although we focus primarily on low-volume production of a wide variety of high complexity products , which we refer to as low-volume , high-mix ,  we also have the capability to accommodate high-volume production . based on our experience with and positive feedback we have received from our customers , we believe we are a global leader in providing these services to the optical communications , industrial lasers and automotive markets . our customer base includes companies in complex industries that require advanced precision manufacturing capabilities such as optical communications , industrial lasers , automotive and sensors . the products that we manufacture for our oem customers include selective switching products ; tunable transponders and transceivers ; active optical cables ; solid state , diode-pumped , gas and fiber lasers ; and sensors . in many cases , we are the sole outsourced manufacturing partner used by our customers for the products that we produce for them . we also design and fabricate application-specific crystals , lenses , prisms , mirrors , laser components , and substrates ( collectively referred to as customized optics ) and other custom and standard borosilicate , clear fused quartz , and synthetic fused silica glass products ( collectively referred to as customized glass ) . we incorporate our customized optics and glass into many of the products we manufacture for our oem customers , and we also sell customized optics and glass in the merchant market . business acquisition on september 14 , 2016 , we acquired global cem solutions ltd. and all of its subsidiaries ( collectively , exception ems ) , a privately-held group located in wiltshire , united kingdom , for cash consideration of approximately $ 13.0 million , net of cash acquired . exception ems provides contract electronics manufacturing services primarily to the european electronics market with innovative solutions , adding value to the design , manufacture and testing of printed circuit board assemblies . its customers include industrial , energy , aerospace and defense companies , with approximately 80 % of its revenue derived from customers in europe . see note 9business acquisition to the consolidated financial statements for further details . fiscal years we utilize a 52-53 week fiscal year ending on the friday in june closest to june 30. fiscal year 2017 ended on june 30 , 2017 and consisted of 53 weeks . fiscal year 2016 and fiscal year 2015 ended on june 24 , 2016 and june 26 , 2015 , respectively , and each consisted of 52 weeks . revenues we believe our ability to expand our relationships with existing customers and attract new customers is due to a number of factors , including our broad range of complex engineering and manufacturing service offerings , flexible low-cost manufacturing platform , process optimization capabilities , advanced supply chain management , excellent customer service and experienced management team . although we expect the prices we charge for our manufactured products to decrease over time ( partly as a result of competitive market forces ) , we still believe we will be able to maintain favorable pricing for our services because of our ability to reduce cycle time , adjust our product mix by focusing on more complicated products , improve product quality and yields , and reduce material costs for the products we manufacture . we believe these capabilities will enable us to help our oem customers reduce their manufacturing costs while maintaining or improving the design , quality , reliability and delivery times of their products . 37 revenues , by percentage , from individual customers representing 10 % or more of our total revenues in the respective periods were as follows : replace_table_token_5_th ( 1 ) less than 10 % of total revenue . because we depend upon a small number of customers for a significant percentage of our total revenues , a reduction in orders from , a loss of , or any other adverse actions by , any one of these customers would reduce our revenues and could have a material adverse effect on our business , operating results and share price . moreover , our customer concentration increases the concentration of our accounts receivable and payment default by any of our key customers will negatively impact our exposure . many of our existing and potential customers have substantial debt burdens , have experienced financial distress or have static or declining revenues , all of which may be exacerbated by the continued uncertainty in the global economies . certain customers have gone out of business or have been acquired or announced their withdrawal from segments of the optics market . we generate significant accounts payable and inventory for the services that we provide to our customers , which could expose us to substantial and potentially unrecoverable costs if we do not receive payment from our customers . therefore , any financial difficulties that our key customers experience could materially and adversely affect our operating results and financial condition by generating charges for inventory write-offs , provisions for doubtful accounts , and increases in working capital requirements due to increased days inventory and in