$IVAC
INTEVAC INC

2014 Q3 Form 10-Q Financial Statement

#000119312514284583 Filed on July 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $14.76M $14.72M $16.98M
YoY Change -22.8% -13.35% -46.58%
Cost Of Revenue $9.942M $9.504M $13.15M
YoY Change -18.64% -27.75% -24.99%
Gross Profit $4.815M $5.211M $3.829M
YoY Change -30.17% 36.09% -73.14%
Gross Profit Margin 32.63% 35.41% 22.55%
Selling, General & Admin $4.913M $5.899M $5.235M
YoY Change -12.69% 12.68% -21.5%
% of Gross Profit 102.04% 113.2% 136.72%
Research & Development $3.986M $4.558M $5.584M
YoY Change -6.21% -18.37% -32.42%
% of Gross Profit 82.78% 87.47% 145.83%
Depreciation & Amortization $1.160M $1.150M $1.060M
YoY Change -2.52% 8.49% 0.0%
% of Gross Profit 24.09% 22.07% 27.68%
Operating Expenses $8.899M $10.46M $10.82M
YoY Change -9.9% -3.35% -27.54%
Operating Profit -$4.084M -$5.246M -$6.990M
YoY Change 36.96% -24.95% 930.97%
Interest Expense $113.0K $120.0K $90.00K
YoY Change -48.64% 33.33% 80.0%
% of Operating Profit
Other Income/Expense, Net $92.00K
YoY Change 91.67%
Pretax Income -$3.971M -$5.126M -$6.898M
YoY Change 43.77% -25.69% 994.92%
Income Tax -$412.0K -$119.0K -$486.0K
% Of Pretax Income
Net Earnings -$3.559M -$5.007M -$6.412M
YoY Change 29.65% -21.91% 329.47%
Net Earnings / Revenue -24.12% -34.03% -37.76%
Basic Earnings Per Share
Diluted Earnings Per Share -$150.5K -$209.4K -$269.4K
COMMON SHARES
Basic Shares Outstanding 23.63M shares 23.93M shares 23.78M shares
Diluted Shares Outstanding 23.66M shares 23.93M shares 23.79M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.50M $58.20M $68.60M
YoY Change -16.28% -15.16% 3.78%
Cash & Equivalents $21.71M $25.06M $22.25M
Short-Term Investments $32.80M $33.20M $46.30M
Other Short-Term Assets $755.0K $988.0K $965.0K
YoY Change -25.32% 2.38% -91.15%
Inventory $23.11M $22.61M $25.63M
Prepaid Expenses
Receivables $9.400M $9.300M $17.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $88.79M $91.55M $113.1M
YoY Change -18.33% -19.02% -7.94%
LONG-TERM ASSETS
Property, Plant & Equipment $12.44M $13.32M $12.33M
YoY Change -4.8% 8.01% -11.31%
Goodwill
YoY Change
Intangibles $5.459M
YoY Change
Long-Term Investments $16.30M $17.10M $19.70M
YoY Change -21.26% -13.2% -47.18%
Other Assets $11.00M $10.90M $531.0K
YoY Change 2201.26% 1952.73% -98.05%
Total Long-Term Assets $43.86M $45.69M $51.60M
YoY Change -16.67% -11.46% -49.85%
TOTAL ASSETS
Total Short-Term Assets $88.79M $91.55M $113.1M
Total Long-Term Assets $43.86M $45.69M $51.60M
Total Assets $132.6M $137.2M $164.7M
YoY Change -17.79% -16.65% -27.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.601M $4.256M $6.491M
YoY Change -2.5% -34.43% 11.91%
Accrued Expenses $6.258M $2.836M $4.520M
YoY Change 2.41% -37.26% -74.17%
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 $17.92M $14.38M $25.27M
YoY Change -22.81% -43.09% -0.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.821M $2.175M $9.328M
YoY Change -80.31% -76.68% -8.55%
Total Long-Term Liabilities $1.821M $2.175M $9.328M
YoY Change -80.31% -76.68% -8.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.92M $14.38M $25.27M
Total Long-Term Liabilities $1.821M $2.175M $9.328M
Total Liabilities $19.74M $16.56M $34.60M
YoY Change -39.19% -52.15% -2.54%
SHAREHOLDERS EQUITY
Retained Earnings -$38.94M -$35.38M -$24.83M
YoY Change 41.21% 42.48%
Common Stock $160.3M $158.5M $154.2M
YoY Change 2.94% 2.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.163M $3.157M
YoY Change
Treasury Stock Shares 1.304M shares 437.0K shares
Shareholders Equity $112.9M $120.7M $130.1M
YoY Change
Total Liabilities & Shareholders Equity $132.6M $137.2M $164.7M
YoY Change -17.79% -16.65% -27.05%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$3.559M -$5.007M -$6.412M
YoY Change 29.65% -21.91% 329.47%
Depreciation, Depletion And Amortization $1.160M $1.150M $1.060M
YoY Change -2.52% 8.49% 0.0%
Cash From Operating Activities $670.0K $1.830M -$4.530M
YoY Change -115.95% -140.4% -1.09%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$840.0K -$540.0K
YoY Change -33.33% 55.56% -34.15%
Acquisitions
YoY Change
Other Investing Activities $560.0K -$3.030M $2.460M
YoY Change -127.18% -223.17% 4.68%
Cash From Investing Activities $500.0K -$3.870M $1.930M
YoY Change -123.15% -300.52% 26.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.520M -240.0K 10.00K
YoY Change -719.18% -2500.0% -100.42%
NET CHANGE
Cash From Operating Activities 670.0K 1.830M -4.530M
Cash From Investing Activities 500.0K -3.870M 1.930M
Cash From Financing Activities -4.520M -240.0K 10.00K
Net Change In Cash -3.350M -2.280M -2.590M
YoY Change -40.5% -11.97% -52.21%
FREE CASH FLOW
Cash From Operating Activities $670.0K $1.830M -$4.530M
Capital Expenditures -$60.00K -$840.0K -$540.0K
Free Cash Flow $730.0K $2.670M -$3.990M
YoY Change -117.76% -166.92% 6.12%

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dei Document Type
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dei Entity Registrant Name
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INTEVAC INC
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dei Trading Symbol
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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 Pronouncements</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In May 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&#xA0;2014-09, Revenue from Contracts with Customers (Topic 606) which provides guidance for revenue recognition. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The standard&#x2019;s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today&#x2019;s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard will be effective for Intevac in the first quarter of fiscal 2017 using one of two retrospective application methods. Early adoption is not permitted. We are currently evaluating the impact of the adoption of this accounting standard update on our consolidated financial statements.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In April 2014, the FASB issued authoritative guidance that raises the threshold for a disposal transaction to qualify as a discontinued operation and requires additional disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations. The authoritative guidance becomes effective prospectively for Intevac in the first quarter of fiscal 2015. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued.</font></p> </div>
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