UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| þ | Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 |
For the quarterly period ended
December 27, 2015
Or
| ¨ | Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 |
For the transition period from
________ to ________
Commission File Number 001-34838
Hutchinson
Technology Incorporated
(Exact name of registrant as specified in
its charter)
Minnesota |
|
41-0901840 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
40 West Highland Park Drive N.E.
Hutchinson, Minnesota |
|
55350 |
(Address of principal executive offices) |
|
(Zip Code) |
(320) 587-3797 |
(Registrant’s telephone number, including area code) |
|
(Former name, former address and former
fiscal year,
if changed since last report) |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes þ No
¨
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit and post such files.)
Yes þ No
¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large
accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.
Large accelerated filer ¨ |
Accelerated filer þ |
Non-accelerated filer ¨ |
Smaller reporting company ¨ |
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No
þ
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date.
As of February 1, 2016, the registrant
had 33,904,128 shares of common stock issued and outstanding.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
HUTCHINSON TECHNOLOGY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED
(In thousands, except shares and per share
data)
| |
December 27, 2015 | | |
September 27, 2015 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents (Note 3) | |
$ | 48,497 | | |
$ | 39,454 | |
Short-term investments restricted (Note 4) | |
| 506 | | |
| 965 | |
Trade receivables, net | |
| 11,611 | | |
| 15,860 | |
Other receivables | |
| 1,579 | | |
| 2,707 | |
Inventories | |
| 37,880 | | |
| 40,148 | |
Other current assets | |
| 2,934 | | |
| 3,588 | |
Total current assets | |
| 103,007 | | |
| 102,722 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 129,335 | | |
| 134,509 | |
Other assets | |
| 4,529 | | |
| 4,281 | |
Total assets | |
$ | 236,871 | | |
$ | 241,512 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Current debt, net of discount (Note 7) | |
$ | 12,750 | | |
$ | 3,000 | |
Current portion of capital lease obligation | |
| 2,181 | | |
| 2,188 | |
Accounts payable | |
| 18,593 | | |
| 19,877 | |
Accrued compensation | |
| 9,896 | | |
| 9,388 | |
Accrued expenses and other | |
| 5,288 | | |
| 4,239 | |
Accrued interest | |
| 3,691 | | |
| 2,838 | |
Total current liabilities | |
| 52,399 | | |
| 41,530 | |
| |
| | | |
| | |
Long-term debt, net of discount (Note 7) | |
| 112,010 | | |
| 122,156 | |
Capital lease obligation | |
| 3,788 | | |
| 4,220 | |
Other long-term liabilities | |
| 2,589 | | |
| 2,731 | |
Commitments and contingencies (Notes 7, 8, and 14) | |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Common stock, $.01 par value, 100,000,000 shares authorized, 33,839,000 and 33,540,000 issued and outstanding | |
| 339 | | |
| 335 | |
Additional paid-in capital (Note 7) | |
| 452,528 | | |
| 452,165 | |
Accumulated other comprehensive loss | |
| (4,169 | ) | |
| (4,309 | ) |
Accumulated loss | |
| (382,613 | ) | |
| (377,316 | ) |
Total shareholders’ equity | |
| 66,085 | | |
| 70,875 | |
Total liabilities and shareholders’ equity | |
$ | 236,871 | | |
$ | 241,512 | |
See accompanying notes to condensed consolidated financial statements
– unaudited.
HUTCHINSON TECHNOLOGY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS – UNAUDITED
(In thousands, except per share data)
| |
Thirteen Weeks Ended | |
| |
December 27, 2015 | | |
December 28, 2014 | |
| |
| | |
| |
Net sales | |
$ | 63,927 | | |
$ | 72,423 | |
Cost of sales | |
| 52,206 | | |
| 60,959 | |
Gross profit | |
| 11,721 | | |
| 11,464 | |
| |
| | | |
| | |
Research and development expenses | |
| 5,857 | | |
| 6,042 | |
Selling, general and administrative expenses | |
| 5,207 | | |
| 5,984 | |
Merger related expenses | |
| 3,437 | | |
| – | |
Severance and site consolidation expenses (Note 11) | |
| – | | |
| 159 | |
Loss from operations | |
| (2,780 | ) | |
| (721 | ) |
| |
| | | |
| | |
Other income (expense), net | |
| 151 | | |
| (555 | ) |
Loss on extinguishment of long-term debt (Note 7) | |
| – | | |
| (4,318 | ) |
Interest income | |
| 12 | | |
| 4 | |
Interest expense | |
| (3,283 | ) | |
| (4,453 | ) |
Loss before income taxes | |
| (5,900 | ) | |
| (10,043 | ) |
Benefit for income taxes (Note 13) | |
| (603 | ) | |
| (145 | ) |
Net loss | |
$ | (5,297 | ) | |
$ | (9,898 | ) |
Basic loss per share | |
$ | (0.16 | ) | |
$ | (0.32 | ) |
Diluted loss per share | |
$ | (0.16 | ) | |
$ | (0.32 | ) |
| |
| | | |
| | |
Weighted-average common shares outstanding | |
| 33,674 | | |
| 30,548 | |
Weighted-average diluted shares outstanding | |
| 33,674 | | |
| 30,548 | |
HUTCHINSON TECHNOLOGY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS – UNAUDITED
(In thousands)
| |
Thirteen Weeks Ended | |
| |
December 27, 2015 | | |
December 28, 2014 | |
Net loss | |
$ | (5,297 | ) | |
$ | (9,898 | ) |
Other comprehensive gain (loss), net of tax: | |
| | | |
| | |
Gain (loss) on foreign currency translation, net of income taxes of $0 | |
| 140 | | |
| (525 | ) |
Other comprehensive gain (loss) | |
| 140 | | |
| (525 | ) |
Total comprehensive loss | |
$ | (5,157 | ) | |
$ | (10,423 | ) |
See accompanying notes to condensed consolidated financial statements
– unaudited.
HUTCHINSON TECHNOLOGY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS – UNAUDITED
(In thousands)
| |
Thirteen Weeks Ended | |
| |
December 27, 2015 | | |
December 28, 2014 | |
OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (5,297 | ) | |
$ | (9,898 | ) |
Adjustments to reconcile net loss to cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 6,708 | | |
| 8,201 | |
Stock-based compensation | |
| 338 | | |
| 291 | |
(Gain) loss on disposal of assets | |
| (184 | ) | |
| 5 | |
Non-cash interest expense | |
| 354 | | |
| 858 | |
Loss on extinguishment of debt (Note 7) | |
| – | | |
| 4,318 | |
Severance and site consolidation expenses (Note 11) | |
| – | | |
| (27 | ) |
Changes in operating assets and liabilities | |
| 8,717 | | |
| (606 | ) |
Cash provided by operating activities | |
| 10,636 | | |
| 3,142 | |
| |
| | | |
| | |
INVESTING ACTIVITIES: | |
| | | |
| | |
Capital expenditures | |
| (1,363 | ) | |
| (6,285 | ) |
Proceeds from the sale and sale/leaseback of equipment | |
| 321 | | |
| 836 | |
Change in restricted cash (Note 3) | |
| 48 | | |
| (42,570 | ) |
Purchases of marketable securities | |
| (506 | ) | |
| (965 | ) |
Sales/maturities of marketable securities | |
| 965 | | |
| 965 | |
Cash used for investing activities | |
| (535 | ) | |
| (48,019 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from issuance of common stock | |
| 29 | | |
| 24 | |
Repayments of capital lease | |
| (602 | ) | |
| (521 | ) |
Repayments of revolving credit line | |
| (17,471 | ) | |
| (55,901 | ) |
Proceeds from revolving credit line | |
| 17,471 | | |
| 46,368 | |
Repayments of debt | |
| (750 | ) | |
| – | |
Proceeds from private placement of debt | |
| – | | |
| 37,500 | |
Proceeds from term loan | |
| – | | |
| 15,000 | |
Debt refinancing costs | |
| – | | |
| (3,175 | ) |
Cash (used for) provided by financing activities | |
| (1,323 | ) | |
| 39,295 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash | |
| 265 | | |
| 1,199 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| 9,043 | | |
| (4,383 | ) |
| |
| | | |
| | |
Cash and cash equivalents at beginning of period | |
| 39,454 | | |
| 37,939 | |
| |
| | | |
| | |
Cash and cash equivalents at end of period | |
$ | 48,497 | | |
$ | 33,556 | |
| |
| | | |
| | |
Supplemental cash flow disclosure: | |
| | | |
| | |
Cash interest paid (net of amount capitalized) | |
$ | 1,826 | | |
$ | 474 | |
Income taxes paid | |
$ | 20 | | |
$ | 3 | |
Assets acquired through capital lease | |
$ | 131 | | |
$ | 647 | |
Non-cash exchange of debt for equity (Note 7) | |
$ | – | | |
$ | 15,000 | |
See accompanying notes to condensed consolidated financial statements
– unaudited.
HUTCHINSON TECHNOLOGY INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS – UNAUDITED
(Columnar dollar amounts in thousands, except
per share amounts)
When we refer to “we,” “our,”
“us,” the “company” or “HTI,” we mean Hutchinson Technology Incorporated and its subsidiaries.
Unless otherwise indicated, references to “2016” mean our fiscal year ending September 25, 2016, references to “2015”
mean our fiscal year ended September 27, 2015 and references to “2014” mean our fiscal year ended September 28, 2014.
(1) BASIS OF PRESENTATION
The condensed consolidated financial statements
have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects
all adjustments which are, in the opinion of our management, necessary for a fair presentation of such financial statements. The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant
to such rules and regulations. Although we believe that the disclosures are adequate to make the information presented not misleading,
we suggest that these condensed consolidated financial statements be read in conjunction with the financial statements and the
notes thereto included in our latest Annual Report on Form 10-K. The quarterly results are not necessarily indicative of the actual
results that may occur for the entire fiscal year.
(2) ENTRY INTO MERGER AGREEMENT
On November 1, 2015,
we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Headway Technologies, Inc. (“Parent”)
and Hydra Merger Sub, Inc., a wholly owned subsidiary of Parent (“Merger Subsidiary”). Pursuant to the Merger Agreement,
Merger Subsidiary will merge with and into our company and our company will continue as the surviving corporation and as a wholly
owned subsidiary of Parent (the “Merger”). Parent and Merger Subsidiary are each beneficially owned by TDK Corporation,
a Japanese electronics company.
Pursuant
to the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our capital stock (other than
shares held (1) by Parent or Merger Subsidiary or any direct or indirect subsidiary of our
company or Parent, and (2) by shareholders who have perfected and not withdrawn a demand for dissenters’ rights or who
have not otherwise lost dissenters’ rights under Minnesota law with respect to such shares), will be cancelled and extinguished
and automatically converted into the right to receive:
| · | $3.62 in cash, without interest, plus |
| · | up to $0.38 in cash, without interest
(the “Additional Consideration”). |
The Additional Consideration
will be determined prior to consummation of the Merger and will be an amount equal to approximately $0.01 per share for each $500,000
of our Net Cash (as defined in the Merger Agreement) over $17,500,000 as of a fiscal period end within 45 days prior to the consummation
of the Merger. We cannot predict the amount of Additional Consideration, if any, that will be payable to shareholders. As of December 27,
2015, our Net Cash position was $49,900,000.
On
January 28, 2016, at a special meeting of our shareholders, the Merger Agreement, and the Merger pursuant to that agreement, was
approved by our shareholders. We expect to complete the transactions contemplated by the Merger Agreement either late in the first
calendar quarter or during the second calendar quarter of 2016, subject to the termination or expiration of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of the other closing
conditions specified in the Merger Agreement.
During the thirteen weeks ended December
27, 2015, we incurred $3,437,000 of expenses related to the pending Merger.
(3) CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of all
highly liquid investments with original maturities of three months or less.
As of December 27, 2015, and September
27, 2015, we had $1,629,000 and $1,677,000, respectively, of cash and cash equivalents that were restricted in use, which are classified
in other current assets. These amounts for both periods covered outstanding letters of credit and cash received and temporarily
held in our senior secured credit facility collections account.
(4) INVESTMENTS
A summary of our investments is as follows:
| |
December 27, 2015 | | |
September 27,
2015 | |
Available-for-sale securities | |
| | | |
| | |
U.S government debt securities | |
$ | 506 | | |
$ | 965 | |
Our short-term investments are comprised
of United States government debt securities. Unrealized gains and losses deemed to be temporary on available-for-sale securities
are reported as other comprehensive gain or loss within shareholders’ equity.
As of December 27, 2015, our short-term
investments were scheduled to mature within one year.
As of December 27, 2015, and September
27, 2015, we had $506,000 and $965,000, respectively, of short-term investments that were restricted in use. The amounts are required
by the State of Minnesota to be held as security for our self-insured workers compensation programs.
(5) TRADE RECEIVABLES
We grant credit to our customers, but generally
do not require collateral or any other security to support amounts due. Trade receivables of $11,611,000 at December 27, 2015,
and $15,860,000 at September 27, 2015, are net of allowances for sales returns of $563,000 and $623,000, respectively.
During the thirteen weeks ended December
27, 2015, we entered into multiple independent bill of exchange discounting transactions under an uncommitted facility with Hongkong
and Shanghai Banking Corporation Limited, Bangkok Branch (“HSBC”), under which our Thai subsidiary, Hutchinson
Technology Operations (Thailand) Co. Ltd., sold, without recourse, an aggregate of $32,754,000 of its accounts receivable to HSBC
and was paid 100% of the face value of the accounts receivable, less interest expense of LIBOR plus 1.75%. The balance remaining
to be paid to our Thai subsidiary from HSBC as of September 27, 2015 was $1,228,000, included within the line item “Other
receivables” on our consolidated balance sheet. As of December 27, 2015, there was no outstanding balance to be paid to our
Thai subsidiary from HSBC.
We also entered into multiple independent bill of exchange discounting transactions under an uncommitted
facility with Bank of America, N.A., Bangkok Branch (“Bank of America”), under which our Thai subsidiary can sell,
without recourse, approximately 90% of its accounts receivable to Bank of America and be paid the full face value of that accounts
receivable sold, less interest expense of LIBOR plus 1.50%. The approximately 10% remainder due on the receivable is included in
our trade receivables balance until paid. During the thirteen weeks ended December 27, 2015, our Thai subsidiary sold $16,757,000
of its accounts receivable to Bank of America, which has been paid in full.
We generally warrant that the products
sold by us will be free from defects in materials and workmanship for a period of one year or less following delivery to our customer.
Upon determination that the products sold are defective, we typically accept the return of such products and refund the purchase
price to our customer. We record a provision against revenue for estimated returns on sales of our products in the same period
that the related revenues are recognized. We base the allowance on historical product returns, as well as existing product return
authorizations. The following table reconciles the changes in our allowance for sales returns under warranties:
September 27, 2015 | | |
Increases in the Allowance Related to Warranties Issued | | |
Reductions in the Allowance for Returns Under Warranties | | |
December 27, 2015 | |
$ | 623 | | |
$ | 275 | | |
$ | (335 | ) | |
$ | 563 | |
(6) INVENTORIES
Inventories are valued at the lower of
cost (first-in, first-out method) or market by analyzing market conditions, current sales prices, inventory costs and inventory
balances. Inventories consisted of the following at December 27, 2015, and September 27, 2015:
| |
December 27, 2015 | | |
September 27, 2015 | |
| |
| | |
| |
Raw materials | |
$ | 17,301 | | |
$ | 19,236 | |
Work in process | |
| 8,678 | | |
| 9,537 | |
Finished goods | |
| 11,901 | | |
| 11,375 | |
| |
$ | 37,880 | | |
$ | 40,148 | |
(7) Debt
Debt consisted of the following at December
27, 2015, and September 27, 2015:
| |
December 27, 2015 | | |
September 27, 2015 | |
| |
| | |
| |
8.50% Secured Notes | |
$ | 63,931 | | |
$ | 63,931 | |
8.50% Secured Notes debt discount | |
| (1,430 | ) | |
| (1,742 | ) |
10.875% Notes | |
| 12,200 | | |
| 12,200 | |
10.875% Notes debt discount | |
| (191 | ) | |
| (233 | ) |
8.50% New Convertible Notes | |
| 37,500 | | |
| 37,500 | |
PNC Bank term loan | |
| 12,750 | | |
| 13,500 | |
Total debt, net of discounts | |
| 124,760 | | |
| 125,156 | |
Less: Current maturities, net of discounts | |
| (12,750 | ) | |
| (3,000 | ) |
Total long-term debt, net of discounts | |
$ | 112,010 | | |
$ | 122,156 | |
October 2014 Financing Transactions
On October 23, 2014, we issued $37,500,000
aggregate principal amount of 8.50% Convertible Senior Notes due 2019 (the “8.50% New Convertible Notes”). The 8.50%
New Convertible Notes bear interest at a rate of 8.50% per annum, payable semi-annually in arrears on April 30 and October 31 of
each year, beginning April 30, 2015. The 8.50% New Convertible Notes mature on October 31, 2019. Each $1,000 principal amount of
the 8.50% New Convertible Notes is convertible into 266.6667 shares of our common stock (which is equal to an initial conversion
price of approximately $3.75 per share), subject to adjustment under certain circumstances. The 8.50% New Convertible Notes rank
pari passu in right of payment with all existing and future senior indebtedness of our company. Certain beneficial holders of the
8.50% New Convertible Notes had the right to require us to repurchase for cash up to $7,500,000 aggregate principal amount of the
8.50% New Convertible Notes, plus accrued and unpaid interest, if any, during the 120-day period commencing on October 23, 2014.
Accordingly, $7,500,000 of the proceeds to us from the sale of the 8.50% New Convertible Notes were escrowed until the put right
expired on February 20, 2015. Additionally, we were required to escrow at least $35,000,000 of cash that was restricted solely
for the repayment, repurchase, redemption, defeasance or other acquisition for value of our 8.50% Convertible Senior Notes due
2026 (the “8.50% Convertible Notes”), plus accrued but unpaid interest thereon. We capitalized debt financing costs
of $1,652,000 which are being amortized over five years or until the maturity date. The amortization expense is included in interest
expense. On January 15, 2015, we completed a redemption of the existing $39,822,000 aggregate principal amount of 8.50% Convertible
Notes. To fund this, we used the escrowed $35,000,000 and our existing cash.
On October 23, 2014, we entered into an
agreement providing for the private exchange of $15,000,000 aggregate principal amount of our 8.50% Senior Secured Second Lien
Notes due 2017 (the “8.50% Secured Notes”) held by a certain holder for 2,500,000 shares of our common stock and warrants
to purchase an additional 2,500,000 shares of our common stock on a cashless basis at an exercise price of $0.01 per share. On
November 25, 2014, 1,250,000 warrants were exercised which resulted in the issuance of 1,246,493 shares of common stock. On January
15, 2015, subsequent to the end of the first quarter of 2015, the remaining 1,250,000 warrants were exercised which resulted in
the issuance of 1,246,428 shares of common stock and there were no warrants remaining outstanding. The fair value of the common
stock and warrants was recorded in additional paid-in capital in the amount of $17,388,000. Applying debt extinguishment accounting,
we recorded a loss on extinguishment of debt of $4,318,000 in our first quarter of 2015. The loss also included $1,232,000 of broker,
legal and accounting fees related to the exchange transaction.
