SMTC » Topics » Investments (in thousands)

This excerpt taken from the SMTC 10-Q filed Jun 6, 2008.

Note 9: Investments

Temporary and long-term investments consist of government, bank and corporate obligations. Temporary investments have original maturities in excess of three months, but mature within twelve months of the balance sheet date. Long-term investments have maturities in excess of one year from the balance sheet date. Certain short-term, highly liquid investments, are accounted for as cash and cash equivalents.

The Company classifies its investments as “available for sale” because it expects to possibly sell some securities prior to maturity. The Company’s investments are subject to market risk, primarily interest rate and credit risk. The Company’s investments are managed by a limited number of outside professional managers within investment guidelines set by the Company. Such guidelines include security type, credit quality and maturity and are intended to limit market risk by restricting the Company’s investments to high quality debt instruments with relatively short-term maturities.

The following table summarizes the Company’s investments as of April 27, 2008 and January 27, 2008:

 

     April 27, 2008     January 27, 2008
     Market
Value
   Cost
Basis
   Unrealized
Loss
    Market
Value
   Cost
Basis
   Unrealized
Loss

U.S. government issues

   $ 21,358    $ 21,409    $ (51 )   $ 11,203    $ 11,200    $ 3

Corporate issues

     17,892      17,827      65       29,305      29,118      187
                                          

Investments

   $ 39,250    $ 39,236    $ 14     $ 40,508    $ 40,318    $ 190
                                          

 

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Table of Contents

The following table summarizes the maturities of the Company’s investments at April 27, 2008 and January 27, 2008:

Investment maturities (in thousands)

 

      April 27, 2008    January 27, 2008
     Market
Value
   Cost
Basis
   Market
Value
   Cost
Basis

Within 1 year

   $ 35,200    $ 35,190    $ 36,142    $ 36,042

After 1 year through 5 years

     4,050      4,046      4,366      4,276
                           
   $ 39,250    $ 39,236    $ 40,508    $ 40,318
                           

The Company did not hold any auction rate securities or structured investment vehicles as of April 27, 2008.

In the first quarter of fiscal years 2009 and 2008, the Company incurred $110,000 unrealized loss and $234,000 of unrealized gain, respectively (net of tax), on investments. These unrealized gains and losses are the result of fluctuations in the market value of our investments and are included in the accumulated other comprehensive income portion of the Consolidated Condensed Balance Sheets. The tax associated with these comprehensive income items for the first quarter of fiscal years 2009 and 2008 was a reduction to the deferred tax liability of $72,000 and an increase to the deferred tax liability of $158,000, respectively.

Investments and cash and cash equivalents generated interest income of $1.8 million and $4.3 million in the first quarter of fiscal years 2009 and 2008, respectively.

This excerpt taken from the SMTC 10-Q filed Dec 7, 2007.

Investments (in thousands)

 

     October 28, 2007     January 28, 2007  
     Market
Value
   Cost Basis    Unrealized
Loss
    Market
Value
   Cost Basis    Unrealized
Loss
 

U.S. government issues

   $ 11,069    $ 11,200    $ (131 )   $ 31,795    $ 32,200    $ (405 )

State and local government issues

     —        —        —         15,100      15,100      —    

Corporate issues

     33,859      33,877      (18 )     128,911      129,474      (563 )
                                            

Investments

   $ 44,928    $ 45,077    $ (149 )   $ 175,806    $ 176,774    $ (968 )
                                            

The Company regularly invests in auction rate securities, which within the fixed income market are very common and generally considered highly liquid. The auction rate securities the Company holds reset their coupon rate either monthly or quarterly, although the contractual maturity of auction rate securities is usually several years in the future. For purposes of reporting these securities, the Company has used the contractual maturity date, not the date of the next reset.

This excerpt taken from the SMTC 10-Q filed Sep 7, 2007.

Investments (in thousands)

 

     July 29, 2007     January 28, 2007  
     Market Value    Cost Basis    Unrealized
Loss
    Market Value    Cost Basis    Unrealized
Loss
 

U.S. government issues

   $ 17,964    $ 18,200    $ (236 )   $ 31,795    $ 32,200    $ (405 )

State and local government issues

     —        —        —         15,100      15,100      —    

Corporate issues

     36,696      36,816      (120 )     128,911      129,474      (563 )
                                            

Investments

   $ 54,660    $ 55,016    $ (356 )   $ 175,806    $ 176,774    $ (968 )
                                            

 

12


The Company regularly invests in auction rate securities, which within the fixed income market are very common and generally considered highly liquid. The auction rate securities the Company holds reset their coupon rate either monthly or quarterly, although the contractual maturity of auction rate securities is usually several years in the future. For purposes of reporting these securities, the Company has used the contractual maturity date, not the date of the next reset.

This excerpt taken from the SMTC 10-Q filed Jun 8, 2007.

Investments (in thousands)

 

     April 29, 2007     January 28, 2007  
     Market Value    Cost Basis   

Unrealized

Loss

    Market Value    Cost Basis   

Unrealized

Loss

 

U.S. government issues

   $ 18,055    $ 18,334    $ (279 )   $ 32,166    $ 32,569    $ (403 )

State and local government issues

     47,678      47,678      —         15,171      15,171      —    

Corporate issues

     90,831      91,128      (297 )     130,961      131,526      (565 )
                                            

Investments

   $ 156,564    $ 157,140    $ (576 )   $ 178,298    $ 179,266    $ (968 )

The Company regularly invests in auction rate securities, which within the fixed income market are very common and generally considered highly liquid. The auction rate securities the Company holds reset their coupon rate either monthly or quarterly, although the contractual maturity of auction rate securities is usually several years in the future. For purposes of reporting these securities, the Company has used the contractual maturity date, not the date of the next reset.

 

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Table of Contents
This excerpt taken from the SMTC 10-Q filed Sep 9, 2005.

Investments

 

     July 31, 2005

    January 30, 2005

 
     Market Value

   Book Value

   Unrealized
(Loss)


    Market Value

   Book Value

   Unrealized
(Loss)


 
(in thousands)                                 

Government issues

   $ 61,250    $ 62,044    $ (794 )   $ 79,683    $ 80,176    $ (493 )

Corporate issues

     159,561      161,547      (1,986 )     140,061      141,872      (1,811 )
    

  

  


 

  

  


Investments

   $ 220,811    $ 223,591    $ (2,780 )   $ 219,744    $ 222,048    $ (2,304 )
    

  

  


 

  

  


 

Investments and interest from cash and cash equivalents generated interest income of $1.9 million and $1.3 million in the second quarters of fiscal years 2006 and 2005, respectively. Investments and interest from cash and cash equivalents generated interest income of $3.9 million and $2.4 million in the first six months of fiscal years 2006 and 2005, respectively.

 

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4. Inventories

 

Inventories consisted of the following:

 

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