0001193125-20-018431 8-K 3 20200129 2.02 9.01 20200129 20200129 INTEVAC INC 0001001902 3559 943125814 DE 1231 8-K 34 000-26946 20558385 3560 BASSETT STREET SANTA CLARA CA 95054 4089869888 3560 BASSETT STREET SANTA CLARA CA 95054 8-K 1 d863829d8k.htm 8-K 8-K

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

January 29, 2020

Date of Report (date of earliest event reported)

 

 

INTEVAC, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

State of Delaware   0-26946   94-3125814
(State or other jurisdiction   (Commission File Number)   (IRS Employer
of incorporation or organization)     Identification Number)

3560 Bassett Street

Santa Clara, CA 95054

(Address of principal executive offices)

(408) 986-9888

(Registrant’s telephone number, including area code)

N/A

(Former name or former address if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition

On January 29, 2020, Intevac, Inc. issued a press release reporting its financial results for the three months and full year ended December 28, 2019. A copy of the press release issued by the Company concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The foregoing information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

 

 

(d)

Exhibits

99.1 Press Release.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

INTEVAC, INC.

Date: January 29, 2020

     

/s/ James Moniz

     

James Moniz

     

Executive Vice President, Finance and Administration,

Chief Financial Officer and Treasurer

EX-99.1 2 d863829dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

   3560 Bassett Street, Santa Clara CA 95054

 

 

James Moniz

    

Claire McAdams

Chief Financial Officer

    

Investor Relations

(408) 986-9888

    

(530) 265-9899

INTEVAC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 FINANCIAL RESULTS

Santa Clara, Calif.—January 29, 2020—Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the fiscal fourth quarter and year ended December 28, 2019.

Fiscal 2019 Highlights

 

-

Photonics Business

 

 

o

Revenues grew 37% year-over-year

 

 

o

Record $40M order received in support of digital night vision programs for U.S. Government

 

 

o

Strong ramp of development revenues for IVAS program, the first all-digital solution for the ground soldier

 

 

o

Record year-end backlog of $71M, up 62% over year-end 2018

 

-

Thin-film Equipment Business

 

 

o

Revenues grew 6% year-over-year

 

 

o

Successful installation of VERTEX Spectra evaluation system with Tier 1 display cover glass manufacturer

 

 

o

Introduced new VERTEX Marathon high-productivity platform, enabling ultra-durable DiamondClad protective coatings for the display cover glass market

 

 

o

Delivery of nine ENERGi® systems for high-efficiency solar cell manufacturing

 

 

o

Successful installation of our first MATRIX® PVD evaluation system for advanced semiconductor packaging

 

-

Financial Performance

 

 

o

With year-over-year revenue growth of 14%, gross profit increased 25% over 2018, with higher gross margins in both TFE and Photonics

 

 

o

With R&D and SG&A expenses held flat year-over-year, operating income grew to $4M

 

 

o

Return to profitability, with full-year earnings of $0.05 per share exceeding prior guidance

 

 

o

Positive cash flow from operations for the year, with a year-end balance of $42.8 million in total cash, restricted cash and investments, an increase of $2.5M over 2018

“We are very pleased to report a profitable year of growth for 2019, with continued momentum executing against our strategic growth initiatives,” commented Wendell Blonigan, president and chief executive officer of Intevac. “Technology investments by our hard drive customers resulted in a record fourth quarter for our HDD upgrades business, and revenues for the year exceeded expectations at $109 million, up 14% over 2018, with profitability also above forecast.

“We achieved a number of significant milestones in 2019, in support of our long-term growth initiatives,” continued Mr. Blonigan. “We booked a record $40M order in July in Photonics, which along with the IVAS program, drove Photonics backlog to new record levels, giving us multi-year visibility for continued strong growth and profitability for this business. In our TFE growth initiatives, in 2019 we launched our new Marathon system and ultra-durable DiamondClad coatings, which enable best-in-class protective films at an attractive price point for the mobile device market. We were successful in placing evaluation systems with industry leaders, including VERTEX in the display cover panel market, and MATRIX in the advanced semiconductor packaging industry.


“Each of these milestones supports the long-term revenue growth and profitability objectives for Intevac,” concluded Mr. Blonigan. “As we look towards our outlook for 2020, we continue to drive towards another year of growth, which we expect will be supported by continued momentum in our Photonics business and the successful execution of our TFE growth initiatives.”