To accommodate the October 2014 debt transactions
described above, on October 20, 2014, we entered into supplemental indentures relating to our 8.50% Secured Notes and to our 10.875%
Senior Secured Second Lien Notes due 2017 (the “10.875% Notes”). Additionally, on October 20, 2014, we entered into
an amendment to our senior secured credit agreement, dated as of September 16, 2011, as previously amended, with PNC Bank, National
Association (“PNC Bank”). Under the amendment, PNC Bank consented to the transactions contemplated by the 8.50% New
Convertible Notes and the exchange transaction, referred to above.
8.50% Secured Notes
We currently have outstanding $63,931,000
aggregate principal amount of 8.50% Secured Notes. The 8.50% Secured Notes were
originally issued in March 2012 in the aggregate principal amount of $78,931,000. Of that total amount, $38,931,000 aggregate principal
amount of 8.50% Secured Notes was issued pursuant to an effective registration statement relating to an offer to purchase for cash
or exchange for new securities any and all of our outstanding 3.25% Convertible Subordinated Notes due 2026. The remaining $40,000,000
aggregate principal amount of 8.50% Secured Notes was issued in a private placement that included the issuance of warrants to purchase
3,869,000 shares of our common stock. The warrants were exercisable on a cashless basis for $.01 per share for ten years after
their issuance. The total purchase price for the 8.50% Secured Notes and warrants issued in the private placement was $39,400,000.
The fair value of the warrants was recorded in additional paid-in capital in the amount of $8,489,000. As of May 2013, all
3,869,000 warrants had been exercised and there were no warrants outstanding.
The 8.50% Secured
Notes bear interest at a rate of 8.50% per annum, payable semi-annually in arrears on January 15 and July 15 of
each year, beginning July 15, 2012, and mature on January 15, 2017, unless redeemed or repurchased in accordance with
their terms. The 8.50% Secured Notes are secured by liens on all assets securing our existing or future senior secured credit facilities
(other than certain excluded assets), which liens rank junior in priority to any liens securing our senior secured credit facilities
and other permitted priority liens.
We may redeem all or part of the 8.50%
Secured Notes at any time by paying 100% of the principal amount redeemed, plus a make-whole premium (and accrued and unpaid interest
on the principal amount redeemed to) as of the date of redemption (subject to the rights of holders of the 8.50% Secured Notes
on the relevant record date to receive interest due on the relevant interest payment date as and to the extent provided in the
indenture). The indenture governing the 8.50% Secured Notes contains certain covenants that, among other things, will limit our
and our restricted subsidiaries’ ability to incur additional indebtedness, pay dividends on or make distributions in respect
of capital stock or make certain other restricted payments or investments, enter into agreements that restrict distributions from
restricted subsidiaries, sell or otherwise dispose of assets, including capital stock of restricted subsidiaries, enter into transactions
with affiliates, create or incur liens and enter into operating leases.
As described
previously, on October 23, 2014, we entered into an agreement for the private exchange of $15,000,000 aggregate principal amount
of our 8.50% Secured Notes held by a certain holder for 2,500,000 shares of our common stock and warrants to purchase an additional
2,500,000 shares of our common stock on a cashless basis at an exercise price of $0.01 per share. On November 25, 2014,
1,250,000 warrants were exercised which resulted in the issuance of 1,246,493 shares of common stock. On January 15, 2015, subsequent
to the end of the first quarter of 2015, the remaining 1,250,000 warrants were exercised which resulted in the issuance of 1,246,428
shares of common stock and there were no warrants remaining outstanding.
10.875% Notes
On January 22, 2013, we issued $12,200,000
aggregate principal amount of the 10.875% Notes for a total purchase price of $11,590,000. The 10.875% Notes were issued in a private
placement pursuant to an indenture dated as of January 22, 2013, and bear interest at a rate of 10.875% per annum, payable semi-annually
in arrears on January 15 and July 15 of each year, beginning July 15, 2013. The 10.875% Notes are secured by liens on all assets
securing our senior secured credit facilities (other than capital stock of subsidiaries of our company to the extent that inclusion
of such capital stock would require the filing of separate financial statements for such subsidiaries with the SEC), which liens
rank junior in priority to the liens securing our senior secured credit facilities and other permitted priority liens and on an
equal and ratable basis with the liens securing our 8.50% Secured Notes. The 10.875% Notes are scheduled to mature on January 15,
2017, unless redeemed or repurchased in accordance with their terms. We may redeem all or a portion of the 10.875% Notes at any
time by paying 100% of the principal amount redeemed, plus a make-whole premium as of, and accrued and unpaid interest to, the
date of redemption.
To accommodate the January 2013 debt transactions,
on January 22, 2013, we entered into (i) a first supplemental indenture to the indenture dated as of March 30, 2012, which governs
the 8.50% Secured Notes, and (ii) a consent and third amendment to our senior secured credit agreement.
Debt refinancing costs of $359,000 were
capitalized and are being amortized over four years or until the maturity date. The amortization expense is included in interest
expense.
Senior Secured Credit Facility
We are party to a revolving credit and
security agreement with PNC Bank dated as of September 15, 2011, as amended from time to time (the “Credit Agreement”).
On September 22, 2014, we amended the Credit Agreement to reduce the maximum principal amount of the revolving credit facility
provided by the Credit Agreement (the “Senior Secured Credit Facility”) from $35,000,000 to $20,000,000, extend the
maturity date of the Senior Secured Credit Facility from October 1, 2014 to December 1, 2016, reduce the cash balance we are required
to maintain in an account at PNC Bank from $15,000,000 to $2,500,000, and modify the fixed charge coverage covenant by eliminating
the requirement for the four fiscal quarters ending September 28, 2014 and changing the measurement periods thereafter for the
fixed charge coverage covenant by excluding from such measurement periods all fiscal quarters ended on or prior to September 28,
2014.
Our credit agreement with PNC Bank and
the indentures governing the 8.50% Secured Notes and the 10.875% Notes each contain certain covenants that, among other things,
limit our and our restricted subsidiaries’ ability to incur additional indebtedness; pay dividends on or make distributions
in respect of capital stock or make certain other restricted payments or investments; enter into agreements that restrict distributions
from restricted subsidiaries; sell or otherwise dispose of assets, including capital stock of restricted subsidiaries; enter into
transactions with affiliates; create or incur liens; enter into operating leases; merge, consolidate or sell substantially all
of our assets; make capital expenditures; change the nature of our business; and expend the assets or free cash flow of certain
subsidiaries. The indentures also limit the amount of our consolidated total assets and free cash flow that can be attributable
to subsidiaries that have not guaranteed the 8.50% Secured Notes or, in certain cases, have not pledged their stock to secure the
8.50% Secured Notes.
On April 30, 2015, we further amended the
Credit Agreement to maintain compliance with a preexisting financial covenant. This amendment modified the fixed charge coverage
covenant under the Credit Agreement to eliminate the requirement for our quarters ended March 29, 2015, June 28, 2015 and September
27, 2015 and to change the measurement periods starting with our quarter ending December 27, 2015 by excluding from such measurement
periods all quarters ended before September 27, 2015, and implemented an additional earnings before interest, taxes, depreciation
and amortization (“EBITDA”) covenant for our quarters ended March 29, 2015, June 28, 2015 and September 27, 2015.
On December 10, 2015, we entered into a
ninth amendment to our Credit Agreement with PNC Bank. The amendment modified the Credit Agreement to defer application of the
fixed charge coverage covenant until December 25, 2016, and impose a minimum EBITDA requirement and a new minimum liability requirement
for 2016.
From time to time, we borrow funds under
the Senior Secured Credit Facility. As of December 27, 2015, we had no outstanding balance. Our average outstanding balance in
the thirteen weeks ended December 27, 2015 was $238,000. Amounts borrowed under the Senior Secured Credit Facility bear cash interest
at a reduced rate equal to, at our election, either (i) PNC Bank’s alternate base rate (as defined in the Credit Agreement)
plus 1.0% per annum, or (ii) LIBOR plus 3.5% per annum if no defaults or events of default exist under the Credit Agreement.
If we are unable to generate sufficient
operating results in future quarters, we may not be able to comply with financial covenants in the Credit Agreement in future quarters.
If necessary, we intend to negotiate a waiver of any noncompliance or an amendment of the financial covenant specific to the applicable
period. As of December 27, 2015, we were in compliance with the financial covenants set forth in the Credit Agreement.
PNC Bank Term Loan
On December 23, 2014, we entered into an
amendment to our existing senior secured credit facility dated as of September 16, 2011, as previously amended, with PNC Bank as
agent and lender.
Pursuant to the amendment, a term
loan was made to us in the amount of $15,000,000. The covenants in the Credit Agreement also apply to this term loan. The
term loan may consist of domestic rate loans, with a per annum interest rate equal to PNC Bank’s alternate base rate
(as defined in the Credit Agreement) plus 2.50%, or LIBOR rate loans, with a per annum interest rate equal to 3.50% plus the
greater of the LIBOR rate (as defined in the Credit Agreement) or 1.00%, or a combination thereof. As a result, our interest
rate for the first quarter of 2015 was 4.5%. The principal balance of the term loan is payable in quarterly installments of
$750,000 on the first day of each calendar quarter, commencing on April 1, 2015 and continuing through January 1, 2020. In
the event that the Credit Agreement is not extended beyond December 1, 2016, the balance due on the term loan will also
become due on December 1, 2016. Accordingly, the term loan has been classified as current debt in our consolidated balance
sheet. Once repaid, amounts borrowed under the term loan may not be reborrowed. As of December 27, 2015, we had $12,750,000
outstanding.
(8) COMMITMENTS AND CONTINGENCIES
Lease Commitments
We have commitments under various capital
and operating lease agreements. Assets acquired under capital leases are depreciated over the useful life of the asset.
The future minimum lease payments for all
capital and operating leases as of December 27, 2015, are as follows:
| |
Capital Leases | | |
Operating
Leases | |
2016 | |
$ | 1,978 | | |
$ | 704 | |
2017 | |
| 2,395 | | |
| 320 | |
2018 | |
| 1,402 | | |
| 249 | |
2019 | |
| 605 | | |
| 218 | |
Thereafter | |
| 19 | | |
| 72 | |
Total future minimum lease payments | |
| 6,399 | | |
| 1,563 | |
Less: Interest | |
| (430 | ) | |
| – | |
Total future minimum lease payments excluding interest | |
$ | 5,969 | | |
$ | 1,563 | |
Legal Proceedings
We and certain users of our products have
from time to time received, and may in the future receive, communications from third parties asserting patents against us or our
customers which may relate to certain of our manufacturing equipment or products or to products that include our products as a
component. In addition, certain of our customers have been sued on patents having claims closely related to products sold by us.
If any third party makes a valid infringement claim and a license was not available on terms acceptable to us, our operating results
could be adversely affected. We expect that, as the number of patents issued continues to increase, and as we grow, the volume
of intellectual property claims could increase. We may need to engage in litigation to enforce patents issued or licensed to us,
protect trade secrets or know-how owned by us or determine the enforceability, scope and validity of the intellectual property
rights of others. We could incur substantial costs in such litigation or other similar legal actions, which could have a material
adverse effect on our results of operations.
In November and December 2015, following
the announcement of the Merger, four actions were filed by purported shareholders of the company in the United States District
Court for the District of Minnesota. The actions are captioned David Erickson v. Hutchinson Technology Incorporated, et al., Case
No. 0:15-cv-04261-DSD-LIB, Stephen M. Harnik v. Hutchinson Technology Incorporated, et al., Case No. 0:15-cv-04321, Jesse Hendricks
v. Richard J.Penn, et al., Case No. 0:15-cv-04338, and Matthew Ridler and Lori Ridler v. Hutchinson Technology Incorporated, Case
No. 0:15-cv-04356-MJD-TNL. The plaintiffs each purport to bring their action as a class action on behalf of the company’s
public shareholders. All four complaints name the company and its directors as defendants, and allege that they have violated Sections
14(a) and 20(a) of, and Rule 14a-9 under, the Securities Exchange Act of 1934 by filing a preliminary proxy statement that contains
materially incomplete and misleading statements and omissions. The Hendricks complaint also names Parent and Merger Subsisiaryas
defendants, and includes claims under state law for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and
equitable relief under the Minnesota Business Corporation Act. The Hendricks complaint alleges that the company’s directors
breached their fiduciary duties to the company by operating an inadequate sale process, agreeing to a merger with Parent and Merger
Subsidiary at an unfair price, and agreeing to deal protection provisions that are unfavorable to the company and its shareholders.
All of the federal complaints seek injunctive and equitable relief, including an order enjoining the closing of the Merger until
the alleged deficiencies in the preliminary proxy statement have been corrected; damages in an unspecified amount; and an award
of plaintiffs’ attorneys’ fees, costs, and disbursements. The defendants have not yet responded to any of the complaints,
but intend to move to dismiss the actions.We believe that the actions are without merit, and intend to vigorously defend against
all claims asserted
We are a party from time to time to ordinary
routine litigation incidental to our business. The outcome of such claims, if, any, is not expected to materially affect our current
or future financial position or results of operations.
(9) ACCUMULATED OTHER COMPREHENSIVE
LOSS
Other comprehensive gain (loss) refers
to revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net
income. Our other comprehensive gain (loss) is comprised of unrealized gains and losses on foreign translation adjustments.
Accumulated other comprehensive gain (loss),
net of tax (see Note 13 for a discussion of income taxes), was as follows:
| |
Foreign Currency Translation Adjustments | |
Balance as of September 27, 2015 | |
$ | (4,309 | ) |
Other comprehensive gain | |
| 140 | |
Balance as of December 27, 2015 | |
$ | (4,169 | ) |
| |
| | |
Balance as of September 28, 2014 | |
$ | (543 | ) |
Other comprehensive loss | |
| (525 | ) |
Balance as of December 28, 2014 | |
$ | (1,068 | ) |
(10) ASSET IMPAIRMENT
When indicators of impairment exist and
assets are held for use, we estimate future undiscounted cash flows attributable to the assets. In the event such cash flows are
not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair
values based on the expected discounted future cash flows attributable to the assets or based on appraisals. Factors affecting
impairment of assets held for use include the ability of the specific assets to generate positive cash flows. Changes in any of
these factors or changes in our forecast model estimates could necessitate impairment recognition in future periods for other assets
held for use.
(11) SEVERANCE AND SITE CONSOLIDATION
EXPENSES
A summary of our severance and site consolidation
expenses as of December 28, 2014, is as follows:
| |
Severance | | |
Site Consolidation Expenses | | |
Total | |
Accrual balances, September 28, 2014 | |
$ | 27 | | |
$ | – | | |
$ | 27 | |
Restructuring charges | |
| (19 | ) | |
| 178 | | |
| 159 | |
Cash payments | |
| (8 | ) | |
| (178 | ) | |
| (186 | ) |
Accrual balances, December 28, 2014 | |
| – | | |
| – | | |
| – | |
In recent years, we had multiple severance
and manufacturing consolidation and restructuring plans in place to support efforts to improve operating results and liquidity
through improved utilization of our facilities in both the U.S. and Thailand.
In connection with the consolidation of
our operations, we incurred site consolidation expenses of $178,000 during the thirteen weeks ended December 28, 2014. The site
consolidation expenses consisted primarily of internal labor and contractors.
All severance and benefits amounts owed
have been paid in full.
(12) OTHER INCOME (EXPENSE)
Transaction gains and losses that arise
from the exchange rate changes on transactions denominated in a currency other than the local currency are included in “Other
income (expense), net” in our condensed consolidated statements of operations. For the thirteen weeks ended December 27,
2015, and December 28, 2014, we recognized a foreign currency gain of $33,000 and a foreign currency loss of $640,000, respectively.
These were primarily related to U.S. dollar-denominated inter-company liabilities owed to us by our Thai subsidiary.
(13) INCOME TAXES
As part of the process of preparing our
consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate.
This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing
treatment of items for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities,
which are included within our consolidated balance sheets. We must then assess the likelihood that our deferred tax assets will
be realized based on future taxable income, and to the extent we believe that recovery is not likely, we must establish a valuation
allowance. To the extent we establish a valuation allowance or change this allowance in a period, we must include an expense or
a benefit within the tax provision in our consolidated statements of operations.
Significant judgment is required in determining
our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our deferred
tax assets. Valuation allowances arise due to the uncertainty of realizing deferred tax assets. At September 27, 2015, we had a
valuation allowance of $239,912,000. We assess whether valuation allowances should be established against our deferred tax assets
based on the consideration of all available evidence, using a “more likely than not” standard. In making such assessments,
significant weight is to be given to evidence that can be objectively verified. Our current or previous losses are given more weight
than our future outlook. Our three-year historical cumulative loss was a significant negative factor. This loss, combined with
uncertain near-term market and economic conditions, reduced our ability to rely on our projections of future taxable income in
determining whether a valuation allowance was appropriate. Accordingly, we concluded that a full valuation allowance was appropriate.
We will continue to assess the likelihood that our deferred tax assets will be realizable, and our valuation allowance will be
adjusted accordingly, which could materially impact our financial position and results of operations.
The income tax
benefit for the thirteen weeks ended December 27, 2015 was $603,000, compared to the income tax benefit of $145,000 for the thirteen
weeks ended December 28, 2014. For the thirteen weeks ended December 27, 2015, the net benefit of $603,000 was made up of credits
for the expected future refunds of previously paid U.S. Federal Alternative Minimum Tax, as provided by the Protecting Americans
from Tax Hike legislation enacted on December 18, 2015, offset primarily by various foreign withholding and income taxes we incur.
For the thirteen weeks ended December 28, 2014, we recognized a $145,000 benefit due to reserves for certain tax refunds that were
released due to the expiration of the applicable statute of limitations.
(14) STOCK-BASED COMPENSATION
Our 2011 Equity Incentive Plan has been
approved by shareholders and authorizes the issuance of 1,200,000 shares of our common stock (plus any shares that remained available
on that date for future grants under our 1996 Incentive Plan) for equity-based awards (no further awards will be made under our
1996 Incentive Plan). Under the equity incentive plans, stock options have been granted to employees, including our officers, and
to our directors, at an exercise price not less than the fair market value of our common stock at the date the options are granted.
The options granted generally expire ten years from the date of grant or at an earlier date as determined by the committee of our
board of directors that administers the plans. Options granted under the plans prior to November 2005 generally were exercisable
one year from the date of grant. Options granted under the plans from November 2005 to October 2011 are exercisable two to three
years from the date of grant. Options granted under the plans since November 2011 are exercisable one to three years from the date
of grant.
Under our equity incentive plan,
we also have issued restricted stock units (“RSUs”) to employees, including our officers.
RSUs generally vest over three years in annual installments commencing one year after the date of grant. We recognize compensation
expense for the RSUs over the service period equal to the fair market value of the RSUs on the date of issuance. Upon vesting,
RSUs convert to shares in accordance with the terms of the equity incentive plan under which they were issued.
We recorded stock-based compensation expense
related to our stock options, RSUs and common stock, included in selling, general and administrative expenses, of $338,000 and
$291,000 for the thirteen weeks ended December 27, 2015, and December 28, 2014, respectively. As of December 27, 2015, $1,775,000
of unrecognized compensation expense related to non-vested awards is expected to be recognized over a weighted-average period of
approximately 18 months.
