☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
94-3125814
|
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
Common Stock ($0.001 par value)
|
IVAC
|
The Nasdaq Stock Market LLC (Nasdaq) Global Select
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
|||
Non-accelerated
filer
|
☐
|
Smaller reporting company
|
☒
|
|||
|
|
Emerging growth company
|
☐
|
No.
|
|
|
|
Page
|
|
|
|
|
|
|
|
||
PART I. FINANCIAL INFORMATION
|
|
|
|
|
||
|
|
|
|
|
|
|
Item 1.
|
|
Financial Statements (unaudited)
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
7
|
|
|
Item 2.
|
|
|
|
24
|
|
|
Item 3.
|
|
|
|
31
|
|
|
Item 4.
|
|
|
|
32
|
|
|
|
|
|
|
|
||
PART II. OTHER INFORMATION
|
|
|
|
|
||
|
|
|
|
|
|
|
Item 1.
|
|
|
|
33
|
|
|
Item 1A.
|
|
|
|
33
|
|
|
Item 2.
|
|
|
|
39
|
|
|
Item 3.
|
|
|
|
39
|
|
|
Item 4.
|
|
|
|
39
|
|
|
Item 5.
|
|
|
|
40
|
|
|
Item 6.
|
|
|
|
40
|
|
|
|
|
41
|
|
Item 1.
|
Financial Statements
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
June 27,
2020
|
|
June 29,
2019
|
|
||||||||
|
(Unaudited)
|
|||||||||||||||
|
(In thousands, except per share amounts)
|
|||||||||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Systems and components
|
$ |
22,725
|
$ |
17,237
|
$ |
36,561
|
$ |
38,874
|
||||||||
Technology development
|
6,117
|
5,077
|
11,121
|
8,267
|
||||||||||||
Total net revenues
|
28,842
|
22,314
|
47,682
|
47,141
|
||||||||||||
Cost of net revenues:
|
|
|
|
|
||||||||||||
Systems and components
|
13,812
|
10,462
|
21,579
|
25,560
|
||||||||||||
Technology development
|
3,610
|
3,495
|
6,526
|
5,984
|
||||||||||||
Total cost of net revenues
|
17,422
|
13,957
|
28,105
|
31,544
|
||||||||||||
Gross profit
|
11,420
|
8,357
|
19,577
|
15,597
|
||||||||||||
Operating expenses:
|
|
|
|
|
||||||||||||
Research and development
|
3,707
|
3,431
|
6,991
|
7,417
|
||||||||||||
Selling, general and administrative
|
5,609
|
5,854
|
11,581
|
11,105
|
||||||||||||
Total operating expenses
|
9,316
|
9,285
|
18,572
|
18,522
|
||||||||||||
Income (loss) from operations
|
2,104
|
(928
|
) |
1,005
|
(2,925
|
) | ||||||||||
Interest income and other income (expense), net
|
62
|
163
|
204
|
322
|
||||||||||||
Income (loss) before provision for income taxes
|
2,166
|
(765
|
) |
1,209
|
(2,603
|
) | ||||||||||
Provision for income taxes
|
642
|
417
|
909
|
971
|
||||||||||||
Net income (loss)
|
$ |
1,524
|
$ |
(1,182
|
) | $ |
300
|
$ |
(3,574
|
) | ||||||
Net income (loss) per share:
|
|
|
|
|
||||||||||||
Basic
|
$ |
0.06
|
$ |
(0.05
|
) | $ |
0.01
|
$ |
(0.16
|
) | ||||||
Diluted
|
$ |
0.06
|
$ |
(0.05
|
) | $ |
0.01
|
$ |
(0.16
|
) | ||||||
Weighted average common shares outstanding:
|
|
|
|
|
||||||||||||
Basic
|
23,561
|
22,991
|
23,522
|
22,923
|
||||||||||||
Diluted
|
23,906
|
22,991
|
23,953
|
22,923
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
June 27,
2020
|
|
June 29,
2019
|
|
||||||||
|
(Unaudited)
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||
Net income (loss)
|
$ |
1,524
|
$ |
(1,182
|
) | $ |
300
|
$ |
(3,574
|
) | ||||||
Other comprehensive income (loss), before tax:
|
|
|
|
|
||||||||||||
Change in unrealized net gain on
available-for-sale
investments
|
51
|
32
|
53
|
77
|
||||||||||||
Foreign currency translation gains (losses)
|
20
|
(61
|
) |
(75
|
) |
—
|
||||||||||
Other comprehensive income (loss), before tax
|
71
|
(29
|
) |
(22
|
) |
77
|
||||||||||
Income taxes related to items in other comprehensive income (loss)
|
—
|
—
|
—
|
—
|
||||||||||||
Other comprehensive income (loss), net of tax
|
71
|
(29
|
) |
(22
|
) |
77
|
||||||||||
Comprehensive income (loss)
|
$ |
1,595
|
$ |
(1,211
|
) | $ |
278
|
$ |
(3,497
|
) | ||||||
|
Six months ended
|
|||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
||||
|
(Unaudited)
|
|||||||
|
(In thousands)
|
|||||||
Operating activities
|
|
|
|
|
|
|
||
Net income (loss)
|
$ |
300
|
$ |
(3,574
|
) | |||
Adjustments to reconcile the net income (loss) to net cash and cash equivalents provided by operating activities:
|
|
|
||||||
Depreciation and amortization
|
1,797
|
1,920
|
||||||
Net amortization (accretion) of investment premiums and discounts
|
(26
|
) |
(34
|
) | ||||
Equity-based compensation
|
1,328
|
1,509
|
||||||
Straight-line rent adjustment and amortization of lease incentives
|
(142
|
) |
(158
|
) | ||||
Change in the fair value of acquisition-related contingent consideration
|
—
|
7
|
||||||
Deferred income taxes
|
426
|
517
|
||||||
Loss on disposal of fixed assets
|
—
|
45
|
||||||
Changes in operating assets and liabilities
|
(148
|
) |
776
|
|||||
Total adjustments
|
3,235
|
4,582
|
||||||
Net cash and cash equivalents provided by operating activities
|
3,535
|
1,008
|
||||||
Investing activities
|
|
|
|
|
|
|
||
Purchases of investments
|
(12,213
|
) |
(10,150
|
) | ||||
Proceeds from sales and maturities of investments
|
14,510
|
14,961
|
||||||
Purchases of leasehold improvements and equipment
|
(1,837
|
) |
(1,398
|
) | ||||
Net cash and cash equivalents provided by investing activities
|
460
|
3,413
|
||||||
Financing activities
|
|
|
|
|
|
|
||
Net proceeds from issuance of common stock
|
994
|
1,021
|
||||||
Common stock repurchases
|
(393
|
) |
(42
|
) | ||||
Taxes paid related to net share settlement
|
(345
|
) |
(268
|
) | ||||
Payment of acquisition-related contingent consideration
|
—
|
(230
|
) | |||||
Net cash and cash equivalents provided by financing activities
|
256
|
481
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
(74
|
) |
—
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
4,177
|
4,902
|
||||||
Cash, cash equivalents and restricted cash at beginning of period
|
20,554
|
19,884
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$ |
24,731
|
$ |
24,786
|
||||
Non-cash
investing and financing activity
|
|
|
|
|
|
|
||
Additions to
right-of-use-assets
obtained from new operating lease liabilities
|
$ |
128
|
$ |
—
|
||||
1.
