$IVAC
INTEVAC INC

2022 Q4 Form 10-Q Financial Statement

#000119312522276878 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2021 Q4
Revenue $10.75M $14.79M
YoY Change -27.33%
Cost Of Revenue $5.860M $9.266M
YoY Change -36.76%
Gross Profit $4.890M $5.527M
YoY Change -11.53%
Gross Profit Margin 45.49% 37.36%
Selling, General & Admin $4.741M $5.785M
YoY Change -18.05%
% of Gross Profit 96.95% 104.67%
Research & Development $3.311M $3.762M
YoY Change -11.99%
% of Gross Profit 67.71% 68.07%
Depreciation & Amortization $329.0K $882.0K
YoY Change -62.7%
% of Gross Profit 6.73% 15.96%
Operating Expenses $8.052M $9.547M
YoY Change -15.66%
Operating Profit -$3.162M -$4.020M
YoY Change -21.34%
Interest Expense $413.0K $21.00K
YoY Change 1866.67%
% of Operating Profit
Other Income/Expense, Net $2.000K $4.000K
YoY Change -50.0%
Pretax Income -$2.749M -$3.943M
YoY Change -30.28%
Income Tax $467.0K $290.0K
% Of Pretax Income
Net Earnings -$3.236M -$4.233M
YoY Change -23.55%
Net Earnings / Revenue -30.1% -28.61%
Basic Earnings Per Share -$0.13 -$0.17
Diluted Earnings Per Share -$0.13 -$172.6K
COMMON SHARES
Basic Shares Outstanding 25.37M 24.52M
Diluted Shares Outstanding 25.37M 24.52M

Balance Sheet

Concept 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.8M $44.83M
YoY Change 129.26%
Cash & Equivalents $71.78M $4.947M
Short-Term Investments $31.01M $11.14M
Other Short-Term Assets $1.840M $1.981M
YoY Change -7.12%
Inventory $18.06M $22.45M
Prepaid Expenses
Receivables $11.17M $13.47M
Other Receivables $0.00 $0.00
Total Short-Term Assets $133.9M $82.74M
YoY Change 61.78%
LONG-TERM ASSETS
Property, Plant & Equipment $3.527M $15.59M
YoY Change -77.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.31M $5.825M
YoY Change 265.84%
Other Assets $5.451M $6.340M
YoY Change -14.02%
Total Long-Term Assets $35.04M $27.76M
YoY Change 26.25%
TOTAL ASSETS
Total Short-Term Assets $133.9M $82.74M
Total Long-Term Assets $35.04M $27.76M
Total Assets $168.9M $110.5M
YoY Change 52.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.895M $4.659M
YoY Change 47.99%
Accrued Expenses $4.875M $11.35M
YoY Change -57.06%
Deferred Revenue $23.53M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.28M $16.01M
YoY Change 164.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $83.00K $4.926M
YoY Change -98.32%
Total Long-Term Liabilities $2.314M $4.926M
YoY Change -53.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.28M $16.01M
Total Long-Term Liabilities $2.314M $4.926M
Total Liabilities $44.59M $20.94M
YoY Change 112.97%
SHAREHOLDERS EQUITY
Retained Earnings -$50.02M
YoY Change
Common Stock $204.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.55M
YoY Change
Treasury Stock Shares $5.087K
Shareholders Equity $124.3M $89.56M
YoY Change
Total Liabilities & Shareholders Equity $168.9M $110.5M
YoY Change 52.85%

Cashflow Statement

Concept 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$3.236M -$4.233M
YoY Change -23.55%
Depreciation, Depletion And Amortization $329.0K $882.0K
YoY Change -62.7%
Cash From Operating Activities $15.25M -$3.404M
YoY Change -548.06%
INVESTING ACTIVITIES
Capital Expenditures -$538.0K -$408.0K
YoY Change 31.86%
Acquisitions
YoY Change
Other Investing Activities $3.015M $3.489M
YoY Change -13.59%
Cash From Investing Activities $2.477M $3.081M
YoY Change -19.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.182M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 624.0K 1.169M
YoY Change -46.62%
NET CHANGE
Cash From Operating Activities 15.25M -3.404M
Cash From Investing Activities 2.477M 3.081M
Cash From Financing Activities 624.0K 1.169M
Net Change In Cash 18.35M 846.0K
YoY Change 2069.39%
FREE CASH FLOW
Cash From Operating Activities $15.25M -$3.404M
Capital Expenditures -$538.0K -$408.0K
Free Cash Flow $15.79M -$2.996M
YoY Change -627.04%