We use the Black-Scholes option pricing
model to determine the weighted-average fair value of options. The weighted-average fair value of options granted during the thirteen
weeks ended December 28, 2014, was $2.65. Pursuant to the terms of the Merger Agreement, there were no options granted during the
thirteen weeks ended December 27, 2015. The fair value of options at the date of grant and the weighted-average assumptions utilized
to determine such values are indicated in the following table:
| |
|
|
|
|
Thirteen Weeks Ended | |
| |
| | |
December 28,
2014 | |
Risk-free interest rate | |
| | | |
| 2.9 | % |
Expected volatility | |
| | | |
| 80.0 | % |
Expected life (in years) | |
| | | |
| 8.0 | |
Dividend yield | |
| | | |
| – | |
The risk-free interest rate is based on
a treasury instrument whose term is consistent with the expected life of our stock options. We considered historical data in projecting
expected stock price volatility. We estimated the expected life of stock options and stock option forfeitures based on historical
experience.
Option transactions during the thirteen
weeks ended December 27, 2015, are summarized as follows:
| |
Number of Shares | | |
Weighted-Average Exercise Price ($) | | |
Weighted-Average Remaining Contractual Life (yrs.) | |
Outstanding at September 27, 2015 | |
| 3,338,717 | | |
| 9.52 | | |
| 4.2 | |
Granted | |
| – | | |
| – | | |
| | |
Exercised | |
| (8,300 | ) | |
| 3.03 | | |
| | |
Expired/Canceled | |
| (196,885 | ) | |
| 25.12 | | |
| | |
Outstanding at December 27, 2015 | |
| 3,133,532 | | |
| 7.10 | | |
| 5.1 | |
Options exercisable at December 27, 2015 | |
| 2,728,344 | | |
| 7.66 | | |
| 4.6 | |
The aggregate intrinsic value at December
27, 2015, of our stock options (the amount by which the market price of the stock on the date of exercise exceeded the exercise
price of the option) outstanding was $1,820,000. The aggregate intrinsic value of our stock options exercisable at December 27,
2015, was $1,711,000.
The following table summarizes the status
of options that remain subject to vesting:
| |
Number of Shares | | |
Weighted- Average Grant Date Fair Value ($) | | |
Weighted- Average Remaining Contractual Life (yrs.) | |
Non-vested at September 27, 2015 | |
| 706,020 | | |
| 2.22 | | |
| 8.6 | |
Granted | |
| – | | |
| – | | |
| | |
Vested | |
| (300,832 | ) | |
| 1.97 | | |
| | |
Canceled | |
| – | | |
| – | | |
| | |
Non-vested at December 27, 2015 | |
| 405,188 | | |
| 2.40 | | |
| 8.6 | |
The following table summarizes information
concerning currently outstanding and exercisable stock options:
| |
Options Outstanding | | |
Options Exercisable | |
Range of Exercise Prices ($) | |
Number Outstanding | | |
Weighted-Average Remaining Contractual Life (yrs.) | | |
Weighted-Average Price ($) | | |
Number Exercisable | | |
Weighted-Average Exercise Price ($) | |
1.45 - 3.00 | |
| 912,387 | | |
| 7.1 | | |
| 2.12 | | |
| 793,867 | | |
| 1.99 | |
3.01 - 5.00 | |
| 1,200,627 | | |
| 5.8 | | |
| 3.18 | | |
| 913,959 | | |
| 3.09 | |
5.01 - 10.00 | |
| 490,383 | | |
| 3.9 | | |
| 7.33 | | |
| 490,383 | | |
| 7.33 | |
10.01 - 37.95 | |
| 530,135 | | |
| 1.4 | | |
| 24.33 | | |
| 530,135 | | |
| 24.33 | |
Total | |
| 3,133,532 | | |
| 5.1 | | |
| 7.10 | | |
| 2,728,344 | | |
| 7.66 | |
RSU transactions during the thirteen weeks
ended December 27, 2015, are summarized as follows:
| |
Number of RSUs | | |
Weighted- Average Grant Date Fair Value ($) | |
Non-vested at September 27, 2015 | |
| 691,899 | | |
| 2.90 | |
Granted | |
| – | | |
| – | |
Vested | |
| (355,769 | ) | |
| 2.53 | |
Canceled | |
| – | | |
| – | |
Non-vested at December 27, 2015 | |
| 336,130 | | |
| 3.30 | |
(15) LOSS PER SHARE
Basic loss per share is computed by dividing
net loss by the weighted-average number of common shares outstanding during the year. Diluted loss per share identifies the dilutive
effect of potential common shares using net loss available to common shareholders and is computed using the treasury stock method
for outstanding stock options and the if-converted method for the 8.50% Convertible Notes and the 8.50% New Convertible Notes.
A reconciliation of these amounts is as
follows:
| |
Thirteen Weeks Ended | |
| |
December 27, 2015 | | |
December 28, 2014 | |
Net loss | |
$ | (5,297 | ) | |
$ | (9,898 | ) |
| |
| | | |
| | |
Weighted-average common shares outstanding | |
| 33,674 | | |
| 30,548 | |
Dilutive potential common shares | |
| – | | |
| – | |
Weighted-average common and diluted shares outstanding | |
| 33,674 | | |
| 30,548 | |
| |
| | | |
| | |
Basic loss per share | |
$ | (0.16 | ) | |
$ | (0.32 | ) |
| |
| | | |
| | |
Diluted loss per share | |
$ | (0.16 | ) | |
$ | (0.32 | ) |
Diluted loss per share for the thirteen
weeks ended December 27, 2015, excludes potential common shares of 168,000 using the treasury stock method, and 14,630,000 using
the if-converted method for the 8.50% New Convertible Notes, as they were anti-dilutive. Diluted loss per share for the thirteen
weeks ended December 28, 2014, excludes potential common shares of 1,217,000 using the treasury stock method. Diluted loss per
share for the thirteen weeks ended December 28, 2014, excludes potential common shares of 11,993,000 using the if-converted method
for the 8.50% Convertible Notes, as they were anti-dilutive.
As discussed in Note 7, on October 23,
2014, we issued 2,500,000 shares of common stock and warrants to purchase 2,500,000 shares of our common stock as part of an exchange
transaction. On November 25, 2014, 1,250,000 warrants were exercised, which resulted in the issuance of 1,246,493 shares of common
stock. On January 15, 2015, the remaining 1,250,000 warrants were exercised, which resulted in the issuance of 1,246,428 shares
of common stock. No warrants remain outstanding.
(16) FAIR VALUE MEASUREMENTS
Financial assets and liabilities that are
remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels:
Level 1 – |
Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; |
|
|
Level 2 – |
Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or |
|
|
Level 3 – |
Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities. |
The following tables present our assets
that are measured at fair value on a recurring basis at December 27, 2015, and September 27, 2015:
| |
Fair Value Measurements at December 27, 2015 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Available-for-sale securities | |
$ | 506 | | |
$ | – | | |
$ | – | | |
$ | 506 | |
| |
Fair Value Measurements at September 27, 2015 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Available-for-sale securities | |
$ | 965 | | |
$ | – | | |
$ | – | | |
$ | 965 | |
Available-for-Sale Securities
Our available-for-sale securities are comprised
of United States government debt securities. The fair value is based on quoted market prices in active markets.
Debt
The fair values of our 8.50% Convertible
Notes and our 8.50% Secured Notes were determined based on the closing market price of the respective Notes as of the end of the
fiscal quarter. The fair value of the 8.50% Convertible Notes and the 8.50% Secured Notes were classified in Level 1 of the fair
value hierarchy.
Our 10.875% Notes have not experienced
trading activity; therefore the fair value estimate was based on the closing market prices of comparable debt as of the end of
the fiscal quarter. Our 8.50% New Convertible Notes have not experienced trading activity; therefore the fair value estimate was
based on market variables combined with variables specific to the 8.50% New Convertible Notes to determine the theoretical value.
The fair values of the 10.875% Notes and the 8.50% New Convertible Notes were classified in Level 2 of the fair value hierarchy.
The fair value of the PNC Bank credit facility
and term loan’s carrying values are a reasonable estimate of fair value because of their short-term nature. The fair value
measurement for the credit facility and term loan was classified in Level 2 of the fair value hierarchy.
The estimated fair values of our debt were
as follows on each of the indicated dates:
| |
December 27, 2015 | | |
September 27, 2015 | |
| |
Carrying Amount | | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
8.50% Secured Notes | |
$ | 63,931 | | |
$ | 64,011 | | |
$ | 63,931 | | |
$ | 64,011 | |
10.875% Notes | |
| 12,200 | | |
| 12,972 | | |
| 12,200 | | |
| 12,972 | |
8.50% New Convertible Notes | |
| 37,500 | | |
| 51,184 | | |
| 37,500 | | |
| 32,404 | |
PNC Bank term loan | |
| 12,750 | | |
| 12,750 | | |
| 13,500 | | |
| 13,500 | |
Other
Our financial instruments other than those
presented in the disclosures above, include accounts receivable, accounts payable, and other payables. The carrying value of accounts
receivable, accounts payable, and other payables approximate fair value because of the short-term nature of these instruments.
The fair values of these items were classified in Level 1 of the fair value hierarchy.
(17) SUBSEQUENT EVENTS
We evaluated subsequent events after the
balance sheet date through the date the condensed consolidated financial statements were issued. We did not identify any additional
material events or transactions occurring during this subsequent event reporting period that required further recognition or disclosure
in these condensed consolidated financial statements.
ITEM 2. MANAGEMENT’S DISCUSSION AND
ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
When we refer to “we,” “our,”
“us,” the “company” or “HTI,” we mean Hutchinson Technology Incorporated and its subsidiaries.
Unless otherwise indicated, references to “2016” mean our fiscal year ending September 25, 2016, references to “2015”
mean our fiscal year ended September 27, 2015, and references to “2014” mean our fiscal year ended September 28, 2014.
This Management’s Discussion and
Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the MD&A
included in our Annual Report on Form 10-K for the year ended September 27, 2015.
GENERAL
Our Company
We are a global supplier of critical precision
component technologies. As a key supplier of suspension assemblies for disk drives, we help customers improve overall disk drive
performance and meet the demands of an ever-expanding digital universe. Through our new business development initiatives, we focus
on leveraging our unique precision manufacturing capabilities in new markets to improve product performance, reduce size, lower
cost and reduce time to market.
Entry into Merger Agreement
On November 1, 2015, we entered into an
Agreement and Plan of Merger (the “Merger Agreement”) with Headway Technologies, Inc. (“Parent”) and Hydra
Merger Sub, Inc., a wholly owned subsidiary of Parent (“Merger Subsidiary”). Pursuant to the Merger Agreement, Merger
Subsidiary will merge with and into our company and our company will continue as the surviving corporation and as a wholly owned
subsidiary of Parent (the “Merger”). Parent and Merger Subsidiary are each beneficially owned by TDK Corporation, a
Japanese electronics company (“TDK”).
Pursuant to the Merger Agreement, at the
effective time of the Merger, each issued and outstanding share of our capital stock (other than shares held (1) by Parent or Merger
Subsidiary or any direct or indirect subsidiary of our company or Parent, and (2) by shareholders who have perfected and not withdrawn
a demand for dissenters’ rights or who have not otherwise lost dissenters’ rights under Minnesota law with respect
to such shares), will be cancelled and extinguished and automatically converted into the right to receive:
| • | $3.62 in cash, without interest, plus |
| • | up to $0.38 in cash, without interest (the “Additional
Consideration”). |
The Additional Consideration will be determined
prior to consummation of the Merger and will be an amount equal to approximately $0.01 per share for each $500,000 of our Net Cash
(as defined in the Merger Agreement) over $17,500,000 as of a fiscal period end within 45 days prior to the consummation of the
Merger. We cannot predict the amount of Additional Consideration, if any, that will be payable to shareholders. As of December
27, 2015, our Net Cash position was $49,900,000.
On
January 28, 2016, at a special meeting of our shareholders, the Merger Agreement, and the Merger pursuant to that agreement, was
approved by our shareholders. We expect to complete the transactions contemplated by the Merger Agreement either late in the first
calendar quarter or during the second calendar quarter of 2016, subject to the termination or expiration of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of the other closing
conditions specified in the Merger Agreement.
General Business
The majority of our revenue is derived
from the sale of suspension assemblies to a small number of manufacturers. Suspension assemblies are precise electro-mechanical
components that hold a disk drive’s read/write head at microscopic distances above the drive’s disks.
Sales to our three largest customers constituted
96% of net sales for the thirteen weeks ended December 27, 2015, as shown in the following table.
Customer | |
Percentage of Sales | |
Western Digital Corporation | |
| 58 | % |
Seagate Technology, LLC | |
| 30 | % |
SAE Magnetics, Ltd/TDK | |
| 8 | % |
Significant portions of our revenue may
be indirectly attributable to large manufacturers of disk drives, such as Western Digital Corporation, Seagate Technology, LLC
and Toshiba Corporation, which may purchase read/write head assemblies that utilize our suspension assemblies from SAE Magnetics,
Ltd/TDK. We expect to continue to depend on a limited number of customers for our sales, given the small number of disk drive manufacturers
and head-gimbal assemblers. Our results of operations could be adversely affected by reduced demand from any one disk drive industry
customer.
The following table sets forth our recent
quarterly suspension assembly shipment quantities in millions for the periods indicated:
Suspension Assembly Shipments by Quarter |
| |
2015 | | |
2016 | |
| |
First | | |
Second | | |
Third | | |
Fourth | | |
First | |
Suspension assembly shipment quantities | |
| 122 | | |
| 101 | | |
| 87 | | |
| 105 | | |
| 107 | |
Our suspension assembly
shipments totaled 107 million in the first quarter of 2016, up 1% compared with 105 million in the fourth quarter of 2015. Demand
weakened near the end of the quarter.
Average selling price remained at $0.57
for the first quarter of 2016, flat with the fourth quarter of 2015, and down from $0.58 in the first quarter of 2015.
Gross profit in the first quarter of 2016
was $11,721,000, or 18% of net sales, compared with $7,477,000 in the fourth quarter of 2015, or 12% of net sales. The sequential
increase in gross profit was due to our continued efforts to reduce costs and a favorable product mix including suspensions using
lower cost, internally-produced TSA+ flexures.
As part of our new business development
efforts, we have been developing an optical image stabilization (“OIS”) actuator for smartphone cameras. Our new shape
memory alloy (“SMA”) OIS actuator is currently undergoing testing and evaluation in prototype camera modules with a
smartphone maker. The results from performance and reliability tests continue to be encouraging and we are continuing to work with
companies in the smartphone camera supply chain on evaluations of our SMA OIS actuator.
During the first quarter of 2016, all of
the costs of our SMA OIS initiative were classified as research and development expenses. Research and development expenses for
the quarter increased to $5,857,000, compared to $3,796,000 in the fourth quarter of 2015 which was reduced by $1,520,000 of previously
deferred income related to a former cost-sharing agreement for development of our SMA OIS actuator.
Outlook
We expect suspension assembly shipments
in the second quarter of 2016 to range from 85 million to 95 million, in what is typically a seasonally slower period for suspension
assembly shipments. Our average selling price is expected to be relatively flat on a sequential basis. The lower volume is expected
to reduce our gross profit.
RESULTS OF OPERATIONS
Thirteen Weeks Ended December 27, 2015
vs. Thirteen Weeks Ended December 28, 2014
Net sales for the thirteen weeks ended
December 27, 2015, were $63,927,000, compared to $72,423,000 for the thirteen weeks ended December 28, 2014, a decrease of $8,496,000.
The decrease was due to a 12% decrease in suspension assembly unit shipments and a decrease in average selling price.
Gross profit for the thirteen weeks ended
December 27, 2015, was $11,721,000, compared to gross profit of $11,464,000 for the thirteen weeks ended December 28, 2014, an
increase of $257,000. Gross profit was 18% of net sales for the thirteen weeks ended December 27, 2015, compared to 16% of net
sales for the thirteen weeks ended December 28, 2014. The increase in gross profit was primarily due to continued efforts to reduce
costs and a favorable product mix including suspensions using lower cost, internally-produced TSA+ flexures. This was partially
offset by decreased net sales.
Research and development expenses for the
thirteen weeks ended December 27, 2015, were $5,857,000 compared to $6,042,000 for the thirteen weeks ended December 28, 2014,
a decrease of $185,000. We continue to invest in our new business development activity related to the development of SMA OIS actuators
for smartphone cameras.
Selling, general and administrative expenses
for the thirteen weeks ended December 27, 2015, were $5,207,000, compared to $5,984,000 for the thirteen weeks ended December 28,
2014, a decrease of $777,000. The decrease was primarily due to lower professional services and supplies expense.
During the thirteen weeks ended December
27, 2015, we incurred $3,437,000 of expenses related to the pending Merger with TDK.
During the thirteen weeks ended December
28, 2014, as part of our continued focus on overall cost reductions, we recognized $159,000 of severance
and site consolidation expenses. The site consolidation expenses were primarily supplies and internal labor related to the consolidation.
All severance and benefits amounts owed have been paid in full.
Other
expense, net, for the thirteen weeks ended December 27, 2015, included a foreign currency gain of $33,000, compared to
a foreign currency loss of $640,000 for the thirteen weeks ended December 28, 2014. The foreign currency activity was
primarily related to U.S. dollar-denominated inter-company liabilities owed to us by our Thai subsidiary.
On October 23, 2014, we entered into an
agreement providing for the private exchange of $15,000,000 aggregate principal amount of our 8.50% Senior Secured Second Lien
Notes due 2017 (the “8.50% Secured Notes”) held by a certain holder for 2,500,000 shares of our common stock and warrants
to purchase an additional 2,500,000 shares of our common stock on a cashless basis at an exercise price of $0.01 per share. The
fair value of the common stock and warrants was recorded in additional paid-in capital in the amount of $17,388,000. Applying debt
extinguishment accounting, we recorded a loss on extinguishment of debt of $4,318,000 in our first quarter of 2015. The loss also
included $1,232,000 of broker, legal and accounting fees related to the exchange transaction.
Interest expense for the
thirteen weeks ended December 27, 2015, was $3,283,000, compared to $4,453,000 for the thirteen
weeks ended December 28, 2014, a decrease of $1,170,000. The decrease in interest expense was primarily due to a reduction
in our outstanding debt amounts.
The income tax
benefit for the thirteen weeks ended December 27, 2015, was $603,000, compared to the income tax benefit of $145,000 for the thirteen
weeks ended December 28, 2014. For the thirteen weeks ended December 27, 2015, the net benefit of $603,000 was made up of credits
for the expected future refunds of previously paid U.S. Federal Alternative Minimum Tax, as provided by the Protecting Americans
from Tax Hike legislation enacted on December 18, 2015, offset primarily by various foreign withholding and income taxes we incur.
For the thirteen weeks ended December 28, 2014, the net benefit of $145,000 was made up of a credit for the expected refund of
previously paid U.S. Federal Alternative Minimum Tax, offset primarily by various foreign withholding and income taxes we incur.
