2015 Q4 Form 10-Q Financial Statement

#000119312515364300 Filed on November 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q1 2014 Q3
Revenue $18.42M $19.06M $14.76M
YoY Change 12.02% -22.8%
Cost Of Revenue $13.51M $16.47M $9.942M
YoY Change 34.94% -18.64%
Gross Profit $4.912M $2.600M $4.815M
YoY Change -45.95% -30.17%
Gross Profit Margin 26.67% 13.64% 32.63%
Selling, General & Admin $4.736M $5.130M $4.913M
YoY Change -2.49% -12.69%
% of Gross Profit 96.42% 197.31% 102.04%
Research & Development $3.956M $3.020M $3.986M
YoY Change -29.32% -6.21%
% of Gross Profit 80.54% 116.15% 82.78%
Depreciation & Amortization $1.130M $1.210M $1.160M
YoY Change 1.68% -2.52%
% of Gross Profit 23.0% 46.54% 24.09%
Operating Expenses $8.692M $8.140M $8.899M
YoY Change -14.62% -9.9%
Operating Profit -$3.780M -$5.540M -$4.084M
YoY Change 17.27% 36.96%
Interest Expense $23.00K $30.00K $113.0K
YoY Change -57.14% -48.64%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.757M -$5.270M -$3.971M
YoY Change 13.31% 43.77%
Income Tax $2.000K $9.090M -$412.0K
% Of Pretax Income
Net Earnings -$3.759M -$14.36M -$3.559M
YoY Change 217.63% 29.65%
Net Earnings / Revenue -20.41% -75.34% -24.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$170.9K -$617.9K -$150.5K
COMMON SHARES
Basic Shares Outstanding 22.00M shares 23.30M shares 23.63M shares
Diluted Shares Outstanding 22.00M shares 23.66M shares

Balance Sheet

Concept 2015 Q4 2015 Q1 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.10M $51.10M $54.50M
YoY Change -24.18% -16.28%
Cash & Equivalents $18.03M $21.48M $21.71M
Short-Term Investments $29.60M $29.60M $32.80M
Other Short-Term Assets $1.051M $989.0K $755.0K
YoY Change -1.98% -25.32%
Inventory $15.66M $19.21M $23.11M
Prepaid Expenses
Receivables $13.60M $12.10M $9.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $78.00M $84.11M $88.79M
YoY Change -19.72% -18.33%
LONG-TERM ASSETS
Property, Plant & Equipment $11.93M $12.83M $12.44M
YoY Change -4.2% -4.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.300M $17.50M $16.30M
YoY Change 127.27% -21.26%
Other Assets $1.436M $0.00 $11.00M
YoY Change -100.0% 2201.26%
Total Long-Term Assets $25.88M $36.17M $43.86M
YoY Change 1.04% -16.67%
TOTAL ASSETS
Total Short-Term Assets $78.00M $84.11M $88.79M
Total Long-Term Assets $25.88M $36.17M $43.86M
Total Assets $103.9M $120.3M $132.6M
YoY Change -14.43% -17.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.233M $4.640M $4.601M
YoY Change 13.67% -2.5%
Accrued Expenses $3.806M $8.277M $6.258M
YoY Change 216.52% 2.41%
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 $16.06M $19.45M $17.92M
YoY Change 47.17% -22.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.509M $2.200M $1.821M
YoY Change 19.11% -80.31%
Total Long-Term Liabilities $2.509M $2.200M $1.821M
YoY Change 19.11% -80.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.06M $19.45M $17.92M
Total Long-Term Liabilities $2.509M $2.200M $1.821M
Total Liabilities $18.57M $21.65M $19.74M
YoY Change 43.73% -39.19%
SHAREHOLDERS EQUITY
Retained Earnings -$59.93M -$53.29M -$38.94M
YoY Change 75.48% 41.21%
Common Stock $165.7M $161.3M $160.3M
YoY Change 2.14% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.94M $9.989M $9.163M
YoY Change 264.83%
Treasury Stock Shares 3.329M shares 1.426M shares 1.304M shares
Shareholders Equity $85.31M $98.63M $112.9M
YoY Change
Total Liabilities & Shareholders Equity $103.9M $120.3M $132.6M
YoY Change -14.43% -17.79%