accounts receivable . furthermore , reliance on a small number of customers gives those customers substantial purchasing power and leverage in negotiating contracts with us . in addition , although we enter into master supply agreements with our customers , the level of business to be transacted under those agreements is not guaranteed . instead , we are awarded business under those agreements on a project-by-project basis . some of our customers have at times significantly reduced or delayed the volume of manufacturing services that they order from us . if we are unable to maintain our relationships with our existing significant customers , our business , financial condition and operating results could be harmed . revenues by geography we generate revenues from three geographic regions : north america , asia-pacific , and europe . story_separator_special_tag because the use of estimates is an integral component of the financial reporting process , actual results could differ from those estimates . some of our accounting policies require higher degrees of judgment than others in their application . we consider the policies discussed below to be critical to an understanding of our consolidated financial statements , as their application places the most significant demands on our management 's judgment . a quantitative sensitivity analysis is provided where such information is reasonably available , can be reliably estimated , and provides material information to investors . the amounts used to assess sensitivity are included for illustrative purposes only and do not represent management 's predictions of variability . revenue recognition we recognize revenue when it is realized or realizable and earned . we consider revenue realized or realizable and earned when there is persuasive evidence of an arrangement , delivery has occurred , the sales price is fixed or determinable , and collectability is reasonably assured . delivery does not occur until products have been shipped or services have been provided , risk of loss has transferred and in cases where formal acceptance is required , customer acceptance has been obtained or customer acceptance provisions have lapsed . in situations where a formal acceptance is required but the acceptance only relates to whether the product meets its published specifications , revenue is recognized upon shipment provided all other revenue recognition criteria are met . the sales price is not considered to be fixed or determinable until all contingencies related to the sale have been resolved . we reduce revenue for rebates and other similar allowances . revenue is recognized only if these estimates can be reliably determined . our estimates are based on historical results taking into consideration the type of customer , the type of transaction , and the specifics of each arrangement . in addition to the aforementioned general policies , certain customers may request us to store finished products purchased by them at the company 's warehouse . in these instances , we receive a written request from the customer asking us to hold the inventory at our warehouse and the ordered goods are segregated in our warehouse from other inventory and can not be used to fulfil other customer orders . in these situations , revenue is only recognized when persuasive evidence of the sales arrangement exists , the goods are completed and ready for shipment , pricing is fixed or determinable , collection is reasonable assured , and title and risk of loss have passed to the customer . long-lived assets we review property , plant and equipment for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable . an impairment loss is recognized when the carrying amount of a long-lived asset or assets group exceeds its fair value . recoverability of property and equipment is measured by comparing its carrying amount to the projected undiscounted cash flows the property and equipment are expected to generate . if such assets are considered to be impaired , the impairment loss recognized , if any , is the amount by which the carrying amount of the property and equipment exceeds its fair value . 43 allowance for doubtful accounts we perform ongoing credit evaluations of our customers ' financial condition and make provisions for doubtful accounts based on the outcomes of these credit evaluations . we evaluate the collectability of our accounts receivable based on specific customer circumstances , current economic trends , historical experience with collections , and the age of past due receivables . unanticipated changes in the liquidity or financial position of our customers may require additional provisions for doubtful accounts . under our specific identification method , it is not practical to assess the sensitivity of our estimates . inventory valuation our inventory is stated at the lower of cost ( on a first-in , first-out basis ) or market value . our industry is characterized by rapid technological change , short-term customer commitments , and rapid changes in demand . we make provisions for estimated excess and obsolete inventory based on regular reviews of inventory quantities on hand and the latest forecasts of product demand and production requirements from