☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
April 3, 2021
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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 | ☒ | |||
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Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
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Item 4. | |||||||
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Item 1. | |||||||
Item 1A. | |||||||
Item 2. | |||||||
Item 3. | |||||||
Item 4. | |||||||
Item 5. | |||||||
Item 6. | |||||||
Item 1. |
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Current assets: Cash and cash equivalents Short-term investments Trade and other accounts receivable, net of allowances of $0 at both March 28, 2020 and at December 28, 2019 Inventories Prepaid expenses and other current assets Total current assets Long-term investments Restricted cash Property, plant and equipment, net Operating leaseright-of-use-assets Intangible assets, net of accumulated amortization of $8,267 at March 28, 2020 and $8,113 at December 28, 2019 Deferred income taxes and other long-term assets Total assets Current liabilities: Current operating lease liabilities Accounts payable Accrued payroll and related liabilities Other accrued liabilities Customer advances Total current liabilities Noncurrent liabilities: Noncurrent operating lease liabilities Other long-term liabilities Total noncurrent liabilities Stockholders’ equity: Common stock, $0.001 par value Additionalpaid-in capital Treasury stock, 5,087 shares at March 28, 2020 and 4,989 shares at December 28, 2019 Accumulated other comprehensive income Accumulated deficit Total stockholders’ equity Total liabilities and stockholders’ equity March 28,
2020 December 28,
2019 (Unaudited) (In thousands, except par value) ASSETS $ 21,450 $ 19,767 16,441 16,720 23,021 28,619 27,208 24,907 1,897 1,504 90,017 91,517 4,549 5,537 787 787 12,038 11,598 9,730 10,279 120 274 6,138 6,330 $ 123,379 $ 126,322 LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,614 $ 2,524 4,747 4,199 4,030 6,488 2,651 3,593 4,696 4,007 18,738 20,811 8,819 9,532 153 186 8,972 9,718 23 23 189,876 188,290 (29,551 ) (29,158 ) 331 424 (65,010 ) (63,786 ) 95,669 95,793 $ 123,379 $ 126,322 $ 32,816 $ 29,341 16,077 14,839 18,229 28,646 20,501 21,689 1,789 1,893 89,412 96,408 3,919 5,388 787 787 10,456 11,004 7,582 8,165 5,485 5,486 $ 117,641 $ 127,238 $ 2,913 $ 2,853 2,765 4,259 5,150 7,679 3,136 3,598 42 33 Total current liabilities 14,006 18,422 6,045 6,803 435 457 Total noncurrent liabilities 6,480 7,260 24 24 195,364 193,173 (29,551 ) (29,551 ) 552 640 (69,234 ) (62,730 ) 97,155 101,556 $ 117,641 $ 127,238 December 28, 2019January 2, 2021 are derived from the December 28, 2019January 2, 2021 audited consolidated financial statements.
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(Unaudited) | ||||||||
(In thousands, except per share amounts) | ||||||||
Net revenues: | ||||||||
Systems and components | $ | 13,836 | $ | 21,637 | ||||
Technology development | 5,004 | 3,190 | ||||||
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Total net revenues | 18,840 | 24,827 | ||||||
Cost of net revenues: | ||||||||
Systems and components | 7,767 | 15,100 | ||||||
Technology development | 2,917 | 2,488 | ||||||
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Total cost of net revenues | 10,684 | 17,588 | ||||||
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Gross profit | 8,156 | 7,239 | ||||||
Operating expenses: | ||||||||
Research and development | 3,284 | 3,986 | ||||||
Selling, general and administrative | 5,972 | 5,252 | ||||||
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Total operating expenses | 9,256 | 9,238 | ||||||
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Loss from operations | (1,100 | ) | (1,999 | ) | ||||
Interest income and other income (expense), net | 142 | 160 | ||||||
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Loss before provision for income taxes | (958 | ) | (1,839 | ) | ||||
Provision for income taxes | 266 | 553 | ||||||
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Net loss | $ | (1,224 | ) | $ | (2,392 | ) | ||
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Net loss per share: | ||||||||
Basic and Diluted | $ | (0.05 | ) | $ | (0.10 | ) | ||
Weighted average common shares outstanding: | ||||||||
Basic and Diluted | 23,483 | 22,855 |
Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(Unaudited) | ||||||||
(In thousands, except per share amounts) | ||||||||
Net revenues: | ||||||||
Systems and components | $ | 13,060 | $ | 13,836 | ||||
Technology development | 3,181 | 5,004 | ||||||
Total net revenues | 16,241 | 18,840 | ||||||
Cost of net revenues: | ||||||||
Systems and components | 9,964 | 7,767 | ||||||
Technology development | 3,223 | 2,917 | ||||||
Total cost of net revenues | 13,187 | 10,684 | ||||||
Gross profit | 3,054 | 8,156 | ||||||
Operating expenses: | ||||||||
Research and development | 3,625 | 3,284 | ||||||
Selling, general and administrative | 5,930 | 5,972 | ||||||
Total operating expenses | 9,555 | 9,256 | ||||||
Loss from operations | (6,501 | ) | (1,100 | ) | ||||
Interest income and other income (expense), net | 29 | 142 | ||||||
Loss before provision for income taxes | (6,472 | ) | (958 | ) | ||||
Provision for income taxes | 32 | 266 | ||||||
Net loss | $ | (6,504 | ) | $ | (1,224 | ) | ||
Net loss per share: | ||||||||
Basic and Diluted | $ | (0.27 | ) | $ | (0.05 | ) | ||
Weighted average common shares outstanding: | ||||||||
Basic and Diluted | 24,033 | 23,483 |
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Net loss | $ | (1,224 | ) | $ | (2,392 | ) | ||
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Other comprehensive income, before tax: | ||||||||
Change in unrealized net gain (loss) onavailable-for-sale investments | 2 | 45 | ||||||
Foreign currency translation gains (losses) | (95 | ) | 61 | |||||
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Other comprehensive income (loss), before tax | (93 | ) | 106 | |||||
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Income tax provision related to items in other comprehensive income | — | — | ||||||
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Other comprehensive income (loss), net of tax | (93 | ) | 106 | |||||
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Comprehensive loss | $ | (1,317 | ) | $ | (2,286 | ) | ||
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Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Net loss | $ | (6,504 | ) | $ | (1,224 | ) | ||
Other comprehensive loss, before tax: | ||||||||
Change in unrealized net gain (loss) on available-for-sale | (20 | ) | 2 | |||||
Foreign currency translation losses | (68 | ) | (95 | ) | ||||
Other comprehensive loss, before tax | (88 | ) | (93 | ) | ||||
Income tax provision related to items in other comprehensive loss | 0 | 0 | ||||||
Other comprehensive loss, net of tax | (88 | ) | (93 | ) | ||||
Comprehensive loss | $ | (6,592 | ) | $ | (1,317 | ) | ||
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Operating activities | ||||||||
Net loss | $ | (1,224 | ) | $ | (2,392 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 858 | 1,036 | ||||||
Net amortization (accretion) of investment premiums and discounts | (19 | ) | (16 | ) | ||||
Equity-based compensation | 672 | 756 | ||||||
Straight-line rent adjustment and amortization of lease incentives | (74 | ) | (85 | ) | ||||
Deferred income taxes | 114 | 332 | ||||||
Change in the fair value of acquisition-related contingent consideration | — | 7 | ||||||
Loss on disposal of equipment | — | 45 | ||||||
Changes in operating assets and liabilities | 786 | 1,286 | ||||||
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Total adjustments | 2,337 | 3,361 | ||||||
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Net cash provided by operating activities | 1,113 | 969 | ||||||
Investing activities | ||||||||
Purchases of investments | (4,242 | ) | (5,045 | ) | ||||
Proceeds from sales and maturities of investments | 5,530 | 8,396 | ||||||
Purchases of leasehold improvements and equipment | (1,145 | ) | (371 | ) | ||||
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Net cash provided by investing activities | 143 | 2,980 | ||||||
Financing activities | ||||||||
Proceeds from issuance of common stock | 950 | 1,021 | ||||||
Common stock repurchases | (393 | ) | — | |||||
