LONG-TERM INVESTMENT

6 Months Ended

Sep. 30, 2012

LONG-TERM INVESTMENT

NOTE 6.    LONG-TERM INVESTMENT

Our long-term investment consists of our investment in Skypoint Telecom Fund II (US), L.P. (“Skypoint Fund”). Skypoint Fund is a venture capital fund that invests primarily in private companies in the telecommunications and/or networking industries. We account for this non-marketable equity investment under the cost method. We periodically review and determine whether the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value.

As of the dates indicated below, our long-term investment balance, which is included in the “Other non-current assets” line item on the condensed consolidated balance sheets were as follows (in thousands):

	September 30, 2012		April 1, 2012
Beginning balance	$	1,273	$	1,563
Contributions		15		114
Capital distributions		—		(404	)
Ending balance	$	1,288	$	1,273

We have made approximately $4.8 million in capital contributions to Skypoint Fund since we became a limited partner in July 2001. We contributed $15,000 to the fund during the six months ended September 30, 2012. In the three months ended July 1, 2012, the limited partners of the Skypoint Fund agreed to extend the term of the Skypoint Fund for one additional year. As of September 30, 2012, we do not have any further capital commitments.

The carrying amount of $1.3 million as of September 30, 2012 is net of capital contributions, cumulative impairment charges and capital distributions.

Impairment

We analyzed the fair value of the underlying investments of Skypoint Fund and concluded that there was no other-than-temporary impairment, and therefore we did not record an impairment charge for Skypoint Fund in either the six months ended September 30, 2012 or October 2, 2011, respectively.