our customers . if actual market conditions or our customers ' product demands are less favorable than those projected , additional provisions may be required . in addition , unanticipated changes in liquidity or the financial positions of our customers or changes in economic conditions may require additional provisions for inventory due to our customers ' inability to fulfill their contractual obligations . during fiscal year 2017 and fiscal year 2016 , a change of 10 % for excess and obsolete materials , based on product demand and production requirements from our customers , would have affected our net income by approximately $ 0.3 million and $ 0.2 million , respectively . deferred income taxes our deferred income tax assets represent temporary differences between the carrying amount and the tax basis of existing assets and liabilities that will result in deductible and payable amounts in future years , including net operating loss carryforwards . based on estimates , the carrying value of our net deferred tax assets assumes that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to realize these deferred income tax assets . our judgments regarding future profitability may change owing to future market conditions , changes in u.s. or international tax laws , or other factors . if these estimates and related assumptions change in the future , we may be required to increase or decrease our valuation allowance against the deferred tax assets , resulting in additional or lesser income tax expense . as of june 30 , 2017 and june 24 , 2016 , we have determined that it is more likely than not that deferred

liquidity and capital resources we primarily finance our operations through cash flow from operations activities . as of june 30 , 2017 and june 24 , 2016 , we had cash , cash equivalents , and marketable securities of $ 285.3 million and $ 284.5 million , respectively , and outstanding debt of $ 71.1 million and $ 60.4 million , respectively . our cash and cash equivalents , which primarily consist of cash on hand , demand deposits and liquid investments with maturities of three months or less , are placed with banks and other financial institutions . the weighted average interest rate on our cash and cash equivalents for fiscal year 2017 , fiscal year 2016 and fiscal year 2015 was 0.6 % , 0.7 % and 0.7 % , respectively . our cash investments are made in accordance with an investment policy approved by the audit committee of our board of directors . in general , our investment policy requires that securities purchased be rated a1 , p-1 , f1 or better . no security may have an effective maturity that exceeds three years . our investments in fixed income securities are primarily classified as available-for-sale securities and are recorded at fair value in the consolidated balance sheets . the cost of securities sold is based on the specific identification method . unrealized gains and losses on these securities are recorded as other comprehensive ( loss ) income and are reported as a separate component of shareholders ' equity . during fiscal year 2017 , we borrowed a revolving loan of $ 27.5 million and repaid a term loan of $ 18.1 million under our syndicated senior credit facility agreement ( facility agreement ) . as a result , as of june 30 , 2017 , we had a long-term borrowing of $ 36.4 million and short-term borrowing of $ 34.0 million under our facility agreement .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources we primarily finance our operations through cash flow from operations activities . as of june 30 , 2017 and june 24 , 2016 , we had cash , cash equivalents , and marketable securities of $ 285.3 million and $ 284.5 million , respectively , and outstanding debt of $ 71.1 million and $ 60.4 million , respectively . our cash and cash equivalents , which primarily consist of cash on hand , demand deposits and liquid investments with maturities of three months or less , are placed with banks and other financial institutions . the weighted average interest rate on our cash and cash equivalents for fiscal year 2017 , fiscal year 2016 and fiscal year 2015 was 0.6 % , 0.7 % and 0.7 % , respectively . our cash investments are made in accordance with an investment policy approved by the audit committee of our board of directors . in general , our investment policy requires that securities purchased be rated a1 , p-1 , f1 or better . no security may have an effective maturity that exceeds three years . our investments in fixed income securities are primarily classified as available-for-sale securities and are recorded at fair value in the consolidated balance sheets . the cost of securities sold is based on the specific identification method . unrealized gains and losses on these securities are recorded as other comprehensive ( loss ) income and are reported as a separate component of shareholders ' equity . during fiscal year 2017 , we borrowed a revolving loan of $ 27.5 million and repaid a term loan of $ 18.1 million under our syndicated senior credit facility agreement ( facility agreement ) . as a result , as of june 30 , 2017 , we had a long-term borrowing of $ 36.4 million and short-term borrowing of $ 34.0 million under our facility agreement .
