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BUSINESS SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2011
BUSINESS SEGMENT INFORMATION [Abstract] |
BUSINESS SEGMENT INFORMATION |
11. | BUSINESS SEGMENT INFORMATION
The Company operates in one industry with three reportable operating segments, which are geographic in nature. The segments consist of North America, Asia and Europe. The primary criteria by which financial performance is evaluated and resources are allocated are revenues and operating income. The following is a summary of key financial data (dollars in thousands):
|  | 2011 |  |  | 2010 |  |  | 2009 |
Net Sales to External Customers: |  |  |  |  |  |  |  |  |
North America |  | $ | 134,804 |  |  | $ | 111,888 |  |  | $ | 41,898 |
Asia |  |  | 126,941 |  |  |  | 156,635 |  |  |  | 123,764 |
Europe |  |  | 33,376 |  |  |  | 34,016 |  |  |  | 17,091 |
|  | $ | 295,121 |  |  | $ | 302,539 |  |  | $ | 182,753 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 149,114 |  |  | $ | 125,383 |  |  | $ | 51,189 |
Asia |  |  | 177,815 |  |  |  | 196,243 |  |  |  | 144,572 |
Europe |  |  | 34,597 |  |  |  | 35,150 |  |  |  | 18,110 |
Less intergeographic |  |  |  |  |  |  |  |  |  |  |  |
revenues |  |  | (66,405 | ) |  |  | (54,237 | ) |  |  | (31,118 | )
|  | $ | 295,121 |  |  | $ | 302,539 |  |  | $ | 182,753 |
Income (Loss) from Operations: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 9,026 |  |  | $ | 4,181 |  |  | $ | (205 | )
Asia |  |  | (3,480 | ) |  |  | 9,357 |  |  |  | (16,462 | )
Europe |  |  | 1,850 |  |  |  | 1,622 |  |  |  | (684 | )
|  | $ | 7,396 |  |  | $ | 15,160 |  |  | $ | (17,351 | )
Total Assets: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 115,552 |  |  | $ | 110,984 |  |  |  |  |
Asia |  |  | 148,950 |  |  |  | 155,414 |  |  |  |  |
Europe |  |  | 12,409 |  |  |  | 10,774 |  |  |  |  |
|  | $ | 276,911 |  |  | $ | 277,172 |  |  |  |  |
Capital Expenditures: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,121 |  |  | $ | 870 |  |  | $ | 353 |
Asia |  |  | 1,733 |  |  |  | 1,371 |  |  |  | 1,979 |
Europe |  |  | 74 |  |  |  | 186 |  |  |  | 25 |
|  | $ | 2,928 |  |  | $ | 2,427 |  |  | $ | 2,357 |
Depreciation and Amortization Expense: |  |  |  |  |  |  |  |  |
North America |  | $ | 4,046 |  |  | $ | 3,862 |  |  | $ | 1,535 |
Asia |  |  | 4,137 |  |  |  | 4,513 |  |  |  | 5,087 |
Europe |  |  | 484 |  |  |  | 461 |  |  |  | 156 |
|  | $ | 8,667 |  |  | $ | 8,836 |  |  | $ | 6,778 |
Net sales from external customers are attributed to individual operating segments based on the geographic source of the billing for such customer sales. Transfers between geographic areas include finished products manufactured in foreign countries which are then transferred to the United States and Europe for sale; finished goods manufactured in the United States which are transferred to Europe and Asia for sale; and semi-finished components manufactured in the United States which are sold to Asia for further processing. Income (loss) from operations represents gross profit less operating expenses. The following items are included in the income (loss) from operations presented above: Litigation Charges – During the year ended December 31, 2011, the Company recorded $3.5 million of litigation charges related to the SynQor and Halo lawsuits. During the year ended December 31, 2010, the Company recorded $8.1 million of litigation charges related to the SynQor lawsuit. These charges impacted income from operations primarily within the Company's Asia reportable operating segment. Impairment of Assets – During the third quarter of 2009, the Company conducted an interim valuation test related to the Company's goodwill by operating segment. As a result of the reduction in fair value of the Asia operating segment, the Company recorded charges of $12.9 million related to the impairment of goodwill of its Asia operating segment during 2009. Restructuring Charges – The Company incurred restructuring costs of $0.3 million during 2011 related to severance costs associated with the reorganization of its Cinch operations in the UK. In connection with the closure of its Westborough, Massachusetts facility, the Company incurred $0.4 million of restructuring costs in 2009 related primarily to the facility lease obligation. Gain on Sale of Property, Plant & Equipment – During the year ended December 31, 2009, the Company recognized a previously-deferred $4.6 million pre-tax gain in the North America operating segment from the 2007 sale of a property in Jersey City, New Jersey. Entity-Wide Information The following is a summary of entity-wide information related to the Company's net sales to external customers by geographic area and by major product line (dollars in thousands).
