Commitments & Contingencies (Notes)

3 Months Ended

Jul. 02, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments & Contingencies

The Company is party to a loan and security agreement ("Loan Agreement") with Silicon Valley Bank, which was amended on July 12, 2016. The amendments, among other things, included the modification of certain financial covenants, including the removal of Tangible Net Worth covenant for periods ending after March 31, 2016. Instead, the Company must now comply with two new financial covenants, including a quick ratio and an EBITDA loss threshold measured on a trailing twelve month basis. The Loan Agreement provides for a senior secured asset-based revolving credit facility (the “Credit Facility”) with up to $30 million available on a revolving basis, including a $15 million sublimit for letters of credit. The credit agreement expires March 20, 2018. At July 2, 2016, the Company had no revolving loans or letters of credit outstanding under the Credit Facility, was in compliance with all covenants, and was not in default under the Loan Agreement. The commitment fee on the amount of unused credit was 0.3 percent.

The Company mitigates credit risk by transacting with highly rated counterparties for foreign exchange contracts, letters of credit and other transactions where counterparty risk is a factor. The Company has evaluated the non-performance risks associated with the Company's lenders and other parties and believe them to be insignificant.

From time to time the Company may be party to litigation arising in the normal course of business. Currently, the Company is not party to any litigation it believes would have a material adverse effect on the Company's financial position, results of operations or cash flows.