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    Intevac Announces Third Quarter 2023 Financial Results

    11/1/23 4:05:00 PM 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 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 customer timelines for technology upgrades. We expect the collection of HDD receivables in Q4 will drive an increase in our total cash balance by year-end, which we continue to expect will be within the range of $75 to $80 million, as communicated previously.

    "We are also very pleased to announce that during Q3 we entered the formal qualification cycle for our groundbreaking TRIO™ platform with our JDA partner Corning Incorporated, which is one of the world's leading innovators in glass and glass-ceramic materials for mobile consumer electronics applications," continued Mr. Hunton. "We expect to complete the qualification stage in Q4 and advance to delivery of the TRIO system to Corning. We continue to believe that our JDA with Corning represents significant potential for Intevac's future revenue growth. As we look towards 2024 in particular, we expect the results of the recently-completed restructuring process will enable the Company to deliver improved operating performance and preserve the strength of our balance sheet."

    ($ Millions, except per share amounts)

     

    Three Months Ended

    Three Months Ended

     

    September 30, 2023

    October 1, 2022

     

    GAAP Results

    Non-GAAP Results

    GAAP Results

    Non-GAAP

    Results

    Net Revenues

    $

    17.9

     

    $

    17.9

    $

    10.8

     

    $

    10.8

     

    Operating Income (Loss)

    $

    (1.4

    )

    $

    0.5

    $

    (3.2

    )

    $

    (3.2

    )

    Net Income (Loss)

    $

    (1.6

    )

    $

    0.1

    $

    (3.2

    )

    $

    (3.2

    )

    Net Income (Loss) per Share – Basic and Diluted

    $

    (0.06

    )

    $

    0.00

    $

    (0.13

    )

    $

    (0.13

    )

     

    Nine Months Ended

    Nine Months Ended

     

    September 30, 2023

    October 1, 2022

     

    GAAP Results

    Non-GAAP Results

    GAAP Results

    Non-GAAP

    Results

    Net Revenues

    $

    39.8

     

    $

    39.8

     

    $

    24.5

     

    $

    24.5

     

    Operating Loss

    $

    (11.3

    )

    $

    (9.4

    )

    $

    (13.2

    )

    $

    (10.6

    )

    Net Loss

    $

    (10.3

    )

    $

    (9.0

    )

    $

    (13.9

    )

    $

    (10.8

    )

    Net Loss per Share – Basic and Diluted

    $

    (0.40

    )

    $

    (0.35

    )

    $

    (0.55

    )

    $

    (0.43

    )

    Intevac's non-GAAP adjusted results exclude the impact of the following, where applicable: (i) restructuring charges, (ii) fixed asset disposals associated with a restructuring program and (iii) 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.

    Third Quarter 2023 Summary

    Revenues were $17.9 million, compared to $10.8 million in the third quarter of 2022, and consisted of HDD upgrades, spares and service. Gross margin was 39.1%, compared to 45.5%, in the third quarter of 2022. Operating expenses were $8.4 million, compared to $8.1 million in the third quarter of 2022. The operating loss was $1.4 million compared to $3.2 million in the third quarter of 2022. The operating loss of $1.4 million included $2.0 million of restructuring-related costs, including severance.

    The net loss for the quarter was $1.6 million, or $0.06 per diluted share, compared to a net loss of $3.2 million, or $0.13 per diluted share, in the third quarter of 2022. Non-GAAP net income for the third quarter of 2023 was $0.1 million, or $0.00 per diluted share, compared to a non-GAAP net loss of $3.2 million, or $0.13 per diluted share, in the third quarter of 2022.

    Order backlog was $46.5 million on September 30, 2023 compared to $58.2 million on July 1, 2023 and $110.4 million on October 1, 2022. Backlog at September 30, 2023 and July 1, 2023 included two 200 Lean HDD systems. Backlog at October 1, 2022 included eleven 200 Lean HDD systems.

    The Company ended the quarter with $66.2 million of total cash, cash equivalents, restricted cash and investments and $115.2 million in tangible book value.

