Restatement of Previously issued Financial Statements (Tables)

3 Months Ended

Mar. 31, 2013

Accounting Changes and Error Corrections [Abstract]

Schedule of error corrections and prior period adjustments

The restated quarterly condensed consolidated statement of operations for the first quarter of fiscal year 2012 is presented below (in thousands, except per share data):

	Three Months Ended March 31, 2012
	As previously reported			Restatement Adjustments			Restated
Revenue	$	39,230		$	(3,426	)	$	35,804
Cost of revenue	23,093			(2,446		)	20,647
Gross profit	16,137			(980		)	15,157
Operating expenses:
Selling, general and administrative	9,286			502			9,788
Research and development	5,596			(26		)	5,570
Total operating expenses	14,882			476			15,358
Income (loss) from operations	1,255			(1,456		)	(201		)
Interest expense, net	(26		)	—			(26		)
Amortization of debt discount and prepaid debt costs	(11		)	—			(11		)
Income (loss) from operations before income taxes	1,218			(1,456		)	(238		)
Income tax provision	714			—			714
Net income (loss)	$	504		$	(1,456	)	$	(952	)
Net income (loss) per share:
Basic	$	0.02		$	(0.05	)	$	(0.03	)
Diluted	$	0.02		$	(0.05	)	$	(0.03	)
Weighted average common shares outstanding:
Basic	28,122						28,122
Diluted	28,559						28,122

The restated quarterly condensed consolidated statement of cash flows for the first quarter of fiscal year 2012 is presented below (in thousands):

	Three Months Ended March 31, 2012
	As previously reported			Restatement Adjustments		Restated
OPERATING ACTIVITIES:
Net income (loss)	$	504		(1,456	)	$	(952	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,768			—		1,768
Amortization of intangible assets	134			—		134
Amortization of debt discount and prepaid debt costs	11			—		11
Pension cost	46			—		46
Stock-based compensation expense	1,286			—		1,286
Recovery of losses on accounts receivable	(103		)	(69	)	(172		)
Changes in operating assets and liabilities:				—
Trade and other accounts receivable	(6,568		)	2,535		(4,033		)
Inventories	(3,211		)	(2,571	)	(5,782		)
Prepaid expenses and other assets	229			(113	)	116
Accounts payable and accrued liabilities and deferred revenue	(3,217		)	1,773		(1,444		)
Accrued employee compensation	(434		)	(99	)	(533		)
Deferred income taxes	11			—		11
Other long-term liabilities	(2,263		)	—		(2,263		)
Net cash used in operating activities	(11,807		)	—		(11,807		)
INVESTING ACTIVITIES:
Purchases of property and equipment	(4,057		)	—		(4,057		)
Net cash used in investing activities	(4,057		)	—		(4,057		)
FINANCING ACTIVITIES:
Principal payments on long-term debt and short-term borrowings	(3,183		)	—		(3,183		)
Proceeds from long-term and short-term borrowings	8,161			—		8,161
Proceeds from sale of common stock, net of offering costs	10,283			—		10,283
Repurchase of shares	(286		)	—		(286		)
Proceeds from issuance of common stock under equity compensation plans	1,319			—		1,319
Net cash provided by financing activities	16,294			—		16,294
Increase in cash and cash equivalents from operations	430			—		430
Effect of exchange rate changes on cash and cash equivalents	909			—		909
Increase in cash and cash equivalents	1,339			—		1,339
Cash and cash equivalents, beginning of period	29,289			—		29,289
Cash and cash equivalents, end of period	$	30,628		—		$	30,628