Taxes paid related to net share settlement | (36 | ) | (28 | ) | ||||
Payment of acquisition-related contingent consideration | — | (98 | ) | |||||
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Net cash provided by financing activities | 521 | 895 | ||||||
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Effect of exchange rate changes on cash and cash equivalents | (94 | ) | 63 | |||||
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Net increase in cash, cash equivalents and restricted cash in cash, cash equivalents and restricted cash | 1,683 | 4,907 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 20,554 | 19,884 | ||||||
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Cash, cash equivalents and restricted cash at end of period | $ | 22,237 | $ | 24,791 | ||||
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Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Operating activities | ||||||||
Net loss | $ | (6,504 | ) | $ | (1,224 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 791 | 858 | ||||||
Net amortization (accretion) of investment premiums and discounts | 33 | (19 | ) | |||||
Equity-based compensation | 968 | 672 | ||||||
Straight-line rent adjustment and amortization of lease incentives | (115 | ) | (74 | ) | ||||
Deferred income taxes | (40 | ) | 114 | |||||
Changes in operating assets and liabilities | 7,399 | 786 | ||||||
Total adjustments | 9,036 | 2,337 | ||||||
Net cash provided by operating activities | 2,532 | 1,113 | ||||||
Investing activities | ||||||||
Purchases of investments | (5,962 | ) | (4,242 | ) | ||||
Proceeds from sales and maturities of investments | 6,140 | 5,530 | ||||||
Purchases of leasehold improvements and equipment | (243 | ) | (1,145 | ) | ||||
Net cash provided by (used in) investing activities | (65 | ) | 143 | |||||
Financing activities | ||||||||
Proceeds from issuance of common stock | 1,096 | 950 | ||||||
Common stock repurchases | 0 | (393 | ) | |||||
Taxes paid related to net share settlement | (20 | ) | (36 | ) | ||||
Net cash provided by financing activities | 1,076 | 521 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (68 | ) | (94 | ) | ||||
Net increase in cash, cash equivalents and restricted cash | 3,475 | 1,683 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 30,128 | 20,554 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 33,603 | $ | 22,237 | ||||
1. | Description of Business and Basis of Presentation |
In March 2020,
2. | Revenue |
TFE | Three Months Ended March 28, 2020 | Three Months Ended March 30, 2019 | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
HDD | DCP | PV | Total | HDD | DCP | PV | Total | |||||||||||||||||||||||||
Systems, upgrades and spare parts | $ | 6,361 | $ | — | $ | 208 | $ | 6,569 | $ | 11,050 | $ | — | $ | 6,373 | $ | 17,423 | ||||||||||||||||
Field service | 1,393 | — | — | 1,393 | 1,522 | — | — | 1,522 | ||||||||||||||||||||||||
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Total TFE net revenues | $ | 7,754 | $ | — | $ | 208 | $ | 7,962 | $ | 12,572 | $ | — | $ | 6,373 | $ | 18,945 | ||||||||||||||||
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Three Months Ended | ||||||||
Photonics | March 28, 2020 | March 30, 2019 | ||||||
(In thousands) | ||||||||
Products: | ||||||||
Military products | $ | 5,365 | $ | 1,813 | ||||
Commercial products | 79 | 318 | ||||||
Repair and other services | 430 | 561 | ||||||
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Total Photonics product net revenues | 5,874 | 2,692 | ||||||
Technology development: | ||||||||
Firm Fixed Price (“FFP”) | 4,430 | 1,692 | ||||||
Cost Plus Fixed Fee (“CPFF”) | 574 | 1,496 | ||||||
Time and materials | — | 2 | ||||||
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Total technology development net revenues | 5,004 | 3,190 | ||||||
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Total Photonics net revenues | $ | 10,878 | $ | 5,882 | ||||
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TFE | Three Months Ended April 3, 2021 | Three Months Ended March 28, 2020 | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
HDD | DCP | PV | ASP | Total | HDD | PV | Total | |||||||||||||||||||||||||
Systems, upgrades and spare parts | $ | 3,585 | $ | 0— | $ | 111 | $ | 3,850 | $ | 7,546 | $ | 6,361 | $ | 208 | $ | 6,569 | ||||||||||||||||
Field service | 1,636 | 14 | 42 | 0— | 1,692 | 1,393 | 0— | 1,393 | ||||||||||||||||||||||||
Total TFE net revenues | $ | 5,221 | $ | 14 | $ | 153 | $ | 3,850 | $ | 9,238 | $ | 7,754 | $ | 208 | $ | 7,962 | ||||||||||||||||
Three Months Ended | ||||||||
Photonics | April 3, 2021 | March 28, 2020 | ||||||
(In thousands) | ||||||||
Products: | ||||||||
Military products | $ | 3,252 | $ | 5,365 | ||||
Commercial products | 128 | 79 | ||||||
Repair and other services | 442 | 430 | ||||||
Total Photonics product net revenues | 3,822 | 5,874 |
Three Months Ended | ||||||||
Photonics | April 3, 2021 | March 28, 2020 | ||||||
(In thousands) | ||||||||
Technology development: | ||||||||
Firm Fixed Price (“FFP”) | 1,804 | 4,430 | ||||||
Cost Plus Fixed Fee (“CPFF”) | 1,377 | 574 | ||||||
Time and materials | 0— | 0— | ||||||
Total technology development net revenues | 3,181 | 5,004 | ||||||
Total Photonics net revenues | $ | 7,003 | $ | 10,878 | ||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2020 | March 30, 2019 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TFE | Photonics | Total | TFE | Photonics | Total | |||||||||||||||||||
United States | $ | 519 | $ | 10,856 | $ | 11,375 | $ | 161 | $ | 5,716 | $ | 5,877 | ||||||||||||
Asia | 7,443 | — | 7,443 | 18,784 | — | 18,784 | ||||||||||||||||||
Europe | — | 22 | 22 | — | 166 | 166 | ||||||||||||||||||
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Total net revenues | $ | 7,962 | $ | 10,878 | $ | 18,840 | $ | 18,945 | $ | 5,882 | $ | 24,827 | ||||||||||||
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Three Months Ended | ||||||||||||||||||||||||
April 3, 2021 | March 28, 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TFE | Photonics | Total | TFE | Photonics | Total | |||||||||||||||||||
United States | $ | 367 | $ | 6,960 | $ | 7,327 | $ | 519 | $ | 10,856 | $ | 11,375 | ||||||||||||
Asia | 5,021 | — | 5,021 | 7,443 | 0— | 7,443 | ||||||||||||||||||
Europe | 3,850 | 43 | 3,893 | — | 22 | 22 | ||||||||||||||||||
Total net revenues | $ | 9,238 | $ | 7,003 | $ | 16,241 | $ | 7,962 | $ | 10,878 | $ | 18,840 | ||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2020 | March 30, 2019 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TFE | Photonics | Total | TFE | Photonics | Total | |||||||||||||||||||
Products transferred at a point in time | $ | 7,962 | $ | 430 | $ | 8,392 | $ | 18,945 | $ | 561 | $ | 19,506 | ||||||||||||
Products and services transferred over time | — | 10,448 | 10,448 | — | 5,321 | 5,321 | ||||||||||||||||||
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$ | 7,962 | $ | 10,878 | $ | 18,840 | $ | 18,945 | $ | 5,882 | $ | 24,827 | |||||||||||||
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Three Months Ended | ||||||||||||||||||||||||
April 3, 2021 | March 28, 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TFE | Photonics | Total | TFE | Photonics | Total | |||||||||||||||||||
Products transferred at a point in time | $ | 9,238 | $ | 442 | $ | 9,680 | $ | 7,962 | $ | 430 | $ | 8,392 | ||||||||||||
Products and services transferred over time | — | 6,561 | 6,561 | — | 10,448 | 10,448 | ||||||||||||||||||
$ | 9,238 | $ | 7,003 | $ | 16,241 | $ | 7,962 | $ | 10,878 | $ | 18,840 | |||||||||||||
March 28, 2020 | December 28, 2019 | Three Months Change | ||||||||||
(In thousands) | ||||||||||||
TFE: | ||||||||||||
Contract assets: | ||||||||||||
Accounts receivable, unbilled | $ | — | $ | 760 | $ | (760 | ) | |||||
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Contract liabilities: | ||||||||||||
Deferred revenue | $ | 486 | $ | 320 | $ | 166 | ||||||
Customer advances | 4,696 | 4,007 | 689 | |||||||||
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$ | 5,182 | $ | 4,327 | $ | 855 | |||||||
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Photonics: | ||||||||||||
Contract assets: | ||||||||||||
Accounts receivable, unbilled | $ | 6,187 | $ | 3,210 | $ | 2,977 | ||||||
Retainage | 103 | 99 | 4 | |||||||||
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$ | 6,290 | $ | 3,309 | $ | 2,981 | |||||||
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April 3 2021.
