Intevac Stockholders to Receive $4.00 Per Share in Cash, Plus a Special Dividend of $0.052 Per Share and a Regular Dividend of $0.05 Per Share Acquisition Delivers Compelling and Certain Cash Value Seagate Technology Holdings plc (NASDAQ:STX) ("Seagate"), a leading innovator of mass-capacity data storage, and Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems, today announced that Seagate has entered into a definitive agreement to acquire Intevac in an all-cash transaction for $4.00 per share (the "Transaction"). In connection with the closing of the Transaction, Intevac will pay a one-time special dividend of $0.052 per share. The payment of the speci

Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a leading supplier of thin-film processing systems, today announced that it plans to host an earnings conference call for its fiscal fourth quarter and full year 2024 at 1:30 p.m. PT (4:30 p.m. ET) on Tuesday, February 25th 2025. Event:   Intevac Fourth Quarter and Fiscal Year 2024 Earnings Call Date:   Tuesday, February 25th 2025 Time:   1:30 p.m. PT (4:30 p.m. ET) Live Call:   1 (877) 407-0989 (U.S. Toll-Free) or +1 (201) 389-0921 (International) Meeting number: 13751168 Webcast:   https://www.webcast-eqs.com/login/intevac022525 or https://ir.intevac.com For those unable t

2024 Year-end Cash Expected to be $70-$72 million 2025 Revenue Expected to be $52-$55 million Quarterly Dividend of $0.05 per share to Begin in Q1 2025 HDD Business Projected to Generate ~$200 million of Revenue Over Next Three Years Intevac, Inc. (NASDAQ:IVAC) ("Intevac" or the "Company") today announced its anticipated year end cash position, 2025 revenue guidance, commencement of quarterly dividends, further restructuring to strengthen profitability, and a renewed focus on its pursuit of strategic options. At year end Intevac's cash position, composed of restricted cash, and investments, is expected to be in the range of $70-$72 million. 2025 revenue is expected to be in the ra

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the quarter and nine months ended September 28, 2024. "We are pleased to report third-quarter results favorable to our expectations going into the quarter," commented Nigel Hunton, president and chief executive officer. "Technology upgrades in support of next-generation HAMR (heat-assisted magnetic recording) media continue to drive the majority of our business, and total revenues from HDD upgrades, spares, and field service totaled over $13 million, exceeding our expectations. With an additional $15 million of largely pass-through revenue associated with the transfer of inventory to a customer, the gross margin and earnings

Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, today announced the appointment of Ryan L. Vardeman to its board of directors (the "Board"), effective immediately. Mr. Vardeman is a principal and co-founder of Palogic Value Fund, L.P. ("Palogic"), which is a substantial shareholder of Intevac. "We are pleased to welcome Ryan to the Board," said Kevin Barber, chair of the Board. "We look forward to Ryan's contributions as a director and believe that he will further enhance the strength of our Board as we focus on building value for all stockholders." "I believe that Intevac is an outstanding company," said Mr. Vardeman. "I look forward to working with the

Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, will release financial results for its fiscal third quarter 2024 at approximately 1 p.m. PT (4 p.m. ET) on Monday, November 11th, 2024. At 1:30 p.m. PT (4:30 p.m. ET) on November 11th, Intevac management will host a teleconference to discuss the Company's financial results. To participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13748961. For international callers, the dial-in number is +1 (201) 389-0921. You may also listen live via the Internet at https://www.webcast-eqs.com/login/intevac111124 or on the Company's investor relations we

Replacing David S. Dury, Board Chairman Since 2017, as Part of the Company's Planned Succession Strategy Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, today announced the appointment of Kevin Barber as the Company's Board Chairman, effective today. Mr. Barber succeeds David S. Dury, who has served as Board Chairman since 2017 and will remain on the Board until the annual meeting of stockholders in 2025. "I would like to thank David for his meaningful contributions during his time as Board Chairman," commented Nigel Hunton, Intevac's president and chief executive officer. "David has proven to be a critical asset to the Company and has been instrumental in

Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, today announced that it has expanded its Board of Directors with the appointment of industry veteran Eiji Miyanaga, as a new independent director. Mr. Miyanaga most recently served on the board of directors of Ferrotec Holdings Corporation (JASDAQ: 6890), a leading global supplier of advanced materials, components, and precision system solutions used in a broad array of end products, manufacturing systems, and industries, with over $1.5B of sales annually. Mr. Miyanaga spent the majority of the last 30 years serving as CEO of Ferrotec USA, where he transformed the company from a single technology-based busine

Intevac, Inc. (NASDAQ:IVAC, "Intevac" or "the Company"))), a leading supplier of thin-film processing systems, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to Cameron McAulay in connection with his appointment as Intevac's new Chief Financial Officer, Secretary and Treasurer in July 2024. Such grants were made under the Intevac, Inc. 2022 Inducement Equity Incentive Plan, which Intevac's board of directors approved and adopted on January 19, 2022, as amended July 1, 2024. As provided for in Mr. McAulay's employment offer letter with Intevac and previously described in the Current Report on Form 8-K filed by Intevac with the Securities and Excha

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the quarter and six months ended June 29, 2024. "We witnessed strengthening demand for hard disk drive (HDD) media technology upgrades during the second quarter, and our team in Singapore provided solid execution, which led to revenues well ahead of expectations," commented Nigel Hunton, president and chief executive officer. "Today's media upgrade initiatives, including those in support of the HAMR (heat-assisted magnetic recording) technology transitions now underway, demonstrate Intevac's critical role within the HDD ecosystem. Our flagship 200 Lean® is the world's leading platform for media production, both today and for

