Intevac Announces First Quarter 2020 Financial Results

Nachrichtenquelle: Business Wire (engl.)
27.04.2020, 22:05  |  110   |   |   

Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the first quarter ended March 28, 2020.

“Today we are pleased to report stronger-than-expected results for the first quarter of 2020, especially in light of the stress placed on our operations and supply chain as a result of the COVID-19 global pandemic,” commented Wendell Blonigan, president and chief executive officer of Intevac. “During the quarter, we made several exciting announcements, including the debut of our branded Diamond Dog screen protectors, over $11 million of new contract awards in our Photonics business, and the finalization of the agreement to install a second INTEVAC VERTEX evaluation system at a leading display cover glass manufacturer. Late in the quarter, our Santa Clara operations were impacted by the ‘shelter-in-place’ order that commenced in the Bay Area region on March 17th; however, with both our Thin-film Equipment (TFE) and Photonics businesses designated as within critical IT and Defense infrastructure sectors, Santa Clara factory operations resumed on March 30th, with employees working remotely wherever possible.

“The favorable results for Q1 were primarily driven by strong execution by our Photonics team, as they are doing an outstanding job delivering on the strong growth ramp expected for this business in 2020, which continues to proceed as planned. With Q1 TFE revenues aligned with our earlier forecasts, the team executed well, with both gross margin and operating expenses exceeding expectations in this challenging quarter.

“As a result of the global COVID-19 pandemic, specifically with activity in China and other hard-hit areas, we are experiencing delays in the progress of several TFE engineering programs, as well as the capacity expansion timelines we are driving in our 2020 plan. We anticipate these delays will elongate the sales process with our solar, display cover glass, and advanced semiconductor packaging growth initiatives in particular. Despite operating in this unprecedented environment, we remain confident in our strategy as we work through all the unknowns ahead. We have improved our balance sheet and operate on a very strong financial footing, and are confident we can continue to make solid progress toward our strategic growth objectives in this extremely challenging environment. I am also pleased to report that all of our employees around the world are well,” concluded Mr. Blonigan. “We are taking every precaution to protect and ensure the safety of our employees as they continue to perform essential work for the Company and the critical markets we serve.”

($ Millions, except per share amounts)

Q1 2020

Q1 2019

GAAP Results

Non-GAAP Results

GAAP Results

Non-GAAP Results

Net Revenues

$

18.8

 

$

18.8

 

$

24.8

 

$

24.8

 

Operating Loss

$

(1.1

)

$

(1.1

)

$

(2.0

)

$

(2.0

)

Net Loss

$

(1.2

)

$

(1.2

)

$

(2.4

)

$

(2.4

)

Net Loss per Diluted Share

$

(0.05

)

$

(0.05

)

$

(0.10

)

$

(0.10

)

Intevac’s non-GAAP adjusted results exclude the impact, where applicable, of changes in fair value of contingent consideration liabilities associated with business combinations. A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial table included in this release. See also “Use of Non-GAAP Financial Measures” section.

First Quarter 2020 Summary

The net loss was $1.2 million, or $0.05 per diluted share, compared to a net loss of $2.4 million, or $0.10 per diluted share in the first quarter of 2019.

Revenues were $18.8 million, including $8.0 million of TFE revenues and $10.9 million of Photonics revenues. TFE revenues consisted of upgrades, spares and service. Photonics revenues consisted of $5.9 million of product sales and $5.0 million of research and development contracts. In the first quarter of 2019, revenues were $24.8 million, including $18.9 million of TFE revenues which consisted of one 200 Lean HDD system, four ENERGi solar ion implant systems, upgrades, spares and service. Photonics revenues consisted of $2.7 million of product sales and $3.2 million of research and development contracts.

TFE gross margin improved to 44.0%, compared to 31.5% in the first quarter of 2019, primarily due to favorable product mix. Photonics gross margin improved to 42.8%, compared to 21.5% in the first quarter of 2019, primarily due to higher revenue levels and higher margins on both products and technology development contracts. Consolidated gross margin was 43.3%, compared to 29.2% in the first quarter of 2019.

R&D and SG&A expenses were $9.3 million, compared to $9.2 million in the first quarter of 2019.

