$IVAC
INTEVAC INC

2016 Q2 Form 10-Q Financial Statement

#000119312516574917 Filed on May 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $13.66M $19.89M
YoY Change -31.28% 35.13%
Cost Of Revenue $9.808M $12.96M
YoY Change -24.34% 36.4%
Gross Profit $3.856M $6.922M
YoY Change -44.29% 32.83%
Gross Profit Margin 28.22% 34.81%
Selling, General & Admin $4.996M $5.253M
YoY Change -4.89% -10.95%
% of Gross Profit 129.56% 75.89%
Research & Development $5.176M $4.608M
YoY Change 12.33% 1.1%
% of Gross Profit 134.23% 66.57%
Depreciation & Amortization $1.176M $1.173M
YoY Change 0.26% 2.0%
% of Gross Profit 30.5% 16.95%
Operating Expenses $10.17M $9.861M
YoY Change 3.15% -5.7%
Operating Profit -$6.316M -$2.939M
YoY Change 114.9% -43.98%
Interest Expense $37.00K $79.00K
YoY Change -53.16% -34.17%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.279M -$2.860M
YoY Change 119.55% -44.21%
Income Tax $26.00K $33.00K
% Of Pretax Income
Net Earnings -$6.305M -$2.893M
YoY Change 117.94% -42.22%
Net Earnings / Revenue -46.14% -14.55%
Basic Earnings Per Share -$0.31 -$0.12
Diluted Earnings Per Share -$0.31 -$0.12
COMMON SHARES
Basic Shares Outstanding 20.55M shares 22.83M shares
Diluted Shares Outstanding 20.55M shares 23.23M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.50M $50.30M
YoY Change -27.44% -13.57%
Cash & Equivalents $21.80M $17.07M
Short-Term Investments $17.30M $33.30M
Other Short-Term Assets $1.039M $840.0K
YoY Change 23.69% -14.98%
Inventory $20.37M $18.97M
Prepaid Expenses
Receivables $5.200M $11.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $63.71M $82.70M
YoY Change -22.96% -9.67%
LONG-TERM ASSETS
Property, Plant & Equipment $12.21M $12.78M
YoY Change -4.51% -4.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.000M $11.20M
YoY Change -37.5% -34.5%
Other Assets $1.435M $1.900M
YoY Change -24.47% -82.57%
Total Long-Term Assets $25.31M $29.61M
YoY Change -14.51% -35.2%
TOTAL ASSETS
Total Short-Term Assets $63.71M $82.70M
Total Long-Term Assets $25.31M $29.61M
Total Assets $89.02M $112.3M
YoY Change -20.73% -18.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.455M $4.767M
YoY Change -6.54% 12.01%
Accrued Expenses $3.420M $5.137M
YoY Change -33.42% 81.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.86M $15.12M
YoY Change -1.68% 5.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.385M $2.285M
YoY Change 4.38% 5.06%
Total Long-Term Liabilities $2.385M $2.285M
YoY Change 4.38% 5.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.86M $15.12M
Total Long-Term Liabilities $2.385M $2.285M
Total Liabilities $17.25M $17.40M
YoY Change -0.88% 5.11%
SHAREHOLDERS EQUITY
Retained Earnings -$68.77M -$56.19M
YoY Change 22.39% 58.82%
Common Stock $168.5M $163.4M
YoY Change 3.11% 3.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.49M $12.98M
YoY Change 119.55% 311.02%
Treasury Stock Shares 4.845M shares 1.870M shares
Shareholders Equity $71.77M $94.90M
YoY Change
Total Liabilities & Shareholders Equity $89.02M $112.3M
YoY Change -20.73% -18.17%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$6.305M -$2.893M
YoY Change 117.94% -42.22%
Depreciation, Depletion And Amortization $1.176M $1.173M
YoY Change 0.26% 2.0%
Cash From Operating Activities -$2.450M -$2.050M
YoY Change 19.51% -212.02%
INVESTING ACTIVITIES
Capital Expenditures -$1.250M -$920.0K
YoY Change 35.87% 9.52%
Acquisitions
YoY Change
Other Investing Activities $11.20M $520.0K
YoY Change 2053.85% -117.16%
Cash From Investing Activities $9.950M -$390.0K
YoY Change -2651.28% -89.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $711.0K $1.972M
YoY Change -63.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 490.0K -1.970M
YoY Change -124.87% 720.83%
NET CHANGE
Cash From Operating Activities -2.450M -2.050M
Cash From Investing Activities 9.950M -390.0K
Cash From Financing Activities 490.0K -1.970M
Net Change In Cash 7.990M -4.410M
YoY Change -281.18% 93.42%
FREE CASH FLOW
Cash From Operating Activities -$2.450M -$2.050M
Capital Expenditures -$1.250M -$920.0K
Free Cash Flow -$1.200M -$1.130M
YoY Change 6.19% -142.32%

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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 February 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&#xA0;2016-02, <i>Leases (Topic 842)</i>, which amends the existing guidance to require lessees to recognize lease assets and lease liabilities arising from operating leases in a classified balance sheet. The requirements of this ASU are effective for financial statements for annual periods and interim periods within those annual periods beginning after December&#xA0;15, 2018, and early adoption is permitted. We are currently evaluating the impact that ASU 2016-02 will have 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 March 2016, the FASB issued ASU No.&#xA0;2016-09, <i>Compensation&#x2014;Stock Compensation (Topic 718)</i>. This ASU makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December&#xA0;15, 2016, although early adoption is permitted. We are currently assessing how the adoption of this standard will impact our consolidated financial statements.</p> </div>
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P24M

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