Liquidity and Capital Resources
We continue to incur net losses which have
dampened our ability to generate cash from operations. We currently believe that our cash and cash equivalents, restricted cash,
short-term investments, cash flow from operations, credit facility and term loan, bill of exchange transactions, and additional
financing, if needed and as available given contractual restrictions, current credit market conditions and our operating performance,
will be sufficient to meet our forecasted operating expenses, debt service and capital expenditures through 2016. As of December
27, 2015, we had outstanding $63,931,000 aggregate principal amount of our 8.50% Secured Notes, $12,200,000 aggregate principal
amount of our 10.875% Senior Secured Second Lien Notes due 2017 (the “10.875% Notes”), and $37,500,000 of our 8.50%
Convertible Senior Notes due 2019 (the “8.50% New Convertible Notes”). Our 8.50% Secured Notes and our 10.875% Notes
mature on January 15, 2017. Our 8.50% New Convertible Notes mature on October 31, 2019.
During the first quarter of 2015, we obtained
a $15,000,000 term loan from PNC Bank, National Association (“PNC Bank”). The principal balance of the term loan is
payable in quarterly installments of $750,000 on the first day of each calendar quarter, commencing on April 1, 2015 and continuing
through January 1, 2020. As of December 27, 2015, we had $12,750,000 outstanding. See below for additional details.
In October 2014, we sold $37,500,000 aggregate
principal amount of 8.50% New Convertible Notes. We exchanged $15,000,000 aggregate principal amount of 8.50% Secured Notes for
2,500,000 shares of common stock and warrants to purchase an additional 2,500,000 shares, of which 1,250,000 warrants were exercised
in November 2014 and the remaining 1,250,000 were exercised in January 2015. On January 15, 2015, we completed a redemption of
the existing $39,822,000 of 8.50% Convertible Senior Notes due 2026 (the “8.50% Convertible Notes”).
The Merger Agreement, our credit agreement
with PNC Bank and the indentures governing the 8.50% Secured Notes and the 10.875% Notes each contain certain covenants that, among
other things, limit our and our restricted subsidiaries’ ability to: incur additional indebtedness; pay dividends on or make
distributions in respect of capital stock or make certain other restricted payments or investments; enter into agreements that
restrict distributions from restricted subsidiaries; sell or otherwise dispose of assets, including capital stock of restricted
subsidiaries; enter into transactions with affiliates; create or incur liens; enter into operating leases; merge, consolidate or
sell substantially all of our assets; make capital expenditures; change the nature of our business; and expend the assets or free
cash flow of certain subsidiaries. The indentures also limit the amount of our consolidated total assets and free cash flow that
can be attributable to subsidiaries that have not guaranteed the 8.50% Secured Notes or, in certain cases, have not pledged their
stock to secure the 8.50% Secured Notes.
Subject to applicable contractual limitations,
we may from time to time seek to prepay or retire our outstanding debt through cash purchases in open market or privately negotiated
transactions or otherwise. These transactions, if any, will depend on prevailing market conditions, our liquidity requirements,
contractual restrictions and other factors. Our ability to obtain additional financing will depend upon a number of factors, including
our future and historical performance and financial results, contractual restrictions and general economic and capital market conditions.
We cannot be certain that we will be able to raise additional financing on terms acceptable to us, including covenants that we
will be able to comply with in the short term, or at all, if needed. We have a facility in Hutchinson, Minnesota currently offered
for sale or lease, which may provide an additional source of cash.
Our principal sources of liquidity are
cash and cash equivalents, short-term investments, cash flow from operations, our senior secured credit facility and term loan,
leasing, bill of exchange transactions, and additional financing capacity, if available given current credit market conditions
and our operating performance. Our cash and cash equivalents increased from $39,454,000 at September 27, 2015, to $48,497,000 at
December 27, 2015. Our short-term investments decreased from $965,000 at September 27, 2015, to $506,000 at December 27, 2015 and
are restricted in use. In total, our cash and cash equivalents and short-term investments increased by $9,043,000.
Cash Provided by Operating Activities
Cash provided by operating activities for
the thirteen weeks ended December 27, 2015, was $10,636,000, compared to $3,142,000 for the thirteen weeks ended December 28, 2014.
The increase in operating cash flows was primarily due to favorable changes in working capital, including a reduction in our accounts
receivables and inventory.
Cash Used for Investing Activities
For the thirteen weeks ended December 27,
2015, cash used for investing activities was $535,000, compared to $48,019,000 for the thirteen weeks ended December 28, 2014.
The cash used for the thirteen weeks ended December 27, 2015, was primarily due to $1,363,000 of capital expenditures for product
tooling and manufacturing equipment for new process technology and capability improvements, partially offset by $459,000 from the
sale of marketable securities, $131,000 of equipment sale/leaseback transactions and $190,000 of equipment sale proceeds. The cash
used for the thirteen weeks ended December 28, 2014, was primarily due to $42,500,000 of restricted cash related to our escrow
requirements, $2,129,000 of restricted cash that covered outstanding letters of credit and cash received and temporarily held in
our senior secured credit facility collections account, and $6,285,000 of capital expenditures for manufacturing equipment for
new process technology and capability improvements and product tooling, partially offset by $836,000 of equipment sale/leaseback
transactions.
Our suspension assembly business is capital
intensive. The disk drive industry experiences rapid technology changes that require us to make substantial ongoing capital expenditures
in product and process improvements to maintain our competitiveness. Significant industry technology transitions often result in
increasing our capital expenditures. The disk drive industry also experiences periods of increased demand and rapid growth followed
by periods of oversupply and subsequent contraction, which also results in fluctuations in our capital expenditures. We anticipate
capital expenditures will be approximately $10,000,000 to $15,000,000 in 2016, primarily for product tooling and manufacturing
equipment for new process technology and capability improvements, such as dual-stage actuated suspension assemblies and SMA OIS
actuators. Financing of these capital expenditures will be principally from operations, our current cash, cash equivalents, our
senior secured credit facility, leasing, or additional financing, if available given current credit market conditions and our financial
performance.
Cash (Used for) Provided by Financing
Activities
Cash used for financing activities for
the thirteen weeks ended December 27, 2015, was $1,323,000, compared to cash provided by financing activities of $39,295,000 for
the thirteen weeks ended December 28, 2014. The cash used in the thirteen weeks ended December 27, 2015, was primarily due to a
$750,000 repayment of our PNC Bank term loan and $602,000 of capital lease payments. The cash provided by financing activities
for the thirteen weeks ended December 28, 2014, was primarily due to $37,500,000 in proceeds from the private placement of our
8.50% New Convertible Notes and $15,000,000 in proceeds from the PNC Bank term loan, partially offset by $9,533,000 in repayments
of our senior secured credit facility, $3,175,000 of debt refinancing costs, and $521,000 of capital lease payments.
Bill of Exchange
During the thirteen weeks ended December
27, 2015, we entered into multiple independent bill of exchange discounting transactions under an uncommitted facility with Hongkong
and Shanghai Banking Corporation Limited, Bangkok Branch (“HSBC”), under which our Thai subsidiary, Hutchinson
Technology Operations (Thailand) Co. Ltd., sold, without recourse, an aggregate of $32,754,000 of its accounts receivable to HSBC
and was paid 100% of the face value of the accounts receivable, less interest expense of LIBOR plus 1.75%. The balance remaining
to be paid to our Thai subsidiary from HSBC as of September 27, 2015 was $1,228,000, included within the line item “Other
receivables” on our consolidated balance sheet. As of December 27, 2015, there was no outstanding balance to be paid to our
Thai subsidiary from HSBC.
We also entered into multiple independent
bill of exchange discounting transactions under an uncommitted facility with Bank of America, N.A., Bangkok Branch (“Bank
of America”), under which our Thai subsidiary can sell, without recourse, approximately 90% of its accounts receivable to
Bank of America and be paid the full face value of that accounts receivable sold, less interest expense of LIBOR plus 1.50%. The
approximately 10% remainder due on the receivable is included in our trade receivables balance until paid. During the thirteen
weeks ended December 27, 2015, our Thai subsidiary sold $16,757,000 of its accounts receivable to Bank of America, which has been
paid in full.
Debt
October 2014 Financing Transactions
- On October 23, 2014, we issued $37,500,000 aggregate principal amount of 8.50% New Convertible Notes. The 8.50% New Convertible
Notes bear interest at a rate of 8.50% per annum, payable semi-annually in arrears on April 30 and October 31 of each year, beginning
April 30, 2015. The 8.50% New Convertible Notes mature on October 31, 2019. Each $1,000 principal amount of the 8.50% New Convertible
Notes is convertible into 266.6667 shares of our common stock (which is equal to an initial conversion price of approximately $3.75
per share), subject to adjustment under certain circumstances. The 8.50% New Convertible Notes rank pari passu in right of payment
with all existing and future senior indebtedness of our company. Certain beneficial holders of the 8.50% New Convertible Notes
had the right to require us to repurchase for cash up to $7,500,000 aggregate principal amount of the 8.50% New Convertible Notes,
plus accrued and unpaid interest, if any, during the 120-day period commencing on October 23, 2014. Accordingly, $7,500,000 of
the proceeds to us from the sale of the 8.50% New Convertible Notes were escrowed until the put right expired on February 20, 2015.
Additionally, we were required to escrow at least $35,000,000 of cash that was restricted solely for the repayment, repurchase,
redemption, defeasance or other acquisition for value of our 8.50% Convertible Notes, plus accrued but unpaid interest thereon.
We capitalized debt financing costs of $1,652,000 which are being amortized over five years or until the maturity date. The amortization
expense is included in interest expense. On January 15, 2015, we completed a redemption of the existing $39,822,000 aggregate principal
amount of 8.50% Convertible Notes. To fund this, we used the escrowed $35,000,000 and our existing cash.
On October 23, 2014, we entered into an
agreement providing for the private exchange of $15,000,000 aggregate principal amount of our 8.50% Secured Notes held by a certain
holder for 2,500,000 shares of our common stock and warrants to purchase an additional 2,500,000 shares of our common stock on
a cashless basis at an exercise price of $0.01 per share. On November 25, 2014, 1,250,000 warrants were exercised which resulted
in the issuance of 1,246,493 shares of common stock. On January 15, 2015, subsequent to the end of the first quarter of 2015, the
remaining 1,250,000 warrants were exercised which resulted in the issuance of 1,246,428 shares of common stock and there were no
warrants remaining outstanding. The fair value of the common stock and warrants was recorded in additional paid-in capital in the
amount of $17,388,000. Applying debt extinguishment accounting, we recorded a loss on extinguishment of debt of $4,318,000 in our
first quarter of 2015. The loss also included $1,232,000 of broker, legal and accounting fees related to the exchange transaction.
To accommodate the October 2014 debt transactions
described above, on October 20, 2014, we entered into supplemental indentures relating to our 8.50% Secured Notes and to our 10.875%
Notes. Additionally, on October 20, 2014, we entered into an amendment to our senior secured credit agreement, dated as of September
16, 2011, as previously amended, with PNC Bank. Under the amendment, PNC Bank consented to the transactions contemplated by the
8.50% New Convertible Notes and the exchange transaction, referred to above.
Senior Secured Credit Facility - We
are party to a revolving credit and security agreement with PNC Bank dated as of September 15, 2011, as amended from time to time
(the “Credit Agreement”). On September 22, 2014, we amended the Credit Agreement to reduce the maximum principal amount
of the revolving credit facility provided by the Credit Agreement (the “Senior Secured Credit Facility”) from $35,000,000
to $20,000,000, extend the maturity date of the Senior Secured Credit Facility from October 1, 2014 to December 1, 2016, reduce
the cash balance we are required to maintain in an account at PNC Bank from $15,000,000 to $2,500,000, and modify the fixed charge
coverage covenant by eliminating the requirement for the four fiscal quarters ended September 28, 2014 and changing the measurement
periods thereafter for the fixed charge coverage covenant by excluding from such measurement periods all fiscal quarters ended
on or prior to September 28, 2014.
In April 2015, we further amended the Credit
Agreement to maintain compliance with a preexisting financial covenant. This amendment modified the fixed charge coverage covenant
under our Credit Agreement to eliminate the requirement for our quarters ended March 29, 2015, June 28, 2015 and September 27,
2015 and to change the measurement periods starting with our quarter ending December 27, 2015 by excluding from such measurement
periods all quarters ended before September 27, 2015, and implemented an additional earnings before interest, taxes, and depreciation
and amortization (“EBITDA”) covenant for our quarters ended March 29, 2015, June 28, 2015 and September 27, 2015.
On December 10, 2015, we entered into a
ninth amendment to our Credit Agreement with PNC Bank. The amendment modifies the Credit Agreement to defer application of the
fixed charge coverage covenant until December 25, 2016, and impose a minimum EBITDA requirement and a new minimum liability requirement
for 2016.
From time to time, we borrow funds under
the Senior Secured Credit Facility. As of December 27, 2015, we had no outstanding borrowings. Our average outstanding balance
in the thirteen weeks ended December 27, 2015, was $238,000. Amounts borrowed under the Senior Secured Credit Facility bear cash
interest at a reduced rate equal to, at our election, either (i) PNC Bank’s alternate base rate (as defined in the Credit
Agreement) plus 1.0% per annum, or (ii) LIBOR plus 3.5% per annum if no defaults or events of default exist under the Credit Agreement.
If we are unable to generate sufficient
operating results in future quarters, we may not be able to comply with financial covenants in the Credit Agreement in future quarters.
If necessary, we intend to negotiate a waiver of any noncompliance or an amendment of the financial covenant specific to the applicable
period. As of December 27, 2015, we were in compliance with the financial covenants set forth in the Credit Agreement.
PNC Bank Term Loan - On
December 23, 2014, we amended the Credit Agreement to establish a $15,000,000 term loan with PNC. The covenants in the Credit
Agreement also apply to this term loan. The amount borrowed under the term loan may consist of domestic rate loans, with a
per annum interest rate equal to PNC Bank’s alternate base rate (as defined in the Credit Agreement) plus 2.50%, or
LIBOR rate loans, with a per annum interest rate equal to 3.50% plus the greater of the LIBOR rate (as defined in the Credit
Agreement) or 1.00%, or a combination thereof. As a result, our interest rate for the term loan has been 4.5%. The principal
balance of the term loan is payable in quarterly installments of $750,000 on the first day of each calendar quarter,
commencing on April 1, 2015 and continuing through January 1, 2020. In the event that the Credit Agreement is not extended
beyond December 1, 2016, the balance due on the term loan will also become due on December 1, 2016. Accordingly, the term
loan has been classified as current debt in our consolidated balance sheet. Once repaid, amounts borrowed under the term loan
may not be reborrowed. As of December 27, 2015, we had $12,750,000 outstanding.
Capital Leases
– As of December 27, 2015, we have remaining capital lease payment obligations of $5,969,000. We
expect to enter into more leasing transactions throughout 2016.
CRITICAL ACCOUNTING POLICIES
There have been no material changes in
our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the fiscal year ended September 27,
2015.
RECENT ACCOUNTING PRONOUNCEMENTS
In May 2014, the Financial Accounting Standards
Board (the “FASB”) issued authoritative guidance related to revenue from contracts with customers. The guidance outlines
a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes
most current revenue recognition guidance, including industry-specific guidance. It also requires entities to disclose both quantitative
and qualitative information that enable financial statements users to understand the nature, amount, timing, and uncertainty of
revenue and cash flows arising from contracts with customers. In July 2015, the FASB confirmed a one-year deferral of the effective
date of the new revenue standard and allowed early adoption as of the original effective date. The updated guidance will be effective
for our first quarter of 2019. We are in the process of assessing the impact, if any, this guidance will have on our consolidated
financial statements.
In April 2015, the FASB issued authoritative
guidance related to simplifying the presentation of debt issuance costs, which requires debt issuance costs to be presented in
the balance sheet as a direct deduction from the associated debt liability. The standard is effective for our first quarter of
2017. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied
on a retrospective basis. We are in the process of assessing the impact this guidance will have on our consolidated financial statements..
FORWARD-LOOKING STATEMENTS
Statements contained in this Quarterly
Report on Form 10-Q that are not statements of historical fact should be considered forward-looking statements within the meaning
of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, but are not limited to, statements
regarding the following: the pending merger transaction, demand for and shipments of our products, our market position, technology,
development, program ramps, product mix, pricing, production capabilities and volumes, product costs, inventory levels, our operations
in Thailand and the United States, site consolidation efforts, capital spending, repayment of debt, additional liquidity, operating
expenses, cost reductions, market adoption and our production of optical image stabilization actuators and our business model,
operating performance financial results. Words such as “believe,” “anticipate,” “expect,” “intend,”
“estimate,” “approximate,” “plan,” “goal” and similar expressions are intended
to identify forward-looking statements but are not the exclusive means of identifying such statements. Although we believe these
statements are reasonable, forward-looking statements involve risks and uncertainties that may cause actual results to differ materially
from those projected by such statements. Factors that could cause actual results to differ from those discussed in the forward-looking
statements include, but are not limited to, those discussed under the heading “Risk Factors” in our most recent Annual
Report on Form 10-K for the fiscal year ended September 27, 2015. This list of factors is not exhaustive, however, and these or
other factors, many of which are outside of our control, could have a material adverse effect on us and our results of operations.
Therefore, you should consider these risk factors with caution and form your own critical and independent conclusions about the
likely effect of these risk factors on our future performance. Except as otherwise required by law, we undertake no obligation
to update any forward-looking statement for any reason. You should carefully review the disclosures and the risk factors described
in this and other documents we file from time to time with the SEC, including our latest Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. All forward-looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by the cautionary statements set forth herein.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Except as noted in this Item 3, there have
been no material changes in our exposure to market risk or to our quantitative and qualitative disclosures about market risk as
disclosed in our Annual Report on Form 10-K for the fiscal year ended September 27, 2015.
As of December 27, 2015, we had
$113,631,000 carrying value of fixed rate debt which had a fair market value of approximately $128,167,000. We used trading activity
to determine the fair market value of the 8.50% Secured Notes. The 10.875% Notes and the 8.50% New Convertible Notes have not had
trading activity, therefore the fair market value estimate for these notes was based on the closing market price of comparable
debt as of the end of the fiscal quarter.
As of September 27, 2015 we had no outstanding
borrowings under our Senior Secured Credit Facility. Such borrowings, if any, are eligible to bear cash interest at a reduced rate
equal to, at our election, either (i) PNC Bank’s alternate base rate (as defined in the Credit Agreement) plus 1.0% per annum,
or (ii) LIBOR plus 3.5% per annum if no defaults or events of default exist under the Credit Agreement.
The amount borrowed under the term loan
may consist of domestic rate loans, with a per annum interest rate equal to PNC Bank’s alternate base rate (as defined in
the Credit Agreement) plus 2.50%, or LIBOR rate loans, with a per annum interest rate equal to 3.50% plus the greater of the LIBOR
rate (as defined in the Credit Agreement) or 1.00%, or a combination thereof. As a result, our interest rate for the term loan
has been 4.5%.Our investing activities are guided by an investment policy, which is reviewed at least annually by our board of
directors, and whose objectives are preservation and safety of capital, maintenance of necessary liquidity and maximizing of the
rate of return within the stated guidelines. Our policy provides guidelines as to the maturity, concentration limits and credit
quality of our investments, as well as guidelines for communication, authorized securities and other policies and procedures in
connection with our investing activities.
We are exposed to various market risks
and potential loss arising from changes in interest rates and foreign currency exchange rates in connection with our cash, cash
equivalents and marketable securities held in investment accounts.