|
Description of Business, Basis of Presentation and Significant Accounting Policy
|
2.
|
Revenue
|
TFE
|
Three Months Ended June 27, 2020
|
Three Months Ended June 29, 2019
|
||||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
HDD
|
DCP
|
PV
|
Total
|
HDD
|
DCP
|
PV
|
Total
|
|||||||||||||||||||||||||
Systems, upgrades
|
$ |
15,226
|
$ |
—
|
$ |
61
|
$ |
15,287
|
$ |
12,423
|
$ |
—
|
$ |
18
|
$ |
12,441
|
||||||||||||||||
Field service
|
1,306
|
—
|
2
|
1,308
|
821
|
2
|
—
|
823
|
||||||||||||||||||||||||
Total TFE net revenues
|
$ |
16,532
|
$ |
—
|
$ |
63
|
$ |
16,595
|
$ |
13,244
|
$ |
2
|
$ |
18
|
$ |
13,264
|
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
Photonics
|
June 27,
2020
|
June 29,
2019
|
June 27,
2020
|
June 29,
2019
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
Products:
|
|
|
|
|
||||||||||||
Military products
|
$ |
5,446
|
$ |
2,981
|
$ |
10,811
|
$ |
4,794
|
||||||||
Commercial products
|
39
|
182
|
118
|
500
|
||||||||||||
Repair and other services
|
645
|
810
|
1,075
|
1,371
|
||||||||||||
Total Photonics product net revenues
|
6,130
|
3,973
|
12,004
|
6,665
|
||||||||||||
Technology development:
|
|
|
|
|
||||||||||||
Firm Fixed Price (“FFP”)
|
5,462
|
3,085
|
9,892
|
4,777
|
||||||||||||
Cost Plus Fixed Fee (“CPFF”)
|
655
|
1,992
|
1,229
|
3,488
|
||||||||||||
Time and materials
|
—
|
—
|
—
|
2
|
||||||||||||
Total technology development net revenues
|
6,117
|
5,077
|
11,121
|
8,267
|
||||||||||||
Total Photonics net revenues
|
$ |
12,247
|
$ |
9,050
|
$ |
23,125
|
$ |
14,932
|
||||||||
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||||||
|
June 27, 2020
|
June 29, 2019
|
||||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
|
TFE
|
Photonics
|
Total
|
TFE
|
Photonics
|
Total
|
||||||||||||||||||
United States
|
$ |
313
|
$ |
12,125
|
$ |
12,438
|
$ |
356
|
$ |
8,811
|
$ |
9,167
|
||||||||||||
Asia
|
16,282
|
—
|
16,282
|
12,908
|
—
|
12,908
|
||||||||||||||||||
Europe
|
—
|
122
|
122
|
—
|
239
|
239
|
||||||||||||||||||
Total net revenues
|
$ |
16,595
|
$ |
12,247
|
$ |
28,842
|
$ |
13,264
|
$ |
9,050
|
$ |
22,314
|
||||||||||||
|
Six Months Ended
|
Six Months Ended
|
||||||||||||||||||||||
|
June 27, 2020
|
June 29, 2019
|
||||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
|
TFE
|
Photonics
|
Total
|
TFE
|
Photonics
|
Total
|
||||||||||||||||||
United States
|
$ |
832
|
$ |
22,981
|
$ |
23,813
|
$ |
517
|
$ |
14,527
|
$ |
15,044
|
||||||||||||
Asia
|
23,725
|
—
|
23,725
|
31,692
|
—
|
31,692
|
||||||||||||||||||
Europe
|
—
|
144
|
144
|
—
|
405
|
405
|
||||||||||||||||||
Total net revenues
|
$ |
24,557
|
$ |
23,125
|
$ |
47,682
|
$ |
32,209
|
$ |
14,932
|
$ |
47,141
|
||||||||||||
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||||||
|
June 27, 2020
|
June 29, 2019
|
||||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
|
TFE
|
Photonics
|
Total
|
TFE
|
Photonics
|
Total
|
||||||||||||||||||
Products transferred at a point in time
|
$ |
16,595
|
$ |
645
|
$ |
17,240
|
$ |
13,264
|
$ |
810
|
$ |
14,074
|
||||||||||||
Products and services transferred over time
|
—
|
11,602
|
11,602
|
—
|
8,240
|
8,240
|
||||||||||||||||||
|
$ |
16,595
|
$ |
12,247
|
$ |
28,842
|
$ |
13,264
|
$ |
9,050
|
$ |
22,314
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
Six Months Ended
|
||||||||||||||||||||||
|
June 27, 2020
|
June 29, 2019
|
||||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
|
TFE
|
Photonics
|
Total
|
TFE
|
Photonics
|
Total
|
||||||||||||||||||
Products transferred at a point in time
|
$ |
24,557
|
$ |
1,075
|
$ |
25,632
|
$ |
32,209
|
$ |
1,371
|
$ |
33,580
|
||||||||||||
Products and services transferred over time
|
—
|
22,050
|
22,050
|
—
|
13,561
|
13,561
|
||||||||||||||||||
|
$ |
