Correction of Previously Reported Quarterly Financial Statements

6 Months Ended

Jun. 28, 2013

Accounting Changes And Error Corrections [Abstract]

Correction of Previously Reported Quarterly Financial Statements

10. Correction of Previously Reported Quarterly Financial Statements

As described in the Annual Report on Form 10-K for the year ended December 28, 2012, the Company has made certain corrections to amounts previously reported for the quarter ended June 29, 2012. The Company has concluded that, due to the nature of the affected expenses, these corrections were not material to the interim financial statements for the three and six month periods ended June 29, 2012. The Company has included such corrections to its 2012 interim financial statements for the period ended June 29, 2012 included within this report on Form 10-Q as of and for the quarter ended June 28, 2013.

	Three months ended June 29, 2012 as reported		Corrections to the three months ended June 29, 2012			Three months ended June  29, 2012 as corrected		Six months ended June 29, 2012 as reported		Corrections to the six months ended June 29, 2012			Six months ended June 29, 2012 as corrected
	(In thousands, except per share data)
Sales	$	101,949				$	101,949	$	212,514				$	212,514
Gross profit	$	14,254				$	14,254	$	29,914				$	29,914
Operating expenses	$	9,338	$	454	(a)	$	9,792	$	18,731	$	454	(a)	$	19,185
Income from operations	$	4,916	$	(454	)	$	4,462	$	11,183	$	(454	)	$	10,729
Income tax provision	$	979	$	679	(b)(c)	$	1,658	$	2,481	$	679	(b)(c)	$	3,160
Net income (loss)	$	3,923	$	(1,133	)	$	2,790	$	8,583	$	(1,133	)	$	7,450
Earnings per share — basic	$	0.17	$	(0.05	)	$	0.12	$	0.37	$	(0.05	)	$	0.32
Earnings per share — diluted	$	0.17	$	(0.05	)	$	0.12	$	0.37	$	(0.06	)	$	0.31

The corrections relate to:

a) $454,000 of costs associated with the acquisition of AIT that were capitalized at June 29, 2012 and expensed in the quarter ended September 29, 2012, which should have been expensed in the quarter ended June 29, 2012;

b) foreign tax payments of $770,000 that were recorded as a reduction of other current liabilities as of June 29, 2012, and expensed in the quarter ended December 28, 2012, but should have been expensed in the quarter ended June 29, 2012.

c) the tax effect of item a) above.

Similarly, as described in the Annual Report on Form 10-K for the year ended December 28, 2012, the balances for the period ended September 29, 2012 will be corrected to reflect the corrections noted above in the 10-Q for the fiscal quarter ended September 27, 2013.