State of California | 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)) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
EXHIBIT INDEX | ||||||||
EXHIBIT 99.1 |
INTEVAC, INC.
|
||||
Date: April 30, 2007 | By: | /s/ CHARLES B. EDDY III | ||
Charles B. Eddy III | ||||
Vice President, Finance and Administration,
Chief Financial Officer, Treasurer and Secretary |
Charles Eddy
|
Phil Bourdillon/Gene Heller | |||
Chief Financial Officer
|
Silverman Heller Associates | |||
(408) 986-9888
|
(310) 208-2550 |
3 months ended | ||||||||
March 31, 2007 | April 1, 2006 | |||||||
(Unaudited) | (Unaudited) | |||||||
Net revenues
|
||||||||
Equipment
|
$ | 72,446 | $ | 47,573 | ||||
Imaging
|
3,928 | 2,047 | ||||||
|
||||||||
Total net revenues
|
76,374 | 49,620 | ||||||
|
||||||||
Gross profit
|
||||||||
Gross margin
|
||||||||
Equipment
|
43.3 | % | 35.2 | % | ||||
Imaging
|
36.6 | % | 26.2 | % | ||||
|
||||||||
Consolidated
|
42.9 | % | 34.9 | % | ||||
|
||||||||
Operating expenses
|
||||||||
Research and development
|
12,192 | 5,561 | ||||||
Selling, general and administrative
|
7,513 | 5,114 | ||||||
|
||||||||
Total operating expenses
|
19,705 | 10,675 | ||||||
|
||||||||
Operating income/(loss)
|
||||||||
Equipment Products
|
14,989 | 8,480 | ||||||
Imaging
|
(1,600 | ) | (1,869 | ) | ||||
Corporate
|
(312 | ) | 20 | |||||
|
||||||||
Total operating profit
|
13,077 | 6,631 | ||||||
|
||||||||
Other income
|
1,320 | 598 | ||||||
|
||||||||
Profit before provision for income taxes
|
14,397 | 7,229 | ||||||
Provision for income taxes
|
4,552 | 218 | ||||||
|
||||||||
Net income
|
$ | 9,845 | $ | 7,011 | ||||
|
||||||||
|
||||||||
Income per share
|
||||||||
Basic
|
$ | 0.46 | $ | 0.34 | ||||
Diluted
|
$ | 0.44 | $ | 0.32 | ||||
Weighted average common shares
outstanding
|
||||||||
Basic
|
21,293 | 20,832 | ||||||
Diluted
|
22,188 | 21,793 |
Three Mos. | Three Mos. | |||||||
ended | ended | |||||||
Mar. 31,2007 | Apr. 1, 2006 | |||||||
Stock-based compensation by type of award:
|
||||||||
Stock options
|
$ | 1,145 | $ | 344 | ||||
Employee stock purchase plan
|
213 | 116 | ||||||
Amounts capitalized as inventory
|
(4 | ) | (32 | ) | ||||
|
||||||||
Total stock-based compensation
|
1,354 | 428 | ||||||
Tax effect on stock-based compensation
|
(428 | ) | (13 | ) | ||||
|
||||||||
Net effect on net income
|
$ | 926 | $ | 415 | ||||
|
||||||||
Effect on earnings per share:
|
||||||||
Basic
|
$ | 0.04 | $ | 0.02 | ||||
Diluted
|
$ | 0.04 | $ | 0.02 |