Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

v3.6.0.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Jan. 01, 2017
Dec. 27, 2015
Jan. 01, 2017
Dec. 27, 2015
Sales:        
Net sales $ 18,845,000 $ 16,884,000 $ 58,881,000 $ 47,740,000
Net sales, related party 8,377,000 8,426,000 23,078,000 28,508,000
Total net sales 27,222,000 25,310,000 81,959,000 76,248,000
Cost of sales:        
Cost of sales 10,054,000 9,716,000 31,473,000 29,922,000
Cost of sales, related party 3,118,000 4,025,000 8,468,000 12,847,000
Restructuring charges and exit costs 0 2,600,000 1,100,000 5,600,000
Proceeds from legal settlement (1,500,000)
Amortization of purchased intangible assets 594,000 594,000 1,782,000 1,833,000
Total cost of sales 13,766,000 14,335,000 41,948,000 43,842,000
Gross profit 13,456,000 10,975,000 40,011,000 32,406,000
Operating expenses:        
Research and development 4,964,000 4,734,000 14,840,000 17,007,000
Selling, general and administrative 9,109,000 6,781,000 23,425,000 21,690,000
Merger and acquisition costs 1,270,000 544,000
Restructuring charges and exit costs, net 0 2,600,000 1,100,000 5,600,000
Impairment of design tools 0 1,519,000
Gain on sale of land and building under sale-leaseback arrangement (9,300,000)
Total operating expenses, net 14,073,000 14,154,000 32,677,000 44,087,000
Income (loss) from operations (617,000) (3,179,000) 7,334,000 (11,681,000)
Other income and (expense), net:        
Interest income and other, net 212,000 (12,000) 299,000 (60,000)
Interest expense (80,000) (65,000) (147,000) (158,000)
Total other income (expense), net 132,000 (77,000) 152,000 (218,000)
Income (loss) before income taxes (485,000) (3,256,000) 7,486,000 (11,899,000)
Provision for (benefit from) income taxes (204,000) (1,211,000) 141,000 (5,410,000)
Net income (loss) from continuing operations (281,000) (2,045,000) 7,345,000 (6,489,000)
Net income (loss) from discontinued operations (See Note 3) 45,660,000 (5,092,000) 47,982,000 (7,355,000)
Net income (loss) $ 45,379,000 $ (7,137,000) $ 55,327,000 $ (13,844,000)
Net income (loss) per share from continuing operations:        
Basic (in dollars per share) $ (0.01) $ (0.04) $ 0.15 $ (0.13)
Diluted (in dollars per share) (0.01) (0.04) 0.15 (0.13)
Net income (loss) per share from discontinued operations:        
Basic (in dollars per share) 0.91 (0.11) 0.97 (0.15)
Diluted (in dollars per share) 0.89 (0.11) 0.95 (0.15)
Net income (loss) per share:        
Basic (in dollars per share) 0.90 (0.15) 1.12 (0.28)
Diluted (in dollars per share) $ 0.88 $ (0.15) $ 1.10 $ (0.28)
Basic (in shares) 50,409 48,386 49,548 48,146
Effect of options and awards (in shares) 956 713
Diluted (in shares) 51,365 48,386 50,261 48,146
Continuing Operations [Member]        
Net income (loss) per share:        
Basic (in shares) 50,409 48,386 49,548 48,146
Effect of options and awards (in shares) 713
Diluted (in shares) 50,409 48,386 50,261 48,146
Discontinued Operations [Member]        
Net income (loss) per share:        
Basic (in shares) 50,409 48,386 49,548 48,146
Effect of options and awards (in shares) 956 713
Diluted (in shares) 51,365 48,386 50,261 48,146
Cost of Sales [Member]        
Cost of sales:        
Restructuring charges and exit costs $ 225,000 $ 740,000
Operating expenses:        
Restructuring charges and exit costs, net 225,000 740,000
Operating Expense [Member]        
Cost of sales:        
Restructuring charges and exit costs 2,639,000 923,000 4,846,000
Operating expenses:        
Restructuring charges and exit costs, net $ 2,639,000 $ 923,000 $ 4,846,000