2013 Q1 Form 10-K Financial Statement

#000119312513071505 Filed on February 22, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 2011 Q4
Revenue $12.98M $83.42M $18.65M
YoY Change -25.02% 0.54% -71.15%
Cost Of Revenue $9.468M $49.27M $11.80M
YoY Change -9.75% -6.24% -66.32%
Gross Profit $3.514M $34.16M $6.395M
YoY Change -48.51% 12.25% -78.38%
Gross Profit Margin 27.07% 40.95% 34.3%
Selling, General & Admin $5.971M $25.92M $6.980M
YoY Change -11.84% 1.26% -2.38%
% of Gross Profit 169.92% 75.88% 109.15%
Research & Development $6.358M $31.76M $8.610M
YoY Change -30.99% -7.36% 21.95%
% of Gross Profit 180.93% 92.99% 134.64%
Depreciation & Amortization $1.032M $3.936M $1.280M
YoY Change -16.84% -19.34% -13.51%
% of Gross Profit 29.37% 11.52% 20.02%
Operating Expenses $12.33M $78.90M $15.59M
YoY Change -22.88% 28.98% 9.71%
Operating Profit -$9.023M -$42.53M -$9.195M
YoY Change 29.73% 38.36% -159.82%
Interest Expense $70.00K $800.0K $140.0K
YoY Change -61.11% 0.0% -275.0%
% of Operating Profit
Other Income/Expense, Net $80.00K -$352.0K -$210.0K
YoY Change -78.49% 66.04% 61.54%
Pretax Income -$8.943M -$32.13M -$7.930M
YoY Change 35.85% 113.08% -151.86%
Income Tax -$679.0K $13.24M -$1.820M
% Of Pretax Income
Net Earnings -$8.264M -$55.32M -$6.209M
YoY Change 161.44% 151.74% -147.11%
Net Earnings / Revenue -63.66% -66.31% -33.3%
Basic Earnings Per Share -$0.35 -$2.37
Diluted Earnings Per Share -$0.35 -$2.37 -$266.7K
COMMON SHARES
Basic Shares Outstanding 23.77M shares 23.34M shares
Diluted Shares Outstanding 23.66M shares 23.34M shares

Balance Sheet

Concept 2013 Q1 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.50M $64.90M $73.40M
YoY Change -14.45% -20.95% -38.22%
Cash & Equivalents $24.84M $24.30M $23.56M
Short-Term Investments $42.60M $40.60M $45.40M
Other Short-Term Assets $1.859M $2.100M $6.848M
YoY Change -81.77% -77.42% -16.49%
Inventory $25.94M $26.20M $18.07M
Prepaid Expenses
Receivables $10.30M $19.80M $16.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $105.9M $113.0M $128.1M
YoY Change -17.68% -11.79% -31.57%
LONG-TERM ASSETS
Property, Plant & Equipment $12.67M $13.40M $14.45M
YoY Change -9.49% -6.94% 6.24%
Goodwill $18.39M
YoY Change 0.0%
Intangibles $5.642M $6.441M
YoY Change
Long-Term Investments $26.20M $27.30M $48.70M
YoY Change -20.12% -16.51% 368.27%
Other Assets $585.0K $12.90M $786.0K
YoY Change -97.95% -50.0% -95.43%
Total Long-Term Assets $58.09M $59.50M $97.73M
YoY Change -41.91% -39.1% 87.22%
TOTAL ASSETS
Total Short-Term Assets $105.9M $113.0M $128.1M
Total Long-Term Assets $58.09M $59.50M $97.73M
Total Assets $164.0M $172.5M $225.8M
YoY Change -28.28% -23.6% -5.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.308M $4.500M $4.857M
YoY Change -33.84% -8.16% -29.61%
Accrued Expenses $7.783M $7.800M $9.887M
YoY Change -54.49% -36.07% -40.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.38M $20.60M $23.99M
YoY Change -34.12% -14.17% -27.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.532M $9.200M $9.922M
YoY Change -4.68% -7.07% 520.13%
Total Long-Term Liabilities $9.532M $9.200M $9.922M
YoY Change -4.68% -7.07% 520.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.38M $20.60M $23.99M
Total Long-Term Liabilities $9.532M $9.200M $9.922M
Total Liabilities $27.91M $29.90M $33.91M
YoY Change -26.16% -11.8% -2.83%
SHAREHOLDERS EQUITY
Retained Earnings -$18.42M $45.17M
YoY Change
Common Stock $153.7M $146.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.0M $142.6M $191.9M
YoY Change
Total Liabilities & Shareholders Equity $164.0M $172.5M $225.8M
YoY Change -28.28% -23.6% -5.67%

