The hedge effectiveness of these derivative instruments is evaluated by comparing the cumulative change in the fair value of the hedge contract with the cumulative change in the fair value of the forecasted cash flows of the hedged item.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If a cash flow hedge is discontinued because it is no longer probable that the original hedged transaction will occur as previously anticipated, the cumulative unrealized gain or loss on the related derivative is reclassified from accumulated other comprehensive income / (loss) into earnings. Subsequent gain / (loss) on the related derivative instrument is recognized into earnings in each period until the instrument matures, is terminated, is re-designated as a qualified cash flow hedge, or is sold. Ineffective portions of cash flow hedges, as well as amounts excluded from the assessment of effectiveness, are recognized in earnings.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Cash Equivalents </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash equivalents are measured at fair value based on level one measurement, or quoted market prices, as defined by ASC No. 820, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurements and Disclosures</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;27, 2014</font><font style="font-family:inherit;font-size:10pt;">, fair value approximated the cost basis for cash equivalents. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investments </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investments, other than cash equivalents, are classified as &#8220;trading,&#8221; &#8220;available-for-sale&#8221; or &#8220;held-to-maturity,&#8221; in accordance with ASC No. 320, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investments-Debt &amp; Equity Securities</font><font style="font-family:inherit;font-size:10pt;">, and depending upon the nature of the investment, its ultimate maturity date in the case of debt securities, and management's intentions with respect to holding the securities. Investments classified as &#8220;trading&#8221; are reported at fair market value, with unrealized gains or losses included in earnings. Investments classified as &#8220;available-for-sale&#8221; are reported at fair market value, with net unrealized gains or losses reflected as a separate component of shareholders' equity (accumulated other comprehensive income (loss)). The fair market value of trading and available-for-sale securities is determined using quoted market prices at the balance sheet date. Investments classified as held-to-maturity are reported at amortized cost. Realized gains and losses are determined on the basis of specific identification of the securities sold.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Allowance for Doubtful Accounts</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains allowances for doubtful accounts for estimated losses resulting from its customers' failure to make required payments. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company is also subject to concentrations of customers and sales to a few geographic locations, which could also impact the collectability of certain receivables. If global or regional economic conditions deteriorate or political conditions were to change in some of the countries where the Company does business, it could have a significant impact on the results of operations, and the Company's ability to realize the full value of its accounts receivable.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Inventories</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Inventories are stated at the lower of cost (on a first-in first-out basis) or market value. The Company generally provides reserves for obsolete inventory and for inventory considered to be in excess of demand. Demand is generally defined as </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">18 months</font><font style="font-family:inherit;font-size:10pt;"> forecasted future consumption for equipment, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">24 months</font><font style="font-family:inherit;font-size:10pt;"> forecasted future consumption for spare parts, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">12 months</font><font style="font-family:inherit;font-size:10pt;"> forecasted future consumption for expendable tools. Forecasted consumption is based upon internal projections, historical sales volumes, customer order activity and a review of consumable inventory levels at customers' facilities. The Company communicates forecasts of its future consumption to its suppliers and adjusts commitments to those suppliers accordingly. If required, the Company reserves the difference between the carrying value of its inventory and the lower of cost or market value, based upon projections about future consumption, and market conditions. If actual market conditions are less favorable than projections, additional inventory reserves may be required.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Inventory reserve provision for the acquired business, Assembl&#233;on B.V. (&#8220;Assembl&#233;on&#8221;), is determined based on management's best estimate of future consumption for equipment and spare parts. This estimate is based on historical sales volumes, internal projections and market developments and trends. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Property, Plant and Equipment </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment are carried at cost. The cost of additions and those improvements which increase the capacity or lengthen the useful lives of assets are capitalized, while repair and maintenance costs are expensed as incurred. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives as follows: buildings </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">25 years</font><font style="font-family:inherit;font-size:10pt;">; machinery and equipment </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">3</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">10 years</font><font style="font-family:inherit;font-size:10pt;">; and leasehold improvements are </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">based on the shorter of the life of lease or life of asset</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Purchased computer software costs related to business and financial systems are amortized over a five-year period on a straight-line basis.