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND
PROCEDURES
As of the end of the period covered by
this Quarterly Report on Form 10-Q, we conducted an evaluation, under the supervision and with the participation of our management,
including our principal executive and principal financial officers, of our disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, the principal executive officer and principal financial
officer concluded that our disclosure controls and procedures were effective.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL
REPORTING
We have not identified any change in our
internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The disclosure
under the heading “Legal Proceedings” in Note 8 to the Condensed Consolidated Financial Statements in Part I, Item
1, of this Quarterly Report on Form 10-Q is incorporated herein by reference.
ITEM 1A. RISK FACTORS
There have been
no material changes from the risk factors previously disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal
year ended September 27, 2015.
ITEM 6. EXHIBITS
(a) Exhibits:
Unless otherwise indicated, all documents
incorporated herein by reference to a document filed with the SEC pursuant to the Exchange Act, are located under SEC file number
001-34838.
2.1 |
|
Agreement and Plan of Merger, dated November 1, 2015, by and among Hutchinson Technology Incorporated, Headway Technologies, Inc., and Hydra Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 to Current Report on Form 8-K filed 11/2/2015). |
3.1 |
|
Amended and Restated Articles of Incorporation of Hutchinson Technology Incorporated (incorporated by reference to Exhibit 3.1 to Quarterly Report on Form 10-Q for the quarter ended 12/29/2002; File No. 0-14709). |
3.2 |
|
Amended and Restated By-Laws of Hutchinson Technology Incorporated (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed 11/2/2015). |
4.1 |
|
Fifth Amendment to Rights Agreement, dated as of November 1, 2015, between Hutchinson Technology Incorporated and Wells Fargo Bank, N.A., as Rights Agent (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed 11/2/2015). |
10.1* |
|
Fiscal Year 2016 Executive Annual Cash Incentive Plan (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed 10/13/2015). |
10.2 |
|
Amendment No. 9 to Revolving Credit and Security Agreement, dated as of December 10, 2015, with PNC Bank, National Association, as agent and lender (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed 12/14/2015). |
31.1 |
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. |
31.2 |
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. |
32 |
|
Section 1350 Certifications. |
101.INS |
|
XBRL Instance Document |
101.SCH |
|
XBRL Taxonomy Extension Schema |
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase |
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase |
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase |
* Management contract, compensatory plan or arrangement required
to be filed as an exhibit to this Quarterly Report on Form 10-Q.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
HUTCHINSON TECHNOLOGY INCORPORATED |
|
|
|
|
Date: |
February 3, 2016 |
By |
/s/ Richard J. Penn |
|
|
|
Richard J. Penn |
|
|
|
President and Chief Executive Officer |
|
|
|
|
Date: |
February 3, 2016 |
By |
/s/ David P. Radloff |
|
|
|
David P. Radloff |
|
|
|
Vice President and Chief Financial Officer |
INDEX TO EXHIBITS
Exhibit
No. |
|
Description |
|
Method of Filing |
2.1 |
|
Agreement and Plan of Merger, dated November 1, 2015, by and among Hutchinson Technology Incorporated, Headway Technologies, Inc., and Hydra Merger Sub, Inc. |
|
Incorporated by Reference |
3.1 |
|
Amended and Restated Articles of Incorporation of HTI |
|
Incorporated by Reference |
3.2 |
|
Restated By-Laws of HTI, as amended December 16, 2013 |
|
Incorporated by Reference |
10.1 |
|
Fiscal Year 2016 Executive Annual Cash Incentive Plan. |
|
Incorporated by Reference |
31.1 |
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. |
|
Filed Electronically |
31.2 |
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. |
|
Filed Electronically |
32 |
|
Section 1350 Certifications. |
|
Filed Electronically |
101.INS |
|
XBRL Instance Document |
|
Filed Electronically |
101.SCH |
|
XBRL Taxonomy Extension Schema |
|
Filed Electronically |
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase |
|
Filed Electronically |
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase |
|
Filed Electronically |
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase |
|
Filed Electronically |
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase |
|
Filed Electronically |
EXHIBIT 31.1
CERTIFICATIONS
I, Richard J. Penn, certify that:
1. I
have reviewed this Quarterly Report on Form 10-Q of Hutchinson Technology Incorporated;
2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;
3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4. The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
b) designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d) disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions):
a) all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b) any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
/s/ Richard J. Penn |
|
Richard J. Penn |
|
President and Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATIONS
I, David P. Radloff, certify that:
1. I
have reviewed this Quarterly Report on Form 10-Q of Hutchinson Technology Incorporated;
2 Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;
3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4. The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
b) designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d) disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions):
a) all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b) any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
/s/ David P. Radloff |
|
David P. Radloff |
|
Vice President and Chief Financial Officer |
EXHIBIT 32
CERTIFICATIONS UNDER SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
The undersigned officers,
Richard J. Penn, Chief Executive Officer of Hutchinson Technology Incorporated, a Minnesota corporation (the “Company”),
and David P. Radloff, Chief Financial Officer of the Company, hereby certify, pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
(i) the
Quarterly Report on Form 10-Q of the Company for the quarterly period ended December 27, 2015 (the “Report”) fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii) the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date: February 3, 2016 |
/s/ Richard J. Penn |
|
Richard J. Penn |
|
Chief Executive Officer |
|
|
Date: February 3, 2016 |
/s/ David P. Radloff |
|
David P. Radloff |
|
Chief Financial Officer |
v3.3.1.900
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 27, 2015 |
Sep. 27, 2015 |
Current assets: |
|
|
Cash and cash equivalents (Note 3) |
$ 48,497
|
$ 39,454
|
Short-term investments restricted (Note 4) |
506
|
965
|
Trade receivables, net |
11,611
|
15,860
|
Other receivables |
1,579
|
2,707
|
Inventories |
37,880
|
40,148
|
Other current assets |
2,934
|
3,588
|
Total current assets |
103,007
|
102,722
|
Property, plant and equipment, net |
|
|
Property, plant and equipment, net |
129,335
|
134,509
|
Other assets |
4,529
|
4,281
|
Total assets |
236,871
|
241,512
|
Current liabilities: |
|
|
Current debt, net of discount (Note 7) |
12,750
|
3,000
|
Current portion of capital lease obligation |
2,181
|
2,188
|
Accounts payable |
18,593
|
19,877
|
Accrued compensation |
9,896
|
9,388
|
Accrued expenses and other |
5,288
|
4,239
|
Accrued interest |
3,691
|
2,838
|
Total current liabilities |
52,399
|
41,530
|
Long-term debt, net of discount (Note 7) |
112,010
|
122,156
|
Capital lease obligation |
3,788
|
4,220
|
Other long-term liabilities |
$ 2,589
|
$ 2,731
|
Commitments and contingencies (Notes 7, 8, and 14) |
|
|
Shareholders’ equity: |
|
|
Common stock, $.01 par value, 100,000,000 shares authorized, 33,839,000 and 33,540,000 issued and outstanding |
$ 339
|
$ 335
|
Additional paid-in capital (Note 7) |
452,528
|
452,165
|
Accumulated other comprehensive loss |
(4,169)
|
(4,309)
|
Accumulated loss |
(382,613)
|
(377,316)
|
Total shareholders’ equity |
66,085
|
70,875
|
Total liabilities and shareholders’ equity |
$ 236,871
|
$ 241,512
|
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Dec. 27, 2015 |
Sep. 27, 2015 |
Common Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
100,000,000
|
100,000,000
|
Common Stock, Shares, Issued |
33,839,000
|
33,540,000
|
Common Stock, Shares, Outstanding |
33,839,000
|
33,540,000
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Dec. 27, 2015 |
Dec. 28, 2014 |
Net sales |
$ 63,927
|
$ 72,423
|
Cost of sales |
52,206
|
60,959
|
Gross profit |
11,721
|
11,464
|
Research and development expenses |
5,857
|
6,042
|
Selling, general and administrative expenses |
5,207
|
5,984
|
Merger related expenses |
3,437
|
0
|
Severance and site consolidation expenses (Note 11) |
0
|
159
|
Loss from operations |
(2,780)
|
(721)
|
Other income (expense), net |
151
|
(555)
|
Loss on extinguishment of long-term debt (Note 7) |
0
|
(4,318)
|
Interest income |
12
|
4
|
Interest expense |
(3,283)
|
(4,453)
|
Loss before income taxes |
(5,900)
|
(10,043)
|
Benefit for income taxes (Note 13) |
(603)
|
(145)
|
Net loss |
$ (5,297)
|
$ (9,898)
|
Basic loss per share (in Dollars per share) |
$ (0.16)
|
$ (0.32)
|
Diluted loss per share (in Dollars per share) |
$ (0.16)
|
$ (0.32)
|
Weighted-average common shares outstanding (in shares) |
33,674
|
30,548
|
Weighted-average diluted shares outstanding (in shares) |
33,674
|
30,548
|
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended |
Dec. 27, 2015 |
Dec. 28, 2014 |
OPERATING ACTIVITIES: |
|
|
Net loss |
$ (5,297)
|
$ (9,898)
|
Adjustments to reconcile net loss to cash provided by operating activities: |
|
|
Depreciation and amortization |
6,708
|
8,201
|
Stock-based compensation |
338
|
291
|
(Gain) loss on disposal of assets |
(184)
|
5
|
Non-cash interest expense |
354
|
858
|
Loss on extinguishment of debt (Note 7) |
0
|
4,318
|
Severance and site consolidation expenses (Note 11) |
0
|
(27)
|
Changes in operating assets and liabilities |
8,717
|
(606)
|
Cash provided by operating activities |
10,636
|
3,142
|
INVESTING ACTIVITIES: |
|
|
Capital expenditures |
(1,363)
|
(6,285)
|
Proceeds from the sale and sale/leaseback of equipment |
321
|
836
|
Change in restricted cash (Note 3) |
48
|
(42,570)
|
Purchases of marketable securities |
(506)
|
(965)
|
Sales/maturities of marketable securities |
965
|
965
|
Cash used for investing activities |
(535)
|
(48,019)
|
FINANCING ACTIVITIES: |
|
|
Proceeds from issuance of common stock |
29
|
24
|
Repayments of capital lease |
(602)
|
(521)
|
Repayments of revolving credit line |
(17,471)
|
(55,901)
|
Proceeds from revolving credit line |
17,471
|
46,368
|
Repayments of debt |
(750)
|
0
|
Proceeds from private placement of debt |
0
|
37,500
|
Proceeds from term loan |
0
|
15,000
|
Debt refinancing costs |
0
|
(3,175)
|
Cash (used for) provided by financing activities |
(1,323)
|
39,295
|
Effect of exchange rate changes on cash |
265
|
1,199
|
Net increase (decrease) in cash and cash equivalents |
9,043
|
(4,383)
|
Cash and cash equivalents at beginning of period |
39,454
|
37,939
|
Cash and cash equivalents at end of period |
48,497
|
33,556
|
Supplemental cash flow disclosure: |
|
|
Cash interest paid (net of amount capitalized) |
1,826
|
474
|
Income taxes paid |
20
|
3
|
Assets acquired through capital lease |
131
|
647
|
Non-cash exchange of debt for equity (Note 7) |
$ 0
|
$ 15,000
|
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v3.3.1.900
BASIS OF PRESENTATION
|
3 Months Ended |
Dec. 27, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Accounting [Text Block] |
(1) BASIS OF PRESENTATION The condensed consolidated financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of our management, necessary for a fair presentation of such financial statements. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Although we believe that the disclosures are adequate to make the information presented not misleading, we suggest that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in our latest Annual Report on Form 10-K. The quarterly results are not necessarily indicative of the actual results that may occur for the entire fiscal year.
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v3.3.1.900
ENTRY INTO MERGER AGREEMENT
|
3 Months Ended |
Dec. 27, 2015 |
Entry into Merger Agreement [Abstract] |
|
Entry into Merger Agreement [Text Block] |
(2) ENTRY INTO MERGER AGREEMENT On November 1, 2015, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Headway Technologies, Inc. (“Parent”) and Hydra Merger Sub, Inc., a wholly owned subsidiary of Parent (“Merger Subsidiary”). Pursuant to the Merger Agreement, Merger Subsidiary will merge with and into our company and our company will continue as the surviving corporation and as a wholly owned subsidiary of Parent (the “Merger”). Parent and Merger Subsidiary are each beneficially owned by TDK Corporation, a Japanese electronics company. Pursuant to the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our capital stock (other than shares held (1) by Parent or Merger Subsidiary or any direct or indirect subsidiary of our company or Parent, and (2) by shareholders who have perfected and not withdrawn a demand for dissenters’ rights or who have not otherwise lost dissenters’ rights under Minnesota law with respect to such shares), will be cancelled and extinguished and automatically converted into the right to receive: | · | $3.62 in cash, without interest, plus | | · | up to $0.38 in cash, without interest (the “Additional Consideration”). | The Additional Consideration will be determined prior to consummation of the Merger and will be an amount equal to approximately $0.01 per share for each $500,000 of our Net Cash (as defined in the Merger Agreement) over $17,500,000 as of a fiscal period end within 45 days prior to the consummation of the Merger. We cannot predict the amount of Additional Consideration, if any, that will be payable to shareholders. As of December 27, 2015, our Net Cash position was $49,900,000. On January 28, 2016, at a special meeting of our shareholders, the Merger Agreement, and the Merger pursuant to that agreement, was approved by our shareholders. We expect to complete the transactions contemplated by the Merger Agreement either late in the first calendar quarter or during the second calendar quarter of 2016, subject to the termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of the other closing conditions specified in the Merger Agreement. During the thirteen weeks ended December 27, 2015, we incurred $3,437,000 of expenses related to the pending Merger.
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v3.3.1.900
CASH AND CASH EQUIVALENTS
|
3 Months Ended |
Dec. 27, 2015 |
Cash and Cash Equivalents [Abstract] |
|
Cash and Cash Equivalents Disclosure [Text Block] |
(3) CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of all highly liquid investments with original maturities of three months or less. As of December 27, 2015, and September 27, 2015, we had $1,629,000 and $1,677,000, respectively, of cash and cash equivalents that were restricted in use, which are classified in other current assets. These amounts for both periods covered outstanding letters of credit and cash received and temporarily held in our senior secured credit facility collections account.
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- DefinitionThe entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
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v3.3.1.900
INVESTMENTS
|
3 Months Ended |
Dec. 27, 2015 |
Investments, Debt and Equity Securities [Abstract] |
|
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
(4) INVESTMENTS A summary of our investments is as follows: | | December 27, 2015 | | September 27, 2015 | | Available-for-sale securities | | | | | | | | U.S government debt securities | | $ | 506 | | $ | 965 | | Our short-term investments are comprised of United States government debt securities. Unrealized gains and losses deemed to be temporary on available-for-sale securities are reported as other comprehensive gain or loss within shareholders’ equity. As of December 27, 2015, our short-term investments were scheduled to mature within one year. As of December 27, 2015, and September 27, 2015, we had $506,000 and $965,000, respectively, of short-term investments that were restricted in use. The amounts are required by the State of Minnesota to be held as security for our self-insured workers compensation programs.