24,557
|
$ |
23,125
|
$ |
47,682
|
$ |
32,209
|
$ |
14,932
|
$ |
47,141
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
June 27,
2020 |
|
December 28,
2019 |
|
Six Months
Change
|
|
||||||
|
(In thousands)
|
|||||||||||
TFE:
|
|
|
|
|||||||||
Contract assets:
|
|
|
|
|||||||||
Accounts receivable, unbilled
|
$ |
560
|
$ |
760
|
$ |
(200
|
) | |||||
Contract liabilities:
|
|
|
|
|||||||||
Deferred revenue
|
$ |
464
|
$ |
320
|
$ |
144
|
||||||
Customer advances
|
433
|
4,007
|
(3,574
|
) | ||||||||
|
$ |
897
|
$ |
4,327
|
$ |
(3,430
|
) | |||||
Photonics:
|
|
|
|
|||||||||
Contract assets:
|
|
|
|
|||||||||
Accounts receivable, unbilled
|
$ |
574
|
$ |
3,210
|
$ |
(2,636
|
) | |||||
Retainage
|
121
|
99
|
22
|
|||||||||
|
$ |
695
|
$ |
3,309
|
$ |
(2,614
|
)
|
|||||
Contract liabilities:
|
|
|
|
|||||||||
Deferred revenue
|
$ |
1,259
|
$ |
—
|
$ |
1,259
|
||||||
3.
|
Inventories
|
|
June 27,
2020
|
|
December 28,
2019
|
|
||||
|
(In thousands)
|
|||||||
Raw materials
|
$ |
11,280
|
$ |
15,286
|
||||
Work-in-progress
|
4,363
|
4,748
|
||||||
Finished goods
|
6,567
|
4,873
|
||||||
|
$ |
22,210
|
$ |
24,907
|
||||
4.
|
Equity-Based Compensation
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020 |
|
June 29,
2019 |
|
June 27,
2020 |
|
June 29,
2019 |
|
||||||||
|
(In thousands)
|
|||||||||||||||
Equity-based compensation by type of award:
|
|
|
|
|
||||||||||||
Stock options
|
$ |
149
|
$ |
191
|
$ |
364
|
$ |
398
|
||||||||
RSUs
|
450
|
352
|
816
|
642
|
||||||||||||
Employee stock purchase plan
|
57
|
210
|
148
|
469
|
||||||||||||
Total equity-based compensation
|
$ |
656
|
$ |
753
|
$ |
1,328
|
$ |
1,509
|
||||||||
|
Shares
|
|
Weighted-Average
Exercise Price |
|
||||
Options outstanding at December 28, 2019
|
2,096,610
|
$ |
6.63
|
|||||
Options granted
|
6,000
|
$ |
4.88
|
|||||
Options cancelled and forfeited
|
(13,742
|
) | $ |
5.80
|
||||
Options exercised
|
(51,097
|
) | $ |
4.69
|
||||
Options outstanding at June 27, 2020
|
2,037,771
|
$ |
6.68
|
|||||
Options exercisable at June 27, 2020
|
1,541,989
|
$ |
6.78
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
June 27,
2020
|
|
June 29,
2019
|
|
||||||||
Stock Options:
|
|
|
|
|
||||||||||||
Weighted-average fair value of grants per share
|
—
|
$ |
2.05
|
$ |
1.82
|
$ |
2.06
|
|||||||||
Expected volatility
|
—
|
43.19
|
% |
46.06
|
% |
43.20
|
% | |||||||||
Risk-free interest rate
|
—
|
1.86
|
% |
0.44
|
% |
1.88
|
% | |||||||||
Expected term of options (in years)
|
—
|
4.6
|
4.39
|
4.6
|
||||||||||||
Dividend yield
|
None
|
None
|
None
|
None
|
|
Six Months Ended
|
|||||||
|
June 27, 2020
|
|
June 29, 2019
|
|
||||
ESPP Purchase Rights:
|
|
|
||||||
Weighted-average fair value of grants per share
|
$ |
1.66
|
$ |
1.89
|
||||
Expected volatility
|
36.69
|
% |
50.00
|
% | ||||
Risk-free interest rate
|
1.56
|
% |
2.53
|
% | ||||
Expected term of purchase rights (in years)
|
0.5
|
1.0
|
||||||
Dividend yield
|
None
|
None
|
|
Three Months Ended
|
|
||
|
June 29, 2019
|
|
||
Weighted-average fair value of grants per share
|
$ |
1.75
|
||
Expected volatility
|
43.43
|
% | ||
Risk-free interest rate
|
1.96
|
% | ||
Expected term (in years)
|
4.6
|
|||
Dividend yield
|
None
|
|
Shares
|
|
Weighted
-
Average
Grant Date
Fair Value
|
|
||||
Non-vested
RSUs at December 28, 2019
|
553,355
|
$ |
6.15
|
|||||
Granted
|
584,289
|
$ |
4.72
|
|||||
Vested
|
(212,848
|
) | $ |
6.54
|
||||
Cancelled and forfeited
|
(6,304
|
) | $ |
6.13
|
||||
Non-vested
RSUs at June 27, 2020
|
918,492
|
$ |
5.15
|
|||||
|
Three Months Ended
|
|
||
|
June 27, 2020
|
|
||
Weighted-average fair value of grants per share
|
$ |
3.16
|
||
Expected volatility
|
46.7
|
% | ||
Risk-free interest rate
|
0.25
|
% | ||
Dividend yield
|
None
|
5.