    First Nine Months 2023 Summary

    Revenues were $39.8 million, compared to first nine months of 2022 revenues of $24.5 million, and consisted of one 200 Lean HDD system, one refurbished 200 Lean HDD system, HDD upgrades, spares and service. Gross margin was 35.9%, compared to 41.2% in the first nine months of 2022. Operating expenses were $25.6 million, compared to $23.3 million in the first nine months of 2022. The operating loss of $11.3 million included $2.0 million of restructuring-related costs, including severance. The net loss was $10.3 million, or $0.40 per diluted share, compared to a net loss of $13.9 million, or $0.55 per diluted share, for the first nine months of 2022. On a non-GAAP basis, the net loss was $9.0 million, or $0.35 per diluted share, compared to a net loss of $10.8 million, or $0.43 per diluted share, for the first nine months of 2022.

    Use of Non-GAAP Financial Measures

    Intevac's non-GAAP results exclude the impact, where applicable, of restructuring charges, fixed asset disposals associated with a restructuring program and 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 1:30 p.m. PDT (4:30 p.m. EDT). To participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13741623. 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/register/intevac110123/en or on the Company's investor relations website at https://ir.intevac.com/. For those unable to attend live, an archived webcast of the call will be available at the same link.

    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 HDD 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 applications, such as coatings for consumer devices.

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

    200 Lean® is a registered trademark of Intevac, Inc. and TRIO™ is a trademark 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, expected collection of receivables, the completion of the TRIO qualification process, and future financial performance, including improved operating results and preserving the strength of the balance sheet. 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

    Nine months ended

     

    September 30,

    2023

    October 1,

    2022

    September 30,

    2023

    October 1,

    2022

     

     

     

     

     

    Net revenues

    $

    17,915

     

    $

    10,750

     

    $

    39,758

     

    $

    24,502

     

    Gross profit

     

    6,999

     

     

    4,890

     

     

    14,287

     

     

    10,100

     

    Gross margin

     

    39.1

    %

     

    45.5

    %

     

    35.9

    %

     

    41.2

    %

    Operating expenses

     

     

     

     

    Research and development

     

    3,720

     

     

    3,311

     

     

    11,340

     

     

    10,339

     

    Selling, general and administrative

     

    4,707

     

     

    4,741

     

     

    14,281

     

     

    13,007

     

    Total operating expenses

     

    8,427

     

     

    8,052

     

     

    25,621

     

     

    23,346

     

    Total operating loss

     

    (1,428

    )

     

    (3,162

    )

     

    (11,334

    )

     

    (13,246

    )

    Interest and other income (expense), net

     

    600

     

     

    413

     

     

    1,922

     

     

    723

     

    Loss from continuing operations before provision for income taxes

     

    (828

    )

     

    (2,749

    )

     

    (9,412

    )

     

    (12,523

    )

    Provision for income taxes

     

    796

     

     

    467

     

     

    1,298

     

     

    992

     

    Net loss from continuing operations

     

    (1,624

    )

     

    (3,216

    )

     

    (10,710

    )

     

    (13,515

    )

    Net income (loss) from discontinued operations, net of taxes

     

    48

     

     

    (20

    )

     

    365

     

     

    (394

    )

    Net loss

    $

    (1,576

    )

    $

    (3,236

    )

    $

    (10,345

    )

    $

    (13,909

    )

    Net income (loss) per share

     

     

     

     

    Basic and diluted - continuing operations

    $

    (0.06

    )

    $

    (0.13

    )

    $

    (0.41

    )

    $

    (0.54

    )

    Basic and diluted - discontinued operations

    $

    0.00

     

    $

    (0.00

    )

    $

    0.01

     

    $

    (0.02

    )

    Basic and diluted - net loss

    $

    (0.06

    )

    $

    (0.13

    )

    $

    (0.40

    )

    $

    (0.55

    )

    Weighted average common shares outstanding

     

     

     

     

    Basic and diluted

     

    26,287

     

     

    25,370

     

     

    26,033

     

     

    25,104

     

    INTEVAC, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except par value)

     

     

    September 30,

    2023

    December 31,

    2022

     

