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    Intevac Announces First Quarter 2024 Financial Results

    4/25/24 7:00:00 AM ET
    $IVAC
    Industrial Machinery/Components
    Technology
    Get the next $IVAC alert in real time by email

    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, which led to the April shipment of an initial TRIO™ system to a display cover glass finishing facility in Asia.
    • Total cash, restricted cash and investments were $65 million at quarter end, and with more meaningful accounts receivable collections quarter-to-date the current balance is over $75 million.

    "We are pleased to demonstrate our critical role in the HDD ecosystem with Q1 revenues approaching $10 million, consisting primarily of HAMR technology upgrade sales," commented Nigel Hunton, president and chief executive officer. "Our HDD backlog of $53 million at quarter-end reflects continued strong bookings for upgrades in support of our customers' strategic technology roadmaps, and supports the visibility and longevity of a multi-year HAMR investment cycle, which in Q1 expanded for the first time to multiple HDD customers. We expect these strategic investments to boost areal density will continue to drive strength in our HDD business for several years, and with continued advancements in reducing the cost-per-bit of HDD storage we agree with industry expectations of robust demand for hard drive media.

    "With our first TRIO shipping into the field earlier this month, the level of excitement amongst Intevac employees is real," continued Mr. Hunton. "Since achieving qualification of the initial TRIO system just prior to year-end 2023, we have continued to navigate the complexities of the display cover glass ecosystem for consumer electronics. We successfully reached an agreement to deliver our first TRIO system in April, which is expected to convert to revenue upon successful end-customer qualification. We continue to believe the TRIO platform will be our major growth driver for the future, and the strong end-market customer demand and pull for the impressive capabilities and performance of our system helped drive the successful shipment of the first system earlier this month." Mr. Hunton concluded, "We remain steadfast in our focus to successfully transform Intevac into a consistently profitable company with a strong growth trajectory, and our decision to focus on the long-term potential of each of our flagship systems during the first quarter culminated in both an immediate return to HDD upgrade deliveries and the collection of overdue receivables, as well as the shipment of our first TRIO. I wish to thank the incredible Intevac team of employees who are executing phenomenally and we also wish to thank our stockholders for their continued support."

    ($ Millions, except per share amounts)

     

    Q1 2024

    Q1 2023

     

    GAAP Results

    Non-GAAP Results

    GAAP Results

    Non-GAAP Results

    Net Revenues

     

    $

    9.6

     

    $

    9.6

     

    $

    11.5

     

    $

    11.5

     

    Operating Loss

     

    $

    (4.4

    )

    $

    (4.4

    )

    $

    (4.5

    )

    $

    (4.5

    )

    Net Loss

     

    $

    (1.6

    )

    $

    (2.7

    )

    $

    (3.9

    )

    $

    (4.2

    )

    Net Loss per Diluted Share

     

    $

    (0.06

    )

    $

    (0.10

    )

    $

    (0.15

    )

    $

    (0.16

    )

    Intevac's non-GAAP adjusted results exclude the impact of the following, where applicable: discontinued operations. 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.

    First Quarter 2024 Summary

    Revenues were $9.6 million, compared to $11.5 million in the first quarter of 2023, and consisted of HDD upgrades, spares and service. Gross margin was 43.7%, compared to 40.9% in the first quarter of 2023. Operating expenses were $8.7 million, compared to $9.2 million in the first quarter of 2023. The operating loss was $4.4 million compared to $4.5 million in the first quarter of 2023.

    The net loss for the quarter was $1.6 million, or $0.06 per diluted share, compared to a net loss of $3.9 million, or $0.15 per diluted share, in the first quarter of 2023. The non-GAAP net loss for the first quarter of 2024 was $2.7 million, or $0.10 per diluted share, compared to a non-GAAP net loss of $4.2 million, or $0.16 per diluted share, in the first quarter of 2023.

    Order backlog was $53.1 million on March 30, 2024, compared to $42.4 million on December 30, 2023 and $120.7 million on April 1, 2023. Backlog at March 30, 2024 and December 30, 2023 did not include any 200 Lean HDD systems. Backlog at April 1, 2023 included eleven 200 Lean HDD systems.

    The Company ended the quarter with $65.5 million of total cash, cash equivalents, restricted cash and investments and $114.0 million in tangible book value.

    Use of Non-GAAP Financial Measures

    Intevac's non-GAAP results exclude the impact, where applicable, of discontinued operations. 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 5:30 a.m. PDT (8:30 a.m. EDT). To participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13745582. 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/intevac042524 or on the Company's investor relations website at https://ir.intevac.com/.