April 3, 2021 | January 2, 2021 | Three Months Change | ||||||||||
(In thousands) | ||||||||||||
TFE: | ||||||||||||
Contract assets: | ||||||||||||
Accounts receivable, unbilled | $ | 0— | $ | 369 | $ | (369 | ) | |||||
Contract liabilities: | ||||||||||||
Deferred revenue | $ | 276 | $ | 482 | $ | (206 | ) | |||||
Customer advances | 42 | 33 | 9 | |||||||||
$ | 318 | $ | 515 | $ | (197 | ) | ||||||
Photonics: | ||||||||||||
Contract assets: | ||||||||||||
Accounts receivable, unbilled | $ | 4,689 | $ | 5,439 | $ | (750 | ) | |||||
Retainage | 130 | 126 | 4 | |||||||||
$ | 4,819 | $ | 5,565 | $ | (746 | ) | ||||||
Contract liabilities: | ||||||||||||
Deferred revenue | $ | 1,126 | $ | 779 | $ | 347 | ||||||
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
3. | Inventories |
March 28, 2020 | December 28, 2019 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 13,502 | $ | 15,286 | ||||
Work-in-progress | 7,272 | 4,748 | ||||||
Finished goods | 6,434 | 4,873 | ||||||
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$ | 27,208 | $ | 24,907 | |||||
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April 3, 2021 | January 2, 2021 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 10,422 | $ | 9,999 | ||||
Work-in-progress | 5,885 | 4,832 | ||||||
Finished goods | 4,194 | 6,858 | ||||||
$ | 20,501 | $ | 21,689 | |||||
4. | Equity-Based Compensation |
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(In thousands) | ||||||||
Equity-based compensation by type of award: | ||||||||
Stock options | $ | 215 | $ | 206 | ||||
RSUs | 366 | 291 | ||||||
Employee stock purchase plan | 91 | 259 | ||||||
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Total equity-based compensation | $ | 672 | $ | 756 | ||||
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Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(In thousands) | ||||||||
Equity-based compensation by type of award: | ||||||||
Stock options | $ | 75 | $ | 215 | ||||
RSUs | 543 | 366 | ||||||
Employee stock purchase plan | 350 | 91 | ||||||
Total equity-based compensation | $ | 968 | $ | 672 | ||||
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 | (2,998 | ) | $ | 6.70 | ||||
Options exercised | (41,214 | ) | $ | 4.74 | ||||
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Options outstanding at March 28, 2020 | 2,058,398 | $ | 6.66 | |||||
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Options exercisable at March 28, 2020 | 1,304,343 | $ | 6.77 |
Shares | Weighted-Average Exercise Price | |||||||
Options outstanding at January 2, 2021 | 1,814,467 | $ | 6.66 | |||||
Options granted | 0— | $ | 0— | |||||
Options cancelled and forfeited | (50,250 | ) | $ | 8.32 | ||||
Options exercised | (28,399 | ) | $ | 6.78 | ||||
Options outstanding at April 3, 2021 | 1,735,818 | $ | 6.60 | |||||
Options exercisable at April 3, 2021 | 1,317,348 | $ | 6.71 |
April 3, 2021.
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
Stock Options: | ||||||||
Weighted-average fair value of grants per share | $ | 1.82 | $ | 2.28 | ||||
Expected volatility | 46.06 | % | 43.40 | % | ||||
Risk-free interest rate | 0.44 | % | 2.21 | % | ||||
Expected term of options (in years) | 4.39 | 4.32 | ||||||
Dividend yield | None | None | ||||||
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 | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
Stock Options: | ||||||||
Weighted-average fair value of grants per share | 0 | $ | 1.82 | |||||
Expected volatility | 0 | 46.06 | % | |||||
Risk-free interest rate | 0 | 0.44 | % | |||||
Expected term of options (in years) | — | 4.39 | ||||||
Dividend yield | 0 | NaN | ||||||
ESPP Purchase Rights: | ||||||||
Weighted-average fair value of grants per share | $ | 2.69 | $ | 1.66 | ||||
Expected volatility | 58.56 | % | 36.69 | % | ||||
Risk-free interest rate | 0.08 | % | 1.56 | % | ||||
Expected term of purchase rights (in years) | 1.0 | 0.5 | ||||||
Dividend yield | NaN | NaN |
Shares | Weighted-Average Grant Date Fair Value | |||||||
Non-vested RSUs at December 28, 2019 | 553,355 | $ | 6.15 | |||||
Granted | 15,625 | $ | 5.09 | |||||
Vested | (15,611 | ) | $ | 6.33 | ||||
Cancelled and forfeited | (248 | ) | $ | 6.94 | ||||
|
| |||||||
Non-vested RSUs at March 28, 2020 | 553,121 | $ | 6.11 | |||||
|
|
Shares | Weighted-Average Grant Date Fair Value | |||||||
Non-vested | 901,634 | $ | 5.30 | |||||
Granted | 9,603 | $ | 6.45 | |||||
Vested | (9,320 | ) | $ | 6.72 | ||||
Cancelled and forfeited | (11,051 | ) | $ | 5.36 | ||||
Non-vested | 890,866 | $ | 5.29 | |||||
5. |
Warranty |
Details of finite-lived intangible assets by segment as of March 28, 2020, are as follows:
March 28, 2020 | ||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
(In thousands) | ||||||||||||
TFE | $ | 7,172 | $ | (7,077 | ) | $ | 95 | |||||
Photonics | 1,215 | (1,190 | ) | 25 | ||||||||
|
|
|
|
|
| |||||||
$ | 8,387 | $ | (8,267 | ) | $ | 120 | ||||||
|
|
|
|
|
|
Total amortization expense of finite-lived intangibles for the three months ended March 28, 2020 was $154,000.
As of March 28, 2020, future amortization expense is expected to be as follows:
(In thousands) | ||||
2020 | $ | 120 | ||
|
|
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
|
In connection with the acquisition of Solar Implant Technologies, Inc. (“SIT”), Intevac agreed to pay to the selling shareholders in cash a revenue earnout on Intevac’s net revenues from commercial sales of certain products over a specified period up to an aggregate of $9.0 million. The earnout period terminated on June 30, 2019. There is no remaining contingent consideration obligation associated with the earnout agreement at March 28, 2020. The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three-month period ended March 30, 2019.
