$IVAC
INTEVAC INC

2017 Q1 Form 10-K Financial Statement

#000119312517045231 Filed on February 15, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1 2015 Q4
Revenue $16.40M $18.42M
YoY Change -13.97%
Cost Of Revenue $9.720M $13.51M
YoY Change -40.98%
Gross Profit $6.677M $4.912M
YoY Change 156.81%
Gross Profit Margin 40.72% 26.67%
Selling, General & Admin $5.070M $4.736M
YoY Change -1.17%
% of Gross Profit 75.93% 96.42%
Research & Development $4.150M $3.956M
YoY Change 37.42%
% of Gross Profit 62.15% 80.54%
Depreciation & Amortization $1.140M $1.130M
YoY Change -5.79%
% of Gross Profit 17.07% 23.0%
Operating Expenses $9.220M $8.692M
YoY Change 13.27%
Operating Profit -$2.543M -$3.780M
YoY Change -54.1%
Interest Expense $90.00K $23.00K
YoY Change 200.0%
% of Operating Profit
Other Income/Expense, Net -$50.00K
YoY Change
Pretax Income -$2.260M -$3.757M
YoY Change -57.12%
Income Tax $260.0K $2.000K
% Of Pretax Income
Net Earnings -$2.526M -$3.759M
YoY Change -82.41%
Net Earnings / Revenue -15.4% -20.41%
Basic Earnings Per Share
Diluted Earnings Per Share -$120.4K -$170.9K
COMMON SHARES
Basic Shares Outstanding 21.39M shares 20.65M shares 22.00M shares
Diluted Shares Outstanding 22.00M shares

Balance Sheet

Concept 2017 Q1 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.00M $47.10M
YoY Change -27.59%
Cash & Equivalents $27.04M $13.75M $18.03M
Short-Term Investments $23.20M $29.60M
Other Short-Term Assets $1.052M $1.051M
YoY Change 6.37%
Inventory $18.76M $15.66M
Prepaid Expenses
Receivables $12.30M $13.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $69.74M $78.00M
YoY Change -17.09%
LONG-TERM ASSETS
Property, Plant & Equipment $11.92M $11.93M
YoY Change -7.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.700M $7.300M
YoY Change -44.57%
Other Assets $1.435M $1.436M
YoY Change
Total Long-Term Assets $27.95M $25.88M
YoY Change -22.74%
TOTAL ASSETS
Total Short-Term Assets $69.74M $78.00M
Total Long-Term Assets $27.95M $25.88M
Total Assets $97.68M $103.9M
YoY Change -18.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.950M $4.233M
YoY Change 28.23%
Accrued Expenses $5.632M $3.806M
YoY Change -31.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.27M $16.06M
YoY Change -0.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.411M $2.509M
YoY Change 9.59%
Total Long-Term Liabilities $2.411M $2.509M
YoY Change 9.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.27M $16.06M
Total Long-Term Liabilities $2.411M $2.509M
Total Liabilities $21.68M $18.57M
YoY Change 0.18%
SHAREHOLDERS EQUITY
Retained Earnings -$62.46M -$59.93M
YoY Change 17.2%
Common Stock $166.5M $165.7M
YoY Change 3.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.49M $20.94M
YoY Change 185.2%
Treasury Stock Shares 4.845M shares 3.329M shares
Shareholders Equity $73.27M $76.00M $85.31M
YoY Change
Total Liabilities & Shareholders Equity $97.68M $103.9M
YoY Change -18.79%

Cashflow Statement

Concept 2017 Q1 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income -$2.526M -$3.759M
YoY Change -82.41%
Depreciation, Depletion And Amortization $1.140M $1.130M
YoY Change -5.79%
Cash From Operating Activities $960.0K -$590.0K
YoY Change -229.73%
INVESTING ACTIVITIES
Capital Expenditures -$920.0K -$670.0K
YoY Change -34.75%
Acquisitions
YoY Change
Other Investing Activities $3.320M $4.420M
YoY Change 10.67%
Cash From Investing Activities $2.410M $3.750M
YoY Change 51.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.630M -1.230M
YoY Change 640.78%
NET CHANGE
Cash From Operating Activities 960.0K -590.0K
Cash From Investing Activities 2.410M 3.750M
Cash From Financing Activities -7.630M -1.230M
Net Change In Cash -4.260M 1.930M
YoY Change 2266.67%
FREE CASH FLOW
Cash From Operating Activities $960.0K -$590.0K
Capital Expenditures -$920.0K -$670.0K
Free Cash Flow $1.880M $80.00K
YoY Change 180.6%