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Valuation of Long-Lived Assets </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 360, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Property, Plant &amp; Equipment</font><font style="font-family:inherit;font-size:10pt;"> ("ASC 360"), the Company's property, plant and equipment is tested for impairment based on undiscounted cash flows when triggering events occur, and if impaired, written-down to fair value based on either discounted cash flows or appraised values. ASC 360 also provides a single accounting model for long-lived assets to be disposed of by sale and establishes additional criteria that would have to be met to classify an asset as held for sale. The carrying amount of an asset or asset group is not recoverable to the extent it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. Estimates of future cash flows used to test the recoverability of a long-lived asset or asset group must incorporate the entity's own assumptions about its use of the asset or asset group and must factor in all available evidence.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ASC 360 requires that long-lived assets be tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Such events include significant under-performance relative to historical internal forecasts or projected future operating results; significant changes in the manner of use of the assets; significant negative industry or economic trends; and significant changes in market capitalization. During the three and six months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;">, no triggering events occurred. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accounting for Impairment of Goodwill</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates two reportable segments: Equipment and Expendable Tools. Goodwill was recorded for the acquisitions of Orthodyne Electronics Corporation ("Orthodyne") and Assembl&#233;on in 2009 and 2015, respectively. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standard Update 2011-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Testing Goodwill for Impairment (&#8220;ASU 2011-08&#8221;),</font><font style="font-family:inherit;font-size:10pt;"> provides companies with the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.&#160;If, after assessing the qualitative factors, a company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then performing the two-step impairment test is unnecessary.&#160;However, if a company concludes otherwise, then it is required to perform the first step of the two-step goodwill impairment test.&#160;If the carrying value of a reporting unit exceeds its fair value in the first step of the test, then a company is required to perform the second step of the goodwill impairment test to measure the amount of the reporting unit's goodwill impairment loss, if any.&#160; </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As part of the annual evaluation, the Company performs an impairment test of its goodwill in the fourth quarter of each fiscal year to coincide with the completion of its annual forecasting and refreshing of its business outlook processes. On an ongoing basis, the Company monitors if a &#8220;triggering&#8221; event has occurred that may have the effect of reducing the fair value of a reporting unit below its respective carrying value. Adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values could result in a non-cash impairment charge in the future. During the three and six months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;">, no triggering events occurred.&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impairment assessments inherently involve judgment as to the assumptions made about the expected future cash flows and the impact of market conditions on those assumptions. Future events and changing market conditions may impact the assumptions as to prices, costs, growth rates or other factors that may result in changes in the estimates of future cash flows. Although the Company believes the assumptions that it has used in testing for impairment are reasonable, significant changes in any one of the assumptions could produce a significantly different result. Indicators of potential impairment may lead the Company to perform interim goodwill impairment assessments, including significant and unforeseen customer losses, a significant adverse change in legal factors or in the business climate, a significant adverse action or assessment by a regulator, a significant stock price decline or unanticipated competition. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information on goodwill and other intangible assets, see Note 4 below.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 605, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, the collectability is reasonably assured, and customer acceptance, when applicable, has been received or we otherwise have been released from customer acceptance obligations. If terms of the sale provide for a customer acceptance period, revenue is recognized upon the expiration of the acceptance period or customer acceptance, whichever occurs first. The Company&#8217;s standard terms are </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ex works</font><font style="font-family:inherit;font-size:10pt;"> (the Company&#8217;s factory), with title transferring to its customer at the Company&#8217;s loading dock or upon embarkation. The Company has a small percentage of sales with other terms, and revenue is recognized in accordance with the terms of the related customer purchase order. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shipping and handling costs billed to customers are recognized in net revenue. Shipping and handling costs paid by the Company are included in cost of sales.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Research and Development </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company charges research and development costs associated with the development of new products to expense when incurred. In certain circumstances, pre-production machines which the Company intends to sell are carried as inventory until sold.