Order backlog totaled $87.2 million on March 28, 2020, compared to $92.4 million on December 28, 2019 and $102.6 million on March 30, 2019. Backlog at both March 28, 2020 and December 28, 2019 included two 200 Lean HDD systems. Backlog at March 30, 2019 included five 200 Lean HDD systems and five ENERGi solar ion implant systems.

The Company ended the quarter with $43.2 million of total cash, restricted cash and investments and $95.5 million in tangible book value, defined as total stockholders’ equity, less intangible assets.

The Company repurchased 98,000 shares of common stock for a total of $393,000 during the first quarter. As of March 28, 2020, the Company had repurchased 5.1 million shares for $29.6 million out of the $40 million plan.

Use of Non-GAAP Financial Measures

Intevac's non-GAAP results exclude the impact, where applicable, of changes in fair value of contingent consideration liabilities associated with business combinations. A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release.

Management uses non-GAAP results to evaluate the Company’s operating and financial performance in light of business objectives and for planning purposes. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Intevac believes these measures enhance investors’ ability to review the Company’s business from the same perspective as the Company’s management and facilitate comparisons of this period’s results with prior periods. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP.

Conference Call Information

The Company will discuss its financial results and outlook in a conference call today at 1:30 p.m. PDT (4:30 p.m. EDT). To participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13701589. For international callers, the dial-in number is +1 (201) 389-0921. You may also listen live via the Internet on the company's investor relations website at ir.intevac.com. For those unable to attend live, an archived webcast of the call will be available at ir.intevac.com.

About Intevac

Intevac was founded in 1991 and has two businesses: Thin-film Equipment and Photonics.

In our Thin-film Equipment business, we are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, and solar photovoltaic markets we serve currently.

In our Photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry. We are the provider of integrated digital imaging systems for most U.S. military night vision programs.

For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

200 Lean, INTEVAC MATRIX, INTEVAC VERTEX, and ENERGi are registered trademarks and Diamond Dog, DiamondClad, VERTEX Marathon, and VERTEX Spectra are trademarks of Intevac, Inc.

Safe Harbor Statement

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: impacts related to the COVID 19 global pandemic, customer adoption of our products, future revenue growth potential for Photonics, and the future financial performance of Intevac. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. These risks include, but are not limited to: global economic impacts of COVID-19, supply chain constraints and disruptions related to COVID-19, technology risk and challenges achieving customer adoption and revenue recognition in Thin-film Equipment markets, and delays in Photonics programs, each of which could have a material impact on our business, our financial results, and the Company's stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.

INTEVAC, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

 

Three months ended

 

March 28,
2020

 

March 30,
2019

 

 

 

 

Net revenues

 

 

 

TFE

$

7,962

 

 

$

18,945

 

Photonics

 

10,878

 

 

 

5,882

 

Total net revenues

 

18,840

 

 

 

24,827

 

 

 

 

 

Gross profit

 

8,156

 

 

 

7,239

 

 

Gross margin

 

 

 

TFE

 

44.0

%

 

 

31.5

%

Photonics

 

42.8

%

 

 

21.5

%

Consolidated

 

43.3

%

 

 

29.2

%

 

 

 

 

Operating expenses

 

 

 

Research and development

 

3,284

 

 

 

3,986

 

Selling, general and administrative

 

5,972

 

 

 

5,252

 

Total operating expenses

 

9,256

 

 

 

9,238

 

Total operating loss

 

(1,100

)

 

 

(1,999

)

 

 

 

 

Operating income (loss)

 

 

 

TFE

 

(2,531

)

 

 

(603

)

Photonics

 

2,912

 

 

 

(640

)

Corporate

 

(1,481

)

 

 

(756

)

Total operating loss

 

(1,100

)

 

 

(1,999

)

 

 

 

 

Interest and other income

 

142

 

 

 

160

 

Loss before provision for income taxes

 

(958

)

 

 

(1,839

)

Provision for income taxes

 

266

 

 

 

553

 

Net loss

$

(1,224

)

 

$

(2,392

)

 

 

 

 

Net loss per share

 

 

 

Basic and Diluted

$

(0.05

)

 