Intevac Stockholders to Receive $4.00 Per Share in Cash, Plus a Special Dividend of $0.052 Per Share and a Regular Dividend of $0.05 Per Share Acquisition Delivers Compelling and Certain Cash Value Seagate Technology Holdings plc (NASDAQ:STX) ("Seagate"), a leading innovator of mass-capacity data storage, and Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems, today announced that Seagate has entered into a definitive agreement to acquire Intevac in an all-cash transaction for $4.00 per share (the "Transaction"). In connection with the closing of the Transaction, Intevac will pay a one-time special dividend of $0.052 per share. The payment of the speci

Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a leading supplier of thin-film processing systems, today announced that it plans to host an earnings conference call for its fiscal fourth quarter and full year 2024 at 1:30 p.m. PT (4:30 p.m. ET) on Tuesday, February 25th 2025. Event:   Intevac Fourth Quarter and Fiscal Year 2024 Earnings Call Date:   Tuesday, February 25th 2025 Time:   1:30 p.m. PT (4:30 p.m. ET) Live Call:   1 (877) 407-0989 (U.S. Toll-Free) or +1 (201) 389-0921 (International) Meeting number: 13751168 Webcast:   https://www.webcast-eqs.com/login/intevac022525 or https://ir.intevac.com For those unable t

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the quarter and nine months ended September 28, 2024. "We are pleased to report third-quarter results favorable to our expectations going into the quarter," commented Nigel Hunton, president and chief executive officer. "Technology upgrades in support of next-generation HAMR (heat-assisted magnetic recording) media continue to drive the majority of our business, and total revenues from HDD upgrades, spares, and field service totaled over $13 million, exceeding our expectations. With an additional $15 million of largely pass-through revenue associated with the transfer of inventory to a customer, the gross margin and earnings

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the quarter and six months ended June 29, 2024. "We witnessed strengthening demand for hard disk drive (HDD) media technology upgrades during the second quarter, and our team in Singapore provided solid execution, which led to revenues well ahead of expectations," commented Nigel Hunton, president and chief executive officer. "Today's media upgrade initiatives, including those in support of the HAMR (heat-assisted magnetic recording) technology transitions now underway, demonstrate Intevac's critical role within the HDD ecosystem. Our flagship 200 Lean® is the world's leading platform for media production, both today and for

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the first quarter ended March 30, 2024. Q1 Highlights: Continued strong demand for technology upgrades for hard disk drive (HDD) media resulted in sales of nearly $10 million and gross margin approaching 44% for the quarter. New orders exceeded $20 million for the quarter, and included HDD technology upgrade bookings from multiple customers, including initial HAMR (heat-assisted magnetic recording) upgrade orders from a leading data storage company. Completed agreement related to payment terms with a major HDD customer. Resolved our JDA agreement in order to work directly with key OEMs and their direct suppliers,

Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, today reported financial results for the fiscal fourth quarter and year ended December 30, 2023. Q4 and Fiscal 2023 Highlights Successfully completed TRIO™ development program and achieved qualification of initial TRIO system before year-end 2023. Q4 sales of $12.9 million exceeded prior expectations due to the acceleration of heat-assisted magnetic recording (HAMR) technology upgrades for our hard disk drive (HDD) customers. Total revenues of $52.7 million for fiscal 2023 represented very strong growth of 47% year-over-year. Achieved all-time record sales of HDD upgrades – for both the fiscal third

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the quarter and nine months ended September 30, 2023. "We are pleased to deliver third-quarter 2023 results well above our prior expectations, reflecting media technology upgrade initiatives currently underway in the hard disk drive (HDD) industry," commented Nigel Hunton, president and chief executive officer. "Industry leaders are focused on executing the ramp of next-generation media technology, and within this evolving landscape Intevac has emerged as the enabling technology partner for HDD media production. The revenue upside we achieved in Q3 also demonstrates our operational agility and ability to execute to meet cust

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the quarter and six months ended July 1, 2023. "2023 has been a year of both immense change for Intevac, as well as tremendous opportunity," commented Nigel Hunton, president and chief executive officer. "We are excited about continued progress in our joint development program for our groundbreaking TRIO™ platform year to date. Our JDA partner, one of the world's leading innovators in glass and glass-ceramic materials for mobile consumer electronics applications, with whom we entered a joint development agreement for the TRIO platform in fiscal 2022, is currently evaluating the TRIO tool built by Intevac. The next step will

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the first quarter ended April 1, 2023. Q1 Highlights: Revenue of $11.5 million was at the upper end of expectations, a 3% increase from the previous quarter and up 160% from Q1 of 2022; With gross margin of 41% and operating expenses of $9.2 million, the net loss from continuing operations was $0.16 per share, favorable to expectations; and Continued progress, in partnership with our joint development partner, developing the TRIO™ platform for the coating of consumer electronics devices. "We are pleased to deliver Q1 revenues at the upper end of our expectations, which is demonstrative of our strong partnerships

Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the fiscal fourth quarter and year ended December 31, 2022. Fiscal 2022 Highlights Exceeded financial performance objectives for the year, with $36 million in revenues, 42% gross margins, and solid cash flow performance, resulting in $113 million in total cash, cash equivalents, restricted cash, and investments at year end Record-level orders of $133 million for the year, contributing to year-end backlog of $122 million, establishing the foundation for future revenue growth Entered into a joint development agreement (JDA) with a leading provider of glass and glass ceramic materials, adding a significant new revenue oppo