Correction of Previously Reported Quarterly Financial Statements

9 Months Ended

Sep. 27, 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 three and nine month periods ended September 28, 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 nine month periods ended September 28, 2012. The Company has included such corrections to its 2012 interim financial statements for the periods ended September 28, 2012 within this report on Form 10-Q.

	Three Months ended September 28, 2012 as reported			Corrections to the  three months ended September 28, 2012			Three months ended September 28, 2012 as corrected			Nine months ended September 28, 2012 as reported		Corrections to the  nine months ended September 28, 2012			Nine months ended September 28, 2012 as corrected
	(In thousands, except per share data)
Sales	$	100,849					$	100,849		$	313,363				$	313,363
Gross profit	$	14,323					$	14,323		$	44,237				$	44,237
Operating expenses	$	15,750		$	(761	)(a)(b)	$	14,989		$	34,481	$	(307	)(b)	$	34,174
Income from operations	$	(1,427	)	$	761		$	(666	)	$	9,756	$	307		$	10,063
Income tax provision	$	(539	)	$	183	(c)	$	(356	)	$	1,942	$	862	(c)(d)	$	2,804
Net income (loss)	$	(1,701	)	$	578		$	(1,123	)	$	6,882	$	(555	)	$	6,327
Earnings per share — basic	$	(0.06	)	$	0.02		$	(0.04	)	$	0.28	$	(0.03	)	$	0.25
Earnings per share — diluted	$	(0.06	)	$	0.02		$	(0.04	)	$	0.27	$	(0.02	)	$	0.25

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 28, 2012, which should have been expensed in the quarter ended June 29, 2012;

b) $307,000 of performance equity award expenses originally reversed in the quarter ended December 28, 2012, that should have been reversed in the quarter ended September 28, 2012;

c) the tax effect of items a) and b) above; and,

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