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v3.3.1.900
TRADE RECEIVABLES
|
3 Months Ended |
Dec. 27, 2015 |
Receivables [Abstract] |
|
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
(5) TRADE RECEIVABLES We grant credit to our customers, but generally do not require collateral or any other security to support amounts due. Trade receivables of $11,611,000 at December 27, 2015, and $15,860,000 at September 27, 2015, are net of allowances for sales returns of $563,000 and $623,000, respectively. During the thirteen weeks ended December 27, 2015, we entered into multiple independent bill of exchange discounting transactions under an uncommitted facility with Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch (“HSBC”), under which our Thai subsidiary, Hutchinson Technology Operations (Thailand) Co. Ltd., sold, without recourse, an aggregate of $32,754,000 of its accounts receivable to HSBC and was paid 100% of the face value of the accounts receivable, less interest expense of LIBOR plus 1.75%. The balance remaining to be paid to our Thai subsidiary from HSBC as of September 27, 2015 was $1,228,000, included within the line item “Other receivables” on our consolidated balance sheet. As of December 27, 2015, there was no outstanding balance to be paid to our Thai subsidiary from HSBC. We also entered into multiple independent bill of exchange discounting transactions under an uncommitted facility with Bank of America, N.A., Bangkok Branch (“Bank of America”), under which our Thai subsidiary can sell, without recourse, approximately 90% of its accounts receivable to Bank of America and be paid the full face value of that accounts receivable sold, less interest expense of LIBOR plus 1.50%. The approximately 10% remainder due on the receivable is included in our trade receivables balance until paid. During the thirteen weeks ended December 27, 2015, our Thai subsidiary sold $16,757,000 of its accounts receivable to Bank of America, which has been paid in full. We generally warrant that the products sold by us will be free from defects in materials and workmanship for a period of one year or less following delivery to our customer. Upon determination that the products sold are defective, we typically accept the return of such products and refund the purchase price to our customer. We record a provision against revenue for estimated returns on sales of our products in the same period that the related revenues are recognized. We base the allowance on historical product returns, as well as existing product return authorizations. The following table reconciles the changes in our allowance for sales returns under warranties: September 27, 2015 | | Increases in the Allowance Related to Warranties Issued | | Reductions in the Allowance for Returns Under Warranties | | December 27, 2015 | | $ | 623 | | $ | 275 | | $ | (335) | | $ | 563 | |
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v3.3.1.900
INVENTORIES
|
3 Months Ended |
Dec. 27, 2015 |
Inventory Disclosure [Abstract] |
|
Inventory Disclosure [Text Block] |
(6) INVENTORIES Inventories are valued at the lower of cost (first-in, first-out method) or market by analyzing market conditions, current sales prices, inventory costs and inventory balances. Inventories consisted of the following at December 27, 2015, and September 27, 2015: | | December 27, 2015 | | September 27, 2015 | | | | | | | | | | Raw materials | | $ | 17,301 | | $ | 19,236 | | Work in process | | | 8,678 | | | 9,537 | | Finished goods | | | 11,901 | | | 11,375 | | | | $ | 37,880 | | $ | 40,148 | |
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- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
DEBT
|
3 Months Ended |
Dec. 27, 2015 |
Debt Disclosure [Abstract] |
|
Debt Disclosure [Text Block] |
(7) Debt Debt consisted of the following at December 27, 2015, and September 27, 2015: | | December 27, 2015 | | September 27, 2015 | | | | | | | | | | 8.50% Secured Notes | | $ | 63,931 | | $ | 63,931 | | 8.50% Secured Notes debt discount | | | (1,430) | | | (1,742) | | 10.875% Notes | | | 12,200 | | | 12,200 | | 10.875% Notes debt discount | | | (191) | | | (233) | | 8.50% New Convertible Notes | | | 37,500 | | | 37,500 | | PNC Bank term loan | | | 12,750 | | | 13,500 | | Total debt, net of discounts | | | 124,760 | | | 125,156 | | Less: Current maturities, net of discounts | | | (12,750) | | | (3,000) | | Total long-term debt, net of discounts | | $ | 112,010 | | $ | 122,156 | | October 2014 Financing Transactions On October 23, 2014, we issued $37,500,000 aggregate principal amount of 8.50% Convertible Senior Notes due 2019 (the “8.50% New Convertible Notes”). The 8.50% New Convertible Notes bear interest at a rate of 8.50% per annum, payable semi-annually in arrears on April 30 and October 31 of each year, beginning April 30, 2015. The 8.50% New Convertible Notes mature on October 31, 2019. Each $1,000 principal amount of the 8.50% New Convertible Notes is convertible into 266.6667 shares of our common stock (which is equal to an initial conversion price of approximately $3.75 per share), subject to adjustment under certain circumstances. The 8.50% New Convertible Notes rank pari passu in right of payment with all existing and future senior indebtedness of our company. Certain beneficial holders of the 8.50% New Convertible Notes had the right to require us to repurchase for cash up to $7,500,000 aggregate principal amount of the 8.50% New Convertible Notes, plus accrued and unpaid interest, if any, during the 120-day period commencing on October 23, 2014. Accordingly, $7,500,000 of the proceeds to us from the sale of the 8.50% New Convertible Notes were escrowed until the put right expired on February 20, 2015. Additionally, we were required to escrow at least $35,000,000 of cash that was restricted solely for the repayment, repurchase, redemption, defeasance or other acquisition for value of our 8.50% Convertible Senior Notes due 2026 (the “8.50% Convertible Notes”), plus accrued but unpaid interest thereon. We capitalized debt financing costs of $1,652,000 which are being amortized over five years or until the maturity date. The amortization expense is included in interest expense. On January 15, 2015, we completed a redemption of the existing $39,822,000 aggregate principal amount of 8.50% Convertible Notes. To fund this, we used the escrowed $35,000,000 and our existing cash. On October 23, 2014, we entered into an agreement providing for the private exchange of $15,000,000 aggregate principal amount of our 8.50% Senior Secured Second Lien Notes due 2017 (the “8.50% Secured Notes”) held by a certain holder for 2,500,000 shares of our common stock and warrants to purchase an additional 2,500,000 shares of our common stock on a cashless basis at an exercise price of $0.01 per share. On November 25, 2014, 1,250,000 warrants were exercised which resulted in the issuance of 1,246,493 shares of common stock. On January 15, 2015, subsequent to the end of the first quarter of 2015, the remaining 1,250,000 warrants were exercised which resulted in the issuance of 1,246,428 shares of common stock and there were no warrants remaining outstanding. The fair value of the common stock and warrants was recorded in additional paid-in capital in the amount of $17,388,000. Applying debt extinguishment accounting, we recorded a loss on extinguishment of debt of $4,318,000 in our first quarter of 2015. The loss also included $1,232,000 of broker, legal and accounting fees related to the exchange transaction. To accommodate the October 2014 debt transactions described above, on October 20, 2014, we entered into supplemental indentures relating to our 8.50% Secured Notes and to our 10.875% Senior Secured Second Lien Notes due 2017 (the “10.875% Notes”). Additionally, on October 20, 2014, we entered into an amendment to our senior secured credit agreement, dated as of September 16, 2011, as previously amended, with PNC Bank, National Association (“PNC Bank”). Under the amendment, PNC Bank consented to the transactions contemplated by the 8.50% New Convertible Notes and the exchange transaction, referred to above. 8.50% Secured Notes We currently have outstanding $63,931,000 aggregate principal amount of 8.50% Secured Notes. The 8.50% Secured Notes were originally issued in March 2012 in the aggregate principal amount of $78,931,000. Of that total amount, $38,931,000 aggregate principal amount of 8.50% Secured Notes was issued pursuant to an effective registration statement relating to an offer to purchase for cash or exchange for new securities any and all of our outstanding 3.25% Convertible Subordinated Notes due 2026. The remaining $40,000,000 aggregate principal amount of 8.50% Secured Notes was issued in a private placement that included the issuance of warrants to purchase 3,869,000 shares of our common stock. The warrants were exercisable on a cashless basis for $.01 per share for ten years after their issuance. The total purchase price for the 8.50% Secured Notes and warrants issued in the private placement was $39,400,000. The fair value of the warrants was recorded in additional paid-in capital in the amount of $8,489,000. As of May 2013, all 3,869,000 warrants had been exercised and there were no warrants outstanding. The 8.50% Secured Notes bear interest at a rate of 8.50% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning July 15, 2012, and mature on January 15, 2017, unless redeemed or repurchased in accordance with their terms. The 8.50% Secured Notes are secured by liens on all assets securing our existing or future senior secured credit facilities (other than certain excluded assets), which liens rank junior in priority to any liens securing our senior secured credit facilities and other permitted priority liens. We may redeem all or part of the 8.50% Secured Notes at any time by paying 100% of the principal amount redeemed, plus a make-whole premium (and accrued and unpaid interest on the principal amount redeemed to) as of the date of redemption (subject to the rights of holders of the 8.50% Secured Notes on the relevant record date to receive interest due on the relevant interest payment date as and to the extent provided in the indenture). The indenture governing the 8.50% Secured Notes contains certain covenants that, among other things, will limit our and our restricted subsidiaries’ ability to incur additional indebtedness, pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments, enter into agreements that restrict distributions from restricted subsidiaries, sell or otherwise dispose of assets, including capital stock of restricted subsidiaries, enter into transactions with affiliates, create or incur liens and enter into operating leases. As described previously, on October 23, 2014, we entered into an agreement for the private exchange of $15,000,000 aggregate principal amount of our 8.50% Secured Notes held by a certain holder for 2,500,000 shares of our common stock and warrants to purchase an additional 2,500,000 shares of our common stock on a cashless basis at an exercise price of $0.01 per share. On November 25, 2014, 1,250,000 warrants were exercised which resulted in the issuance of 1,246,493 shares of common stock. On January 15, 2015, subsequent to the end of the first quarter of 2015, the remaining 1,250,000 warrants were exercised which resulted in the issuance of 1,246,428 shares of common stock and there were no warrants remaining outstanding. 10.875% Notes On January 22, 2013, we issued $12,200,000 aggregate principal amount of the 10.875% Notes for a total purchase price of $11,590,000. The 10.875% Notes were issued in a private placement pursuant to an indenture dated as of January 22, 2013, and bear interest at a rate of 10.875% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning July 15, 2013. The 10.875% Notes are secured by liens on all assets securing our senior secured credit facilities (other than capital stock of subsidiaries of our company to the extent that inclusion of such capital stock would require the filing of separate financial statements for such subsidiaries with the SEC), which liens rank junior in priority to the liens securing our senior secured credit facilities and other permitted priority liens and on an equal and ratable basis with the liens securing our 8.50% Secured Notes. The 10.875% Notes are scheduled to mature on January 15, 2017, unless redeemed or repurchased in accordance with their terms. We may redeem all or a portion of the 10.875% Notes at any time by paying 100% of the principal amount redeemed, plus a make-whole premium as of, and accrued and unpaid interest to, the date of redemption. To accommodate the January 2013 debt transactions, on January 22, 2013, we entered into (i) a first supplemental indenture to the indenture dated as of March 30, 2012, which governs the 8.50% Secured Notes, and (ii) a consent and third amendment to our senior secured credit agreement. Debt refinancing costs of $359,000 were capitalized and are being amortized over four years or until the maturity date. The amortization expense is included in interest expense. Senior Secured Credit Facility We are party to a revolving credit and security agreement with PNC Bank dated as of September 15, 2011, as amended from time to time (the “Credit Agreement”). On September 22, 2014, we amended the Credit Agreement to reduce the maximum principal amount of the revolving credit facility provided by the Credit Agreement (the “Senior Secured Credit Facility”) from $35,000,000 to $20,000,000, extend the maturity date of the Senior Secured Credit Facility from October 1, 2014 to December 1, 2016, reduce the cash balance we are required to maintain in an account at PNC Bank from $15,000,000 to $2,500,000, and modify the fixed charge coverage covenant by eliminating the requirement for the four fiscal quarters ending September 28, 2014 and changing the measurement periods thereafter for the fixed charge coverage covenant by excluding from such measurement periods all fiscal quarters ended on or prior to September 28, 2014. Our credit agreement with PNC Bank and the indentures governing the 8.50% Secured Notes and the 10.875% Notes each contain certain covenants that, among other things, limit our and our restricted subsidiaries’ ability to incur additional indebtedness; pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments; enter into agreements that restrict distributions from restricted subsidiaries; sell or otherwise dispose of assets, including capital stock of restricted subsidiaries; enter into transactions with affiliates; create or incur liens; enter into operating leases; merge, consolidate or sell substantially all of our assets; make capital expenditures; change the nature of our business; and expend the assets or free cash flow of certain subsidiaries. The indentures also limit the amount of our consolidated total assets and free cash flow that can be attributable to subsidiaries that have not guaranteed the 8.50% Secured Notes or, in certain cases, have not pledged their stock to secure the 8.50% Secured Notes. On April 30, 2015, we further amended the Credit Agreement to maintain compliance with a preexisting financial covenant. This amendment modified the fixed charge coverage covenant under the Credit Agreement to eliminate the requirement for our quarters ended March 29, 2015, June 28, 2015 and September 27, 2015 and to change the measurement periods starting with our quarter ending December 27, 2015 by excluding from such measurement periods all quarters ended before September 27, 2015, and implemented an additional earnings before interest, taxes, depreciation and amortization (“EBITDA”) covenant for our quarters ended March 29, 2015, June 28, 2015 and September 27, 2015. On December 10, 2015, we entered into a ninth amendment to our Credit Agreement with PNC Bank. The amendment modified the Credit Agreement to defer application of the fixed charge coverage covenant until December 25, 2016, and impose a minimum EBITDA requirement and a new minimum liability requirement for 2016. From time to time, we borrow funds under the Senior Secured Credit Facility. As of December 27, 2015, we had no outstanding balance. Our average outstanding balance in the thirteen weeks ended December 27, 2015 was $238,000. Amounts borrowed under the Senior Secured Credit Facility bear cash interest at a reduced rate equal to, at our election, either (i) PNC Bank’s alternate base rate (as defined in the Credit Agreement) plus 1.0% per annum, or (ii) LIBOR plus 3.5% per annum if no defaults or events of default exist under the Credit Agreement. If we are unable to generate sufficient operating results in future quarters, we may not be able to comply with financial covenants in the Credit Agreement in future quarters. If necessary, we intend to negotiate a waiver of any noncompliance or an amendment of the financial covenant specific to the applicable period. As of December 27, 2015, we were in compliance with the financial covenants set forth in the Credit Agreement. PNC Bank Term Loan On December 23, 2014, we entered into an amendment to our existing senior secured credit facility dated as of September 16, 2011, as previously amended, with PNC Bank as agent and lender. Pursuant to the amendment, a term loan was made to us in the amount of $15,000,000. The covenants in the Credit Agreement also apply to this term loan.The term loan may consist of domestic rate loans, with a per annum interest rate equal to PNC Bank’s alternate base rate (as defined in the Credit Agreement) plus 2.50%, or LIBOR rate loans, with a per annum interest rate equal to 3.50% plus the greater of the LIBOR rate (as defined in the Credit Agreement) or 1.00%, or a combination thereof. As a result, our interest rate for the first quarter of 2015 was 4.5%. The principal balance of the term loan is payable in quarterly installments of $750,000 on the first day of each calendar quarter, commencing on April 1, 2015 and continuing through January 1, 2020. In the event that the Credit Agreement is not extended beyond December 1, 2016, the balance due on the term loan will also become due on December 1, 2016. Accordingly, the term loan has been classified as current debt in our consolidated balance sheet. Once repaid, amounts borrowed under the term loan may not be reborrowed. As of December 27, 2015, we had $12,750,000 outstanding.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES
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3 Months Ended |
Dec. 27, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies Disclosure [Text Block] |
(8) COMMITMENTS AND CONTINGENCIES Lease Commitments We have commitments under various capital and operating lease agreements. Assets acquired under capital leases are depreciated over the useful life of the asset. The future minimum lease payments for all capital and operating leases as of December 27, 2015, are as follows: | | Capital Leases | | Operating Leases | | 2016 | | $ | 1,978 | | $ | 704 | | 2017 | | | 2,395 | | | 320 | | 2018 | | | 1,402 | | | 249 | | 2019 | | | 605 | | | 218 | | Thereafter | | | 19 | | | 72 | | Total future minimum lease payments | | | 6,399 | | | 1,563 | | Less: Interest | | | (430) | | | | | Total future minimum lease payments excluding interest | | $ | 5,969 | | $ | 1,563 | | Legal Proceedings We and certain users of our products have from time to time received, and may in the future receive, communications from third parties asserting patents against us or our customers which may relate to certain of our manufacturing equipment or products or to products that include our products as a component. In addition, certain of our customers have been sued on patents having claims closely related to products sold by us. If any third party makes a valid infringement claim and a license was not available on terms acceptable to us, our operating results could be adversely affected. We expect that, as the number of patents issued continues to increase, and as we grow, the volume of intellectual property claims could increase. We may need to engage in litigation to enforce patents issued or licensed to us, protect trade secrets or know-how owned by us or determine the enforceability, scope and validity of the intellectual property rights of others. We could incur substantial costs in such litigation or other similar legal actions, which could have a material adverse effect on our results of operations. In November and December 2015, following the announcement of the Merger, four actions were filed by purported shareholders of the company in the United States District Court for the District of Minnesota. The actions are captioned David Erickson v. Hutchinson Technology Incorporated, et al., Case No. 0:15-cv-04261-DSD-LIB, Stephen M. Harnik v. Hutchinson Technology Incorporated, et al., Case No. 0:15-cv-04321, Jesse Hendricks v. Richard J.Penn, et al., Case No. 0:15-cv-04338, and Matthew Ridler and Lori Ridler v. Hutchinson Technology Incorporated, Case No. 0:15-cv-04356-MJD-TNL. The plaintiffs each purport to bring their action as a class action on behalf of the company’s public shareholders. All four complaints name the company and its directors as defendants, and allege that they have violated Sections 14(a) and 20(a) of, and Rule 14a-9 under, the Securities Exchange Act of 1934 by filing a preliminary proxy statement that contains materially incomplete and misleading statements and omissions. The Hendricks complaint also names Parent and Merger Subsisiaryas defendants, and includes claims under state law for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and equitable relief under the Minnesota Business Corporation Act. The Hendricks complaint alleges that the company’s directors breached their fiduciary duties to the company by operating an inadequate sale process, agreeing to a merger with Parent and Merger Subsidiary at an unfair price, and agreeing to deal protection provisions that are unfavorable to the company and its shareholders. All of the federal complaints seek injunctive and equitable relief, including an order enjoining the closing of the Merger until the alleged deficiencies in the preliminary proxy statement have been corrected; damages in an unspecified amount; and an award of plaintiffs’ attorneys’ fees, costs, and disbursements. The defendants have not yet responded to any of the complaints, but intend to move to dismiss the actions. We believe that the actions are without merit, and intend to vigorously defend against all claims asserted We are a party from time to time to ordinary routine litigation incidental to our business. The outcome of such claims, if, any, is not expected to materially affect our current or future financial position or results of operations.
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v3.3.1.900
ACCUMULATED OTHER COMPREHENSIVE LOSS
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3 Months Ended |
Dec. 27, 2015 |
Stockholders' Equity Note [Abstract] |
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Comprehensive Income (Loss) Note [Text Block] |
(9) ACCUMULATED OTHER COMPREHENSIVE LOSS Other comprehensive gain (loss) refers to revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income. Our other comprehensive gain (loss) is comprised of unrealized gains and losses on foreign translation adjustments. Accumulated other comprehensive gain (loss), net of tax (see Note 13 for a discussion of income taxes), was as follows: | | Foreign Currency Translation Adjustments | | Balance as of September 27, 2015 | | $ | (4,309) | | Other comprehensive gain | | | 140 | | Balance as of December 27, 2015 | | $ | (4,169) | | | | | | | Balance as of September 28, 2014 | | $ | (543) | | Other comprehensive loss | | | (525) | | Balance as of December 28, 2014 | | $ | (1,068) | |
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v3.3.1.900
ASSET IMPAIRMENT
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3 Months Ended |
Dec. 27, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Asset Impairment Charges [Text Block] |
(10) ASSET IMPAIRMENT When indicators of impairment exist and assets are held for use, we estimate future undiscounted cash flows attributable to the assets. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets or based on appraisals. Factors affecting impairment of assets held for use include the ability of the specific assets to generate positive cash flows. Changes in any of these factors or changes in our forecast model estimates could necessitate impairment recognition in future periods for other assets held for use.
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- DefinitionThe entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.
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v3.3.1.900
SEVERANCE AND SITE CONSOLIDATION EXPENSES
|
3 Months Ended |
Dec. 27, 2015 |
Restructuring and Related Activities [Abstract] |
|
Restructuring and Related Activities Disclosure [Text Block] |
(11) SEVERANCE AND SITE CONSOLIDATION EXPENSES A summary of our severance and site consolidation expenses as of December 28, 2014, is as follows: | | Severance | | Site Consolidation Expenses | | Total | | Accrual balances, September 28, 2014 | | $ | 27 | | $ | | | $ | 27 | | Restructuring charges | | | (19) | | | 178 | | | 159 | | Cash payments | | | (8) | | | (178) | | | (186) | | Accrual balances, December 28, 2014 | | | | | | | | | | | In recent years, we had multiple severance and manufacturing consolidation and restructuring plans in place to support efforts to improve operating results and liquidity through improved utilization of our facilities in both the U.S. and Thailand. In connection with the consolidation of our operations, we incurred site consolidation expenses of $178,000 during the thirteen weeks ended December 28, 2014. The site consolidation expenses consisted primarily of internal labor and contractors. All severance and benefits amounts owed have been paid in full.
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- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.3.1.900
OTHER INCOME (EXPENSE)
|
3 Months Ended |
Dec. 27, 2015 |
Other Income and Expenses [Abstract] |
|
Other Income and Other Expense Disclosure [Text Block] |
(12) OTHER INCOME (EXPENSE) Transaction gains and losses that arise from the exchange rate changes on transactions denominated in a currency other than the local currency are included in “Other income (expense), net” in our condensed consolidated statements of operations. For the thirteen weeks ended December 27, 2015, and December 28, 2014, we recognized a foreign currency gain of $33,000 and a foreign currency loss of $640,000, respectively. These were primarily related to U.S. dollar-denominated inter-company liabilities owed to us by our Thai subsidiary.
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- DefinitionThe entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.
