$IVAC
INTEVAC INC

2013 Q4 Form 10-Q Financial Statement

#000119312513415912 Filed on October 29, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $20.55M $19.12M $16.83M
YoY Change 17.55% 13.55% -38.97%
Cost Of Revenue $12.82M $12.22M $11.10M
YoY Change 26.43% 10.07% -36.38%
Gross Profit $7.737M $6.895M $5.732M
YoY Change 5.41% 20.29% -43.45%
Gross Profit Margin 37.65% 36.07% 34.05%
Selling, General & Admin $5.440M $5.627M $6.389M
YoY Change -10.67% -11.93% -1.86%
% of Gross Profit 70.31% 81.61% 111.46%
Research & Development $4.850M $4.250M $7.336M
YoY Change -30.22% -42.07% -11.51%
% of Gross Profit 62.69% 61.64% 127.98%
Depreciation & Amortization $1.240M $1.190M $1.090M
YoY Change 13.76% 9.17% -24.31%
% of Gross Profit 16.03% 17.26% 19.02%
Operating Expenses $10.29M $9.877M $16.74M
YoY Change -21.03% -41.0% 13.12%
Operating Profit -$2.553M -$2.982M -$11.01M
YoY Change -55.13% -72.92% 136.11%
Interest Expense $10.00K $220.0K -$10.00K
YoY Change -98.31% -2300.0% -105.88%
% of Operating Profit
Other Income/Expense, Net $220.0K -$8.000K
YoY Change -2850.0%
Pretax Income $1.190M -$2.762M -$11.02M
YoY Change -104.99% -74.93% 145.39%
Income Tax -$540.0K -$17.00K -$3.011M
% Of Pretax Income -45.38%
Net Earnings $1.725M -$2.745M -$8.007M
YoY Change -104.04% -65.72% 205.73%
Net Earnings / Revenue 8.39% -14.36% -47.56%
Basic Earnings Per Share
Diluted Earnings Per Share $72.23K -$114.9K -$342.3K
COMMON SHARES
Basic Shares Outstanding 24.01M shares 23.79M shares
Diluted Shares Outstanding 23.93M shares 23.40M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.10M $65.10M $68.40M
YoY Change 6.47% -4.82% -8.92%
Cash & Equivalents $20.12M $16.63M $16.86M
Short-Term Investments $49.00M $48.40M $51.60M
Other Short-Term Assets $982.0K $1.011M $9.700M
YoY Change -47.49% -89.58% -7.62%
Inventory $22.76M $25.79M $24.50M
Prepaid Expenses
Receivables $15.00M $16.10M $16.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $108.1M $108.7M $119.1M
YoY Change -4.3% -8.72% -9.15%
LONG-TERM ASSETS
Property, Plant & Equipment $12.95M $13.07M $13.20M
YoY Change -3.58% -1.02% -13.73%
Goodwill
YoY Change
Intangibles $4.902M $5.180M
YoY Change -16.46%
Long-Term Investments $12.30M $20.70M $30.40M
YoY Change -54.95% -31.91% -36.93%
Other Assets $425.0K $478.0K $27.90M
YoY Change -34.51% -98.29% 25.68%
Total Long-Term Assets $40.14M $52.64M $96.00M
YoY Change -32.55% -45.17% -13.44%
TOTAL ASSETS
Total Short-Term Assets $108.1M $108.7M $119.1M
Total Long-Term Assets $40.14M $52.64M $96.00M
Total Assets $148.3M $161.4M $215.1M
YoY Change -14.04% -24.99% -11.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.011M $4.719M $6.200M
YoY Change -10.45% -23.89% 6.9%
Accrued Expenses $3.263M $6.111M $12.40M
YoY Change -61.56% -50.72% -22.98%
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 $16.99M $23.22M $21.40M
YoY Change -17.67% 8.5% -26.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.715M $9.250M $9.400M
YoY Change -81.42% -1.6% -17.54%
Total Long-Term Liabilities $1.715M $9.250M $9.400M
YoY Change -81.42% -1.6% -17.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.99M $23.22M $21.40M
Total Long-Term Liabilities $1.715M $9.250M $9.400M
Total Liabilities $18.71M $32.47M $30.80M
YoY Change -37.37% 5.42% -23.57%
SHAREHOLDERS EQUITY
Retained Earnings -$25.85M -$27.57M
YoY Change 154.59%
Common Stock $156.4M $155.7M
YoY Change 2.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.688M
YoY Change
Treasury Stock Shares 241.0K shares
Shareholders Equity $129.6M $128.9M $184.3M
YoY Change
Total Liabilities & Shareholders Equity $148.3M $161.4M $215.1M
YoY Change -14.04% -24.99% -11.12%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $1.725M -$2.745M -$8.007M
YoY Change -104.04% -65.72% 205.73%
Depreciation, Depletion And Amortization $1.240M $1.190M $1.090M
YoY Change 13.76% 9.17% -24.31%
Cash From Operating Activities -$620.0K -$4.200M -$4.040M
YoY Change -88.19% 3.96% -0.25%
INVESTING ACTIVITIES
Capital Expenditures -$840.0K -$90.00K -$440.0K
YoY Change -28.21% -79.55% -69.66%
Acquisitions
YoY Change
Other Investing Activities $6.550M -$2.060M $8.700M
YoY Change -52.54% -123.68% -22.67%
Cash From Investing Activities $5.710M -$2.160M $8.260M
YoY Change -54.79% -126.15% -15.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.600M 730.0K 30.00K
YoY Change 2333.33% -88.46%
NET CHANGE
Cash From Operating Activities -620.0K -4.200M -4.040M
Cash From Investing Activities 5.710M -2.160M 8.260M
Cash From Financing Activities -1.600M 730.0K 30.00K
Net Change In Cash 3.490M -5.630M 4.250M
YoY Change -52.71% -232.47% -29.17%
FREE CASH FLOW
Cash From Operating Activities -$620.0K -$4.200M -$4.040M
Capital Expenditures -$840.0K -$90.00K -$440.0K
Free Cash Flow $220.0K -$4.110M -$3.600M
YoY Change -105.39% 14.17% 38.46%

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dei Trading Symbol
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dei Entity Registrant Name
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INTEVAC INC
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dei Document Type
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dei Document Period End Date
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2013-09-28
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>2. Recent Accounting Pronouncement</b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Presentation of Unrecognized Tax Benefits: In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No.&#xA0;2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (&#x201C;ASU 2013-11&#x201D;) to provide guidance on the presentation of unrecognized tax benefits. ASU&#xA0;2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU&#xA0;2013-11 is effective for us in our first quarter of fiscal&#xA0;2014 with earlier adoption permitted. ASU&#xA0;2013-11 should be applied prospectively with retroactive application permitted. We are currently evaluating the impact of our pending adoption of ASU&#xA0;2013-11 on our consolidated financial statements.</font></p> </div>
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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>18. Contingencies</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.</font></p> </div>
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279000
CY2013Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
40000
CY2013Q3 us-gaap Income Tax Reconciliation Tax Settlements Foreign
IncomeTaxReconciliationTaxSettlementsForeign
147000
CY2013Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
309000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4250000
CY2013Q3 ivac Unallocated Costs
UnallocatedCosts
1751000

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