|
Purchased Intangible Assets
|
|
June 27, 2020
|
|||||||||||
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
|
Net Carrying
Amount |
|
||||||
|
(In thousands)
|
|||||||||||
TFE
|
$ |
7,172
|
$ |
(7,172
|
) | $ |
—
|
|||||
Photonics
|
1,215
|
(1,201
|
) |
14
|
||||||||
|
$ |
8,387
|
$ |
(8,373
|
) | $ |
14
|
|||||
(In thousands)
|
|
|
||
2020
|
$ |
14
|
||
6.
|
Acquisition-Related Contingent Consideration
|
|
Three Months End
|
|
Six Months End
|
|
||||
|
June 29,
2019
|
|
June 29,
2019
|
|
||||
|
(In thousands)
|
|||||||
Opening balance
|
$ |
132
|
$ |
223
|
||||
Changes in fair value
|
—
|
7
|
||||||
Cash payments made
|
(132
|
) |
(230
|
) | ||||
Closing balance
|
$ |
—
|
$ |
—
|
||||
7.
|
Warranty
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
June 27,
2020
|
|
June 29,
2019
|
|
||||||||
|
(In thousands)
|
|||||||||||||||
Opening balance
|
$ |
725
|
$ |
1,297
|
$ |
1,022
|
$ |
997
|
||||||||
Expenditures incurred under warranties
|
(189
|
) |
(257
|
) |
(308
|
) |
(424
|
) | ||||||||
Accruals for product warranties issued during the reporting period
|
135
|
78
|
159
|
402
|
||||||||||||
Adjustments to previously existing warranty accruals
|
(9
|
) |
(170
|
) |
(211
|
) |
(27
|
) | ||||||||
Closing balance
|
$ |
662
|
$ |
948
|
$ |
662
|
$ |
948
|
||||||||
|
June 27,
|
|
December 28,
|
|
||||
|
2020
|
|
2019
|
|
||||
|
(In thousands)
|
|||||||
Other accrued liabilities
|
$ |
487
|
$ |
846
|
||||
Other long-term liabilities
|
175
|
176
|
||||||
Total warranty provision
|
$ |
662
|
$ |
1,022
|
||||
8.
|
Guarantees
|
9.
|
Cash, Cash Equivalents and Investments
|
|
June 27, 2020
|
|||||||||||||||
|
Amortized Cost
|
|
Unrealized
Holding Gains |
|
Unrealized
Holding Losses |
|
Fair Value
|
|
||||||||
|
(In thousands)
|
|||||||||||||||
Cash and cash equivalents:
|
|
|
|
|
||||||||||||
Cash
|
$ |
19,185
|
$ |
—
|
$ |
—
|
$ |
19,185
|
||||||||
Money market funds
|
4,759
|
—
|
—
|
4,759
|
||||||||||||
Total cash and cash equivalents
|
$ |
23,944
|
$ |
—
|
$ |
—
|
$ |
23,944
|
||||||||
Short-term investments:
|
|
|
|
|
||||||||||||
Certificates of deposit
|
$ |
5,200
|
$ |
10
|
$ |
1
|
$ |
5,209
|
||||||||
Commercial paper
|
1,897
|
2
|
—
|
1,899
|
||||||||||||
Corporate bonds and medium-term notes
|
3,846
|
33
|
1
|
3,878
|
||||||||||||
U.S. treasury and agency securities
|
3,448
|
1
|
—
|
3,449
|
||||||||||||
Total short-term investments
|
$ |
14,391
|
$ |
46
|
$ |
2
|
$ |
14,435
|
||||||||
Long-term investments:
|
|
|
|
|
||||||||||||
Certificates of deposit
|
$ |
1,000
|
$ |
—
|
$ |
—
|
$ |
1,000
|
||||||||
Corporate bonds and medium-term notes
|
2,056
|
9
|
—
|
2,065
|
||||||||||||
U.S. treasury and agency securities
|
2,496
|
43
|
—
|
2,539
|
||||||||||||
Total long-term investments
|
$ |
5,552
|
$ |
52
|
$ |
—
|
$ |
5,604
|
||||||||
Total cash, cash equivalents, and investments
|
$ |
43,887
|
$ |
98
|
$ |
2
|
$ |
43,983
|
||||||||
|
December 28, 2019
|
|||||||||||||||
|
Amortized Cost
|
|
Unrealized
Holding Gains |
|
Unrealized
Holding Losses |
|
Fair Value
|
|
||||||||
|
(in thousands)
|
|||||||||||||||
Cash and cash equivalents:
|
|
|
|
|
||||||||||||
Cash
|
$ |
16,512
|
$ |
—
|
$ |
—
|
$ |
16,512
|
||||||||
Money market funds
|
3,255
|
—
|
—
|
3,255
|
||||||||||||
Total cash and cash equivalents
|
$ |
19,767
|
$ |
—
|
$ |
—
|
$ |
19,767
|
||||||||
Short-term investments:
|
|
|
|
|
||||||||||||
Certificates of deposit
|
$ |
3,000
|
$ |
1
|
$ |
—
|
$ |
3,001
|
||||||||
Commercial paper
|
1,891
|
2
|
—
|
1,893
|
||||||||||||
Corporate bonds and medium-term notes
|
6,383
|
25
|
—
|
6,408
|
||||||||||||
U.S. treasury and agency securities
|
5,417
|
1
|
—
|
5,418
|
||||||||||||
Total short-term investments
|
$ |
16,691
|
$ |
29
|
$ |
—
|
$ |
16,720
|
||||||||
Long-term investments:
|
|
|
|
|
||||||||||||
Certificates of deposit
|
$ |
499
|
$ |
1
|
$ |
—
|
$ |
500
|
||||||||
Corporate bonds and medium-term notes
|
2,530
|
12
|
—
|
2,542
|
||||||||||||
U.S. treasury and agency securities
|
2,494
|
1
|
—
|
2,495
|
||||||||||||
Total long-term investments
|
$ |
5,523
|
$ |
14
|
$ |
—
|
$ |
5,537
|
||||||||
Total cash, cash equivalents, and investments
|
$ |
41,981
|
$ |
43
|
$ |
—
|
$ |
42,024
|
||||||||
|
Amortized Cost
|
|
Fair Value
|
|
||||