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 740, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes</font><font style="font-family:inherit;font-size:10pt;">, deferred income taxes are determined using the liability method</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">The Company records a valuation allowance to reduce its deferred tax assets to the amount it expects is more likely than not to be realized. While the Company has considered future taxable income and its ongoing tax planning strategies in assessing the need for the valuation allowance, if it were to determine that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment to the deferred tax asset would increase income in the period when such determination is made. Likewise, should the Company determine it would not be able to realize all or part of its net deferred tax assets in the future, an adjustment to the deferred tax asset would decrease income in the period when such determination is made. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 740 Topic 10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes, General </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASC 740.10&#8221;), the Company accounts for uncertain tax positions taken or expected to be taken in its income tax return. Under ASC 740.10, the Company utilizes a two-step approach for evaluating uncertain tax positions. Step one, or recognition, requires a company to determine if the weight of available evidence indicates a tax position is more likely than not to be sustained upon audit, including resolution of related appeals or litigation processes, if any. Step two, or measurement, is based on the largest amount of benefit, which is more likely than not to be realized on settlement with the taxing authority.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Equity-Based Compensation </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company accounts for equity-based compensation under the provisions of ASC No. 718,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Compensation - Stock Compensation</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 718&#8221;). ASC 718 requires the recognition of the fair value of the equity-based compensation in net income. Compensation expense associated with market-based restricted stock is determined using a Monte-Carlo valuation model, and compensation expense associated with time-based and performance-based restricted stock is determined based on the number of shares granted and the fair value on the date of grant. The fair value of the Company's stock option awards are estimated using a Black-Scholes option valuation model. In addition, the calculation of equity-based compensation costs requires that the Company estimate the number of awards that will be forfeited during the vesting period. The fair value of equity-based awards is amortized over the vesting period of the award and the Company elected to use the straight-line method for awards granted after the adoption of ASC 718.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Earnings per Share </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings per share (&#8220;EPS&#8221;) are calculated in accordance with ASC No. 260,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Earnings per Share</font><font style="font-family:inherit;font-size:10pt;">. Basic EPS include only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of stock options, restricted stock and share unit awards and convertible subordinated notes outstanding during the period, when such instruments are dilutive.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 260.10.55, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings per Share - Implementation &amp; Guidance</font><font style="font-family:inherit;font-size:10pt;">, the Company treats all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accounting for Business Acquisitions</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company accounts for business acquisitions in accordance with ASC No. 805,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Business Combinations</font><font style="font-family:inherit;font-size:10pt;">. The fair value of the net assets acquired and the results of operations of the acquired businesses are included in the Unaudited Consolidated Financial Statements from the acquisition date forward. The Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the reporting period. Estimates are used in accounting for, among other things, the fair value of acquired net operating assets, property and equipment, deferred revenue, intangible assets and related deferred tax liabilities, useful lives of plant and equipment, and amortizable lives of acquired intangible assets. Any excess of the purchase consideration over the identified fair value of the assets and liabilities acquired is recognized as goodwill. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There were no new accounting pronouncements applicable to the Company during the three and six months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each of the Company's first three fiscal quarters end on the Saturday that is 13 weeks after the end of the immediately preceding fiscal quarter. The fourth quarter of each fiscal year ends on the Saturday closest to September 30</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;">. Fiscal 2015 quarters end on December 27, 2014, March 28, 2015, June 27, 2015 and October 3, 2015. Fiscal 2014 quarters ended on December 28, 2013, March 29, 2014, June 28, 2014 and September 27, 2014. In fiscal years consisting of 53 weeks, the fourth quarter will consist of 14 weeks.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. On an ongoing basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory, carrying value and lives of fixed assets, goodwill and intangible assets, valuation allowances for deferred tax assets and deferred tax liabilities, repatriation of un-remitted foreign subsidiary earnings, equity-based compensation expense, and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of its assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>

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