Three Months Ended | ||||
March 30, 2019 | ||||
(In thousands) | ||||
Opening balance | $ | 223 | ||
Changes in fair value | 7 | |||
Cash payments made | (98 | ) | ||
|
| |||
Closing balance | $ | 132 | ||
|
|
|
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(In thousands) | ||||||||
Opening balance | $ | 1,022 | $ | 997 | ||||
Expenditures incurred under warranties | (120 | ) | (167 | ) | ||||
Accruals for product warranties issued during the reporting period | 25 | 324 | ||||||
Adjustments to previously existing warranty accruals | (202 | ) | 143 | |||||
|
|
|
| |||||
Closing balance | $ | 725 | $ | 1,297 | ||||
|
|
|
|
2020.
Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(In thousands) | ||||||||
Opening balance | $ | 480 | $ | 1,022 | ||||
Expenditures incurred under warranties | (199 | ) | (120 | ) | ||||
Accruals for product warranties issued during the reporting period | 275 | 25 | ||||||
Adjustments to previously existing warranty accruals | 34 | (202 | ) | |||||
Closing balance | $ | 590 | $ | 725 | ||||
March 28, | December 28, | |||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Other accrued liabilities | $ | 582 | $ | 846 | ||||
Other long-term liabilities | 143 | 176 | ||||||
|
|
|
| |||||
Total warranty provision | $ | 725 | $ | 1,022 | ||||
|
|
|
|
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
April 3 | January 2, | |||||||
2021 | 2021 | |||||||
(In thousands) | ||||||||
Other accrued liabilities | $ | 537 | $ | 405 | ||||
Other long-term liabilities | 53 | 75 | ||||||
Total warranty provision | $ | 590 | $ | 480 | ||||
6. | Guarantees |
March 28, 2020,April 3, 2021, we had letters of credit and bank guarantees outstanding totaling $787,000, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with our bank. These letters of credit and bank guarantees are collateralized by $787,000 of restricted cash.
7. | Cash, Cash Equivalents and Investments |
March 28, 2020 | ||||||||||||||||
Amortized Cost | Unrealized Holding Gains | Unrealized Holding Losses | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 17,782 | $ | — | $ | — | $ | 17,782 | ||||||||
Money market funds | 3,168 | — | — | 3,168 | ||||||||||||
Certificates of deposit | 500 | — | — | 500 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total cash and cash equivalents | $ | 21,450 | $ | — | $ | — | $ | 21,450 | ||||||||
Short-term investments: | ||||||||||||||||
Certificates of deposit | $ | 3,800 | $ | 5 | $ | 9 | $ | 3,796 | ||||||||
Commercial paper | 1,894 | 1 | 1 | 1,894 | ||||||||||||
Corporate bonds and medium-term notes | 7,309 | 5 | 8 | 7,306 | ||||||||||||
U.S. treasury and agency securities | 3,433 | 12 | — | 3,445 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total short-term investments | $ | 16,436 | $ | 23 | $ | 18 | $ | 16,441 | ||||||||
Long-term investments: | ||||||||||||||||
Certificates of deposit | $ | 999 | $ | 2 | $ | 14 | $ | 987 | ||||||||
Corporate bonds and medium-term notes | 1,015 | 3 | — | 1,018 | ||||||||||||
U.S. treasury and agency securities | 2,495 | 49 | — | 2,544 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total long-term investments | $ | 4,509 | $ | 54 | $ | 14 | $ | 4,549 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total cash, cash equivalents, and investments | $ | 42,395 | $ | 77 | $ | 32 | $ | 42,440 | ||||||||
|
|
|
|
|
|
|
|
April 3, 2021 | ||||||||||||||||
Amortized Cost | Unrealized Holding Gains | Unrealized Holding Losses | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 27,929 | $ | — | $ | — | $ | 27,929 | ||||||||
Money market funds | 4,387 | — | — | 4,387 | ||||||||||||
Certificates of deposit | 500 | — | — | 500 | ||||||||||||
Total cash and cash equivalents | $ | 32,816 | $ | — | $ | — | $ | 32,816 | ||||||||
Short-term investments: | ||||||||||||||||
Certificates of deposit | $ | 6,750 | $ | 1 | $ | — | $ | 6,751 | ||||||||
Corporate bonds and medium-term notes | 4,714 | 3 | — | 4,717 | ||||||||||||
Municipal bonds | 595 | — | — | 595 | ||||||||||||
U.S. treasury and agency securities | 3,998 | 16 | — | 4,014 | ||||||||||||
Total short-term investments | $ | 16,057 | $ | 20 | $ | — | $ | 16,077 | ||||||||
Long-term investments: | ||||||||||||||||
Certificates of deposit | $ | 500 | $ | — | $ | 2 | $ | 498 | ||||||||
Corporate bonds and medium-term notes | 2,012 | — | 1 | 2,011 | ||||||||||||
U.S. treasury and agency securities | 1,409 | 1 | — | 1,410 | ||||||||||||
Total long-term investments | $ | 3,921 | $ | 1 | $ | 3 | $ | 3,919 | ||||||||
Total cash, cash equivalents, and investments | $ | 52,794 | $ | 21 | $ | 3 | $ | 52,812 | ||||||||
January 2, 2021 | ||||||||||||||||
Amortized Cost | Unrealized Holding Gains | Unrealized Holding Losses | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 24,729 | $ | — | $ | — | $ | 24,729 | ||||||||
Money market funds | 3,612 | — | — | 3,612 | ||||||||||||
Certificates of deposit | 1,000 | — | — | 1,000 | ||||||||||||
Total cash and cash equivalents | $ | 29,341 | $ | — | $ | — | $ | 29,341 | ||||||||
Short-term investments: | ||||||||||||||||
Certificates of deposit | $ | 6,450 | $ | 2 | $ | 0 | $ | 6,452 | ||||||||
Commercial paper | 500 | 0 | 0 | 500 | ||||||||||||
Corporate bonds and medium-term notes | 2,929 | 6 | 0 | 2,935 | ||||||||||||
Municipal bonds | 400 | — | — | 400 | ||||||||||||
U.S. treasury and agency securities | 4,527 | 25 | — | 4,552 | ||||||||||||
Total short-term investments | $ | 14,806 | $ | 33 | $ | 0 | $ | 14,839 | ||||||||
Long-term investments: | ||||||||||||||||
Certificates of deposit | $ | 500 | $ | 0 | $ | 0— | $ | 500 | ||||||||
Corporate bonds and medium-term notes | 3,474 | 4 | 0 | 3,478 | ||||||||||||
U.S. treasury and agency securities | 1,409 | 1 | 0 | 1,410 | ||||||||||||
Total long-term investments | $ | 5,383 | $ | 5 | $ | 0 | $ | 5,388 | ||||||||
Total cash, cash equivalents, and investments | $ | 49,530 | $ | 38 | $ | 0 | $ | 49,568 | ||||||||
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 | $ | 20,104 | $ | 20,109 | ||||
Due after one through five years | 4,509 | 4,549 | ||||||
|
|
|
| |||||
$ | 24,613 | $ | 24,658 | |||||
|
|
|
|
Amortized Cost | Fair Value | |||||||
(In thousands) | ||||||||
Due in one year or less | $ | 20,944 | $ | 20,964 | ||||
Due after one through five years | 3,921 | 3,919 | ||||||
$ | 24,865 | $ | 24,883 | |||||
March 28, 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 | $ | 2,176 | $ | 23 | $ | — | $ | — | ||||||||
Commercial paper | 896 | 1 | — | — | ||||||||||||
Corporate bonds and medium-term notes | 3,915 | 8 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 6,987 | $ | 32 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
April 3, 2021.