    About Intevac

    Founded in 1991, we are a leading provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. As a long-time supplier to the hard disk drive (HDD) industry, our industry-leading 200 Lean® platform supports the majority of the world's capacity for HDD disk media production, as well as all technology upgrade initiatives currently underway in support of next-generation HAMR (heat-assisted magnetic recording) media. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also are leveraging our technology and know-how for additional markets with our groundbreaking TRIO™ platform, which enables high-value coatings to be deployed cost-effectively on an array of glass displays and other substrates, including for consumer devices.

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

    200 Lean® and TRIO™ 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: the Company's revenue growth potential and future financial performance. 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, global macroeconomic conditions and supply chain challenges including shipment delays, availability of components, and freight, logistics and other disruptions, and changes in market dynamics that could change the forecasts and delivery schedules for both our systems and upgrades, 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.

    All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Intevac does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Any future product, service, feature, or related specification that may be referenced in this release is for informational purposes only and is not a commitment to deliver any offering, technology or enhancement.

    INTEVAC, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited, in thousands, except per share amounts)

     

     

    Three months ended

     

     

    March 30,

    2024

     

    April 1,

    2023

     

     

     

     

     

     

     

     

     

     

    Net revenues

     

    $

    9,631

     

     

    $

    11,542

     

     

     

     

     

     

    Gross profit

     

     

    4,204

     

     

     

    4,719

     

     

     

     

     

     

    Gross margin

     

     

    43.7

    %

     

     

    40.9

    %

     

     

     

     

     

    Operating expenses

     

     

     

     

    Research and development

     

     

    4,369

     

     

     

    3,973

     

    Selling, general and administrative

     

     

    4,281

     

     

     

    5,200

     

    Total operating expenses

     

     

    8,650

     

     

     

    9,173

     

    Total operating loss

     

     

    (4,446

    )

     

     

    (4,454

    )

     

     

     

     

     

    Interest and other income

     

     

    2,221

     

     

     

    672

     

    Loss before provision for income taxes

     

     

    (2,225

    )

     

     

    (3,782

    )

    Provision for income taxes

     

     

    476

     

     

     

    386

     

    Net loss from continuing operations

     

     

    (2,701

    )

     

     

    (4,168

    )

    Net income from discontinued operations

     

     

    1,095

     

     

     

    277

     

    Net loss

     

    $

    (1,606

    )

     

    $

    (3,891

    )

     

     

     

     

     

    Net loss per share

     

     

     

     

    Basic and diluted – continuing operations

     

    $

    (0.10

    )

     

    $

    (0.16

    )

    Basic and diluted – discontinued operations

     

    $

    0.04

     

     

    $

    0.01

     

    Basic and diluted – net loss

     

    $

    (0.06

    )

     

    $

    (0.15

    )

     

     

     

     

     

    Weighted average common shares outstanding

     

     

     

     

    Basic and Diluted

     

     

    26,522

     

     

     

    25,781

     

    INTEVAC, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except par value)

       

     

    March 30, 2024

     

    December 30,

    2023

     

    (Unaudited)

     

    (see Note)

    ASSETS

     

     

     

     

     

     

     

    Current assets

     

     

     

    Cash, cash equivalents and short-term investments

    $

    63,844

     

     

    $

    68,846

     

    Accounts receivable, net

     

    25,136

     

     

     

    18,613

     

    Inventories

     

    45,808

     

     

     

    43,795

     

    Prepaid expenses and other current assets

     

    2,387

     

     

     

    2,123

     

    Total current assets

     

    137,175

     

     

     

    133,377

     

     

     

     

     

    Long-term investments

     

    922

     

     

     

    2,687

     

    Restricted cash

     

    700

     

     

     

    700

     

    Property, plant and equipment, net

     

    7,149

     

     

     

    7,664

     

    Operating lease right-of-use assets

     

    7,182

     

     

     

    7,658

     

    Intangible assets, net

     

    920

     

     

     

    954

     

    Other long-term assets

     

    3,194

     

     

     

    3,466

     

    Total assets

    $

    157,242

     

     

    $

    156,506

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

    Current liabilities

     

     

     

    Current operating lease liabilities

    $

    902

     

     

    $

    1,008

     

    Accounts payable

     

    5,494

     

     

     

    5,800

     

    Accrued payroll and related liabilities

     

    2,837

     

     

     

    3,475

     

    Other accrued liabilities

     

    1,955

     