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 Suspicious Activity Report : although we focus primarily on low-volume production of a wide variety of high complexity products , which we refer to as low-volume , high-mix ,  we also have the capability to accommodate high-volume production . based on our experience with and positive feedback we have received from our customers , we believe we are a global leader in providing these services to the optical communications , industrial lasers and automotive markets . our customer base includes companies in complex industries that require advanced precision manufacturing capabilities such as optical communications , industrial lasers , automotive and sensors . the products that we manufacture for our oem customers include selective switching products ; tunable transponders and transceivers ; active optical cables ; solid state , diode-pumped , gas and fiber lasers ; and sensors . in many cases , we are the sole outsourced manufacturing partner used by our customers for the products that we produce for them . we also design and fabricate application-specific crystals , lenses , prisms , mirrors , laser components , and substrates ( collectively referred to as customized optics ) and other custom and standard borosilicate , clear fused quartz , and synthetic fused silica glass products ( collectively referred to as customized glass ) . we incorporate our customized optics and glass into many of the products we manufacture for our oem customers , and we also sell customized optics and glass in the merchant market . business acquisition on september 14 , 2016 , we acquired global cem solutions ltd. and all of its subsidiaries ( collectively , exception ems ) , a privately-held group located in wiltshire , united kingdom , for cash consideration of approximately $ 13.0 million , net of cash acquired . exception ems provides contract electronics manufacturing services primarily to the european electronics market with innovative solutions , adding value to the design , manufacture and testing of printed circuit board assemblies . its customers include industrial , energy , aerospace and defense companies , with approximately 80 % of its revenue derived from customers in europe . see note 9business acquisition to the consolidated financial statements for further details . fiscal years we utilize a 52-53 week fiscal year ending on the friday in june closest to june 30. fiscal year 2017 ended on june 30 , 2017 and consisted of 53 weeks . fiscal year 2016 and fiscal year 2015 ended on june 24 , 2016 and june 26 , 2015 , respectively , and each consisted of 52 weeks . revenues we believe our ability to expand our relationships with existing customers and attract new customers is due to a number of factors , including our broad range of complex engineering and manufacturing service offerings , flexible low-cost manufacturing platform , process optimization capabilities , advanced supply chain management , excellent customer service and experienced management team . although we expect the prices we charge for our manufactured products to decrease over time ( partly as a result of competitive market forces ) , we still believe we will be able to maintain favorable pricing for our services because of our ability to reduce cycle time , adjust our product mix by focusing on more complicated products , improve product quality and yields , and reduce material costs for the products we manufacture . we believe these capabilities will enable us to help our oem customers reduce their manufacturing costs while maintaining or improving the design , quality , reliability and delivery times of their products . 37 revenues , by percentage , from individual customers representing 10 % or more of our total revenues in the respective periods were as follows : replace_table_token_5_th ( 1 ) less than 10 % of total revenue . because we depend upon a small number of customers for a significant percentage of our total revenues , a reduction in orders from , a loss of , or any other adverse actions by , any one of these customers would reduce our revenues and could have a material adverse effect on our business , operating results and share price . moreover , our customer concentration increases the concentration of our accounts receivable and payment default by any of our key customers will negatively impact our exposure . many of our existing and potential customers have substantial debt burdens , have experienced financial distress or have static or declining revenues , all of which may be exacerbated by the continued uncertainty in the global economies . certain customers have gone out of business or have been acquired or announced their withdrawal from segments of the optics market . we generate significant accounts payable and inventory for the services that we provide to our customers , which could expose us to substantial and potentially unrecoverable costs if we do not receive payment from our customers . therefore , any financial difficulties that our key customers experience could materially and adversely affect our operating results and financial condition by generating charges for inventory write-offs , provisions for doubtful accounts , and increases in working capital requirements due to increased days inventory and in accounts receivable . furthermore , reliance on a small number of customers gives those customers substantial purchasing power and leverage in negotiating contracts with us . in addition , although we enter into master supply agreements with our customers , the level of business to be transacted under those agreements is not guaranteed . instead , we are awarded business under those agreements on a project-by-project basis . some of our customers have at times significantly reduced or delayed the volume of manufacturing services that they order from us . if we are unable to maintain our relationships with our existing significant customers , our business , financial condition and operating results could be harmed . revenues by geography we generate revenues from