|
(In thousands)
|
|||||||
Due in one year or less
|
$ |
19,150
|
$ |
19,194
|
||||
Due after one through five years
|
5,552
|
5,604
|
||||||
|
$ |
24,702
|
$ |
24,798
|
||||
|
June 27, 2020
|
|||||||||||||||
|
In Loss Position for
Less than 12 Months
|
In Loss Position for
Greater than 12 Months
|
||||||||||||||
|
Fair Value
|
|
Gross
Unrealized Losses
|
|
Fair Value
|
|
Gross
Unrealized Losses
|
|
||||||||
|
(In thousands)
|
|||||||||||||||
Certificates of deposit
|
$ |
2,199
|
$ |
1
|
$ |
—
|
$ |
—
|
||||||||
Corporate bonds and medium-term notes
|
1,027
|
1
|
—
|
—
|
||||||||||||
|
$ |
3,226
|
$ |
2
|
$ |
—
|
$ |
—
|
||||||||
|
Fair Value Measurements
at June 27, 2020
|
|||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|||||||
|
(In thousands)
|
|||||||||||
Recurring fair value measurements:
|
|
|
|
|||||||||
Available-for-sale
securities
|
|
|
|
|||||||||
Money market funds
|
$ |
4,759
|
$ |
4,759
|
$ |
—
|
||||||
U.S. treasury and agency securities
|
5,988
|
5,988
|
—
|
|||||||||
Certificates of deposit
|
6,209
|
—
|
6,209
|
|||||||||
Commercial paper
|
1,899
|
—
|
1,899
|
|||||||||
Corporate bonds and medium-term notes
|
5,943
|
—
|
5,943
|
|||||||||
Total recurring fair value measurements
|
$ |
24,798
|
$ |
10,747
|
$ |
14,051
|
||||||
10.
|
Derivative Instruments
|
|
Notional Amounts
|
Derivative Liabilities
|
||||||||||||||||||||||
Derivative Instrument
|
June 27,
2020 |
|
December 28,
2019 |
|
June 27,
2020
|
December 28,
2019 |
||||||||||||||||||
|
|
|
|
|
Balance
Sheet
Line
|
|
Fair
Value
|
|
Balance
Sheet
Line
|
|
Fair
Value
|
|||||||||||||
|
(In thousands)
|
|
|
|
|
|
|
|
||||||||||||||||
Undesignated Hedges:
|
|
|
|
|
|
|
||||||||||||||||||
Forward Foreign Currency Contracts
|
$ |
574
|
$ |
1,035
|
*
|
$ |
2
|
*
|
|
$ |
4
|
|||||||||||||
Total Hedges
|
$ |
574
|
$ |
1,035
|
|
$ |
2
|
|
$ |
4
|
||||||||||||||
* | Other accrued liabilities |
11.
|
Equity
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
June 27,
2020
|
|
June 29,
2019
|
|||||||||
|
(In thousands, except per share amounts)
|
|||||||||||||||
Shares of common stock repurchased
|
—
|
9
|
98
|
9
|
||||||||||||
Cost of stock repurchased
|
$ |
—
|
$ |
42
|
$ |
393
|
$ |
42
|
||||||||
Average price paid per share
|
$ |
—
|
$ |
4.69
|
$ |
3.97
|
$ |
4.69
|
|
Three months ended June 27, 2020
|
|||||||||||||||||||
|
Common
Stock and
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Income
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
|
||||||||||
Balance at March 28, 2020
|
$ |
189,899
|
$ |
(29,551
|
) | $ |
331
|
$ |
(65,010
|
) | $ |
95,669
|
||||||||
Common stock issued under employee plans
|
44
|
—
|
—
|
—
|
44
|
|||||||||||||||
Shares withheld for net share settlement of RSUs
|
(309
|
) |
—
|
—
|
—
|
(309
|
) | |||||||||||||
Equity-based compensation expense
|
656
|
—
|
—
|
—
|
656
|
|||||||||||||||
Net income
|
—
|
—
|
—
|
1,524
|
1,524
|
|||||||||||||||
Other comprehensive income
|
—
|
—
|
71
|
—
|
71
|
|||||||||||||||
Balance at June 27, 2020
|
$ |
190,290
|
$ |
(29,551
|
) | $ |
402
|
$ |
(63,486
|
) | $ |
97,655
|
||||||||
|
Six months ended June 27, 2020
|
|||||||||||||||||||
|
Common
Stock and
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Income
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
|
||||||||||
Balance at December 28, 2019
|
$ |
188,313
|
$ |
(29,158
|
) | $ |
424
|
$ |
(63,786
|
) | $ |
95,793
|
||||||||
Common stock issued under employee plans
|
994
|
—
|
—
|
—
|
994
|
|||||||||||||||
Shares withheld for net share settlement of RSUs
|
(345
|
) |
—
|
—
|
—
|
(345
|
) | |||||||||||||
Equity-based compensation expense
|
1,328
|
—
|
—
|
—
|
1,328
|
|||||||||||||||
Net income
|
—
|
—
|
—
|
300
|
300
|
|||||||||||||||
Other comprehensive loss
|
—
|
—
|
(22
|
) |
—
|
(22
|
) | |||||||||||||
Common stock repurchases
|
—
|
(393
|
) |
—
|
—
|
(393
|
) | |||||||||||||
Balance at June 27, 2020
|
$ |
190,290
|
$ |
(29,551
|
) | $ |
402
|
$ |
(63,486
|
) | $ |
97,655
|
||||||||
|
Three months ended June 29, 2019
|
|||||||||||||||||||
|
Common
Stock and
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Income
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
|
||||||||||
Balance at March 30, 2019
|
$ |
184,976
|
$ |
(29,047
|