Facts In Submission

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dei Amendment Flag
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Type
DocumentType
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dei Document Quarterly Report
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dei Document Period End Date
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dei Document Fiscal Year Focus
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
INTEVAC, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
EntityAddressAddressLine1
3560 Bassett Street
dei Entity Address City Or Town
EntityAddressCityOrTown
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dei Entity Address State Or Province
EntityAddressStateOrProvince
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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Local Phone Number
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dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
IVAC
dei Security Exchange Name
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dei Entity Current Reporting Status
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dei Entity Interactive Data Current
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dei Entity Filer Category
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EntitySmallBusiness
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16823000
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545000
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2540000
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Fair Value Of Assets Acquired
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354000
us-gaap Depreciation And Amortization Discontinued Operations
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CY2022Q4 ivac Equity Based Compensation Discontinued Operation
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31000
CY2021Q4 ivac Equity Based Compensation Discontinued Operation
EquityBasedCompensationDiscontinuedOperation
215000
ivac Equity Based Compensation Discontinued Operation
EquityBasedCompensationDiscontinuedOperation
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EquityBasedCompensationDiscontinuedOperation
733000
CY2021Q4 ivac Purchase Of Leasehold Improvements And Equipmet Discontinued Operations
PurchaseOfLeaseholdImprovementsAndEquipmetDiscontinuedOperations
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ivac Purchase Of Leasehold Improvements And Equipmet Discontinued Operations
PurchaseOfLeaseholdImprovementsAndEquipmetDiscontinuedOperations
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CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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24502000
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CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q4 us-gaap Share Based Compensation
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CY2021Q4 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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ivac Expenditures Incurred Under Warranties Included In Discontinued Operations
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ivac Expenditures Incurred Under Warranties Included In Discontinued Operations
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CY2022Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2021Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2021Q3 us-gaap Standard Product Warranty Accrual
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CY2022Q1 us-gaap Standard Product Warranty Accrual
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CY2021Q1 us-gaap Standard Product Warranty Accrual
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CY2021Q4 us-gaap Product Warranty Expense
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us-gaap Product Warranty Expense
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286000
us-gaap Product Warranty Expense
ProductWarrantyExpense
489000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
135000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
439000
CY2022Q4 ivac Accruals For Product Warranties Included In Discontinued Operations
AccrualsForProductWarrantiesIncludedInDiscontinuedOperations
0
CY2021Q4 ivac Accruals For Product Warranties Included In Discontinued Operations
AccrualsForProductWarrantiesIncludedInDiscontinuedOperations
51000
ivac Accruals For Product Warranties Included In Discontinued Operations
AccrualsForProductWarrantiesIncludedInDiscontinuedOperations
0
ivac Accruals For Product Warranties Included In Discontinued Operations
AccrualsForProductWarrantiesIncludedInDiscontinuedOperations
114000
CY2022Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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CY2021Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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108000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
31000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
83000
CY2022Q4 ivac Adjustments To Previously Existing Warranty Accruals Included In Discontinued Operations
AdjustmentsToPreviouslyExistingWarrantyAccrualsIncludedInDiscontinuedOperations
0
CY2021Q4 ivac Adjustments To Previously Existing Warranty Accruals Included In Discontinued Operations
AdjustmentsToPreviouslyExistingWarrantyAccrualsIncludedInDiscontinuedOperations
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ivac Adjustments To Previously Existing Warranty Accruals Included In Discontinued Operations
AdjustmentsToPreviouslyExistingWarrantyAccrualsIncludedInDiscontinuedOperations
0
ivac Adjustments To Previously Existing Warranty Accruals Included In Discontinued Operations
AdjustmentsToPreviouslyExistingWarrantyAccrualsIncludedInDiscontinuedOperations
58000
CY2022Q4 us-gaap Standard Product Warranty Accrual
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226000
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
610000
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
226000
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
610000
CY2022Q4 us-gaap Standard Product Warranty Accrual Current
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226000
CY2022Q1 us-gaap Standard Product Warranty Accrual Current
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301000
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CY2022Q1 us-gaap Standard Product Warranty Accrual Noncurrent
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45000
CY2022Q4 us-gaap Standard Product Warranty Accrual
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CY2022Q1 us-gaap Standard Product Warranty Accrual
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0
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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0
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q1 us-gaap Available For Sale Securities Debt Securities
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63955000
CY2022Q4 ivac Available For Sale Securities Debt Maturities After One Through Three Years Amortized Cost
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21693000
CY2022Q4 ivac Available For Sale Securities Debt Maturities After One Through Three Years Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
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CY2022Q4 us-gaap Debt Securities
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CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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65507000