April 3, 2021 | ||||||||||||||||
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 | $ | 1,498 | $ | 2 | $ | 0 | $ | 0 | ||||||||
Corporate bonds and medium-term notes | 2,686 | 1 | 0 | 0 | ||||||||||||
$ | 4,184 | $ | 3 | $ | 0 | $ | 0 | |||||||||
Fair Value Measurements at March 28, 2020 | ||||||||||||
Total | Level 1 | Level 2 | ||||||||||
(In thousands) | ||||||||||||
Recurring fair value measurements: | ||||||||||||
Available-for-sale securities | ||||||||||||
Money market funds | $ | 3,168 | $ | 3,168 | $ | — | ||||||
U.S. treasury and agency securities | 5,989 | 5,989 | — | |||||||||
Certificates of deposit | 5,283 | — | 5,283 | |||||||||
Commercial paper | 1,894 | — | 1,894 | |||||||||
Corporate bonds and medium-term notes | 8,324 | — | 8,324 | |||||||||
|
|
|
|
|
| |||||||
Total recurring fair value measurements | $ | 24,658 | $ | 9,157 | $ | 15,501 | ||||||
|
|
|
|
|
|
Fair Value Measurements at April 3, 2021 | ||||||||||||
Total | Level 1 | Level 2 | ||||||||||
(In thousands) | ||||||||||||
Recurring fair value measurements: | ||||||||||||
Available-for-sale | ||||||||||||
Money market funds | $ | 4,387 | $ | 4,387 | $ | — | ||||||
U.S. treasury and agency securities | 5,424 | 5,424 | — | |||||||||
Certificates of deposit | 7,749 | — | 7,749 | |||||||||
Corporate bonds and medium-term notes | 6,728 | — | 6,728 | |||||||||
Municipal bonds | 595 | — | 595 | |||||||||
Total recurring fair value measurements | $ | 24,883 | $ | 9,811 | $ | 15,072 | ||||||
8. | Derivative Instruments |
Notional Amounts | Derivative Liabilities | |||||||||||||||||||||||
Derivative Instrument | March 28, 2020 | December 28, 2019 | March 28, 2020 | December 28, 2019 | ||||||||||||||||||||
Balance Sheet Line | Fair Value | Balance Sheet Line | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Undesignated Hedges: | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | $ | 911 | 1,035 | * | $ | — | * | $ | 4 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total Hedges | $ | 911 | 1,035 | $ | — | $ | 4 | |||||||||||||||||
|
|
|
|
|
|
|
|
Notional Amounts | Derivative Liabilities | |||||||||||||||||||||||
Derivative Instrument | April 3, 2021 | January 2, 2021 | April 3, 2021 | January 2, 2021 | ||||||||||||||||||||
Balance Sheet Line | Fair Value | Balance Sheet Line | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Undesignated Hedges: | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | $ | 594 | 983 | * | $ | 1 | * | $ | 3 | |||||||||||||||
Total Hedges | $ | 594 | 983 | $ | 1 | $ | 3 | |||||||||||||||||
* | Other accrued liabilities |
|
Three Months Ended March 28, 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 | 914 | — | — | — | 914 | |||||||||||||||
Equity-based compensation expense | 672 | — | — | — | 672 | |||||||||||||||
Net loss | — | — | — | (1,224 | ) | (1,224 | ) | |||||||||||||
Other comprehensive loss | — | — | (93 | ) | — | (93 | ) | |||||||||||||
Common stock repurchases | — | (393 | ) | — | — | (393 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance at March 28, 2020 | $ | 189,899 | $ | (29,551 | ) | $ | 331 | $ | (65,010 | ) | $ | 95,669 | ||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 30, 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 | 993 | — | — | — | 993 | |||||||||||||||
Equity-based compensation expense | 756 | — | — | — | 756 | |||||||||||||||
Net loss | — | — | — | (2,392 | ) | (2,392 | ) | |||||||||||||
Other comprehensive income | — | — | 106 | — | 106 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance at March 30, 2019 | $ | 184,976 | $ | (29,047 | ) | $ | 484 | $ | (67,326 | ) | $ | 89,087 | ||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 3, 2021 | ||||||||||||||||||||
Common Stock and Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||
Balance at January 2, 2021 | $ | 193,197 | $ | (29,551 | ) | $ | 640 | $ | (62,730 | ) | $ | 101,556 | ||||||||
Common stock issued under employee plans | 1,223 | — | — | — | 1,223 | |||||||||||||||
Equity-based compensation expense | 968 | — | — | — | 968 | |||||||||||||||
Net loss | — | — | — | (6,504 | ) | (6,504 | ) | |||||||||||||
Other comprehensive loss | — | — | (88 | ) | — | (88 | ) | |||||||||||||
Balance at April 3, 2021 | $ | 195,388 | $ | (29,551 | ) | $ | 552 | $ | (69,234 | ) | $ | 97,155 | ||||||||
Three Months Ended March 28, 2020 | ||||||||||||||||||||
Common Stock and Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||
Balance at December 29, 2018 | $ | 188,313 | $ | (29,158 | ) | $ | 424 | $ | (63,786 | ) | $ | 95,793 | ||||||||
Common stock issued under employee plans | 914 | — | — | — | 914 | |||||||||||||||
Equity-based compensation expense | 672 | — | — | — | 672 | |||||||||||||||
Net loss | — | — | — | (1,224 | ) | (1,224 | ) | |||||||||||||
Other comprehensive loss | — | — | (93 | ) | — | (93 | ) | |||||||||||||
Common stock repurchases | — | (393 | ) | — | — | (393 | ) | |||||||||||||
Balance at March 28, 2020 | $ | 189,899 | $ | (29,551 | ) | $ | 331 | $ | (65,010 | ) | $ | 95,669 | ||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2020 | March 30, 2019 | |||||||||||||||||||||||
Foreign currency | Unrealized holding gains (losses) on available- for-sale investments | Total | Foreign currency | Unrealized holding gains (losses) on available- for-sale investments | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance | $ | 381 | $ | 43 | $ | 424 | $ | 405 | $ | (27 | ) | $ | 378 | |||||||||||
Other comprehensive income (loss) before reclassification | (95 | ) | 2 | (93 | ) | 61 | 45 | 106 | ||||||||||||||||
Amounts reclassified from other comprehensive income (loss) | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net current-period other comprehensive income (loss) | (95 | ) | 2 | (93 | ) | 61 | 45 | 106 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ending balance | $ | 286 | $ | 45 | $ | 331 | $ | 466 | $ | 18 | $ | 484 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended | ||||||||||||||||||||||||
April 3, 2021 | March 28, 2020 | |||||||||||||||||||||||
Foreign currency | Unrealized holding gains (losses) on available- for-sale investments | Total | Foreign currency | Unrealized holding gains (losses) on available- for-sale investments | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance | $ | 602 | $ | 38 | $ | 640 | $ | 381 | $ | 43 | $ | 424 | ||||||||||||
Other comprehensive income (loss) before reclassification | (68 | ) | (20 | ) | (88 | ) | (95 | ) | 2 | (93 | ) | |||||||||||||
Amounts reclassified from other comprehensive income (loss) | — | — | — | — | — | — | ||||||||||||||||||
Net current-period other comprehensive income (loss) | (68 | ) | (20 | ) | (88 | ) | (95 | ) | 2 | (93 | ) | |||||||||||||
Ending balance | $ | 534 | $ | 18 | $ | 552 | $ | 286 | $ | 45 | $ | 331 | ||||||||||||
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(In thousands, except per share amounts) | ||||||||
Shares of common stock repurchased | 98 | — | ||||||
Cost of stock repurchased | $ | 393 | $ | — | ||||
Average price paid per share share | $ | 3.97 | $ | — |
Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(In thousands, except per share amounts) | ||||||||
Shares of common stock repurchased | 0 | 98 | ||||||
Cost of stock repurchased | $ | — | $ | 393 | ||||
Average price paid per share share | $ | 0 | $ | 3.97 |
10. | Net Loss Per Share |
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(In thousands) | ||||||||
Net loss | $ | (1,224 | ) | $ | (2,392 | ) | ||
|
|
|
| |||||
Weighted-average shares – basic | 23,483 | 22,855 | ||||||
Effect of dilutive potential common shares | — | — | ||||||
|
|
|
| |||||
Weighted-average shares – diluted | 23,483 | 22,855 | ||||||
|
|
|
| |||||
Net loss per share – basic and diluted | $ | (0.05 | ) | $ | (0.10 | ) | ||
|
|
|
|
Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(In thousands) | ||||||||
Net loss | $ | (6,504 | ) | $ | (1,224 | ) | ||
Weighted-average shares – basic | 24,033 | 23,483 | ||||||
Effect of dilutive potential common shares | 0 | 0 | ||||||
Weighted-average shares – diluted | 24,033 | 23,483 | ||||||
Net loss per share – basic and diluted | $ | (0.27 | ) | $ | (0.05 | ) | ||
11. | Segment Reporting |
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(In thousands) | ||||||||
TFE | $ | 7,962 | $ | 18,945 | ||||
Photonics | 10,878 | 5,882 | ||||||
|
|
|
| |||||
Total segment net revenues | $ | 18,840 | $ | 24,827 | ||||
|
|
|
|
Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(In thousands) | ||||||||
TFE | $ | 9,238 | $ | 7,962 | ||||
Photonics | 7,003 | 10,878 | ||||||
Total segment net revenues | $ | 16,241 | $ | 18,840 | ||||
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
(In thousands) | ||||||||
TFE | $ | (2,531 | ) | $ | (603 | ) | ||
Photonics | 2,912 | (640 | ) | |||||
|
|
|
| |||||
Total segment operating income (loss) | 381 | (1,243 | ) | |||||
Unallocated costs | (1,481 | ) | (756 | ) | ||||
|
|
|
| |||||
Loss from operations | (1,100 | ) | (1,999 | ) | ||||
Interest income and other income (expense), net | 142 | 160 | ||||||
|
|
|
| |||||
Loss before provision for income taxes | $ | (958 | ) | $ | (1,839 | ) | ||
|
|
|
|
Three Months Ended | ||||||||
April 3, 2021 | March 28, 2020 | |||||||
(In thousands) | ||||||||
TFE | $ | (4,002 | ) | $ | (2,531 | ) | ||
Photonics | (1,146 | ) | 2,912 | |||||
Total segment operating income (loss) | (5,148 | ) | 381 | |||||
Unallocated costs | (1,353 | ) | (1,481 | ) | ||||
Loss from operations | (6,501 | ) | (1,100 | ) | ||||
Interest income and other income (expense), net | 29 | 142 | ||||||
Loss before provision for income taxes | $ | (6,472 | ) | $ | (958 | ) | ||
March 28, 2020 | December 28, 2019 | |||||||
(In thousands) | ||||||||
TFE | $ | 46,007 | $ | 51,153 | ||||
Photonics | 23,487 | 22,071 | ||||||
|
|
|
| |||||
Total segment assets | 69,494 | 73,244 | ||||||
|
|
|
| |||||
Cash, cash equivalents and investments | 42,440 | 42,024 | ||||||
Restricted cash | 787 | 787 | ||||||
Deferred income taxes | 6,138 | 6,252 | ||||||
Other current assets | 1,195 | 752 | ||||||
Common property, plant and equipment | 1,531 | 1,307 | ||||||
Common operating leaseright-of-use assets | 1,794 | 1,898 | ||||||
Other assets | — | 78 | ||||||
|
|
|
| |||||
Consolidated total assets | $ | 123,379 | $ | 126,322 | ||||
|
|
|
|
April 3, 2021 | January 2, 2021 | |||||||
(In thousands) | ||||||||
TFE | $ | 33,042 | $ | 44,335 | ||||
Photonics | 21,474 | 22,923 | ||||||
Total segment assets | 54,516 | 67,258 | ||||||
Cash, cash equivalents and investments | 52,812 | 49,568 | ||||||
Restricted cash | 787 | 787 | ||||||
Deferred income taxes | 5,375 | 5,335 | ||||||
Other current assets | 1,194 | 1,093 | ||||||
Common property, plant and equipment | 1,355 | 1,443 | ||||||
Common operating lease right-of-use | 1,493 | 1,603 | ||||||
Other assets | 109 | 151 | ||||||
Consolidated total assets | $ | 117,641 | $ | 127,238 | ||||
12. | Income Taxes |
13. | Restructuring Charges |
Three Months Ended | ||||
April 3, | ||||
2021 | ||||
(In thousands) | ||||
Beginning balance | $ | — | ||
Provision for restructuring reserves | 43 | |||
Cash payments made | (43 | ) | ||
Ending balance | $ | — | ||
14. | Commitments and Contingencies |
|
On April 27, 2020, the Singapore government directed the Company to suspend all onsite activities at its factory in Singapore and remain closed until at least June 1, 2020. While this business disruption is expected to be temporary, the current circumstances are
dynamic and the impacts of COVID-19 on the Company’s business operations, including the duration of disruptions to the Company’s operations, cannot be reasonably estimated at this time. The closure of its factory in Singapore significantly curtails the Company’s ability to meet its production demand and shipments for its TFE HDD customers during this closure period. Although these restrictions are currently scheduled to expire on June 1, 2020, there can be no assurance they will not be extended. The Company is currently petitioning the Singapore government for an exemption from these restrictions as an essential business.
Item 2. |
|
Three Months Ended | ||||||||||||
March 28, 2020 | March 30, 2019 | Change over prior period | ||||||||||
(In thousands, except percentages and per share amounts) | ||||||||||||
Net revenues | $ | 18,840 | $ | 24,827 | $ | (5,987 | ) | |||||
Gross profit | $ | 8,156 | $ | 7,239 | $ | 917 | ||||||
Gross margin percent | 43.3 | % | 29.2 | % | 14.1 points | |||||||
Loss from operations | $ | (1,100 | ) | $ | (1,999 | ) | $ | 899 | ||||
Net loss | $ | (1,224 | ) | $ | (2,392 | ) | $ | 1,168 | ||||
Net loss per diluted share | $ | (0.05 | ) | $ | (0.10 | ) | $ | 0.05 |
Three Months Ended | ||||||||||||
April 3, 2021 | March 28, 2020 | Change over prior period | ||||||||||
(In thousands, except percentages and per share amounts) | ||||||||||||
Net revenues | $ | 16,241 | $ | 18,840 | $ | (2,599 | ) | |||||
Gross profit | $ | 3,054 | $ | 8,156 | $ | (5,102 | ) | |||||
Gross margin percent | 18.8 | % | 43.3 | % | (24.5) points | |||||||
Loss from operations | $ | (6,501 | ) | $ | (1,100 | ) | $ | (5,401 | ) | |||
Net loss | $ | (6,504 | ) | $ | (1,224 | ) | $ | (5,280 | ) | |||
Net loss per diluted share | $ | (0.27 | ) | $ | (0.05 | ) | $ | (0.22 | ) |
We are unablea significant period of time, the continued impacts to accurately predict the possible future effect of theCOVID-19 outbreak on the Company, whichour business could be material to our 20202021 results. Our customers may delay or cancel orders due to reduced demand, supply chain disruptions and/or travel restrictions and border closures. There remains significant uncertainty concerning the magnitude of the impact and the duration of the
Intevac’s trademarksremain open as both TFE and Photonics businesses are within critical infrastructure sectors that are exempt from government-mandated closures.
The purpose of the JSS is to provide wage support to employers to help them retain their local employees. Under the JSS, Intevac received $66,000 in JSS grants in the first quarter of fiscal 2021. Intevac expects to receive an additional $48,000 in JSS grants in the remainder of fiscal 2021.