) | $ |
484
|
$ |
(67,326
|
) | $ |
89,087
|
||||||||
Shares withheld for net share settlement of RSUs
|
(240
|
) |
—
|
—
|
—
|
(240
|
) | |||||||||||||
Equity-based compensation expense
|
753
|
—
|
—
|
—
|
753
|
|||||||||||||||
Net loss
|
—
|
—
|
—
|
(1,182
|
) |
(1,182
|
) | |||||||||||||
Other comprehensive loss
|
—
|
—
|
(29
|
) |
—
|
(29
|
) | |||||||||||||
Common stock repurchases
|
—
|
(42
|
) |
—
|
—
|
(42
|
) | |||||||||||||
Balance at June 29, 2019
|
$ |
185,489
|
$ |
(29,089
|
) | $ |
455
|
$ |
(68,508
|
) | $ |
88,347
|
||||||||
|
Six months ended June 29, 2019
|
|||||||||||||||||||
|
Common
Stock and
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Income
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
|
||||||||||
Balance at December 29, 2018
|
$ |
183,227
|
$ |
(29,047
|
) | $ |
378
|
$ |
(64,934
|
) | $ |
89,624
|
||||||||
Common stock issued under employee plans
|
1,021
|
—
|
—
|
—
|
1,021
|
|||||||||||||||
Shares withheld for net share settlement of RSUs
|
(268
|
) |
—
|
—
|
—
|
(268
|
) | |||||||||||||
Equity-based compensation expense
|
1,509
|
—
|
—
|
—
|
1,509
|
|||||||||||||||
Net loss
|
—
|
—
|
—
|
(3,574
|
) |
(3,574
|
) | |||||||||||||
Other comprehensive income
|
—
|
—
|
77
|
—
|
77
|
|||||||||||||||
Common stock repurchases
|
—
|
(42
|
) |
—
|
—
|
(42
|
) | |||||||||||||
Balance at June 29, 2019
|
$ |
185,489
|
$ |
(29,089
|
) | $ |
455
|
$ |
(68,508
|
) | $ |
88,347
|
||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||
|
June 27, 2020
|
|||||||||||||||||||||||
|
Foreign
currency |
|
Unrealized
holding
gain
on
s
available-for-sale
investments |
|
Total
|
|
Foreign
currency |
|
Unrealized
holding
gains
on
available-for-sale
investments |
|
Total
|
|
||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Beginning balance
|
$ |
286
|
$ |
45
|
$ |
331
|
$ |
381
|
$ |
43
|
$ |
424
|
||||||||||||
Other comprehensive income (loss) before reclassification
|
20
|
51
|
71
|
(75
|
) |
53
|
(22
|
) | ||||||||||||||||
Amounts reclassified from other comprehensive income
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net current-period other comprehensive income (loss)
|
20
|
51
|
71
|
(75
|
) |
53
|
(22
|
) | ||||||||||||||||
Ending balance
|
$ |
306
|
$ |
96
|
$ |
402
|
$ |
306
|
$ |
96
|
$ |
402
|
||||||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||
|
June 29, 2019
|
|||||||||||||||||||||||
Foreign
currency |
Unrealized
holding gains on
available-for-sale
investments |
Total
|
Foreign
currency |
Unrealized
holding gains (losses) on
available-for-sale
investments |
Total
|
|||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Beginning balance
|
$ |
466
|
$ |
18
|
$ |
484
|
$ |
405
|
$ |
(27
|
) | $ |
378
|
|||||||||||
Other comprehensive income (loss) before reclassification
|
(61
|
) |
32
|
(29
|
) |
—
|
77
|
77
|
||||||||||||||||
Amounts reclassified from other comprehensive income
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net current-period other comprehensive income (loss)
|
(61
|
) |
32
|
(29
|
) |
—
|
77
|
77
|
||||||||||||||||
Ending balance
|
$ |
405
|
$ |
50
|
$ |
455
|
$ |
405
|
$ |
50
|
$ |
455
|
||||||||||||
12.
|
Net Income (Loss) Per Share
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27, 2020
|
|
June 29, 2019
|
|
June 27, 2020
|
|
June 29, 2019
|
|
||||||||
|
(In thousands, except per share amounts)
|
|||||||||||||||
Net income (loss)
|
$ |
1,524
|
$ |
(1,182
|
) | $ |
300
|
$ |
(3,574
|
) | ||||||
Weighted-average shares – basic
|
23,561
|
22,991
|
23,522
|
22,923
|
||||||||||||
Effect of dilutive potential common shares
|
345
|
—
|
431
|
—
|
||||||||||||
Weighted-average shares – diluted
|
23,906
|
22,991
|
23,953
|
22,923
|
||||||||||||
Net income (loss) per share – basic
|
$ |
0.06
|
$ |
(0.05
|
) | $ |
0.01
|
$ |
(0.16
|
) | ||||||
Net income (loss) per share –diluted
|
$ |
0.06
|
$ |
(0.05
|
) | $ |
0.01
|
$ |
(0.16
|
) | ||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27, 2020
|
|
June 29, 2019
|
|
June 27, 2020
|
|
June 29, 2019
|
|||||||||
|
(In thousands)
|
|||||||||||||||
Stock options to purchase common stock
|
1,596
|
2,211
|
1,596
|
2,211
|
||||||||||||
RSUs
|
19
|
583
|
19
|
583
|
||||||||||||
Employee stock purchase plan
|
2
|
64
|
2
|
64
|
13.