    (Unaudited)

    (see Note)

    ASSETS

     

     

    Current assets

     

     

    Cash, cash equivalents and short-term investments

    $

    61,627

     

    $

    94,445

     

    Accounts receivable, net

     

    27,980

     

     

    15,823

     

    Inventories

     

    42,837

     

     

    30,003

     

    Prepaid expenses and other current assets

     

    1,905

     

     

    1,898

     

    Total current assets

     

    134,349

     

     

    142,169

     

    Long-term investments

     

    3,855

     

     

    17,585

     

    Restricted cash

     

    700

     

     

    786

     

    Property, plant and equipment, net

     

    7,536

     

     

    3,658

     

    Operating lease right-of-use-assets

     

    1,772

     

     

    3,390

     

    Intangible assets, net

     

    988

     

     

    1,090

     

    Deferred income tax and other long-term assets

     

    3,877

     

     

    4,381

     

    Total assets

    $

    153,077

     

    $

    173,059

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

    Current liabilities

     

     

    Current operating lease liabilities

    $

    1,694

     

    $

    3,404

     

    Accounts payable

     

    5,538

     

     

    11,610

     

    Accrued payroll and related liabilities

     

    3,196

     

     

    3,087

     

    Other accrued liabilities

     

    2,732

     

     

    5,430

     

    Contract advances

     

    21,523

     

     

    2,444

     

    Total current liabilities

     

    34,683

     

     

    25,975

     

    Non-current liabilities

     

     

    Non-current operating lease liabilities

     

    646

     

     

    1,417

     

    Contract advances

     

    1,482

     

     

    22,215

     

    Other non-current liabilities

     

    29

     

     

    —

     

    Total non-current liabilities

     

    2,157

     

     

    23,632

     

    Stockholders' equity

     

     

    Common stock ($0.001 par value)

     

    26

     

     

    26

     

    Additional paid-in capital

     

    209,396

     

     

    206,355

     

    Treasury stock, at cost

     

    (29,551

    )

     

    (29,551

    )

    Accumulated other comprehensive loss

     

    (104

    )

     

    (193

    )

    Accumulated deficit

     

    (63,530

    )

     

    (53,185

    )

    Total stockholders' equity

     

    116,237

     

     

    123,452

     

    Total liabilities and stockholders' equity

    $

    153,077

     

    $

    173,059

     

    Note: Amounts as of December 31, 2022 are derived from the December 31, 2022 audited consolidated financial statements.

    INTEVAC, INC.

    RECONCILIATION OF GAAP TO NON-GAAP RESULTS

    (Unaudited, in thousands, except per share amounts)

     

     

    Three months ended

    Nine months ended

     

    September 30,

    2023

    October 1,

    2022

    September 30,

    2023

    October 1,

    2022

    Non-GAAP Income (Loss) from Operations

     

     

     

     

    Reported operating loss (GAAP basis)

    $

    (1,428

    )

    $

    (3,162

    )

    $

    (11,334

    )

    $

    (13,246

    )

    Restructuring charges 1

     

    1,950

     

     

    —

     

     

    1,950

     

     

    1,232

     

    Loss on fixed asset disposals2

     

    —

     

     

    —

     

     

    —

     

     

    1,453

     

    Non-GAAP Operating Income (Loss)

    $

    522

     

    $

    (3,162

    )

    $

    (9,384

    )

    $

    (10,561

    )

    Non-GAAP Net Income (Loss)

     

     

     

     

    Reported net loss (GAAP basis)

    $

    (1,576

    )

    $

    (3,236

    )

    $

    (10,345

    )

    $

    (13,909

    )

    Continuing operations:

     

     

     

     

    Restructuring charges 1

     

    1,950

     

     

    —

     

     

    1,950

     

     

    1,232

     

    Loss on fixed asset disposals2

     

    —

     

     

    —

     

     

    —

     

     

    1,453

     

    Income tax effect of non-GAAP adjustments3

     

    (275

    )

     

    —

     

     

    (275

    )

     

    —

     

    Discontinued operations4

     