$

(0.10

)

 

 

 

 

Weighted average common shares outstanding

 

 

 

Basic and Diluted

 

23,483

 

 

 

22,855

 

 

 

 

 

INTEVAC, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

 

 

March 28,
2020

 

December 28,
2019

 

 

(Unaudited)

 

(see Note)

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

Cash, cash equivalents and short-term investments

$

37,891

 

 

$

36,487

 

 

Accounts receivable, net

 

23,021

 

 

 

28,619

 

 

Inventories

 

27,208

 

 

 

24,907

 

 

Prepaid expenses and other current assets

 

1,897

 

 

 

1,504

 

 

Total current assets

 

90,017

 

 

 

91,517

 

 

 

 

 

 

 

Long-term investments

 

4,549

 

 

 

5,537

 

 

Restricted cash

 

787

 

 

 

787

 

 

Property, plant and equipment, net

 

12,038

 

 

 

11,598

 

 

Operating lease right-of-use-assets

 

9,730

 

 

 

10,279

 

 

Intangible assets, net

 

120

 

 

 

274

 

 

Deferred income tax and other long-term assets

 

6,138

 

 

 

6,330

 

 

Total assets

$

123,379

 

 

$

126,322

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Current operating lease liabilities

$

2,614

 

 

$

2,524

 

 

Accounts payable

 

4,747

 

 

 

4,199

 

Accrued payroll and related liabilities

 

4,030

 

 

6,488

 

 

Other accrued liabilities

 

2,651

 

 

 

3,593

 

 

Customer advances

 

4,696

 

 

 

4,007

 

 

Total current liabilities

 

18,738

 

 

 

20,811

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

Non-current operating lease liabilities

 

8,819

 

 

 

9,532

 

 

Other long-term liabilities

 

153

 

 

 

186

 

 

Total non-current liabilities

 

8,972

 

 

 

9,718

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Common stock ($0.001 par value)

 

23

 

 

 

23

 

 

Additional paid-in capital

 

189,876

 

 

 

188,290

 

 

Treasury stock, at cost

 

(29,551

)

 

 

(29,158

)

 

Accumulated other comprehensive income

 

331

 

 

 

424

 

 

Accumulated deficit

 

(65,010

)

 

 

(63,786

)

 

Total stockholders’ equity

 

95,669

 

 

 

95,793

 

 

Total liabilities and stockholders’ equity

$

123,379

 

 

$

126,322

 

 

 

Note: Amounts as of December 28, 2019 are derived from the December 28, 2019 audited consolidated financial statements.

INTEVAC, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited, in thousands, except per share amounts)

 

Three months ended

 

March 28,
2020

 

March 30,
2019

 

 

 

 

Non-GAAP Loss from Operations

 

 

 

Reported operating loss (GAAP basis)

$

(1,100

)

 

$

(1,999

)

Change in fair value of contingent consideration obligations1

 

 

7

 

Non-GAAP Operating Loss

$

(1,100

)

 

$

(1,992

)

 

 

 

 

Non-GAAP Net Loss

 

 

 

Reported net loss (GAAP basis)

$

(1,224

)

 

$

(2,392

)

Change in fair value of contingent consideration obligations1

 

 

7

 

Income tax effect of non-GAAP adjustments2

 

Non-GAAP Net Loss

$

(1,224

)

 

$

(2,385

)

 

 

 

 

Non-GAAP Net Loss Per Share

 

 

 

Reported net loss per share (GAAP basis)

$

(0.05

)

 

$

(0.10

)

Change in fair value of contingent consideration obligations1

 

Non-GAAP Net Loss Per Share

$

(0.05

)

 

$

(0.10

)

 

 

 

 

Weighted average number of diluted shares outstanding

 

23,483

 

 

 

22,855

 

 

 

 

 

1Results for the quarter ended March 30, 2019 include changes in fair value of contingent consideration obligations associated with the Solar Implant Technology (SIT) acquisition in 2010.

 

2The amount represents the estimated income tax effect of the non-GAAP adjustments. The Company calculated the tax effect of non-GAAP adjustments by applying an applicable estimated jurisdictional tax rate to each specific non-GAAP item.

 

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