State of Delaware
(State or other jurisdiction of incorporation or organization) |
0-26946
(Commission File Number) |
94-3125814
(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 | ||||||||
EX-99.1 |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
|
||||
99.1 |
Press Release.
|
INTEVAC, INC.
|
||||
Date: October 27, 2008 | By: | /s/ JEFFREY ANDRESON | ||
Jeffrey Andreson | ||||
Vice President, Finance and Administration, Chief Financial Officer, Treasurer and Secretary | ||||
Jeff Andreson
|
Claire McAdams | |
Chief Financial Officer
|
Headgate Partners LLC | |
(408) 986-9888
|
(530) 274-0551 |
Three months ended | Nine months ended | |||||||||||||||
September 27, 2008 | September 29, 2007 | September 27, 2008 | September 29, 2007 | |||||||||||||
Net revenues
|
||||||||||||||||
Equipment
|
$ | 22,855 | $ | 44,920 | $ | 75,558 | $ | 185,885 | ||||||||
Intevac Photonics
|
5,705 | 5,684 | 18,309 | 13,198 | ||||||||||||
Total net revenues
|
28,560 | 50,604 | 93,867 | 199,083 | ||||||||||||
|
||||||||||||||||
Gross profit
|
9,085 | 24,615 | 37,529 | 88,224 | ||||||||||||
Gross margin
|
||||||||||||||||
Equipment
|
31.8 | % | 48.9 | % | 40.9 | % | 44.6 | % | ||||||||
Intevac Photonics
|
31.9 | % | 44.5 | % | 36.4 | % | 40.8 | % | ||||||||
Consolidated
|
31.8 | % | 48.6 | % | 40.0 | % | 44.3 | % | ||||||||
|
||||||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
8,620 | 9,437 | 26,426 | 31,277 | ||||||||||||
Selling, general and
administrative
|
7,341 | 7,062 | 21,818 | 22,414 | ||||||||||||
Total operating expenses
|
15,961 | 16,499 | 48,244 | 53,691 | ||||||||||||
|
||||||||||||||||
Operating income (loss)
|
||||||||||||||||
Equipment
|
(4,357 | ) | 8,477 | (4,494 | ) | 39,308 | ||||||||||
Intevac Photonics
|
(1,824 | ) | 35 | (3,715 | ) | (3,080 | ) | |||||||||
Corporate
|
(695 | ) | (396 | ) | (2,506 | ) | (1,695 | ) | ||||||||
Total operating profit (loss)
|
(6,876 | ) | 8,116 | (10,715 | ) | 34,533 | ||||||||||
|
||||||||||||||||
Interest and other income
|
884 | 1,797 | 3,101 | 4,655 | ||||||||||||
Profit (loss) before income taxes
|
(5,992 | ) | 9,913 | (7,614 | ) | 39,188 | ||||||||||
Provision (benefit) for income
taxes
|
(2,639 | ) | 1,549 | (4,887 | ) | 9,427 | ||||||||||
Net income (loss)
|
$ | (3,353 | ) | $ | 8,364 | $ | (2,727 | ) | $ | 29,761 | ||||||
|
||||||||||||||||
Income (loss) per share
|
||||||||||||||||
Basic
|
$ | (0.15 | ) | $ | 0.39 | $ | (0.13 | ) | $ | 1.39 | ||||||
Diluted
|
$ | (0.15 | ) | $ | 0.38 | $ | (0.13 | ) | $ | 1.34 | ||||||
|
||||||||||||||||
Weighted average common shares
outstanding
|
||||||||||||||||
Basic
|
21,761 | 21,519 | 21,700 | 21,403 | ||||||||||||
Diluted
|
21,761 | 22,130 | 21,700 | 22,155 |
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 27, 2008
September 29, 2007
September 27, 2008
September 29, 2007
$
1,311
$
1,677
$
3,960
$
3,991
478
191
978
619
(23
)
(27
)
66
(31
)
1,766
1,841
5,004
4,579
(689
)
(286
)
(1,952
)
(1,098
)
$
1,077
$
1,555
$
3,052
$
3,481
$
0.05
$
0.07
$
0.14
$
0.16
$
0.05
$
0.07
$
0.14
$
0.16