Three Months Ended | ||||||||||||
March 28, 2020 | March 30, 2019 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
TFE | $ | 7,962 | $ | 18,945 | $ | (10,983 | ) | |||||
Photonics | ||||||||||||
Products | 5,874 | 2,692 | 3,182 | |||||||||
Contract R&D | 5,004 | 3,190 | 1,814 | |||||||||
|
|
|
|
|
| |||||||
10,878 | 5,882 | 4,996 | ||||||||||
|
|
|
|
|
| |||||||
Total net revenues | $ | 18,840 | $ | 24,827 | $ | (5,987 | ) | |||||
|
|
|
|
|
|
Three Months Ended | ||||||||||||
April 3, 2021 | March 28, 2020 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
TFE | $ | 9,238 | $ | 7,962 | $ | 1,276 | ||||||
Photonics | ||||||||||||
Products | 3,822 | 5,874 | (2,052 | ) | ||||||||
Contract R&D | 3,181 | 5,004 | (1,823 | ) | ||||||||
7,003 | 10,878 | (3,875 | ) | |||||||||
Total net revenues | $ | 16,241 | $ | 18,840 | $ | (2,599 | ) | |||||
contract program is nearing its conclusion.
March 28, 2020 | December 28, 2019 | March 30, 2019 | ||||||||||
(In thousands) | ||||||||||||
TFE | $ | 22,386 | $ | 21,391 | $ | 59,346 | ||||||
Photonics | 64,787 | 71,015 | 43,294 | |||||||||
|
|
|
|
|
| |||||||
Total backlog | $ | 87,173 | $ | 92,406 | $ | 102,640 | ||||||
|
|
|
|
|
|
April 3, 2021 | January 2, 2021 | March 28, 2020 | ||||||||||
(In thousands) | ||||||||||||
TFE | $ | 4,221 | $ | 5,623 | $ | 22,386 | ||||||
Photonics | 38,917 | 41,317 | 64,787 | |||||||||
Total backlog | $ | 43,138 | $ | 46,940 | $ | 87,173 | ||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2020 | March 30, 2019 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TFE | Photonics | Total | TFE | Photonics | Total | |||||||||||||||||||
United States | $ | 519 | $ | 10,856 | $ | 11,375 | $ | 161 | $ | 5,716 | $ | 5,877 | ||||||||||||
Asia | 7,443 | — | 7,443 | 18,784 | — | 18,784 | ||||||||||||||||||
Europe | — | 22 | 22 | — | 166 | 166 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total net revenues | $ | 7,962 | $ | 10,878 | $ | 18,840 | $ | 18,945 | $ | 5,882 | $ | 24,827 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended | ||||||||||||||||||||||||
April 3, 2021 | March 28, 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TFE | Photonics | Total | TFE | Photonics | Total | |||||||||||||||||||
United States | $ | 367 | $ | 6,960 | $ | 7,327 | $ | 519 | $ | 10,856 | $ | 11,375 | ||||||||||||
Asia | 5,021 | — | 5,021 | 7,443 | — | 7,443 | ||||||||||||||||||
Europe | 3,850 | 43 | 3,893 | — | 22 | 22 | ||||||||||||||||||
Total net revenues | $ | 9,238 | $ | 7,003 | $ | 16,241 | $ | 7,962 | $ | 10,878 | $ | 18,840 | ||||||||||||
Three Months Ended | ||||||||||||
March 28, 2020 | March 30, 2019 | Change over prior period | ||||||||||
(In thousands, except percentages) | ||||||||||||
TFE gross profit | $ | 3,500 | $ | 5,977 | $ | (2,477 | ) | |||||
% of TFE net revenues | 44.0 | % | 31.5 | % | ||||||||
Photonics gross profit | $ | 4,656 | $ | 1,262 | $ | 3,394 | ||||||
% of Photonics net revenues | 42.8 | % | 21.5 | % | ||||||||
Total gross profit | $ | 8,156 | $ | 7,239 | $ | 917 | ||||||
% of net revenues | 43.3 | % | 29.2 | % |
Three Months Ended | ||||||||||||
April 3, 2021 | March 28, 2020 | Change over prior period | ||||||||||
(In thousands, except percentages) | ||||||||||||
TFE gross profit | $ | 2,134 | $ | 3,500 | $ | (1,366 | ) | |||||
% of TFE net revenues | 23.1 | % | 44.0 | % | ||||||||
Photonics gross profit | $ | 920 | $ | 4,656 | $ | (3,736 | ) | |||||
% of Photonics net revenues | 13.1 | % | 42.8 | % | ||||||||
Total gross profit | $ | 3,054 | $ | 8,156 | $ | (5,102 | ) | |||||
% of net revenues | 18.8 | % | 43.3 | % |
Three Months Ended | ||||||||||||
March 28, 2020 | March 30, 2019 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Research and development expense | $ | 3,284 | $ | 3,986 | $ | (702 | ) |
Research and development
Three Months Ended | ||||||||||||
April 3, 2021 | March 28, 2020 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Research and development expense | $ | 3,625 | $ | 3,284 | $ | 341 |
Three Months Ended | ||||||||||||
March 28, 2020 | March 30, 2019 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Selling, general and administrative expense | $ | 5,972 | $ | 5,252 | $ | 720 |
Three Months Ended | ||||||||||||
April 3, 2021 | March 28, 2020 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Selling, general and administrative expense | $ | 5,930 | $ | 5,972 | $ | (42 | ) |
Three Months Ended | ||||||||||||
March 28, 2020 | March 30, 2019 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Interest income and other income (expense), net | $ | 142 | $ | 160 | $ | (18 | ) |
Three Months Ended | ||||||||||||
April 3, 2021 | March 28, 2020 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Interest income and other income (expense), net | $ | 29 | $ | 142 | $ | (113 | ) |
interest rates.
Three Months Ended | ||||||||||||
March 28, 2020 | March 30, 2019 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Income tax provision | $ | 266 | $ | 553 | $ | (287 | ) |
Three Months Ended | ||||||||||||
April 3, 2021 | March 28, 2020 | Change over prior period | ||||||||||
(In thousands) | ||||||||||||
Income tax provision | $ | 32 | $ | 266 | $ | (234 | ) |
tax rate differs from the applicable statutory rates due primarily to establishment of a valuation allowance, the utilization of deferred and current credits and the effect of permanent differences and adjustments of prior permanent differences. Intevac’s future effective income tax rate depends on various factors, including the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carry-forwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Management carefully monitors these factors and timely adjusts the effective income tax rate.
March 28, 2020 | December 28, 2019 | |||||||
(In thousands) | ||||||||
Cash and cash equivalents | $ | 21,450 | $ | 19,767 | ||||
Restricted cash | 787 | 787 | ||||||
Short-term investments | 16,441 | 16,720 | ||||||
Long-term investments | 4,549 | 5,537 | ||||||
|
|
|
| |||||
Total cash, cash equivalents, restricted cash and investments | $ | 43,227 | $ | 42,811 | ||||
|
|
|
|
April 3, 2021 | January 2, 2021 | |||||||
(In thousands) | ||||||||
Cash and cash equivalents | $ | 32,816 | $ | 29,341 | ||||
Restricted cash | 787 | 787 | ||||||
Short-term investments | 16,077 | 14,839 | ||||||
Long-term investments | 3,919 | 5,388 | ||||||
Total cash, cash equivalents, restricted cash and investments | $ | 53,599 | $ | 50,355 | ||||
fiscal 2020.
$243,000.
$20,000.
2021.
For a description of other critical accounting policies that affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements, refer to our Annual Report on Form10-K for the year ended December 28, 2019 filed with the SEC on February 12, 2020. operations.