Cashflow Statement

Concept 2015 Q4 2015 Q1 2014 Q3
OPERATING ACTIVITIES
Net Income -$3.759M -$14.36M -$3.559M
YoY Change 217.63% 29.65%
Depreciation, Depletion And Amortization $1.130M $1.210M $1.160M
YoY Change 1.68% -2.52%
Cash From Operating Activities -$590.0K -$740.0K $670.0K
YoY Change -83.37% -115.95%
INVESTING ACTIVITIES
Capital Expenditures -$670.0K -$1.410M -$60.00K
YoY Change 0.71% -33.33%
Acquisitions
YoY Change
Other Investing Activities $4.420M $3.000M $560.0K
YoY Change -77.32% -127.18%
Cash From Investing Activities $3.750M $1.590M $500.0K
YoY Change -86.56% -123.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.230M -1.030M -4.520M
YoY Change 635.71% -719.18%
NET CHANGE
Cash From Operating Activities -590.0K -740.0K 670.0K
Cash From Investing Activities 3.750M 1.590M 500.0K
Cash From Financing Activities -1.230M -1.030M -4.520M
Net Change In Cash 1.930M -180.0K -3.350M
YoY Change -102.49% -40.5%
FREE CASH FLOW
Cash From Operating Activities -$590.0K -$740.0K $670.0K
Capital Expenditures -$670.0K -$1.410M -$60.00K
Free Cash Flow $80.00K $670.0K $730.0K
YoY Change -121.97% -117.76%

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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&#xA0;2015, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) <font style="WHITE-SPACE: nowrap">No.&#xA0;2015-14,</font> &#x201C;Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date.&#x201D; ASU 2015-14 defers the effective date of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) for all affected entities. As a result, ASU <font style="WHITE-SPACE: nowrap">2014-09</font> is effective for the Company in the first quarter of fiscal&#xA0;2018. The Company is currently evaluating the potential impact of the new revenue recognition guidance.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In July&#xA0;2015, the FASB issued ASU No.&#xA0;2015-11, &#x201C;Inventory (Topic 330): Simplifying the Measurement of Inventory.&#x201D; The new guidance requires inventories to be valued at the lower of cost or net realizable value. This ASU will be effective for Intevac in the first quarter of fiscal&#xA0;2017, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April&#xA0;2015, the FASB issued ASU No.&#xA0;2015-05, &#x201C;Customers&#x2019; Accounting for Fees Paid in a Cloud Computing Arrangement,&#x201D; which provides guidance in evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If the arrangement does not contain a software license, it should be accounted for as a service contract. This ASU will be effective for Intevac in the first quarter of fiscal&#xA0;2016 and may be adopted either retrospectively or prospectively. The adoption of this ASU will not have any effect on our consolidated financial position, results of operations or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February&#xA0;2015, the FASB issued ASU No.&#xA0;2015-02, &#x201C;Consolidations (Topic 810): Amendments to the Consolidation Analysis&#x201D;, which amends current consolidation guidance including changes to both the variable and voting interest models used by companies to evaluate whether an entity should be consolidated. The amendments in this ASU will be effective for Intevac in the first quarter of fiscal&#xA0;2016, with early adoption permitted. The adoption of this ASU will not have any effect on our consolidated financial position, results of operations or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In January&#xA0;2015, the FASB issued ASU No.&#xA0;2015-01, &#x201C;Income Statement &#x2013; Extraordinary and Unusual Items (Subtopic <font style="WHITE-SPACE: nowrap">225-20),&#x201D;</font> which simplifies income statement presentation by eliminating the concept of extraordinary items. This ASU will be effective for Intevac in the first quarter of fiscal&#xA0;2016, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this ASU will not have any effect on our consolidated financial position, results of operations or cash flows.</p> </div>
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CostOfGoodsSold
12118000
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3956000
CY2015Q4 ivac Unallocated Costs
UnallocatedCosts
1153000

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ivac-20151003.xml Edgar Link completed
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