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Cost Reduction Actions | 9 Months Ended
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Apr. 30, 2012
Cost Reduction Actions [Abstract] |
Cost Reduction Actions | (10) Cost Reduction Actions Fiscal 2011 and Fiscal 2012 Cost Reduction Actions During the nine months ended April 30, 2012, we continued to implement certain cost reduction actions in all of our reportable operating segments. Costs (almost all of which have been for severance) for each respective period are included in our Condensed Consolidated Statements of Operations and have not been material in the aggregate. As a result of extreme pressures on our U.S. government customer to reduce spending, we believe that additional short-term bookings for our microsatellite product line have become less likely. In addition, it is extremely difficult to predict the amount and timing of additional bookings as it relates to our BFT-1 and MTS business activities. As such, we are in the process of evaluating our ongoing cost structure and organizational structure for our mobile data communications segment to better align with expected future revenue. Fiscal 2009 Radyne Acquisition-Related Restructuring Plan In connection with our August 1, 2008 acquisition of Radyne, we immediately adopted a restructuring plan to achieve operating synergies for which we recorded $2,713,000 of estimated restructuring costs. Of this amount, $613,000 relates to severance for Radyne employees which was paid in fiscal 2009. The remaining estimated amounts relate to facility exit costs and were determined as follows:
| At August 1, 2008
Total non-cancelable lease obligations | $ 12,741,000
Less: Estimated sublease income | (8,600,000)
Total net estimated facility exit costs | 4,141,000
Less: Interest expense to be accreted | (2,041,000)
Present value of estimated facility exit costs | $ 2,100,000
Our total non-cancelable lease obligations were based on the actual lease term which runs from November 1, 2008 through October 31, 2018. We estimated sublease income based on (i) the terms of a fully executed sublease agreement, whose lease term runs from November 1, 2008 through October 31, 2015 and (ii) our assessment of future uncertainties relating to the commercial real estate market. Based on our assessment of commercial real estate market conditions, we currently believe that it is not probable that we will be able to sublease the facility beyond the current sublease terms. As such, in accordance with grandfathered accounting standards that were not incorporated into the FASB's ASC, we recorded these costs, at fair value, as assumed liabilities as of August 1, 2008, with a corresponding increase to goodwill. As of April 30, 2012, the amount of the acquisition-related restructuring reserve is as follows:
| Cumulative Activity Through April 30, 2012
Present value of estimated facility exit costs at August 1, 2008 | $ 2,100,000
Cash payments made | (4,047,000)
Cash payments received | 4,193,000
Accreted interest recorded | 569,000
Net liability as of April 30, 2012 | 2,815,000
Amount recorded as prepaid expenses in the Condensed Consolidated Balance Sheet | 410,000
Amount recorded as other liabilities in the Condensed Consolidated Balance Sheet | $ 3,225,000
As of July 31, 2011, the present value of the estimated facility exit costs was $2,518,000. During the nine months ended April 30, 2012, we made cash payments of $751,000 and we received cash payments of $909,000. Interest accreted for the three and nine months ended April 30, 2012 and 2011 was $48,000 and $139,000, respectively, and $41,000 and $119,000, respectively, and is included in interest expense for each of the respective fiscal periods. As of April 30, 2012, future cash payments associated with our restructuring plan are summarized below:
| As of April 30, 2012
Future lease payments to be made in excess of anticipated sublease payments | $ 3,225,000
Less net cash to be received in next twelve months | (410,000)
Interest expense to be accreted in future periods | 1,471,000
Total remaining net cash payments | $ 4,286,000

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- Definition The entire disclosure for aggregate costs incurred during the period for restructuring, remediation, implementation, integration and asset impairment activities. Description of restructuring activities such as exit and disposal activities, could include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This would also include disclosure of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. + References No definition available. + Details
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