 

($ Millions, except per share amounts)

   Q4 2019      Q4 2018  
     GAAP
Results
     Non-GAAP
Results
     GAAP
Results
    Non-GAAP
Results
 

Net Revenues

   $ 35.4      $ 35.4      $ 31.6     $ 31.6  

Operating Income

   $ 7.3      $ 7.3      $ 1.9     $ 1.8  

Net Income

   $ 5.2      $ 5.2      $ 10.0     $ 1.9  

Net Income per Diluted Share

   $ 0.22      $ 0.22      $ 0.44     $ 0.08  
     Year Ended
December 28, 2019
     Year Ended
December 29, 2018
 
     GAAP
Results
     Non-GAAP
Results
     GAAP
Results
    Non-GAAP
Results
 

Net Revenues

   $ 108.9      $ 108.9      $ 95.1     $ 95.1  

Operating Income (Loss)

   $ 3.9      $ 3.9      $ (4.2   $ (4.3

Net Income (Loss)

   $ 1.1      $ 1.1      $ 3.6     $ (4.4

Net Income (Loss) per Diluted Share

   $ 0.05      $ 0.05      $ 0.16     $ (0.19

Intevac’s non-GAAP adjusted results exclude where applicable: (1) changes in fair value of contingent consideration liabilities associated with business combinations; (2) restructuring charges and (3) the reversal of a deferred tax asset valuation allowance. A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial table included in this release. See also “Use of Non-GAAP Financial Measures” section.

Fourth Quarter Fiscal 2019 Summary

Net income for the quarter was $5.2 million, or $0.22 per diluted share, compared to net income of $10.0 million, or $0.44 per diluted share, in the fourth quarter of 2018. The Company’s fourth quarter 2018 financial results included the reversal of the valuation allowance recorded against the Singapore deferred tax assets. This reversal resulted in the recognition of a non-cash income tax benefit in the fourth quarter of 2018 of $7.9 million, or $0.34 per diluted share. Non-GAAP net income for the fourth quarter of 2019 was $5.2 million, or $0.22 per diluted share, compared to non-GAAP net income of $1.9 million, or $0.08 per diluted share, in the fourth quarter of 2018.

Revenues were $35.4 million, including $24.4 million of TFE revenues and $11.1 million of Photonics revenues. TFE revenues consisted of two 200 Lean® HDD systems, upgrades, spares and service. Photonics revenues included $6.2 million of research and development contracts and $4.9 million of product sales. In the fourth quarter of 2018, revenues were $31.6 million, including $23.6 million of TFE revenues which consisted of one 200 Lean HDD system, three ENERGi® solar ion implant systems, upgrades, spares and service, and Photonics revenues of $8.0 million, which included $5.8 million of product sales and $2.2 million of research and development contracts.

TFE gross margin was 46.9% compared to 30.6% in the fourth quarter of 2018 and 28.2% in the third quarter of 2019. The improvement from the fourth quarter of 2018 and the third quarter of 2019 was primarily due to favorable product mix. Photonics gross margin was 45.7% compared to 42.1% in the fourth quarter of 2018 and 43.1% in the third quarter of 2019. The improvement from the fourth quarter of 2018 and the third quarter of 2019 was primarily due to improved margins on research and development contracts. Consolidated gross margin was 46.5%, compared to 33.5% in the fourth quarter of 2018 and 33.4% in the third quarter of 2019.

R&D and SG&A expenses were $9.2 million, compared to $8.8 million in the fourth quarter of 2018 and to $9.2 million in the third quarter of 2019.

Order backlog totaled $92.4 million on December 28, 2019, compared to $115.4 million on September 28, 2019 and $108.5 million on December 29, 2018. Backlog at December 28, 2019 included two 200 Lean HDD systems. Backlog at September 28, 2019 included four 200 Lean HDD systems. Backlog at December 29, 2018 included six 200 Lean HDD systems and nine ENERGi solar ion implant systems.

The Company ended the year with $42.8 million of total cash, restricted cash and investments and $95.5 million in tangible book value, defined as total stockholders’ equity less intangible assets.

Fiscal Year 2019 Summary

Net income was $1.1 million, or $0.05 per diluted share, compared to $3.6 million, or $0.16 per diluted share, for fiscal 2018. Non-GAAP net income was $1.1 million or $0.05 per diluted share, compared to a non-GAAP net loss of $4.4 million or $0.19 per diluted share for fiscal 2018.


Revenues were $108.9 million, including $73.7 million of TFE revenues and $35.2 million of Photonics revenues, of which $19.7 million was contract R&D revenues, compared to revenues of $95.1 million, which included $69.3 million of TFE revenues and $25.8 million of Photonics revenues, for 2018.

