$IVAC
INTEVAC INC

2014 Q4 Form 10-Q Financial Statement

#000119312514385018 Filed on October 28, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $14.76M $19.12M
YoY Change -22.8% 13.55%
Cost Of Revenue $9.942M $12.22M
YoY Change -18.64% 10.07%
Gross Profit $4.815M $6.895M
YoY Change -30.17% 20.29%
Gross Profit Margin 32.63% 36.07%
Selling, General & Admin $4.913M $5.627M
YoY Change -12.69% -11.93%
% of Gross Profit 102.04% 81.61%
Research & Development $3.986M $4.250M
YoY Change -6.21% -42.07%
% of Gross Profit 82.78% 61.64%
Depreciation & Amortization $1.160M $1.190M
YoY Change -2.52% 9.17%
% of Gross Profit 24.09% 17.26%
Operating Expenses $8.899M $9.877M
YoY Change -9.9% -41.0%
Operating Profit -$4.084M -$2.982M
YoY Change 36.96% -72.92%
Interest Expense $113.0K $220.0K
YoY Change -48.64% -2300.0%
% of Operating Profit
Other Income/Expense, Net $220.0K
YoY Change -2850.0%
Pretax Income -$3.971M -$2.762M
YoY Change 43.77% -74.93%
Income Tax -$412.0K -$17.00K
% Of Pretax Income
Net Earnings -$3.559M -$2.745M
YoY Change 29.65% -65.72%
Net Earnings / Revenue -24.12% -14.36%
Basic Earnings Per Share
Diluted Earnings Per Share -$150.5K -$114.9K
COMMON SHARES
Basic Shares Outstanding 23.23M shares 23.63M shares 23.79M shares
Diluted Shares Outstanding 23.66M shares 23.93M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.50M $65.10M
YoY Change -16.28% -4.82%
Cash & Equivalents $21.71M $16.63M
Short-Term Investments $32.80M $48.40M
Other Short-Term Assets $755.0K $1.011M
YoY Change -25.32% -89.58%
Inventory $23.11M $25.79M
Prepaid Expenses
Receivables $9.400M $16.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $88.79M $108.7M
YoY Change -18.33% -8.72%
LONG-TERM ASSETS
Property, Plant & Equipment $12.44M $13.07M
YoY Change -4.8% -1.02%
Goodwill
YoY Change
Intangibles $5.180M
YoY Change
Long-Term Investments $16.30M $20.70M
YoY Change -21.26% -31.91%
Other Assets $11.00M $478.0K
YoY Change 2201.26% -98.29%
Total Long-Term Assets $43.86M $52.64M
YoY Change -16.67% -45.17%
TOTAL ASSETS
Total Short-Term Assets $88.79M $108.7M
Total Long-Term Assets $43.86M $52.64M
Total Assets $132.6M $161.4M
YoY Change -17.79% -24.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.601M $4.719M
YoY Change -2.5% -23.89%
Accrued Expenses $6.258M $6.111M
YoY Change 2.41% -50.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.92M $23.22M
YoY Change -22.81% 8.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.821M $9.250M
YoY Change -80.31% -1.6%
Total Long-Term Liabilities $1.821M $9.250M
YoY Change -80.31% -1.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.92M $23.22M
Total Long-Term Liabilities $1.821M $9.250M
Total Liabilities $19.74M $32.47M
YoY Change -39.19% 5.42%
SHAREHOLDERS EQUITY
Retained Earnings -$38.94M -$27.57M
YoY Change 41.21%
Common Stock $160.3M $155.7M
YoY Change 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.163M
YoY Change
Treasury Stock Shares 1.304M shares
Shareholders Equity $112.9M $128.9M
YoY Change
Total Liabilities & Shareholders Equity $132.6M $161.4M
YoY Change -17.79% -24.99%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$3.559M -$2.745M
YoY Change 29.65% -65.72%
Depreciation, Depletion And Amortization $1.160M $1.190M
YoY Change -2.52% 9.17%
Cash From Operating Activities $670.0K -$4.200M
YoY Change -115.95% 3.96%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$90.00K
YoY Change -33.33% -79.55%
Acquisitions
YoY Change
Other Investing Activities $560.0K -$2.060M
YoY Change -127.18% -123.68%
Cash From Investing Activities $500.0K -$2.160M
YoY Change -123.15% -126.15%
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 730.0K
YoY Change -719.18% 2333.33%
NET CHANGE
Cash From Operating Activities 670.0K -4.200M
Cash From Investing Activities 500.0K -2.160M
Cash From Financing Activities -4.520M 730.0K
Net Change In Cash -3.350M -5.630M
YoY Change -40.5% -232.47%
FREE CASH FLOW
Cash From Operating Activities $670.0K -$4.200M
Capital Expenditures -$60.00K -$90.00K
Free Cash Flow $730.0K -$4.110M
YoY Change -117.76% 14.17%

Facts In Submission

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dei Trading Symbol
TradingSymbol
IVAC
dei Entity Registrant Name
EntityRegistrantName
INTEVAC INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-09-27
dei Entity Central Index Key
EntityCentralIndexKey
0001001902
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
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Q3
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>Recent Accounting Pronouncements</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In August 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&#xA0;2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#x2019;s Ability to Continue as a Going Concern. This ASU is intended to define management&#x2019;s responsibility to evaluate whether there is substantial doubt about an organization&#x2019;s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU will be effective for Intevac in the fourth quarter of fiscal 2016, with early adoption permitted. We are currently evaluating the impact of the adoption of this accounting standard update on our consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2014, the FASB issued ASU 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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.</p> </div>
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LeaseAndRentalExpense
996000.0
CY2014Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
152000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3986000
CY2014Q3 ivac Unallocated Costs
UnallocatedCosts
1332000

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