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v3.3.1.900
INCOME TAXES
|
3 Months Ended |
Dec. 27, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Tax Disclosure [Text Block] |
(13) INCOME TAXES As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheets. We must then assess the likelihood that our deferred tax assets will be realized based on future taxable income, and to the extent we believe that recovery is not likely, we must establish a valuation allowance. To the extent we establish a valuation allowance or change this allowance in a period, we must include an expense or a benefit within the tax provision in our consolidated statements of operations. Significant judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our deferred tax assets. Valuation allowances arise due to the uncertainty of realizing deferred tax assets. At September 27, 2015, we had a valuation allowance of $239,912,000. We assess whether valuation allowances should be established against our deferred tax assets based on the consideration of all available evidence, using a “more likely than not” standard. In making such assessments, significant weight is to be given to evidence that can be objectively verified. Our current or previous losses are given more weight than our future outlook. Our three-year historical cumulative loss was a significant negative factor. This loss, combined with uncertain near-term market and economic conditions, reduced our ability to rely on our projections of future taxable income in determining whether a valuation allowance was appropriate. Accordingly, we concluded that a full valuation allowance was appropriate. We will continue to assess the likelihood that our deferred tax assets will be realizable, and our valuation allowance will be adjusted accordingly, which could materially impact our financial position and results of operations. The income tax benefit for the thirteen weeks ended December 27, 2015, was $603,000, compared to the income tax benefit of $145,000 for the thirteen weeks ended December 28, 2014. For the thirteen weeks ended December 27, 2015, the net benefit of $603,000 was made up of credits for the expected future refunds of previously paid U.S. Federal Alternative Minimum Tax, as provided by the Protecting Americans from Tax Hike legislation enacted on December 18, 2015, offset primarily by various foreign withholding and income taxes we incur. For the thirteen weeks ended December 28, 2014, we recognized a $145,000 benefit due to reserves for certain tax refunds that were released due to the expiration of the applicable statute of limitations.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
STOCK-BASED COMPENSATION
|
3 Months Ended |
Dec. 27, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Compensation and Employee Benefit Plans [Text Block] |
(14) STOCK-BASED COMPENSATION Our 2011 Equity Incentive Plan has been approved by shareholders and authorizes the issuance of 1,200,000 shares of our common stock (plus any shares that remained available on that date for future grants under our 1996 Incentive Plan) for equity-based awards (no further awards will be made under our 1996 Incentive Plan). Under the equity incentive plans, stock options have been granted to employees, including our officers, and to our directors, at an exercise price not less than the fair market value of our common stock at the date the options are granted. The options granted generally expire ten years from the date of grant or at an earlier date as determined by the committee of our board of directors that administers the plans. Options granted under the plans prior to November 2005 generally were exercisable one year from the date of grant. Options granted under the plans from November 2005 to October 2011 are exercisable two to three years from the date of grant. Options granted under the plans since November 2011 are exercisable one to three years from the date of grant. Under our equity incentive plan, we also have issued restricted stock units (“RSUs”) to employees, including our officers. RSUs generally vest over three years in annual installments commencing one year after the date of grant. We recognize compensation expense for the RSUs over the service period equal to the fair market value of the RSUs on the date of issuance. Upon vesting, RSUs convert to shares in accordance with the terms of the equity incentive plan under which they were issued. We recorded stock-based compensation expense related to our stock options, RSUs and common stock, included in selling, general and administrative expenses, of $338,000 and $291,000 for the thirteen weeks ended December 27, 2015, and December 28, 2014, respectively. As of December 27, 2015, $1,775,000 of unrecognized compensation expense related to non-vested awards is expected to be recognized over a weighted-average period of approximately 18 months. We use the Black-Scholes option pricing model to determine the weighted-average fair value of options. The weighted-average fair value of options granted during the thirteen weeks ended December 28, 2014, was $2.65. Pursuant to the terms of the Merger Agreement, there were no options granted during the thirteen weeks ended December 27, 2015. The fair value of options at the date of grant and the weighted-average assumptions utilized to determine such values are indicated in the following table: | | Thirteen Weeks Ended | | | | December 28, 2014 | | Risk-free interest rate | | | 2.9 | % | Expected volatility | | | 80.0 | % | Expected life (in years) | | | 8.0 | | Dividend yield | | | | | The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of our stock options. We considered historical data in projecting expected stock price volatility. We estimated the expected life of stock options and stock option forfeitures based on historical experience. Option transactions during the thirteen weeks ended December 27, 2015, are summarized as follows: | | Number of Shares | | Weighted-Average Exercise Price ($) | | Weighted-Average Remaining Contractual Life (yrs.) | | Outstanding at September 27, 2015 | | | 3,338,717 | | | 9.52 | | | 4.2 | | Granted | | | | | | | | | | | Exercised | | | (8,300) | | | 3.03 | | | | | Expired/Canceled | | | (196,885) | | | 25.12 | | | | | Outstanding at December 27, 2015 | | | 3,133,532 | | | 7.10 | | | 5.1 | | Options exercisable at December 27, 2015 | | | 2,728,344 | | | 7.66 | | | 4.6 | | The aggregate intrinsic value at December 27, 2015, of our stock options (the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option) outstanding was $1,820,000. The aggregate intrinsic value of our stock options exercisable at December 27, 2015, was $1,711,000. The following table summarizes the status of options that remain subject to vesting: | | Number of Shares | | Weighted- Average Grant Date Fair Value ($) | | Weighted-Average Remaining Contractual Life (yrs.) | | Non-vested at September 27, 2015 | | | 706,020 | | 2.22 | | 8.6 | | Granted | | | | | | | | | Vested | | | (300,832) | | 1.97 | | | | Canceled | | | | | | | | | Non-vested at December 27, 2015 | | | 405,188 | | 2.40 | | 8.6 | | The following table summarizes information concerning currently outstanding and exercisable stock options: | | Options Outstanding | | Options Exercisable | | Range of Exercise Prices ($) | | Number Outstanding | | Weighted-Average Remaining Contractual Life (yrs.) | | Weighted-Average Price ($) | | Number Exercisable | | Weighted-Average Exercise Price ($) | | 1.45 - 3.00 | | | 912,387 | | | 7.1 | | | 2.12 | | | 793,867 | | | 1.99 | | 3.01 - 5.00 | | | 1,200,627 | | | 5.8 | | | 3.18 | | | 913,959 | | | 3.09 | | 5.01 - 10.00 | | | 490,383 | | | 3.9 | | | 7.33 | | | 490,383 | | | 7.33 | | 10.01 - 37.95 | | | 530,135 | | | 1.4 | | | 24.33 | | | 530,135 | | | 24.33 | | Total | | | 3,133,532 | | | 5.1 | | | 7.10 | | | 2,728,344 | | | 7.66 | | RSU transactions during the thirteen weeks ended December 27, 2015, are summarized as follows: | | Number of RSUs | | Weighted- Average Grant Date Fair Value ($) | | Non-vested at September 27, 2015 | | | 691,899 | | | 2.90 | | Granted | | | | | | | | Vested | | | (355,769) | | | 2.53 | | Canceled | | | | | | | | Non-vested at December 27, 2015 | | | 336,130 | | | 3.30 | |
|
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- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
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v3.3.1.900
LOSS PER SHARE
|
3 Months Ended |
Dec. 27, 2015 |
Earnings Per Share [Abstract] |
|
Earnings Per Share [Text Block] |
(15) LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the year. Diluted loss per share identifies the dilutive effect of potential common shares using net loss available to common shareholders and is computed using the treasury stock method for outstanding stock options and the if-converted method for the 8.50% Convertible Notes and the 8.50% New Convertible Notes. A reconciliation of these amounts is as follows: | | Thirteen Weeks Ended | | | | December 27, 2015 | | December 28, 2014 | | Net loss | | $ | (5,297) | | $ | (9,898) | | | | | | | | | | Weighted-average common shares outstanding | | | 33,674 | | | 30,548 | | Dilutive potential common shares | | | | | | | | Weighted-average common and diluted shares outstanding | | | 33,674 | | | 30,548 | | | | | | | | | | Basic loss per share | | $ | (0.16) | | $ | (0.32) | | | | | | | | | | Diluted loss per share | | $ | (0.16) | | $ | (0.32) | | Diluted loss per share for the thirteen weeks ended December 27, 2015, excludes potential common shares of 168,000 using the treasury stock method, and 14,630,000 using the if-converted method for the 8.50% New Convertible Notes, as they were anti-dilutive. Diluted loss per share for the thirteen weeks ended December 28, 2014, excludes potential common shares of 1,217,000 using the treasury stock method. Diluted loss per share for the thirteen weeks ended December 28, 2014, excludes potential common shares of 11,993,000 using the if-converted method for the 8.50% Convertible Notes, as they were anti-dilutive. As discussed in Note 7, on October 23, 2014, we issued 2,500,000 shares of common stock and warrants to purchase 2,500,000 shares of our common stock as part of an exchange transaction. On November 25, 2014, 1,250,000 warrants were exercised, which resulted in the issuance of 1,246,493 shares of common stock. On January 15, 2015, the remaining 1,250,000 warrants were exercised, which resulted in the issuance of 1,246,428 shares of common stock. No warrants remain outstanding.
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v3.3.1.900
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Dec. 27, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Disclosures [Text Block] |
(16) FAIR VALUE MEASUREMENTS Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels: Level 1 | Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | Level 2 | Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or | Level 3 | Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities. | The following tables present our assets that are measured at fair value on a recurring basis at December 27, 2015, and September 27, 2015: | | Fair Value Measurements at December 27, 2015 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | | | | | | Available-for-sale securities | | $ | 506 | | $ | | | $ | | | $ | 506 | | | | Fair Value Measurements at September 27, 2015 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | | | | | | Available-for-sale securities | | $ | 965 | | $ | | | $ | | | $ | 965 | | Available-for-Sale Securities Our available-for-sale securities are comprised of United States government debt securities. The fair value is based on quoted market prices in active markets. Debt The fair values of our 8.50% Convertible Notes and our 8.50% Secured Notes were determined based on the closing market price of the respective Notes as of the end of the fiscal quarter. The fair value of the 8.50% Convertible Notes and the 8.50% Secured Notes were classified in Level 1 of the fair value hierarchy. Our 10.875% Notes have not experienced trading activity; therefore the fair value estimate was based on the closing market prices of comparable debt as of the end of the fiscal quarter. Our 8.50% New Convertible Notes have not experienced trading activity; therefore the fair value estimate was based on market variables combined with variables specific to the 8.50% New Convertible Notes to determine the theoretical value. The fair values of the 10.875% Notes and the 8.50% New Convertible Notes were classified in Level 2 of the fair value hierarchy. The fair value of the PNC Bank credit facility and term loan’s carrying values are a reasonable estimate of fair value because of their short-term nature. The fair value measurement for the credit facility and term loan was classified in Level 2 of the fair value hierarchy. The estimated fair values of our debt were as follows on each of the indicated dates: | | December 27, 2015 | | September 27, 2015 | | | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | 8.50% Secured Notes | | $ | 63,931 | | $ | 64,011 | | $ | 63,931 | | $ | 64,011 | | 10.875% Notes | | | 12,200 | | | 12,972 | | | 12,200 | | | 12,972 | | 8.50% New Convertible Notes | | | 37,500 | | | 51,184 | | | 37,500 | | | 32,404 | | PNC Bank term loan | | | 12,750 | | | 12,750 | | | 13,500 | | | 13,500 | | Other Our financial instruments other than those presented in the disclosures above, include accounts receivable, accounts payable, and other payables. The carrying value of accounts receivable, accounts payable, and other payables approximate fair value because of the short-term nature of these instruments. The fair values of these items were classified in Level 1 of the fair value hierarchy.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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SUBSEQUENT EVENTS
|
3 Months Ended |
Dec. 27, 2015 |
Subsequent Events [Abstract] |
|
Subsequent Events [Text Block] |
(17) SUBSEQUENT EVENTS We evaluated subsequent events after the balance sheet date through the date the condensed consolidated financial statements were issued. We did not identify any additional material events or transactions occurring during this subsequent event reporting period that required further recognition or disclosure in these condensed consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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TRADE RECEIVABLES (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Receivables [Abstract] |
|
Summary of Valuation Allowance [Table Text Block] |
The following table reconciles the changes in our allowance for sales returns under warranties: September 27, 2015 | | Increases in the Allowance Related to Warranties Issued | | Reductions in the Allowance for Returns Under Warranties | | December 27, 2015 | | $ | 623 | | $ | 275 | | $ | (335) | | $ | 563 | |
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v3.3.1.900
INVENTORIES (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory, Current [Table Text Block] |
Inventories consisted of the following at December 27, 2015, and September 27, 2015: | | December 27, 2015 | | September 27, 2015 | | | | | | | | | | Raw materials | | $ | 17,301 | | $ | 19,236 | | Work in process | | | 8,678 | | | 9,537 | | Finished goods | | | 11,901 | | | 11,375 | | | | $ | 37,880 | | $ | 40,148 | |
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v3.3.1.900
DEBT (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of Debt [Table Text Block] |
Debt consisted of the following at December 27, 2015, and September 27, 2015: | | December 27, 2015 | | September 27, 2015 | | | | | | | | | | 8.50% Secured Notes | | $ | 63,931 | | $ | 63,931 | | 8.50% Secured Notes debt discount | | | (1,430) | | | (1,742) | | 10.875% Notes | | | 12,200 | | | 12,200 | | 10.875% Notes debt discount | | | (191) | | | (233) | | 8.50% New Convertible Notes | | | 37,500 | | | 37,500 | | PNC Bank term loan | | | 12,750 | | | 13,500 | | Total debt, net of discounts | | | 124,760 | | | 125,156 | | Less: Current maturities, net of discounts | | | (12,750) | | | (3,000) | | Total long-term debt, net of discounts | | $ | 112,010 | | $ | 122,156 | |
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] |
The future minimum lease payments for all capital and operating leases as of December 27, 2015, are as follows: | | Capital Leases | | Operating Leases | | 2016 | | $ | 1,978 | | $ | 704 | | 2017 | | | 2,395 | | | 320 | | 2018 | | | 1,402 | | | 249 | | 2019 | | | 605 | | | 218 | | Thereafter | | | 19 | | | 72 | | Total future minimum lease payments | | | 6,399 | | | 1,563 | | Less: Interest | | | (430) | | | | | Total future minimum lease payments excluding interest | | $ | 5,969 | | $ | 1,563 | |
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v3.3.1.900
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Stockholders' Equity Note [Abstract] |
|
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
Accumulated other comprehensive gain (loss), net of tax (see Note 13 for a discussion of income taxes), was as follows: | | Foreign Currency Translation Adjustments | | Balance as of September 27, 2015 | | $ | (4,309) | | Other comprehensive gain | | | 140 | | Balance as of December 27, 2015 | | $ | (4,169) | | | | | | | Balance as of September 28, 2014 | | $ | (543) | | Other comprehensive loss | | | (525) | | Balance as of December 28, 2014 | | $ | (1,068) | |
|
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- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss).
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- DefinitionTabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.
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v3.3.1.900
STOCK-BASED COMPENSATION (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The fair value of options at the date of grant and the weighted-average assumptions utilized to determine such values are indicated in the following table: | | Thirteen Weeks Ended | | | | December 28, 2014 | | Risk-free interest rate | | | 2.9 | % | Expected volatility | | | 80.0 | % | Expected life (in years) | | | 8.0 | | Dividend yield | | | | |
|
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
Option transactions during the thirteen weeks ended December 27, 2015, are summarized as follows: | | Number of Shares | | Weighted-Average Exercise Price ($) | | Weighted-Average Remaining Contractual Life (yrs.) | | Outstanding at September 27, 2015 | | | 3,338,717 | | | 9.52 | | | 4.2 | | Granted | | | | | | | | | | | Exercised | | | (8,300) | | | 3.03 | | | | | Expired/Canceled | | | (196,885) | | | 25.12 | | | | | Outstanding at December 27, 2015 | | | 3,133,532 | | | 7.10 | | | 5.1 | | Options exercisable at December 27, 2015 | | | 2,728,344 | | | 7.66 | | | 4.6 | |
|
Schedule of Share-based Compensation, Activity [Table Text Block] |
The following table summarizes the status of options that remain subject to vesting: | | Number of Shares | | Weighted- Average Grant Date Fair Value ($) | | Weighted-Average Remaining Contractual Life (yrs.) | | Non-vested at September 27, 2015 | | | 706,020 | | 2.22 | | 8.6 | | Granted | | | | | | | | | Vested | | | (300,832) | | 1.97 | | | | Canceled | | | | | | | | | Non-vested at December 27, 2015 | | | 405,188 | | 2.40 | | 8.6 | |
|
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] |
The following table summarizes information concerning currently outstanding and exercisable stock options: | | Options Outstanding | | Options Exercisable | | Range of Exercise Prices ($) | | Number Outstanding | | Weighted-Average Remaining Contractual Life (yrs.) | | Weighted-Average Price ($) | | Number Exercisable | | Weighted-Average Exercise Price ($) | | 1.45 - 3.00 | | | 912,387 | | | 7.1 | | | 2.12 | | | 793,867 | | | 1.99 | | 3.01 - 5.00 | | | 1,200,627 | | | 5.8 | | | 3.18 | | | 913,959 | | | 3.09 | | 5.01 - 10.00 | | | 490,383 | | | 3.9 | | | 7.33 | | | 490,383 | | | 7.33 | | 10.01 - 37.95 | | | 530,135 | | | 1.4 | | | 24.33 | | | 530,135 | | | 24.33 | | Total | | | 3,133,532 | | | 5.1 | | | 7.10 | | | 2,728,344 | | | 7.66 | |
|
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] |
RSU transactions during the thirteen weeks ended December 27, 2015, are summarized as follows: | | Number of RSUs | | Weighted- Average Grant Date Fair Value ($) | | Non-vested at September 27, 2015 | | | 691,899 | | | 2.90 | | Granted | | | | | | | | Vested | | | (355,769) | | | 2.53 | | Canceled | | | | | | | | Non-vested at December 27, 2015 | | | 336,130 | | | 3.30 | |
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v3.3.1.900
LOSS PER SHARE (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
A reconciliation of these amounts is as follows: | | Thirteen Weeks Ended | | | | December 27, 2015 | | December 28, 2014 | | Net loss | | $ | (5,297) | | $ | (9,898) | | | | | | | | | | Weighted-average common shares outstanding | | | 33,674 | | | 30,548 | | Dilutive potential common shares | | | | | | | | Weighted-average common and diluted shares outstanding | | | 33,674 | | | 30,548 | | | | | | | | | | Basic loss per share | | $ | (0.16) | | $ | (0.32) | | | | | | | | | | Diluted loss per share | | $ | (0.16) | | $ | (0.32) | |
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v3.3.1.900
FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
The following tables present our assets that are measured at fair value on a recurring basis at December 27, 2015, and September 27, 2015: | | Fair Value Measurements at December 27, 2015 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | | | | | | Available-for-sale securities | | $ | 506 | | $ | | | $ | | | $ | 506 | | | | Fair Value Measurements at September 27, 2015 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | | | | | | Available-for-sale securities | | $ | 965 | | $ | | | $ | | | $ | 965 | |
|
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] |
The estimated fair values of our debt were as follows on each of the indicated dates: | | December 27, 2015 | | September 27, 2015 | | | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | 8.50% Secured Notes | | $ | 63,931 | | $ | 64,011 | | $ | 63,931 | | $ | 64,011 | | 10.875% Notes | | | 12,200 | | | 12,972 | | | 12,200 | | | 12,972 | | 8.50% New Convertible Notes | | | 37,500 | | | 51,184 | | | 37,500 | | | 32,404 | | PNC Bank term loan | | | 12,750 | | | 12,750 | | | 13,500 | | | 13,500 | |
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v3.3.1.900
ENTRY INTO MERGER AGREEMENT (Details Textual) - USD ($)
|
1 Months Ended |
3 Months Ended |
Nov. 01, 2015 |
Dec. 27, 2015 |
Dec. 28, 2014 |
Entry into Merger Agreement [Line Items] |
|
|
|
Cash Acquired from Acquisition |
$ 3,620
|
|
|
Additional Cash Acquired From Acquisition |
$ 380
|
|
|
Business Acquisition, Share Price |
$ 0.01
|
|
|
Payments to Acquire Businesses, Net of Cash Acquired, Total |
$ 500,000
|
|
|
Business Combination, Consideration Transferred, Other |
$ 17,500,000
|
|
|
Cash |
|
$ 49,900,000
|
|
Business Combination, Acquisition Related Costs |
|
$ 3,437,000
|
$ 0
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TRADE RECEIVABLES (Details Textual) - USD ($)
|
3 Months Ended |
|
Dec. 27, 2015 |
Sep. 27, 2015 |
Valuation Allowance [Line Items] |
|
|
Accounts Receivable, Net, Current, Total |
$ 11,611,000
|
$ 15,860,000
|
Allowance for Doubtful Accounts Receivable, Current |
563,000
|
623,000
|
Other Receivables, Net, Current, Total |
1,579,000
|
2,707,000
|
Thai Subsidiary [Member] |
|
|
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|
|
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|
$ 1,228,000
|
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|
|
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|
|
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100.00%
|
|
Proceeds from Sale and Collection of Other Receivables |
$ 32,754,000
|
|
Loans Receivable, Basis Spread on Variable Rate, During Period |
1.75%
|
|
Bank of America [Member] |
|
|
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|
|
Percentage of Early Payment Accounts Receivable Face Value |
90.00%
|
|
Percentage Of Remaining Payment Accounts Receivable |
10.00%
|
|
Loans Receivable, Basis Spread on Variable Rate, During Period |
1.50%
|
|
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|
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v3.3.1.900
INVENTORIES (Details) - USD ($) $ in Thousands |
Dec. 27, 2015 |
Sep. 27, 2015 |
Inventory [Line Items] |
|
|
Raw materials |
$ 17,301
|
$ 19,236
|
Work in process |
8,678
|
9,537
|
Finished goods |
11,901
|
11,375
|
Inventory, Net |
$ 37,880
|
$ 40,148
|
X |
- DefinitionCarrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.