three geographic regions : north america , asia-pacific , and europe . story_separator_special_tag because the use of estimates is an integral component of the financial reporting process , actual results could differ from those estimates . some of our accounting policies require higher degrees of judgment than others in their application . we consider the policies discussed below to be critical to an understanding of our consolidated financial statements , as their application places the most significant demands on our management 's judgment . a quantitative sensitivity analysis is provided where such information is reasonably available , can be reliably estimated , and provides material information to investors . the amounts used to assess sensitivity are included for illustrative purposes only and do not represent management 's predictions of variability . revenue recognition we recognize revenue when it is realized or realizable and earned . we consider revenue realized or realizable and earned when there is persuasive evidence of an arrangement , delivery has occurred , the sales price is fixed or determinable , and collectability is reasonably assured . delivery does not occur until products have been shipped or services have been provided , risk of loss has transferred and in cases where formal acceptance is required , customer acceptance has been obtained or customer acceptance provisions have lapsed . in situations where a formal acceptance is required but the acceptance only relates to whether the product meets its published specifications , revenue is recognized upon shipment provided all other revenue recognition criteria are met . the sales price is not considered to be fixed or determinable until all contingencies related to the sale have been resolved . we reduce revenue for rebates and other similar allowances . revenue is recognized only if these estimates can be reliably determined . our estimates are based on historical results taking into consideration the type of customer , the type of transaction , and the specifics of each arrangement . in addition to the aforementioned general policies , certain customers may request us to store finished products purchased by them at the company 's warehouse . in these instances , we receive a written request from the customer asking us to hold the inventory at our warehouse and the ordered goods are segregated in our warehouse from other inventory and can not be used to fulfil other customer orders . in these situations , revenue is only recognized when persuasive evidence of the sales arrangement exists , the goods are completed and ready for shipment , pricing is fixed or determinable , collection is reasonable assured , and title and risk of loss have passed to the customer . long-lived assets we review property , plant and equipment for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable . an impairment loss is recognized when the carrying amount of a long-lived asset or assets group exceeds its fair value . recoverability of property and equipment is measured by comparing its carrying amount to the projected undiscounted cash flows the property and equipment are expected to generate . if such assets are considered to be impaired , the impairment loss recognized , if any , is the amount by which the carrying amount of the property and equipment exceeds its fair value . 43 allowance for doubtful accounts we perform ongoing credit evaluations of our customers ' financial condition and make provisions for doubtful accounts based on the outcomes of these credit evaluations . we evaluate the collectability of our accounts receivable based on specific customer circumstances , current economic trends , historical experience with collections , and the age of past due receivables . unanticipated changes in the liquidity or financial position of our customers may require additional provisions for doubtful accounts . under our specific identification method , it is not practical to assess the sensitivity of our estimates . inventory valuation our inventory is stated at the lower of cost ( on a first-in , first-out basis ) or market value . our industry is characterized by rapid technological change , short-term customer commitments , and rapid changes in demand . we make provisions for estimated excess and obsolete inventory based on regular reviews of inventory quantities on hand and the latest forecasts of product demand and production requirements from our customers . if actual market conditions or our customers ' product demands are less favorable than those projected , additional provisions may be required . in addition , unanticipated changes in liquidity or the financial positions of our customers or changes in economic conditions may require additional provisions for inventory due to our customers ' inability to fulfill their contractual obligations . during fiscal year 2017 and fiscal year 2016 , a change of 10 % for excess and obsolete materials , based on product demand and production requirements from our customers , would have affected our net income by approximately $ 0.3 million and $ 0.2 million , respectively . deferred income taxes our deferred income tax assets represent temporary differences between the carrying amount and the tax basis of existing assets and liabilities that will result in deductible and payable amounts in future years , including net operating loss carryforwards . based on estimates , the carrying value of our net deferred tax assets assumes that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to realize these deferred income tax assets . our judgments regarding future profitability may change owing to future market conditions , changes in u.s. or international tax laws , or other factors . if these estimates and related assumptions change in the future , we may be required to increase or decrease our valuation allowance against the deferred tax assets , resulting in additional or lesser income tax expense . as of june 30 , 2017 and june 24 , 2016 , we have determined that it is more likely than not that deferred

