DISCONTINUED OPERATIONS

3 Months Ended

Jun. 29, 2012

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

12.  DISCONTINUED OPERATIONS

During the three month period ended June 29, 2012, the Company completed the sale of certain assets of its Vista Point Technologies camera modules business, including intellectual property and the China-based manufacturing operations to Tessera Technologies and DigitalOptics Corporation, a wholly-owned subsidiary of Tessera Technologies.  Total proceeds received from the sale of this business was $16.5 million and the Company recognized a loss on sale of this business of $4.7 million, which is included in loss on sale of business and other expenses (income), net in the results from discontinued operations during the period ended June 29, 2012.

In accordance with the accounting guidance, the divestiture of the camera modules business qualifies as discontinued operations, and accordingly, the Company has reported the results of operations and financial position of this business in discontinued operations within the condensed consolidated statements of operations and the condensed consolidated balance sheets for all periods presented.

The results from discontinued operations were as follows:

	Three-Month Periods Ended
	June 29, 2012			July 1, 2011
	(In thousands)
Net sales	$	2,697		$	41,547
Cost of sales	$	7,317		42,103
Gross loss	(4,620		)	(556		)
Selling, general and administrative expenses	$	434		$	3,157
Loss on sale of business and other expenses (income), net	$	4,915		$	(39	)
Loss before income taxes	(9,969		)	(3,674		)
Benefit from income taxes	$	(988	)	$	(242	)
Net loss of discontinued operations	$	(8,981	)	$	(3,432	)

The current and non-current assets and liabilities of discontinued operations were as follows:

	As of
	March 31, 2012
	(In thousands)
Account receivable, net	$	892
Inventories	3,723
Other current assets	471
Total current assets of discontinued operations	$	5,086
Property and equipment, net	$	22,671
Total non-current assets of discontinued operations	$	22,671
Accounts payable	$	3,593
Other current liabilities	4,651
Total current liabilities of discontinued operations	$	8,244

There were no assets or liabilities attributable to discontinued operations as of June 29, 2012 as the divestiture of the Company’s Vista Point Technologies camera modules business was completed in June 2012.