TFE gross margin was 37.2%, compared to 36.5% in 2018, while Photonics gross margin was 38.3%, compared to 28.6% in 2018. Consolidated gross margin was 37.5% compared to 34.4% in 2018. The improvement from 2018 was primarily due to higher revenue levels and improved margins on research and development contracts. Total R&D and SG&A expenses were relatively flat at $36.9 million, compared to $37.1 million in 2018.

Use of Non-GAAP Financial Measures

Intevac’s non-GAAP results exclude the impact of the following, where applicable: (1) changes in fair value of contingent consideration liabilities associated with business combinations; (2) restructuring charges; and (3) the reversal of a deferred tax asset valuation allowance. A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release.

Management uses non-GAAP results to evaluate the company’s operating and financial performance in light of business objectives and for planning purposes. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Intevac believes these measures enhance investors’ ability to review the company’s business from the same perspective as the company’s management and facilitate comparisons of this period’s results with prior periods. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP.

Conference Call Information

The Company will discuss its financial results and outlook in a conference call today at 1:30 p.m. PST (4:30 p.m. EST). To participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13697750. For international callers, the dial-in number is +1 (201) 389-0921. You may also listen live via the Internet on the Investors link of the company’s website at www.intevac.com. For those unable to attend live, the company’s website will host an archived webcast of the call.

About Intevac

Intevac was founded in 1991 and has two businesses: Thin-film Equipment and Photonics.

In our Thin-film Equipment business, we are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, and solar photovoltaic markets we serve currently.

In our Photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry. We are the provider of integrated digital imaging systems for most U.S. military night vision programs.

For more information call 408-986-9888, or visit the Company’s website at www.intevac.com.

200 Lean®, INTEVAC MATRIX®, INTEVAC VERTEX®, and ENERGi® are registered trademarks and DiamondClad, VERTEX Marathon, VERTEX Spectra are trademarks of Intevac, Inc.

Safe Harbor Statement

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: customer adoption of our products, multi-year visibility for Photonics, and the future financial performance of Intevac, such as continued revenue growth. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. These risks include, but are not limited to: technology risk and challenges achieving customer adoption and revenue recognition in Thin-film Equipment markets and delays in Photonics programs, each of which could have a material impact on our business, our financial results, and the Company’s stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.


INTEVAC, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except percentages and per share amounts)

 

     Three months ended     Year ended  
     December 28,
2019
    December 29,
2018
    December 28,
2019
    December 29,
2018
 

Net revenues

        

TFE

   $ 24,352     $ 23,604     $ 73,678     $ 69,348  

Photonics

     11,092       7,972       35,207       25,766  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     35,444       31,576       108,885       95,114  

Gross profit

     16,493       10,572       40,868       32,694  

Gross margin

        

TFE

     46.9     30.6     37.2     36.5

Photonics

     45.7     42.1     38.3     28.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated

     46.5     33.5     37.5     34.4

Operating expenses

        

Research and development

     3,296       3,973       14,309       16,862  

Selling, general and administrative

     5,913       4,814       22,627       20,188  

Acquisition-related1

     —         (147     7       (139
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     9,209       8,640       36,943       36,911  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income (loss)

     7,284       1,932       3,925       (4,217

Operating income (loss)

        

TFE

     5,181       861       1,747       (1,335

Photonics

     3,321       1,406       6,434       440  

Corporate

     (1,218     (335     (4,256     (3,322
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income (loss)

     7,284       1,932       3,925       (4,217

Interest income and other income (expense), net

     133       158       582       622  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     7,417       2,090       4,507       (3,595

Benefit from (provision for) income taxes

     (2,215     7,893       (3,359     7,176  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 5,202     $ 9,983     $ 1,148     $ 3,581  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share

        

Basic

   $ 0.22     $ 0.44     $ 0.05     $ 0.16  

Diluted

   $ 0.22     $ 0.44     $ 0.05     $ 0.16  

Weighted average common shares outstanding

        

Basic

     23,275       22,790       23,063       22,519  

Diluted

     23,677       22,948       23,340       22,904  

 

1 

Amounts for all periods presented include changes in fair value of contingent consideration obligations associated with the Solar Implant Technology (SIT) acquisition in 2010.


