State of California
(State or other jurisdiction of incorporation or organization) |
0-26946
(Commission File Number) |
94-3125814
(IRS Employer Identification Number) |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. Entry into a Material Definitive Agreement | ||||||||
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURE | ||||||||
EXHIBIT 99.1 |
(c)
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Exhibits | |
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99.1 Press Release. |
INTEVAC, INC.
Date: October 31, 2005
By:
/s/ CHARLES B. EDDY III
Charles B. Eddy III
Vice President, Finance and Administration,
Chief Financial Officer, Treasurer and Secretary
Table of Contents
|
3560 Bassett Street, Santa Clara CA 95054 |
Charles Eddy | Dan Matsui/Gene Heller | |
Chief Financial Officer | Silverman Heller Associates | |
(408) 986-9888 | (310) 208-2550 |
-more-
3 months ended | 9 months ended | |||||||||||||||
Oct. 1, | Sept. 25, | Oct. 1, | Sept. 25, | |||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net revenues
|
||||||||||||||||
Equipment
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$ | 41,519 | $ | 32,636 | $ | 78,392 | $ | 52,192 | ||||||||
Imaging
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1,988 | 2,393 | 6,138 | 7,036 | ||||||||||||
Total net revenues
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43,507 | 35,029 | 84,530 | 59,228 | ||||||||||||
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||||||||||||||||
Gross profit (loss)
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13,554 | 6,410 | 25,210 | 13,709 | ||||||||||||
Gross margin
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||||||||||||||||
Equipment
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32.0 | % | 19.1 | % | 31.2 | % | 24.7 | % | ||||||||
Imaging
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13.8 | % | 7.7 | % | 12.7 | % | 11.4 | % | ||||||||
Consolidated
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31.2 | % | 18.3 | % | 29.8 | % | 23.1 | % | ||||||||
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||||||||||||||||
Operating expenses
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||||||||||||||||
Research and development
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3,897 | 2,831 | 10,435 | 8,972 | ||||||||||||
Selling, general and administrative
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3,746 | 2,316 | 9,678 | 6,709 | ||||||||||||
Total operating expenses
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7,643 | 5,147 | 20,113 | 15,681 | ||||||||||||
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Operating
income/(loss)
|
||||||||||||||||
Equipment Products
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7,177 | 1,803 | 9,178 | 1,123 | ||||||||||||
Imaging
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(1,415 | ) | (905 | ) | (3,874 | ) | (2,736 | ) | ||||||||
Corporate
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149 | 365 | (207 | ) | (359 | ) | ||||||||||
Total operating profit/(loss)
|
5,911 | 1,263 | 5,097 | (1,972 | ) | |||||||||||
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||||||||||||||||
Other income
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438 | 223 | 1,292 | 763 | ||||||||||||
Profit/(Loss)
before provision for income taxes
|
6,349 | 1,486 | 6,389 | (1,209 | ) | |||||||||||
Provision for (Benefit from) income taxes
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158 | 115 | 168 | 103 | ||||||||||||
Net income/(Loss)
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$ | 6,191 | $ | 1,371 | $ | 6,221 | ($1,312 | ) | ||||||||
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Income (loss) per share
|
||||||||||||||||
Basic
|
$ | 0.30 | $ | 0.07 | $ | 0.30 | ($0.07 | ) | ||||||||
Diluted
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$ | 0.29 | $ | 0.07 | $ | 0.29 | ($0.07 | ) | ||||||||
Weighted average common shares outstanding
|
||||||||||||||||
Basic
|
20,567 | 20,104 | 20,400 | 19,617 | ||||||||||||
Diluted
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21,438 | 20,387 | 21,138 | 19,617 |
-more-
Oct. 1, | Dec. 31, | |||||||
2005 | 2004 | |||||||
(Unaudited) | ||||||||
ASSETS
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||||||||
Current assets
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||||||||
Cash, cash equivalents and short term investments
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$ | 45,444 | $ | 42,034 | ||||
Accounts receivable, net
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33,029 | 4,775 | ||||||
Inventories production
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24,689 | 9,120 | ||||||
Inventories pending acceptance at customer site
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7,977 | 6,255 | ||||||
Prepaid expenses and other current assets
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1,334 | 956 | ||||||
Total current assets
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112,473 | 63,140 | ||||||
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Property, plant and equipment, net
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6,835 | 5,996 | ||||||
Long-term investments
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| 8,052 | ||||||
Investment in 601 California Avenue LLC
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2,431 | 2,431 | ||||||
Other long-term assets
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503 | 3 | ||||||
Total assets
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$ | 122,242 | $ | 79,622 | ||||
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LIABILITIES AND SHAREHOLDERS EQUITY
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||||||||
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Current liabilities
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||||||||
Accounts payable
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$ | 10,470 | $ | 1,647 | ||||
Accrued payroll and related liabilities
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3,125 | 1,617 | ||||||
Other accrued liabilities
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4,632 | 2,943 | ||||||
Customer advances
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25,605 | 3,833 | ||||||
Total current liabilities
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43,832 | 10,040 | ||||||
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Other long-term liabilities
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686 | 207 | ||||||
Shareholders equity
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||||||||
Common stock
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96,954 | 94,802 | ||||||
Accumulated other comprehensive income
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229 | 253 | ||||||
Retained earnings (deficit)
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(19,459 | ) | (25,680 | ) | ||||
Total shareholders equity
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77,724 | 69,375 | ||||||
Total liabilities and shareholders equity
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$ | 122,242 | $ | 79,622 | ||||
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-more-
3 months ended October 1, 2005 | ||||||||||||
Equipment | Imaging | Consolidated | ||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||
Revenue on a GAAP basis
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$ | 41,519 | $ | 1,988 | $ | 43,507 | ||||||
Less: Flat panel system revenue
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3,580 | 3,580 | ||||||||||
Revenue on a non-GAAP basis
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37,939 | 1,988 | 39,927 | |||||||||
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Gross profit on a GAAP basis
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13,280 | 274 | 13,554 | |||||||||
Less: Gross profit on flat panel system
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20 | 0 | 20 | |||||||||
Gross profit on a non-GAAP basis
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$ | 13,260 | $ | 274 | $ | 13,534 | ||||||
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Gross margin
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On a GAAP basis
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32.0 | % | 13.8 | % | 31.2 | % | ||||||
On a non-GAAP basis
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35.0 | % | 13.8 | % | 33.9 | % |