Cashflow Statement

Concept 2013 Q1 2012 2011 Q4
OPERATING ACTIVITIES
Net Income -$8.264M -$55.32M -$6.209M
YoY Change 161.44% 151.74% -147.11%
Depreciation, Depletion And Amortization $1.032M $3.936M $1.280M
YoY Change -16.84% -19.34% -13.51%
Cash From Operating Activities $377.0K -$19.72M $1.570M
YoY Change -106.44% 21.11% -96.05%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K $3.280M -$670.0K
YoY Change -64.71% -41.24% -78.25%
Acquisitions
YoY Change
Other Investing Activities -$620.0K $25.16M -$3.320M
YoY Change -300.0% -138.92% -106.06%
Cash From Investing Activities -$920.0K $21.88M -$3.990M
YoY Change 71.0% -131.15% -107.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.130M $1.869M
YoY Change 30.94% -36.08%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.130M -1.476M -1.520M
YoY Change 30.94% -375.89% -357.63%
NET CHANGE
Cash From Operating Activities 377.0K -19.72M 1.570M
Cash From Investing Activities -920.0K 21.88M -3.990M
Cash From Financing Activities 1.130M -1.476M -1.520M
Net Change In Cash 587.0K 689.0K -3.940M
YoY Change -110.62% -100.8% -104.28%
FREE CASH FLOW
Cash From Operating Activities $377.0K -$19.72M $1.570M
Capital Expenditures -$300.0K $3.280M -$670.0K
Free Cash Flow $677.0K -$23.00M $2.240M
YoY Change -113.53% 5.19% -94.77%

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39201000
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363000
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CY2012Q4 ivac Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
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29345000
CY2012Q4 ivac Deferred Tax Liabilities Unbilled Receivables
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1925000
CY2012Q4 ivac Exercise Price Of Share Options As Percentage Of Fair Market Value Minimum
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29305000
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3265000
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75000
CY2012Q4 ivac Common Property Plant And Equipment
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2083000
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9987000
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1300000
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31238000
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184217000
CY2010 us-gaap Increase Decrease In Accounts Payable
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450000
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2768000
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481000
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18309000
CY2010 us-gaap Comprehensive Income Net Of Tax
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30132000
CY2010 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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CY2010 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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11204000
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5307000
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3316000
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500000
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86000
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3712000
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7055000
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31627000
CY2010 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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5241000
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5861000
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0.124 pure
CY2010 us-gaap Gain On Purchase Of Business
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481000
CY2010 us-gaap Business Combination Acquisition Related Costs
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255000
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51314000
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37674000
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899000
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CY2010 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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2665000
CY2010 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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1075000
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255000 shares
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22340000 shares
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1741000
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28049000
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299000
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520000
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28516000
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3300000
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32011000
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101975000
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1829000
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1027000
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23265000
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7055000
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3962000
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2083000
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1.26
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27918000
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2890000
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3072000
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438000
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419000
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299000
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384000
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1555000
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8000
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637000 shares
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68050000
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419000
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20683000
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87672000
CY2010 us-gaap Allowance For Doubtful Accounts Receivable Charge Offs
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78000
CY2010 us-gaap Defined Contribution Plan Cost Recognized
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7600000
CY2010 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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8000
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1896000 shares
CY2010 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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3158000
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8000
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47039000
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47601000
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187000
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3962000
CY2010 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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50000
CY2010 us-gaap Amortization Of Intangible Assets
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554000
CY2010 ivac Income Tax Reconciliation Benefit For Unrecognized Tax Benefits
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CY2010 ivac Employee Stock Purchase Plans Shares Issued Weighted Average Price
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4.02
CY2010 ivac Payment Of Notes Payable Assumed Upon Acquisition
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177000
CY2010 ivac Profit Loss From Segment Operations
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35385000
CY2010 ivac Share Based Compensation Net Effect Of Compensation Expense
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2248000
CY2010 ivac Unallocated Costs
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4147000
CY2010 ivac Business Acquisition Contingent Consideration At Fair Value Additions
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9749000
CY2010 ivac Stock Issued During Period Employee Stock Purchase Plans Rights Exercised Aggregate Intrinsic Value
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2180000
CY2011 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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159000
CY2011 us-gaap Income Tax Reconciliation State And Local Income Taxes
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5000
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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1900000
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1030000
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75850000
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683000
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1543000
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4030000
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4880000
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173000
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4030000
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1200000
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18000
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928000
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5582000
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249000
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CY2011 us-gaap Provision For Doubtful Accounts
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41000
CY2011 us-gaap Loss On Sale Of Investments
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52543000
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4942000
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CY2011 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2011 us-gaap Depreciation And Amortization
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5423000
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CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-8007000
CY2011Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
18645000
CY2011Q4 us-gaap Gross Profit
GrossProfit
6395000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
-6209000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.31
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
17423000
CY2011Q2 us-gaap Gross Profit
GrossProfit
6380000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-7031000
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.82
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
17483000
CY2012Q4 us-gaap Gross Profit
GrossProfit
7340000

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