    (48

    )

     

    20

     

     

    (365

    )

     

    394

     

    Non-GAAP Net Income (Loss)

    $

    51

     

    $

    (3,216

    )

    $

    (9,035

    )

    $

    (10,830

    )

    Non-GAAP Net Income (Loss) Per Diluted Share

     

     

     

     

    Reported net loss per diluted share (GAAP basis)

    $

    (0.06

    )

    $

    (0.13

    )

    $

    (0.40

    )

    $

    (0.55

    )

    Continuing operations:

     

     

     

     

    Restructuring charges 1

    $

    0.06

     

    $

    —

     

    $

    0.06

     

    $

    0.05

     

    Loss on fixed asset disposals2

    $

    —

     

    $

    —

     

    $

    —

     

    $

    0.06

     

    Discontinued operations4

    $

    (0.00

    )

    $

    0.00

     

    $

    (0.01

    )

    $

    0.02

     

    Non-GAAP Net Income (Loss) Per Diluted Share

    $

    0.00

     

    $

    (0.13

    )

    $

    (0.35

    )

    $

    (0.43

    )

    Weighted average number of basic shares

     

    26,287

     

     

    25,370

     

     

    26,033

     

     

    25,104

     

    Weighted average number of diluted shares

     

    26,799

     

     

    25,370

     

     

    26,033

     

     

    25,104

     

    1

    Results for the three and nine months ended September 30, 2023 and the nine months ended October 1, 2022 include severance and other employee-related costs related to various restructuring programs. Restructuring costs for the three and nine months ended September 30, 2023 include $2.0 million for severance. Restructuring costs for the nine months ended October 1, 2022 include $1.2 million for severance and the related modification of certain stock-based awards.

    2

    The amount represents fixed asset disposals under the 2022 restructuring plan.

    3

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

    4

    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/20231101730637/en/

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      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
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    $IVAC
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    • Amendment: SEC Form SC 13G/A filed by Intevac Inc.

      SC 13G/A - INTEVAC INC (0001001902) (Subject)

      10/15/24 1:17:35 PM ET
      $IVAC
      Industrial Machinery/Components
      Technology
    • SEC Form SC 13G/A filed by Intevac Inc. (Amendment)

      SC 13G/A - INTEVAC INC (0001001902) (Subject)

      2/14/24 3:34:36 PM ET
      $IVAC
      Industrial Machinery/Components
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    • SEC Form SC 13G/A filed by Intevac Inc. (Amendment)

      SC 13G/A - INTEVAC INC (0001001902) (Subject)

      2/14/24 11:07:01 AM ET
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    • Director Miyanaga Eiji returned 12,000 shares to the company, closing all direct ownership in the company (SEC Form 4)

      4 - INTEVAC INC (0001001902) (Issuer)

      4/1/25 5:06:49 PM ET
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      Industrial Machinery/Components
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    • Director Vardeman Ryan L. returned 12,000 shares to the company, closing all direct ownership in the company (SEC Form 4)

      4 - INTEVAC INC (0001001902) (Issuer)

      4/1/25 5:02:27 PM ET
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      Industrial Machinery/Components
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    • Director Klein Michele returned 12,000 shares to the company, closing all direct ownership in the company (SEC Form 4)

      4 - INTEVAC INC (0001001902) (Issuer)

      4/1/25 4:48:58 PM ET
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    • SEC Form 15-12G filed by Intevac Inc.

      15-12G - INTEVAC INC (0001001902) (Filer)

      4/14/25 8:35:30 AM ET
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      Industrial Machinery/Components
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    • Amendment: SEC Form SCHEDULE 13D/A filed by Intevac Inc.

      SCHEDULE 13D/A - INTEVAC INC (0001001902) (Subject)

      4/2/25 4:06:42 PM ET
      $IVAC
      Industrial Machinery/Components
      Technology
    • SEC Form S-8 POS filed by Intevac Inc.

      S-8 POS - INTEVAC INC (0001001902) (Filer)

      3/31/25 5:15:40 PM ET
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      Industrial Machinery/Components
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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
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    • 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