State of California (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 |
99.1 | Press Release. |
INTEVAC, INC. |
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Date: May 2, 2011 | /s/ JEFFREY ANDRESON | |||
Jeffrey Andreson | ||||
Executive Vice President, Finance and Administration, Chief Financial Officer, Treasurer and Secretary |
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3560 Bassett Street, Santa Clara CA 95054 |
Jeff Andreson Chief Financial Officer (408) 986-9888 |
Claire McAdams Investor Relations (530) 265-9899 |
Three months ended | ||||||||
April 2, | April 3, | |||||||
2011 | 2010 | |||||||
Net revenues |
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Equipment |
$ | 10,180 | $ | 25,557 | ||||
Intevac Photonics |
7,243 | 7,585 | ||||||
Total net revenues |
17,423 | 33,142 | ||||||
Gross profit |
6,380 | 14,478 | ||||||
Gross margin |
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Equipment |
45.3 | % | 48.7 | % | ||||
Intevac Photonics |
24.5 | % | 26.7 | % | ||||
Consolidated |
36.6 | % | 43.7 | % | ||||
Operating expenses |
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Research and development |
9,012 | 6,544 | ||||||
Selling, general and administrative |
6,885 | 6,567 | ||||||
Total operating expenses |
15,897 | 13,111 | ||||||
Operating income (loss) |
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Equipment |
(6,270 | ) | 3,880 | |||||
Intevac Photonics |
(1,583 | ) | (1,184 | ) | ||||
Corporate |
(1,664 | ) | (1,329 | ) | ||||
Total operating income (loss) |
(9,517 | ) | 1,367 | |||||
Interest and other income |
129 | 391 | ||||||
Profit (loss) before income taxes |
(9,388 | ) | 1,758 | |||||
Provision (benefit) for income taxes |
(2,357 | ) | 328 | |||||
Net income (loss) |
$ | (7,031 | ) | $ | 1,430 | |||
Income (loss) per share |
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Basic |
$ | (0.31 | ) | $ | 0.06 | |||
Diluted |
$ | (0.31 | ) | $ | 0.06 | |||
Weighted average common shares outstanding |
||||||||
Basic |
22,727 | 22,196 | ||||||
Diluted |
22,727 | 22,975 |
ASSETS | April 2, | December 31, | ||||||
2011 | 2010 | |||||||
(Unaudited) | (see Note) | |||||||
Current assets |
||||||||
Cash, cash equivalents and short-term investments |
$ | 76,142 | $ | 114,514 | ||||
Accounts receivable, net |
17,560 | 25,911 | ||||||
Inventories |
21,764 | 20,671 | ||||||
Deferred tax assets |
3,304 | 3,124 | ||||||
Prepaid expenses and other current assets |
6,890 | 6,630 | ||||||
Total current assets |
125,660 | 170,850 | ||||||
Long-term investments |
52,294 | 22,866 | ||||||
Property, plant and equipment, net |
15,252 | 13,918 | ||||||
Deferred tax assets |
16,416 | 14,594 | ||||||
Goodwill |
18,389 | 18,389 | ||||||
Other intangible assets, net |
6,848 | 6,984 | ||||||
Other long-term assets |
3,917 | 4,170 | ||||||
Total assets |
$ | 238,776 | $ | 251,771 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities |
||||||||
Accounts payable |
$ | 5,147 | $ | 5,562 | ||||
Accrued payroll and related liabilities |
4,578 | 11,365 | ||||||
Other accrued liabilities |
10,612 | 11,104 | ||||||
Customer advances |
4,805 | 4,867 | ||||||
Total current liabilities |
25,142 | 32,898 | ||||||
Other long-term liabilities |
10,973 | 11,630 | ||||||
Stockholders equity |
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Common stock ($0.001 par value) |
23 | 23 | ||||||
Additional paid in capital |
142,281 | 139,824 | ||||||
Accumulated other comprehensive income |
247 | 255 | ||||||
Retained earnings |
60,110 | 67,141 | ||||||
Total stockholders equity |
202,661 | 207,243 | ||||||
Total liabilities and stockholders equity |
$ | 238,776 | $ | 251,771 | ||||