Item 3. |
|
Item 4. |
|
Attached as exhibits to this Quarterly Report on Form
Item 1. |
|
Item 1A. |
|
2020.
cannot be accurately predicted.
year or longer, involving individuals from many different areas of Intevac and numerous product presentations and demonstrations for our prospective customers. Our sales process also commonly includes production of samples and customization of our products. We do not typically enter into long-term contracts with our customers, and until an order is actually submitted by a customer there is no binding commitment to purchase our systems. In some cases, orders are also subject to customer acceptance or other criteria even in the case of a binding agreement.
We are exposed to risks associated with a highly concentrated customer base.
Historically, a significant portion
The concentration of our customer base may enable our customers to demand pricing and other terms unfavorable to Intevac, and makes us more vulnerable to changes in demand by or issues with a given customer. Orders from a relatively limited number of manufacturers have accounted for, and will likely continue to account for, a substantial portion of our revenues. The loss of one of these large customers, or delays in purchasing by them, could have a material and adverse effect on our revenues.
Our operating results fluctuate significantly from quarter to quarter, which can lead to volatility in the price of our common stock.
Our quarterly revenues and common stock price have fluctuated significantly. We anticipate that our revenues, operating margins and common stock price will continue to fluctuate for a variety of reasons, including: (1) changes in the demand, due to seasonality, cyclicality and other factors in the markets for computer systems, storage subsystems and consumer electronics containing disks as well as cell phones and PV solar cells our customers produce with our systems; (2)costly litigation, cause product shipment delays or problems in the introduction and acceptancerequire us to enter into royalty or licensing agreements. Such royalty or licensing agreements, if required, may not be available on terms acceptable to us.
Any of these, or other factors, could lead to volatility and/or a rapid change in the trading price of our common shares. In the past, securities class action litigation has been instituted against companies following periods of volatility in the market price of their securities. Any such litigation, if instituted against Intevac, could result in substantial costs and diversion of management time and attention.
Government Regulation
Our success depends on international sales and the management of global operations.
In previous years, the majority of our revenues have come from regions outside the United States. Most of our international sales are to customers in Asia, which includes products shipped to overseas operations of U.S. companies. We currently have manufacturing facilities in California and Singapore and international customer support offices in Singapore, China, and Malaysia. We expect that international sales will continue to account for a significant portion of our total revenue in future years. Certain of our suppliers are also located outside the United States.
Managing our global operations presents challenges including, but not limited to, those arising from: (1) global trade issues; (2) variations in protection of intellectual property and other legal rights in different countries; (3) concerns of U.S. governmental agencies regarding possible national commercial and/or security issues posed by growing manufacturing business in Asia; (4) fluctuation of interest rates, raw material costs, labor and operating costs, and exchange rates; (5) variations in the ability to develop relationships with suppliers and other local businesses; (6) changes in the laws and regulations of the United States, including export restrictions, and other countries, as well as their interpretation and application; (7) the need to provide technical and spares
support in different locations; (8) political and economic instability; (9) cultural differences; (10) varying government incentives to promote development; (11) shipping costs and delays; (12) adverse conditions in credit markets; (13) variations in tariffs, quotas, tax codes and other market barriers; and (14) barriers to movement of cash.
We must regularly assess the size, capability and location of our global infrastructure and make appropriate changes to address these issues.
Our success is dependent on recruiting and retaining a highly talented work force.
Our employees are vital to our success, and our key management, engineering and other employees are difficult to replace. We do not maintain key person life insurance on any of our employees. The expansion of high technology companies worldwide has increased demand and competition for qualified personnel, and has made companies increasingly protective of prior employees. It may be difficult for us to locate employees who are not subject tonon-competition agreements and other restrictions.
The majority of our U.S. operations are located in California where the cost of living and of recruiting employees is high. Our operating results depend, in large part, upon our ability to retain and attract qualified management, engineering, marketing, manufacturing, customer support, sales and administrative personnel. Furthermore, we compete with industries such as the hard disk drive, semiconductor, and solar industries for skilled employees. Failure to retain existing key personnel, or to attract, assimilate or retain additional highly qualified employees to meet our needs in the future, could have a material and adverse effect on our business, financial condition and results of operations.
We are dependent on certain suppliers for parts used in our products.
We are a manufacturing business. Purchased parts constitute the largest component of our product cost. Our ability to manufacture depends on the timely delivery of parts, components and subassemblies from suppliers. We obtain some of the key components and subassemblies used in our products from a single supplier or a limited group of suppliers. If any of our suppliers fail to deliver quality parts on a timely basis, we may experience delays in manufacturing, which could result in delayed product deliveries, increased costs to expedite deliveries or develop alternative suppliers, or require redesign of our products to accommodate alternative suppliers. Some of our suppliers are thinly capitalized and may be vulnerable to failure.
Our business depends on the integrity of our intellectual property rights.
The success of our business depends upon the integrity of our intellectual property rights, and we cannot ensure that: (1) any of our pending or future patent applications will be allowed or that any of the allowed applications will be issued as patents or will issue with claims of the scope we sought; (2) any of our patents will not be invalidated, deemed unenforceable, circumvented or challenged; (3) the rights granted under our patents will provide competitive advantages to us; (4) other parties will not develop similar products, duplicate our products or design around our patents; or (5) our patent rights, intellectual property laws or our agreements will adequately protect our intellectual property or competitive position.
From time to time, we have received claims that we are infringing third parties’ intellectual property rights or seeking to invalidate our rights. We cannot ensure that third parties will not in the future claim that we have infringed current or future patents, trademarks or other proprietary rights relating to our products. Any claims, with or without merit, could be time-consuming, result in costly litigation, cause product shipment delays or require us to enter into royalty or licensing agreements. Such royalty or licensing agreements, if required, may not be available on terms acceptable to us.
We are subject to risks ofnon-compliance with environmental and other governmental regulations.
We are subject to a variety of governmental regulations relating to the use, storage, discharge, handling, emission, generation, manufacture, treatment and disposal of toxic or otherwise hazardous substances, chemicals, materials or waste. If we fail to comply with current or future regulations, such failure could result in suspension of our operations, alteration of our manufacturing process, remediation costs or substantial civil penalties or criminal fines against us or our officers, directors or employees. Additionally, these regulations could require us to acquire expensive remediation or abatement equipment and incur substantial expenses to comply with them.
Item 2. |
|
The following table provides information as of March 28, 2020 with respect to the shares of Intevac did not make any common stock repurchased by Intevacrepurchases during the first quarter of fiscal 2020.
Total Number of Shares Purchased | Average Price Paid per Share | Aggregate Price Paid | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Dollar Value of Shares That May Yet be Purchased Under the Program | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
December 29, 2019 to January 25, 2020 | — | $ | — | $ | — | — | $ | 10,838 | ||||||||||||
January 26, 2020 to February 22, 2020 | — | $ | — | $ | — | — | $ | 10,838 | ||||||||||||
February 23, 2020 to March 28, 2020 | 98 | $ | 3.97 | $ | 393 | 98 | $ | 10,445 |
Item 3. |
|
Item 4. |
|
Item 5. |
|
Item 6. |
|
Exhibit
| Description | |
| ||
Certification of President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of Executive Vice President, Finance and Administration, Chief Financial Officer, and Treasurer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certifications Pursuant to U.S.C. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. * | |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | Inline XBRL | |
101.CAL | Inline XBRL | |
101.DEF | Inline XBRL | |
101.LAB | Inline XBRL | |
101.PRE | Inline XBRL |
| ||
104 | Cover Page Interactive Data File (formatted as |
* | 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: | By: | /s/ WENDELL T. BLONIGAN | ||||
Wendell T. Blonigan | ||||||
President, Chief Executive Officer and Director | ||||||
(Principal Executive Officer) | ||||||
Date: | By: | /s/ JAMES MONIZ | ||||
James Moniz | ||||||
Executive Vice President, Finance and Administration, | ||||||
Chief Financial Officer, Secretary and Treasurer | ||||||
(Principal Financial and Accounting Officer) |
34