State of Delaware | 0-26946 | 94-3125814 | ||
(State or other jurisdiction
of incorporation or organization) |
(Commission File Number) |
(IRS Employer
Identification Number) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
INTEVAC, INC.
Date: April 27, 2009
By:
/s/ JEFFREY ANDRESON
Jeffrey Andreson
Executive Vice President, Finance and
Administration,
Chief Financial Officer, Treasurer and Secretary
|
3560 Bassett Street, Santa Clara CA 95054 |
Jeff Andreson
|
Claire McAdams | |
Chief Financial Officer
|
Investor Relations | |
(408) 986-9888
|
(530) 265-9899 |
3 months ended | ||||||||
Mar. 28, | Mar. 29, | |||||||
2009 | 2008 | |||||||
(Unaudited) | (Unaudited) | |||||||
Net revenues
|
||||||||
Equipment
|
$ | 6,118 | $ | 26,973 | ||||
Intevac Photonics
|
6,190 | 6,202 | ||||||
Total net revenues
|
12,308 | 33,175 | ||||||
|
||||||||
Gross profit
|
4,265 | 15,311 | ||||||
Gross margin
|
||||||||
Equipment
|
29.9 | % | 47.1 | % | ||||
Intevac Photonics
|
39.4 | % | 42.0 | % | ||||
Consolidated
|
34.7 | % | 46.2 | % | ||||
|
||||||||
Operating expenses
|
||||||||
Research and development
|
8,030 | 9,388 | ||||||
Selling, general and administrative
|
5,709 | 7,064 | ||||||
Total operating expenses
|
13,739 | 16,452 | ||||||
|
||||||||
Operating income (loss)
|
||||||||
Equipment
|
(6,811 | ) | 496 | |||||
Intevac Photonics
|
(1,221 | ) | (821 | ) | ||||
Corporate
|
(1,442 | ) | (816 | ) | ||||
Total operating loss
|
(9,474 | ) | (1,141 | ) | ||||
|
||||||||
Interest and other income
|
430 | 1,411 | ||||||
Profit (loss) before income taxes
|
(9,044 | ) | 270 | |||||
Benefit from income taxes
|
3,271 | 1,293 | ||||||
Net income (loss)
|
$ | (5,773 | ) | $ | 1,563 | |||
|
||||||||
|
||||||||
Income (loss) per share
|
||||||||
Basic
|
$ | (0.26 | ) | $ | 0.07 | |||
Diluted
|
$ | (0.26 | ) | $ | 0.07 | |||
Weighted average common shares outstanding
|
||||||||
Basic
|
21,882 | 21,647 | ||||||
Diluted
|
21,882 | 22,053 |
Mar. 28, | Dec. 31, | |||||||
2009 | 2008 | |||||||
(Unaudited) | (see Note) | |||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash, cash equivalents and short-term investments
|
$ | 33,869 | $ | 39,201 | ||||
Accounts receivable, net
|
9,217 | 15,014 | ||||||
Inventories
|
17,178 | 17,674 | ||||||
Deferred tax assets
|
3,801 | 3,204 | ||||||
Prepaid expenses and other current assets
|
4,803 | 4,806 | ||||||
Total current assets
|
68,868 | 79,899 | ||||||
|
||||||||
Long-term investments
|
66,961 | 66,328 | ||||||
Property, plant and equipment, net
|
14,417 | 14,886 | ||||||
Deferred tax assets
|
17,227 | 14,765 | ||||||
Goodwill
|
7,905 | 7,905 | ||||||
Other intangible assets, net
|
3,813 | 4,054 | ||||||
Other long-term assets
|
1,202 | 1,332 | ||||||
Total assets
|
$ | 180,393 | $ | 189,169 | ||||
|
||||||||
|
||||||||
LIABILITIES AND STOCKHOLDERS EQUITY
|
||||||||
|
||||||||
Current liabilities
|
||||||||
Note payable
|
$ | | $ | 2,000 | ||||
Accounts payable
|
4,305 | 4,214 | ||||||
Accrued payroll and related liabilities
|
2,927 | 3,395 | ||||||
Other accrued liabilities
|
2,504 | 3,175 | ||||||
Customer advances
|
1,071 | 2,807 | ||||||
Total current liabilities
|
10,807 | 15,591 | ||||||
|
||||||||
Other long-term liabilities
|
384 | 509 | ||||||
Stockholders equity
|
||||||||
Common stock ($0.001 par value)
|
22 | 22 | ||||||
Paid in capital
|
130,485 | 128,686 | ||||||
Accumulated other comprehensive loss
|
(4,701 | ) | (4,808 | ) | ||||
Retained earnings
|
43,396 | 49,169 | ||||||
Total stockholders equity
|
169,202 | 173,069 | ||||||
Total liabilities and stockholders equity
|
$ | 180,393 | $ | 189,169 | ||||
|
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
Mar. 28,
Mar. 29,
2009
2008
(Unaudited)
(Unaudited)
$
1,112
$
1,325
234
202
51
69
1,397
1,596
404
493
$
993
$
1,103
$
0.05
$
0.05
$
0.05
$
0.05