     

     

    1,820

     

    Customer advances

     

    23,044

     

     

     

    20,407

     

    Total current liabilities

     

    34,232

     

     

     

    32,510

     

     

     

     

     

    Non-current liabilities

     

     

     

    Non-current operating lease liabilities

     

    6,591

     

     

     

    6,976

     

    Customer advances

     

    1,482

     

     

     

    1,482

     

    Other non-current liabilities

     

    14

     

     

     

    21

     

    Total non-current liabilities

     

    8,087

     

     

     

    8,479

     

     

     

     

     

    Stockholders' equity

     

     

     

    Common stock ($0.001 par value)

     

    27

     

     

     

    26

     

    Additional paid-in capital

     

    211,398

     

     

     

    210,320

     

    Treasury stock, at cost

     

    (29,551

    )

     

     

    (29,551

    )

    Accumulated other comprehensive income

     

    30

     

     

     

    97

     

    Accumulated deficit

     

    (66,981

    )

     

     

    (65,375

    )

    Total stockholders' equity

     

    114,923

     

     

     

    115,517

     

    Total liabilities and stockholders' equity

    $

    157,242

     

     

    $

    156,506

     

    Note: Amounts as of December 30, 2023 are derived from the December 30, 2023 audited consolidated financial statements

    INTEVAC, INC.

    RECONCILIATION OF GAAP TO NON-GAAP RESULTS

    (Unaudited, in thousands, except per share amounts)

     

    Three months ended

     

    March 30,

    2024

     

    April 1,

    2023

     

     

     

     

    Non-GAAP Loss from Operations

     

     

     

    Reported operating loss (GAAP basis)

    $

    (4,446

    )

     

    $

    (4,454

    )

    Non-GAAP Operating Loss

    $

    (4,446

    )

     

    $

    (4,454

    )

     

     

     

     

    Non-GAAP Net Loss

     

     

     

    Reported net loss (GAAP basis)

    $

    (1,606

    )

     

    $

    (3,891

    )

    Discontinued operations1

     

    (1,095

    )

     

     

    (277

    )

    Non-GAAP Net Loss

    $

    (2,701

    )

     

    $

    (4,168

    )

     

     

     

     

    Non-GAAP Net Loss Per Share

     

     

     

    Reported net loss per share (GAAP basis)

    $

    (0.06

    )

     

    $

    (0.15

    )

    Discontinued operations1:

     

    (0.04

    )

     

     

    (0.01

    )

    Non-GAAP Net Loss Per Share

    $

    (0.10

    )

     

    $

    (0.16

    )

     

     

     

     

    Weighted average number of diluted shares outstanding

     

    26,522

     

     

     

    25,781

     

    1

     

    The amount represents discontinued operations of the Photonics business that was sold on December 30, 2021.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240425982444/en/

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    • Seagate Completes Acquisition of Intevac

      Seagate Technology Holdings plc (NASDAQ:STX) ("Seagate"), a leading innovator of mass-capacity data storage, announced today that it has completed the acquisition of Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems. Completion of Tender Offer and Merger The previously announced cash tender offer for all of the outstanding shares of common stock of Intevac for $4.00 per share, payable in cash at closing, without interest and subject to reduction for any applicable withholding taxes, by Irvine Acquisition Holdings, Inc. ("Merger Sub"), an indirect wholly owned subsidiary of Seagate, expired one minute after 11:59 p.m., Eastern Time, on March 28, 2025. Comp

      3/31/25 8:45:00 AM ET
      $IVAC
      $STX
      Industrial Machinery/Components
      Technology
      Electronic Components
    • Intevac Announces Details of Special Dividend

      Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems, today announced that a one-time special cash dividend of $0.052 per share of common stock will be paid on March 28, 2025, to all stockholders of record as of the close of business on March 24, 2025. The one-time special cash dividend is being paid in connection with the proposed acquisition of Intevac by Seagate Technology Holdings plc ("Seagate"). Seagate has commenced a tender offer (the "Offer") to acquire all of Intevac's outstanding common stock for $4.00 per share in cash. The tender offer is scheduled to expire at one minute after 11:59 p.m., Eastern Time, on March 28, 2025. Intevac's Board of Direc

      3/14/25 4:05:00 PM ET
      $IVAC
      Industrial Machinery/Components
      Technology
    • Seagate Announces Agreement to Acquire Intevac

      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

      2/13/25 8:00:00 AM ET
      $IVAC
      $STX
      Industrial Machinery/Components
      Technology
      Electronic Components