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2022Q3 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2022Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2021Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2021Q4 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25104000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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-0.13
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-0.13
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IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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-0.54
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us-gaap Income Loss From Continuing Operations Per Basic Share
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0
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-0.13
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-0.13
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us-gaap Earnings Per Share Basic
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
157000
CY2022Q4 us-gaap Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
392000
us-gaap Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
756000
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2021Q4 us-gaap Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
179000
us-gaap Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
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ivac Proceeds From Government Grants
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us-gaap Restructuring Costs
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ivac Savings In Stock Based Compensation Pursuant To Restructuring
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ivac Cost Of Disposal Of Fixed Assets
CostOfDisposalOfFixedAssets
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ivac Inventory Writeoff
InventoryWriteoff
755000000
us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
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ivac Expected Decrease In Expenses Due To Reduction In Workforce
ExpectedDecreaseInExpensesDueToReductionInWorkforce
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CY2022 ivac Other Employee Benefits Expense
OtherEmployeeBenefitsExpense
693000
CY2022 us-gaap Asset Impairment Charges
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CY2021Q1 us-gaap Other Commitment
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665000
CY2022 us-gaap Operating Lease Payments
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2100000
CY2022Q1 ivac Operating Lease First Instalment Payments
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308000
CY2022Q1 ivac Number Of Operating Lease Payments
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CY2022Q1 ivac Operating Lease Quarterly Instalment Payments
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CY2022Q1 us-gaap Asset Impairment Charges
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CY2022Q1 us-gaap Other Commitment
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CY2022Q1 us-gaap Restructuring Reserve
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CY2022Q2 ivac Provision For Restructuring Charges Associated With Photonics Sale A
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CY2022Q2 ivac Payments Made For Restructuring One
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CY2022Q2 us-gaap Restructuring Reserve Settled Without Cash2
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CY2022Q2 us-gaap Restructuring Reserve
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CY2022Q3 ivac Provision For Restructuring Charges Associated With Photonics Sale A
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CY2022Q3 ivac Payments Made For Restructuring One
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CY2022Q4 ivac Payments Made For Restructuring One
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CY2022Q4 us-gaap Restructuring Reserve
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CY2020Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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CY2021Q4 ivac Expected Decrease In Expenses Due To Reduction In Workforce
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CY2021Q3 us-gaap Restructuring Reserve
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CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
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us-gaap Restructuring Charges
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CY2021Q4 ivac Payments Made For Restructuring One
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ivac Payments Made For Restructuring One
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CY2021Q4 us-gaap Restructuring Reserve
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CY2021Q4 us-gaap Restructuring Reserve
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">14.    Contingencies </div></div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. </div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Legal Matters </div></div></div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">From time to time, Intevac receives notification from third parties, including customers and suppliers, seeking indemnification, litigation support, payment of money or other actions in connection with claims made against them. In addition, from time to time, Intevac receives notification from third parties claiming that Intevac may be or is infringing their intellectual property or other rights. Intevac also is subject to various other legal proceedings and claims, both asserted and unasserted, that arise in the ordinary course of business. Although the outcome of these claims and proceedings cannot be predicted with certainty, Intevac does not believe that any existing proceedings or claims will have a material adverse effect on its consolidated financial condition or results of operations. </div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">In July 2020, Robin Quiusky, a former contract employee who worked for us via a staffing agency, filed an action against us under the Private Attorneys General Act (“PAGA”) in California state court (Quiusky v. Intevac, Inc., et al) alleging that the Company failed to provide rest and meal breaks, pay overtime and reimburse business expenses for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-exempt</div> California employees. The former employee subsequently added class action claims to his original complaint. The parties participated in a confidential mediation on February 1, 2022, and reached a settlement resolving the case. We are awaiting approval of the settlement by the court. Payment on the claims is expected to be made in the first quarter of 2023. The settlement effectively extinguishes the Quiusky v. Intevac, Inc., et al lawsuit. The settlement includes the dismissal of all claims against the Company and related parties in the Quiusky lawsuit and claim under the PAGA, without any admission of liability or wrongdoing attributed to the Company. Because of the uncertainty surrounding this litigation, no litigation reserve had been previously established by the Company resulting in the full $1.0 million settlement expense being recognized in the fourth quarter of fiscal 2021. </div>
CY2022Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1000000
CY2022Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P8Y3M18D

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