|
Segment Reporting
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
June 27,
2020
|
|
June 29,
2019
|
|
||||||||
|
(In thousands)
|
|||||||||||||||
TFE
|
$ |
16,595
|
$ |
13,264
|
$ |
24,557
|
$ |
32,209
|
||||||||
Photonics
|
12,247
|
9,050
|
23,125
|
14,932
|
||||||||||||
Total segment net revenues
|
$ |
28,842
|
$ |
22,314
|
$ |
47,682
|
$ |
47,141
|
||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 27,
2020
|
|
June 29,
2019
|
|
June 27,
2020
|
|
June 29,
2019
|
|
||||||||
|
(In thousands)
|
|||||||||||||||
TFE
|
$ |
(174
|
) | $ |
(1,291
|
) | $ |
(2,705
|
) | $ |
(1,892
|
) | ||||
Photonics
|
3,536
|
1,487
|
6,448
|
846
|
||||||||||||
Total income (loss) from segment operations
|
3,362
|
196
|
3,743
|
(1,046
|
) | |||||||||||
Unallocated costs
|
(1,258
|
) |
(1,124
|
) |
(2,738
|
) |
(1,879
|
) | ||||||||
Income (loss) from operations
|
2,104
|
(928
|
) |
1,005
|
(2,925
|
) | ||||||||||
Interest income and other income (expense), net
|
62
|
163
|
204
|
322
|
||||||||||||
Income (loss) before provision for income taxes
|
$ |
2,166
|
$ |
(765
|
) | $ |
1,209
|
$ |
(2,603
|
) | ||||||
June 27,
2020 |
December 28,
2019 |
|||||||
|
(In thousands)
|
|||||||
TFE
|
$ |
43,175
|
$ |
51,153
|
||||
Photonics
|
26,622
|
22,071
|
||||||
Total segment assets
|
69,797
|
73,244
|
||||||
Cash, cash equivalents and investments
|
43,983
|
42,024
|
||||||
Restricted cash
|
787
|
787
|
||||||
Deferred income taxes
|
5,826
|
6,252
|
||||||
Other current assets
|
1,207
|
752
|
||||||
Common property, plant and equipment
|
1,414
|
1,307
|
||||||
Common operating lease
right-of-use
assets
|
1,815
|
1,898
|
||||||
Other assets
|
—
|
78
|
||||||
Consolidated total assets
|
$ |
124,829
|
$ |
126,322
|
||||
14.
|
Income Taxes
|
15.
|
Contingencies
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 27,
2020 |
June 29,
2019 |
Change over
prior period
|
June 27,
2020 |
June 29,
2019 |
Change over
prior period
|
|||||||||||||||||||
(In thousands, except percentages and per share amounts)
|
||||||||||||||||||||||||
Net revenues
|
$ | 28,842 | $ | 22,314 | $ | 6,528 | $ | 47,682 | $ | 47,141 | $ | 541 | ||||||||||||
Gross profit
|
$ | 11,420 | $ | 8,357 | $ | 3,063 | $ | 19,577 | $ | 15,597 | $ | 3,980 | ||||||||||||
Gross margin percent
|
39.6 | % | 37.5 | % | 2.1 points | 41.1 | % | 33.1 | % | 8.0 points | ||||||||||||||
Income (loss) from operations
|
$ | 2,104 | $ | (928 | ) | $ | 3,032 | $ | 1,005 | $ | (2,925 | ) | $ | 3,930 | ||||||||||
Net income (loss)
|
$ | 1,524 | $ | (1,182 | ) | $ | 2,706 | $ | 300 | $ | (3,574 | ) | $ | 3,874 | ||||||||||
Net income (loss) per diluted share
|
$ | 0.06 | $ | (0.05 | ) | $ | 0.11 | $ | 0.01 | $ | (0.16 | ) | $ | 0.17 |
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 27,
2020 |
June 29,
2019 |
Change over
prior period
|
June 27,
2020 |
June 29,
2019 |
Change over
prior period
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
TFE
|
$ | 16,595 | $ | 13,264 | $ | 3,331 | $ | 24,557 | $ | 32,209 | $ | (7,652 | ) | |||||||||||
Photonics:
|
||||||||||||||||||||||||
Products
|
6,130 | 3,973 | 2,157 | 12,004 | 6,665 | 5,339 | ||||||||||||||||||
Contract R&D
|
6,117 | 5,077 | 1,040 | 11,121 | 8,267 | 2,854 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
12,247
|
|
|
9,050
|
|
|
3,197
|
|
|
23,125
|
|
|
14,932
|
|
|
8,193
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net revenues
|
$ | 28,842 | $ | 22,314 | $ | 6,528 | $ | 47,682 | $ | 47,141 | $ | 541 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
June 27,
2020 |
December 28,
2019 |
June 29,
2019 |
||||||||||
(In thousands)
|
||||||||||||
TFE
|
$ | 14,567 | $ | 21,391 | $ | 50,251 | ||||||
Photonics
|
54,424 | 71,015 | 43,403 | |||||||||
|
|
|
|
|
|
|||||||
Total backlog
|
$ | 68,991 | $ | 92,406 | $ | 93,654 | ||||||
|
|
|
|
|
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
June 27, 2020
|
June 29, 2019
|
|||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
TFE
|
Photonics
|
Total
|
TFE
|
Photonics
|
Total
|
|||||||||||||||||||
United States
|
$ | 313 | $ | 12,125 | $ | 12,438 | $ | 356 | $ | 8,811 | $ | 9,167 | ||||||||||||
Asia
|
16,282 | — | 16,282 | 12,908 | — | 12,908 | ||||||||||||||||||
Europe
|
— | 122 | 122 | — | 239 | 239 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net revenues
|
$ | 16,595 | $ | 12,247 | $ | 28,842 | $ | 13,264 | $ | 9,050 | $ | 22,314 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
Six Months Ended
|
||||||||||||||||||||||
|
June 27, 2020
|
June 29, 2019
|
||||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
|
TFE
|
|
Photonics
|
|
Total
|
|
TFE
|
|
Photonics
|
|
Total
|
|
||||||||||||
United States
|
$ |
832
|
$ |
22,981
|
$ |
23,813
|
$ |
517
|
$ |
14,527
|
$ |
15,044
|
||||||||||||
Asia
|
23,725
|
—
|
23,725
|
31,692
|
—
|
31,692
|
||||||||||||||||||
Europe
|
—
|
144
|
144
|
—
|
405
|
405
|
||||||||||||||||||
