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Oclaro, Inc. Message Board

  • mak424 mak424 Jan 30, 2013 3:19 PM Flag

    Pulled from 10-Q

    Sumitomo Note
    In connection with the acquisition of Opnext, we assumed a 1.47 billion Japanese yen note payable to The Sumitomo Trust Bank (Sumitomo). The note is due monthly unless renewed by Sumitomo. As of September 29, 2012, the outstanding loan balance was $18.9 million, based on the exchange rate on September 29, 2012. Interest is paid monthly at the Tokyo Interbank Offered Rate plus a premium, which for our first quarter of fiscal year 2013 was 1.7 percent per annum.
    As of September 29, 2012, we have $20.0 million in restricted cash in our condensed consolidated balance sheet securing our note payable to Sumitomo.

    Japan Defined Contribution and Benefit Plan
    In connection with our acquisition of Opnext, we assumed a defined contribution plan and a defined benefit plan that provides retirement benefits to our employees in Japan.
    Under the defined contribution plan, contributions are provided based on grade level and totaled $0.3 million for the period from July 23, 2012, the acquisition date, to September 29, 2012, the end of our first quarter of fiscal year 2013. Employees can elect to receive the benefit as additional salary or contribute the benefit to the plan on a tax-deferred basis.
    Under the defined benefit plan in Japan (the Japan Plan), we calculate benefits based on an employee’s individual grade level and years of service. Employees are entitled to a lump sum benefit upon retirement or upon certain instances of termination. As of September 29, 2012, there were no plan assets. Net periodic pension costs for the Japan Plan for the three months ended September 29, 2012 included the following:

    Sentiment: Strong Buy

 
OCLR
2.07+0.01(+0.49%)Jul 24 3:59 PMEDT

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