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v3.3.1.900
DEBT (Details) - USD ($) $ in Thousands |
Dec. 27, 2015 |
Sep. 27, 2015 |
Dec. 23, 2014 |
Debt Instrument [Line Items] |
|
|
|
Total debt, net of discounts |
$ 124,760
|
$ 125,156
|
|
Less: Current maturities, net of discounts |
(12,750)
|
(3,000)
|
|
Total long-term debt, net of discounts |
112,010
|
122,156
|
|
8.50% Secured Notes [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes payable |
63,931
|
63,931
|
|
Debt discount |
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|
(1,742)
|
|
10.875% Secured Notes[Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes payable |
12,200
|
12,200
|
|
Debt discount |
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|
(233)
|
|
8.50% New Convertible Notes [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
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37,500
|
37,500
|
|
PNC Bank Term Loan [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
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$ 12,750
|
$ 13,500
|
$ 15,000
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- DefinitionThe amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.
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v3.3.1.900
DEBT (Details Textual)
|
|
1 Months Ended |
3 Months Ended |
|
Jan. 15, 2015
USD ($)
shares
|
Apr. 01, 2015
USD ($)
|
Dec. 23, 2014
USD ($)
|
Nov. 25, 2014
USD ($)
shares
|
Oct. 23, 2014
USD ($)
$ / shares
shares
|
Sep. 22, 2014
USD ($)
|
May. 31, 2013
shares
|
Jan. 22, 2013
USD ($)
|
Mar. 31, 2012
USD ($)
$ / shares
shares
|
Dec. 27, 2015
USD ($)
|
Dec. 28, 2014
USD ($)
|
Sep. 27, 2015
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Cash and Cash Equivalents, Current |
|
|
|
|
|
|
|
|
|
$ 1,629,000
|
|
$ 1,677,000
|
Gains (Losses) on Extinguishment of Debt |
|
|
|
|
|
|
|
|
|
0
|
$ (4,318,000)
|
|
Proceeds from Issuance of Debt |
|
|
|
|
|
|
|
|
|
0
|
15,000,000
|
|
Revolving Credit Facility [Member] | PNC Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Average Outstanding Amount |
|
|
|
|
|
|
|
|
|
$ 238,000
|
|
|
Revolving Credit Facility [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
|
|
|
|
|
|
|
|
|
1.00%
|
|
|
Cash and Cash Equivalents Restriced to 8.50% Convertible Notes Related Payments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Cash and Cash Equivalents, Current |
|
|
|
|
$ 35,000,000
|
|
|
|
|
|
|
|
8.50% New Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
$ 37,500,000
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
8.50%
|
|
|
|
|
8.50%
|
|
8.50%
|
Debt Instrument, Convertible, Conversion Ratio Denominator |
|
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Ratio Numerator (In Shares) | shares |
|
|
|
|
266.6667
|
|
|
|
|
|
|
|
Number of Days Until the Put Right Expires |
|
|
|
|
120
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Price | $ / shares |
|
|
|
|
$ 3.75
|
|
|
|
|
|
|
|
Debt Instrument, Repurchase Amount |
|
|
|
|
$ 7,500,000
|
|
|
|
|
|
|
|
Long-term Debt, Gross |
|
|
|
|
|
|
|
|
|
$ 37,500,000
|
|
$ 37,500,000
|
Debt Instrument, Maturity Date |
|
|
|
|
Oct. 31, 2019
|
|
|
|
|
|
|
|
8.50% Convertible Senior Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
8.50%
|
|
|
|
|
8.50%
|
|
8.50%
|
Debt Instrument, Redemption of Convertible Notes |
$ 39,822,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issuance Cost |
|
|
|
|
$ 1,652,000
|
|
|
|
|
|
|
|
Repayments of Convertible Debt |
$ 35,000,000
|
|
|
|
|
|
|
|
|
|
|
|
8.50% Senior Secured Second Lien Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
|
|
|
8.50%
|
|
8.50%
|
Class of Warrant or Right, Exercised During Period | shares |
1,250,000
|
|
|
1,250,000
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Shares Issued in Warrant Exercise |
$ 1,246,428
|
|
|
$ 1,246,493
|
|
|
|
|
|
|
|
|
Debt Conversion, Original Debt, Amount |
|
|
|
|
$ 15,000,000
|
|
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued | shares |
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Warrants or Options Issued | shares |
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares |
|
|
|
|
$ 0.01
|
|
|
|
|
|
|
|
Adjustments to Additional Paid in Capital, Warrant Issued |
$ 17,388,000
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) on Extinguishment of Debt |
|
|
|
|
|
|
|
|
|
|
4,318,000
|
|
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs |
|
|
|
|
|
|
|
|
|
|
$ 1,232,000
|
|
10.875% Secured Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
|
$ 12,200,000
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
|
|
|
10.875%
|
|
10.875%
|
Debt Issuance Cost |
|
|
|
|
|
|
|
$ 359,000
|
|
|
|
|
Long-term Debt, Gross |
|
|
|
|
|
|
|
|
|
$ 12,200,000
|
|
$ 12,200,000
|
Debt Instrument, Redemption Price, Percentage |
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
Proceeds from Issuance of Debt |
|
|
|
|
|
|
|
$ 11,590,000
|
|
|
|
|
Debt Instrument, Maturity Date |
|
|
|
|
|
|
|
Jan. 15, 2017
|
|
|
|
|
PNC Bank Term Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
3.50%
|
|
|
|
|
|
|
|
|
|
Long-term Debt, Gross |
|
|
$ 15,000,000
|
|
|
|
|
|
|
12,750,000
|
|
13,500,000
|
Minimum LIBOR Rate |
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
PNC Bank Term Loan [Member] | PNC Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Effective Percentage |
|
|
4.50%
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment, Principal |
|
$ 750,000
|
|
|
|
|
|
|
|
|
|
|
PNC Bank Term Loan [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Expiration Date |
|
|
|
|
|
Dec. 01, 2016
|
|
|
|
|
|
|
PNC Bank Term Loan [Member] | Revolving Credit Facility [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Line Of Credit Facility, Minimum Bank Balance |
|
|
|
|
|
$ 15,000,000
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
|
|
35,000,000
|
|
|
|
|
|
|
PNC Bank Term Loan [Member] | Revolving Credit Facility [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Line Of Credit Facility, Minimum Bank Balance |
|
|
|
|
|
2,500,000
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
|
|
$ 20,000,000
|
|
|
|
|
|
|
8.50% Secured Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
|
|
$ 78,931,000
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
|
|
8.50%
|
|
|
|
Class of Warrant or Right, Exercised During Period | shares |
1,250,000
|
|
|
1,250,000
|
|
|
3,869,000
|
|
|
|
|
|
Class of Warrant or Right, Shares Issued in Warrant Exercise |
$ 1,246,428
|
|
|
$ 1,246,493
|
|
|
|
|
|
|
|
|
Debt Conversion, Original Debt, Amount |
|
|
|
|
$ 15,000,000
|
|
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued | shares |
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Warrants or Options Issued | shares |
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares |
|
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
|
|
|
Adjustments to Additional Paid in Capital, Warrant Issued |
|
|
|
|
|
|
|
|
$ 8,489,000
|
|
|
|
Debt Instrument, Face Amount, Registration Statement |
|
|
|
|
|
|
|
|
38,931,000
|
|
|
|
Debt Instrument, Face Amount, Private Placement |
|
|
|
|
|
|
|
|
40,000,000
|
|
|
|
Debt Instrument, Purchase Price, Private Placement |
|
|
|
|
|
|
|
|
$ 39,400,000
|
|
|
|
Long-term Debt, Gross |
|
|
|
|
|
|
|
|
|
$ 63,931,000
|
|
$ 63,931,000
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares |
|
|
|
|
|
|
|
|
3,869,000
|
|
|
|
Debt Instrument, Redemption Price, Percentage |
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
X |
- DefinitionThe number of warrants or rights exercised during period.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands |
Dec. 27, 2015
USD ($)
|
Capital Leases, Future Minimum Payments Due |
|
Capital Leases, 2016 |
$ 1,978
|
Capital Leases, 2017 |
2,395
|
Capital Leases, 2018 |
1,402
|
Capital Leases, 2019 |
605
|
Capital Leases, Thereafter |
19
|
Total future minimum lease payments |
6,399
|
Less: Interest |
(430)
|
Total future minimum lease payments excluding interest |
5,969
|
Operating Leases, Future Minimum Payments Due |
|
Operating Leases, 2016 |
704
|
Operating Leases, 2017 |
320
|
Operating Leases, 2018 |
249
|
Operating Leases, 2019 |
218
|
Operating Leases, Thereafter |
72
|
Total future minimum lease payments |
1,563
|
Less: Interest |
0
|
Total future minimum lease payments excluding interest |
$ 1,563
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STOCK-BASED COMPENSATION (Details 1) - $ / shares
|
3 Months Ended |
12 Months Ended |
Dec. 27, 2015 |
Sep. 27, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Shares, Outstanding |
3,338,717
|
|
Number of Shares, Granted |
0
|
|
Number of Shares, Exercised |
(8,300)
|
|
Number of Shares, Expired/Canceled |
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|
|
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3,133,532
|
3,338,717
|
Number of Shares, Options exercisable |
2,728,344
|
|
Weighted-Average Exercise Price, Outstanding |
$ 9.52
|
|
Weighted-Average Exercise Price, Granted |
0
|
|
Weighted-Average Exercise Price, Exercised |
3.03
|
|
Weighted-Average Exercise Price, Expired/Canceled |
25.12
|
|
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7.10
|
$ 9.52
|
Weighted-Average Exercise Price, Options exercisable |
$ 7.66
|
|
Weighted-Average Remaining Contractual Life, Outstanding |
5 years 1 month 6 days
|
4 years 2 months 12 days
|
Weighted-Average Remaining Contractual Life, Options exercisable |
4 years 7 months 6 days
|
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v3.3.1.900
STOCK-BASED COMPENSATION (Details 2) - $ / shares
|
3 Months Ended |
12 Months Ended |
Dec. 27, 2015 |
Dec. 28, 2014 |
Sep. 27, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Number of Shares, Non-vested |
706,020
|
|
|
Number of Shares, Granted |
0
|
|
|
Number of Shares, Vested |
(300,832)
|
|
|
Number of Shares, Canceled |
0
|
|
|
Number of Shares, Non-vested |
405,188
|
|
706,020
|
Weighted-Average Grant Date Fair Value, Non-vested |
$ 2.22
|
|
|
Weighted-Average Grant Date Fair Value, Granted |
0
|
$ 2.65
|
|
Weighted-Average Grant Date Fair Value, Canceled |
1.97
|
|
|
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0
|
|
|
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$ 2.4
|
|
$ 2.22
|
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8 years 7 months 6 days
|
|
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v3.3.1.900
STOCK-BASED COMPENSATION (Details 3)
|
3 Months Ended |
Dec. 27, 2015
$ / shares
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Number Outstanding (in Shares) | shares |
3,133,532
|
Options Outstanding Weighted-Average Remaining Contractual Life (yrs.) |
5 years 1 month 6 days
|
Options Outstanding Weighted-Average Price ($) |
$ 7.1
|
Options Exercisable Number Exercisable (in Shares) | shares |
2,728,344
|
Options Exercisable Weighted-Average Exercise Price ($) |
$ 7.66
|
Range 01 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Range of Exercise Prices, Minimum |
1.45
|
Range of Exercise Prices, Maximum |
$ 3.00
|
Number Outstanding (in Shares) | shares |
912,387
|
Options Outstanding Weighted-Average Remaining Contractual Life (yrs.) |
7 years 1 month 6 days
|
Options Outstanding Weighted-Average Price ($) |
$ 2.12
|
Options Exercisable Number Exercisable (in Shares) | shares |
793,867
|
Options Exercisable Weighted-Average Exercise Price ($) |
$ 1.99
|
Range 02 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Range of Exercise Prices, Minimum |
3.01
|
Range of Exercise Prices, Maximum |
$ 5.00
|
Number Outstanding (in Shares) | shares |
1,200,627
|
Options Outstanding Weighted-Average Remaining Contractual Life (yrs.) |
5 years 9 months 18 days
|
Options Outstanding Weighted-Average Price ($) |
$ 3.18
|
Options Exercisable Number Exercisable (in Shares) | shares |
913,959
|
Options Exercisable Weighted-Average Exercise Price ($) |
$ 3.09
|
Range 03 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Range of Exercise Prices, Minimum |
5.01
|
Range of Exercise Prices, Maximum |
$ 10.00
|
Number Outstanding (in Shares) | shares |
490,383
|
Options Outstanding Weighted-Average Remaining Contractual Life (yrs.) |
3 years 10 months 24 days
|
Options Outstanding Weighted-Average Price ($) |
$ 7.33
|
Options Exercisable Number Exercisable (in Shares) | shares |
490,383
|
Options Exercisable Weighted-Average Exercise Price ($) |
$ 7.33
|
Range 04 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Range of Exercise Prices, Minimum |
10.01
|
Range of Exercise Prices, Maximum |
$ 37.95
|
Number Outstanding (in Shares) | shares |
530,135
|
Options Outstanding Weighted-Average Remaining Contractual Life (yrs.) |
1 year 4 months 24 days
|
Options Outstanding Weighted-Average Price ($) |
$ 24.33
|
Options Exercisable Number Exercisable (in Shares) | shares |
530,135
|
Options Exercisable Weighted-Average Exercise Price ($) |
$ 24.33
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STOCK-BASED COMPENSATION (Details Textual) - USD ($)
|
3 Months Ended |
|
Dec. 27, 2015 |
Dec. 28, 2014 |
Jan. 20, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Unrecognized Share Based Compensation Expenses |
$ 1,775,000
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value |
1,820,000
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value |
$ 1,711,000
|
|
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition |
18 months
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
$ 0
|
$ 2.65
|
|
Selling, General and Administrative Expenses [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Allocated Share-based Compensation Expense |
$ 338,000
|
$ 291,000
|
|
2011 Equity Incentive Plan [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized |
|
|
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|
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v3.3.1.900
LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Dec. 27, 2015 |
Dec. 28, 2014 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
Net loss |
$ (5,297)
|
$ (9,898)
|
Weighted-average common shares outstanding |
33,674
|
30,548
|
Dilutive potential common shares |
0
|
0
|
Weighted-average diluted shares outstanding |
33,674
|
30,548
|
Basic loss per share |
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|
$ (0.32)
|
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$ (0.32)
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v3.3.1.900
LOSS PER SHARE (Details Textual) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
|
Jan. 15, 2015 |
Nov. 25, 2014 |
Oct. 23, 2014 |
Dec. 27, 2015 |
Dec. 28, 2014 |
Sep. 27, 2015 |
8.50% Convertible Senior Notes [Member] |
|
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
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|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
8.50%
|
8.50%
|
|
8.50%
|
8.50% Senior Secured Second Lien Notes [Member] |
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
|
|
2,500,000
|
|
|
|
Debt Conversion, Converted Instrument, Warrants or Options Issued |
|
|
2,500,000
|
|
|
|
Class of Warrant or Right, Exercised During Period |
1,250,000
|
1,250,000
|
|
|
|
|
Class of Warrant or Right, Shares Issued in Warrant Exercise |
$ 1,246,428
|
$ 1,246,493
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
8.50%
|
|
8.50%
|
8.50% New Convertible Notes [Member] |
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
8.50%
|
8.50%
|
|
8.50%
|
Treasury Stock Method [Member] |
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
|
|
|
168,000
|
1,217,000
|
|
If Converted Method [Member] |
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
|
|
|
14,630,000
|
11,993,000
|
|
If Converted Method [Member] | 8.50% Convertible Senior Notes [Member] |
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
8.50%
|
8.50%
|
|
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Dec. 27, 2015 |
Sep. 27, 2015 |
8.50% Secured Notes [Member] |
|
|
Carrying Values And Estimated Fair Values Of Debt Instruments [Line Items] |
|
|
Carrying Amount |
$ 63,931
|
$ 63,931
|
Fair Value |
64,011
|
64,011
|
10.875% Notes [Member] |
|
|
Carrying Values And Estimated Fair Values Of Debt Instruments [Line Items] |
|
|
Carrying Amount |
12,200
|
12,200
|
Fair Value |
12,972
|
12,972
|
8.50% New Convertible Notes [Member] |
|
|
Carrying Values And Estimated Fair Values Of Debt Instruments [Line Items] |
|
|
Carrying Amount |
37,500
|
37,500
|
Fair Value |
51,184
|
32,404
|
PNC Bank Term Loan [Member] |
|
|
Carrying Values And Estimated Fair Values Of Debt Instruments [Line Items] |
|
|
Carrying Amount |
12,750
|
13,500
|
Fair Value |
$ 12,750
|
$ 13,500
|
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FAIR VALUE MEASUREMENTS (Details Textual)
|
Dec. 27, 2015 |
Sep. 27, 2015 |
Oct. 23, 2014 |
8.50% Convertible Notes [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
8.50%
|
8.50%
|
8.50%
|
8.50% Secured Notes [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
8.50%
|
8.50%
|
|
10.875% Notes [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
10.875%
|
10.875%
|
|
8.50% New Convertible Notes [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
8.50%
|
8.50%
|
8.50%
|
X |
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