v2.4.0.8

Acquisitions (Tables)

12 Months Ended

Jun. 28, 2014

Business Combinations [Abstract]

Schedule of Fair Value of Consideration Transferred

The Acquisition Date fair value of the consideration transferred totaled $127.8 million, which consisted of the following (in thousands):

Cash		$	19,985
Shares issued			70,280
Contingent consideration			37,499
		$	127,764

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands):

Cash		$	365
Accounts receivable			3,840
Inventory			2,154
Prepaid expenses and other			984
Property and equipment			326
Deferred tax assets			12,242
Acquired intangible assets			76,400
Other assets			1,283
Total identifiable assets acquired			97,594
Accounts payable			2,141
Accrued liabilities			1,497
Non-current deferred tax liabilities			5,327
Non-current taxes payable			700
Other non-current accrued liabilities			500
Net identifiable assets acquired			87,429
Goodwill			40,335
Net assets acquired		$	127,764

Summary of Financial Information Presents Combined Results of Operations for Acquisition

The following unaudited pro forma financial information presents the combined results of operations for us and Validity as if the acquisition had occurred at the beginning of fiscal 2012. The unaudited pro forma financial information has been prepared for comparative purposes only and does not purport to be indicative of the actual operating results that would have been recorded had the acquisition actually taken place at the beginning of fiscal 2012, and should not be taken as indicative of future consolidated operating results. Additionally, the unaudited pro forma financial results do not include any anticipated synergies or other expected benefits from the acquisition. The following table presents unaudited pro forma financial results for fiscal 2014 and 2013 (in thousands, except per share data).

		2014				2013
Revenue		$	955,422			$	680,171
Net income			36,095				74,924
Net income per share—diluted			0.96				2.09

Pro Forma Adjustments Used to Arrive at Pro Forma Net Income

Pro forma adjustments used to arrive at pro forma net income for fiscal 2014 and 2013, were as follows (in thousands):

		2014				2013
Buyer transaction costs		$	2,000			$	—
Seller transaction costs			517				—
Inventory adjustment			575				—
Share-based compensation			280				350
Intangible amortization			(8,242	)			(7,618	)
Deferred compensation			47				(75	)
		$	(4,823	)		$	(7,343	)

X

- Definition

Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(4)

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(2)-(3)

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- Definition

Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463



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-Name Accounting Standards Codification

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