Total net revenues
|
$ |
24,557
|
$ |
23,125
|
$ |
47,682
|
$ |
32,209
|
$ |
14,932
|
$ |
47,141
|
||||||||||||
|
Three months ended
|
Six months ended
|
||||||||||||||||||||||
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
||||||||||||
|
(In thousands, except percentages)
|
|||||||||||||||||||||||
TFE gross profit
|
$ |
6,047
|
$ |
5,156
|
$ |
891
|
$ |
9,547
|
$ |
11,134
|
$ |
(1,587
|
) | |||||||||||
% of TFE net revenues
|
36.4
|
% |
38.9
|
% |
|
38.9
|
% |
34.6
|
% |
|
||||||||||||||
Photonics gross profit
|
$ |
5,373
|
$ |
3,201
|
$ |
2,172
|
$ |
10,030
|
$ |
4,463
|
$ |
5,567
|
||||||||||||
% of Photonics net revenues
|
43.9
|
% |
35.4
|
% |
|
43.4
|
% |
29.9
|
% |
|
||||||||||||||
Total gross profit
|
$ |
11,420
|
$ |
8,357
|
$ |
3,063
|
$ |
19,577
|
$ |
15,597
|
$ |
3,980
|
||||||||||||
% of net revenues
|
39.6
|
% |
37.5
|
% |
|
41.1
|
% |
33.1
|
% |
|
|
Three months ended
|
Six months ended
|
||||||||||||||||||||||
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Research and development expense
|
$ |
3,707
|
$ |
3,431
|
$ |
276
|
$ |
6,991
|
$ |
7,417
|
$ |
(426
|
) |
|
Three months ended
|
Six months ended
|
||||||||||||||||||||||
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Interest income and other, income (expense), net
|
$ |
62
|
$ |
163
|
$ |
(101
|
) | $ |
204
|
$ |
322
|
$ |
(118
|
) |
|
Three months ended
|
Six months ended
|
||||||||||||||||||||||
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
June 27,
2020 |
|
June 29,
2019 |
|
Change over
prior period
|
|
||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Provision for income taxes
|
$ |
642
|
$ |
417
|
$ |
225
|
$ |
909
|
$ |
971
|
$ |
(62
|
) |
|
June 27,
2020
|
|
December 28,
2019
|
|
||||
|
(In thousands)
|
|||||||
Cash and cash equivalents
|
$ |
23,944
|
$ |
19,767
|
||||
Restricted cash
|
787
|
787
|
||||||
Short-term investments
|
14,435
|
16,720
|
||||||
Long-term investments
|
5,604
|
5,537
|
||||||
Total cash, cash equivalents, restricted cash and investments
|
$ |
44,770
|
$ |
42,811
|
||||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
* |
Previously filed as an exhibit to the Registrant’s Definitive Proxy Statement filed April 6, 2020.
|
** |
Previously filed as an exhibit to the Registrant’s Registration Statement on Form
S-8
filed May 14, 2020.
|
*** |
The certification attached as Exhibit 32.1 is deemed “furnished” and not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing of Intevac, Inc. under the Securities Exchange Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof, irrespective of any general incorporation by reference language contained in any such filing, except to the extent that the registrant specifically incorporates it by reference.
|
|
|
INTEVAC, INC.
|
||||
Date: July 28, 2020
|
By:
|
/s/ WENDELL BLONIGAN
|
||||
|
|
Wendell Blonigan
|
||||
|
|
President and Chief Executive Officer
|
||||
|
|
(Principal Executive Officer)
|
Date: July 28, 2020
|
By:
|
/s/ JAMES MONIZ
|
||||
|
|
James Moniz
|
||||
|
|
Executive Vice President, Finance and Administration,
|
||||
|
|
Chief Financial Officer, Secretary and Treasurer
|
||||
|
|
(Principal Financial and Accounting Officer)
|
Exhibit 31.1
I, Wendell Blonigan certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Intevac, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: July 28, 2020
/s/ WENDELL BLONIGAN |
Wendell Blonigan |
President and Chief Executive Officer |
Exhibit 31.2
I, James Moniz certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Intevac, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: July 28, 2020
/s/ JAMES MONIZ |
James Moniz |
Executive Vice President, Finance and Administration, Chief Financial Officer, Secretary and Treasurer |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Wendell Blonigan, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Intevac, Inc. on Form 10-Q for the quarterly period ended June 27, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Intevac, Inc.
Date: July 28, 2020
/s/ WENDELL BLONIGAN |
Wendell Blonigan |
President and Chief Executive Officer |
I, James Moniz, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Intevac, Inc. on Form 10-Q for the quarterly period ended June 27, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Intevac, Inc.
Date: July 28, 2020
/s/ JAMES MONIZ |
James Moniz |
Executive Vice President, Finance and Administration, Chief Financial Officer, Secretary and Treasurer |
A signed original of this written statement required by Section 906 has been provided to Intevac, Inc. and will be retained by Intevac, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
This certification accompanies the report to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Intevac, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Report), irrespective of any general incorporation language contained in such filing.