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0
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25927000
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1100000
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926000
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5837900
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3607000
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2060000
CY2016Q4 ivac Standby Letter Of Credit
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P4Y1M6D
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22218000 shares
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22218000 shares
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0.03 pure
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3419000 shares
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
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5.39
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80000
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7088000
CY2016 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
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380000
CY2016 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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-319000
CY2016 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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1460000
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68072000
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21000
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-578000
CY2016 us-gaap Standard Product Warranty Accrual Warranties Issued
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837000
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75160000
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3117000
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18503000
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21058000
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3117000
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223000
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-9373000
CY2016 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3296000
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574000
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132000
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148000
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CY2016 us-gaap Investment Income Interest
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179000
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
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931000
CY2016 us-gaap Income Taxes Paid
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1190000
CY2016 us-gaap Gross Profit
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26317000
CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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244000
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239000
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-207000
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
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-207000
CY2016 us-gaap Other Comprehensive Income Loss Before Tax
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CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1382000
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927000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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-9538000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-8611000
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-244000
CY2016 us-gaap Depreciation Depletion And Amortization
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3743000
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-171000
CY2016 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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549000
CY2016 us-gaap Income Tax Expense Benefit
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555000
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0
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-12000
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0
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1074000
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1699000
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11000
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32900000
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1310000
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8736000
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3620000
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2000
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132000
CY2016 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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9801000
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561000
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0
CY2016 us-gaap Depreciation And Amortization
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-3014000
CY2016 us-gaap Selling General And Administrative Expense
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19638000
CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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6000
CY2016 us-gaap Cost Of Goods And Services Sold
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48843000
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19000
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CY2016 us-gaap Product Warranty Expense
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CY2016 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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0
CY2016 us-gaap Research And Development Expense
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15661000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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65000
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
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18503000
CY2016 us-gaap Amortization Of Intangible Assets
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854000
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
6000
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264000
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5143000
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43700000
CY2016 us-gaap Current State And Local Tax Expense Benefit
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6000
CY2016 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-12000
CY2016 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-140000
CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
2114000
CY2016 us-gaap Operating Expenses
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35055000
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0
CY2016 us-gaap Restructuring Charges
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148000
CY2016 ivac Stock Issued During Period Employee Stock Purchase Plans Rights Exercised Aggregate Intrinsic Value
StockIssuedDuringPeriodEmployeeStockPurchasePlansRightsExercisedAggregateIntrinsicValue
688000
CY2016 ivac Employee Stock Purchase Plans Shares Issued Weighted Average Price
EmployeeStockPurchasePlansSharesIssuedWeightedAveragePrice
3.90
CY2016 ivac Defined Bonus Plan Cost Recognized
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219000
CY2016 ivac Expected Decrease In Expenses Due To Reduction In Workforce
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1400000
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2016 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016 dei Document Type
DocumentType
10-K
CY2016 dei Entity Central Index Key
EntityCentralIndexKey
0001001902
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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3783000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P3Y7M21D
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P2Y8M27D
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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107230 shares
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
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0.85 pure
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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10.69
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4.88
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
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2022-05-08
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0 shares
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20761000 shares
CY2016 dei Current Fiscal Year End Date
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--12-31
CY2016 dei Document Period End Date
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2016-12-31
CY2016 dei Entity Current Reporting Status
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Yes
CY2016 dei Entity Filer Category
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Accelerated Filer
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CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2016 us-gaap Average Remaining Maturity Of Foreign Currency Derivatives1
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P30D
CY2016 us-gaap Earnings Per Share Basic And Diluted
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CY2016 dei Entity Registrant Name
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INTEVAC INC
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 us-gaap Fiscal Period
FiscalPeriod
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> <b><i>Change in Fiscal Year End Date</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> On February&#xA0;19,&#xA0;2014, the Board of Directors of the Company approved the Company&#x2019;s change to a 52-53 week fiscal year ending on the Saturday nearest to December&#xA0;31 of each year in order to improve the alignment of financial and business processes and to streamline financial reporting. Each fiscal quarter consists of 13&#xA0;weeks, with an occasional fourth quarter extending to 14&#xA0;weeks, if necessary, for the fiscal year to end on the Saturday nearest to December&#xA0;31. The Company&#x2019;s fiscal&#xA0;2016, fiscal&#xA0;2015 and fiscal&#xA0;2014 years ended on December&#xA0;31,&#xA0;2016, January&#xA0;2,&#xA0;2016 and on January&#xA0;3,&#xA0;2015, respectively.</p> </div>
CY2016 us-gaap Number Of Reportable Segments
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2 Segment
CY2016 dei Trading Symbol
TradingSymbol
IVAC
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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20761000 shares
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20761000 shares
CY2016 dei Amendment Flag
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false
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P3Y6M18D
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943000
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136000
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-99000
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5782000
CY2016 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
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484000
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-128000
CY2016 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1451000
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74342000
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12429000
CY2016 us-gaap Payments To Acquire Productive Assets
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3373000
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-7563000
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6116000
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5137000
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-7532000
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3254000
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652000
CY2016 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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426000
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18000
CY2016 us-gaap Income Taxes Paid
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516000
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30409000
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100000
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
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1058000
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195000
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StockIssuedDuringPeriodValueStockOptionsExercised
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