|  | 2011 |  |  | 2010 |  |  | 2009 |
Net Sales by Geographic Area: |  |  |  |  |  |  |  |  |
United States |  | $ | 134,804 |  |  | $ | 111,888 |  |  | $ | 41,898 |
Macao |  |  | 126,941 |  |  |  | 156,635 |  |  |  | 123,764 |
Germany |  |  | 17,937 |  |  |  | 20,027 |  |  |  | 13,959 |
United Kingdom |  |  | 11,927 |  |  |  | 10,747 |  |  |  | - |
Czech Republic |  |  | 3,512 |  |  |  | 3,242 |  |  |  | 3,132 |
Consolidated net sales |  | $ | 295,121 |  |  | $ | 302,539 |  |  | $ | 182,753 |
Net Sales by Major Product Line: |  |  |  |  |  |  |  |  |  |  |  |
Interconnect |  | $ | 107,346 |  |  | $ | 101,059 |  |  | $ | 32,447 |
Modules |  |  | 90,475 |  |  |  | 61,092 |  |  |  | 54,323 |
Magnetics |  |  | 87,104 |  |  |  | 127,664 |  |  |  | 86,326 |
Circuit protection |  |  | 10,196 |  |  |  | 12,724 |  |  |  | 9,657 |
Consolidated net sales |  | $ | 295,121 |  |  | $ | 302,539 |  |  | $ | 182,753 |
Net sales from external customers are attributed to individual countries based on the geographic source of the billing for such customer sales. The following is a summary of long-lived assets by geographic area as of December 31, 2011 and 2010 (dollars in thousands):
|  | 2011 |  |  | 2010 |
Long-lived Assets by Geographic Location: |  |  |  |  |  |
United States |  | $ | 30,204 |  |  | $ | 30,904 |
People's Republic of China (PRC) |  |  | 18,611 |  |  |  | 20,999 |
All other foreign countries |  |  | 2,553 |  |  |  | 2,794 |
Consolidated long-lived assets |  | $ | 51,368 |  |  | $ | 54,697 |
Long-lived assets consist of property, plant and equipment, net and other assets of the Company that are identified with the operations of each geographic area. The territory of Hong Kong became a Special Administrative Region (“SAR”) of the PRC in the middle of 1997. The territory of Macao became a SAR of the PRC at the end of 1999. Management cannot presently predict what future impact this will have on the Company, if any, or how the political climate in the PRC will affect the Company's contractual arrangements in the PRC. A significant portion of the Company's manufacturing operations and approximately 41% of its identifiable assets are located in Asia. Net Sales to Major Customers In 2011, there were two customers with sales in excess of ten percent of consolidated net sales. The combined revenue from these two customers was $65.7 million during the year ended December 31, 2011, representing 22.3% of total sales. In 2010, the Company had sales to two customers in excess of ten percent of consolidated net sales. The combined revenue from these two customers was $74.6 million during the year ended December 31, 2010, representing 24.7% of total sales. The Company had sales to three customers in excess of ten percent of consolidated net sales in 2009. The combined revenue from these three customers was $71.9 million during the year ended December 31, 2009, representing 39.4% of total sales. Sales related to these significant customers were primarily reflected in the North America and Asia operating segments during 2011 and 2010, and in the Asia operating segment in 2009.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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