INTEVAC, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

 

     December 28,
2019
    December 29,
2018
 
     (Unaudited)     (see Note)  

ASSETS

  

Current assets

  

Cash, cash equivalents and short-term investments

   $ 36,487     $ 34,791  

Accounts receivable, net

     28,619       27,717  

Inventories

     24,907       30,597  

Prepaid expenses and other current assets

     1,504       2,528  
  

 

 

   

 

 

 

Total current assets

     91,517       95,633  

Long-term investments

     5,537       4,372  

Restricted cash

     787       1,169  

Property, plant and equipment, net

     11,598       11,198  

Operating lease right-of-use assets

     10,279       —    

Intangible assets, net

     274       889  

Other long-term assets

     6,330       8,809  
  

 

 

   

 

 

 

Total assets

   $ 126,322     $ 122,070  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

  

Current liabilities

  

Current operating lease liabilities

   $ 2,524     $ —    

Accounts payable

     4,199       6,053  

Accrued payroll and related liabilities

     6,488       4,689  

Other accrued liabilities

     3,593       4,952  

Customer advances

     4,007       14,314  
  

 

 

   

 

 

 

Total current liabilities

     20,811       30,008  

Non-current liabilities

  

Non-current operating lease liabilities

     9,532       —    

Other long-term liabilities

     186       2,438  
  

 

 

   

 

 

 

Total non-current liabilities

     9,718       2,438  

Stockholders’ equity

  

Common stock ($0.001 par value)

     23       23  

Additional paid-in capital

     188,290       183,204  

Treasury stock, at cost

     (29,158     (29,047

Accumulated other comprehensive income

     424       378  

Accumulated deficit

     (63,786     (64,934
  

 

 

   

 

 

 

Total stockholders’ equity

     95,793       89,624  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 126,322     $ 122,070  
  

 

 

   

 

 

 

Note: Amounts as of December 29, 2018 are derived from the December 29, 2018 audited consolidated financial statements.


INTEVAC, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited, in thousands, except per share amounts)

 

     Three months ended     Year ended  
     December 28,
2019
     December 29,
2018
    December 28,
2019
     December 29,
2018
 

Non-GAAP Income (Loss) from Operations

          

Reported operating income (loss) (GAAP basis)

   $ 7,284      $ 1,932     $ 3,925      $ (4,217

Change in fair value of contingent consideration obligations1

            (147     7        (139

Restructuring charges2

                         95  
  

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP Operating Income (Loss)

   $ 7,284      $ 1,785     $ 3,932      $ (4,261
  

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP Net Income (Loss)

          

Reported net income (GAAP basis)

   $ 5,202      $ 9,983     $ 1,148      $ 3,581  

Change in fair value of contingent consideration obligations1

            (147     7        (139

Restructuring charges2

                         95  

Reversal of a deferred tax asset valuation allowance3

            (7,909            (7,909

Income tax effect of non-GAAP adjustments4

                          
  

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP Net Income (Loss)

   $ 5,202      $ 1,927     $ 1,155      $ (4,372
  

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP Net Income (Loss) Per Diluted Share

          

Reported net income per diluted share (GAAP basis)

   $ 0.22      $ 0.44     $ 0.05      $ 0.16  

Change in fair value of contingent consideration obligations1

   $      $ (0.01   $      $ (0.01

Restructuring charges2

   $      $     $      $  

Reversal of a deferred tax asset valuation allowance3

   $      $ (0.34   $      $ (0.35

Non-GAAP Net Income (Loss) Per Diluted Share

   $ 0.22      $ 0.08     $ 0.05      $ (0.19

Weighted average number of diluted shares

     23,677        22,948       23,340        22,904  

 

1 

Results for all periods presented include changes in fair value of contingent consideration obligations associated with the Solar Implant Technology (SIT) acquisition in 2010.

 

2 

Results for the year ended December 29, 2018 include severance and other employee-related costs related to a restructuring program.

 

3 

Results for the fourth quarter and year ended December 29, 2018 include the reversal of the valuation allowance recorded against the deferred tax assets of the Company’s Singapore operations. The Company concluded that, as of December 29, 2018 it is more likely than not that the Company will generate sufficient taxable income in Singapore to realize its deferred tax assets. This conclusion, and the resulting reversal of the deferred tax asset valuation allowance, was based upon consideration of a number of factors, including the Company’s completion of seven consecutive quarters of profitability in Singapore and its forecast of future profitability of its Singapore operations.

 

4 

The amount represents the estimated income tax effect of the non-GAAP adjustments. The Company calculated the tax effect of non-GAAP adjustments by applying an applicable estimated jurisdictional tax rate to each specific non-GAAP item.

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