SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of
The Securities Exchange Act of 1934
August 3, 2015
Date of Report (date of earliest event reported)
INTEVAC, INC.
(Exact name of Registrant as specified in its charter)
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State of Delaware |
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0-26946 |
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94-3125814 |
(State or other jurisdiction
of incorporation or organization) |
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(Commission
File Number) |
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(IRS Employer
Identification Number) |
3560 Bassett Street
Santa Clara, CA 95054
(Address of principal executive offices)
(408) 986-9888
(Registrants telephone number, including area code)
N/A
(Former name or
former address if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On August 3, 2015, Intevac, Inc. issued a press release reporting its financial results for the three and six months ended July 4,
2015. A copy of the press release issued by the Company concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information is intended to be furnished under Item 2.02 of Form 8-K, Results of Operations and Financial
Condition. This information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
99.1 Press Release.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INTEVAC, INC. |
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Date: August 3, 2015 |
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/s/ JAMES MONIZ |
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James Moniz |
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Executive Vice President, Finance and Administration, |
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Chief Financial Officer, Treasurer and Secretary |
Exhibit 99.1
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3560 Bassett Street, Santa Clara CA 95054 |
James Moniz
Chief Financial Officer (408) 986-9888 |
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Claire McAdams
Investor Relations (530) 265-9899 |
INTEVAC ANNOUNCES SECOND QUARTER 2015 FINANCIAL RESULTS
Santa Clara, Calif.August 3, 2015Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the quarter and six months ended
July 4, 2015.
We made significant progress in our Thin-Film Equipment growth strategy during the second quarter, commented Wendell
Blonigan, Intevacs president and chief executive officer. The proprietary protective carbon film weve engineered for our production VERTEX PVD system has demonstrated outstanding performance as a cost-effective,
optically-transparent, scratch-protective solution for cell phone display cover panels. We won a new Tier 1 customer for this marketplace, in which we generated excitement for our film by working together with our customer to market the film
directly to mobile phone manufacturers, culminating in the new system order announced in July.
Our Photonics business continued to perform well,
achieving favorable yields in our production programs, while we invest in our next-generation low-light sensor technology, added Mr. Blonigan. We were also pleased to experience an uptick in demand for strategic hard drive media
upgrades, which boosted both revenues and gross margin in the quarter as well as our outlook for the year.
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($ Millions, except per share amounts) |
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Q2 2015 |
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Q2 2014 |
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GAAP Results |
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Non-GAAP Results |
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GAAP Results |
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Non-GAAP Results |
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Net Revenues |
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$ |
20.5 |
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$ |
20.5 |
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$ |
14.7 |
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$ |
14.7 |
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Operating Income (Loss) |
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$ |
0.3 |
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$ |
0.1 |
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$ |
(5.2 |
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$ |
(5.1 |
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Net Income (Loss) |
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$ |
0.0 |
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$ |
(0.2 |
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$ |
(5.0 |
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$ |
(4.9 |
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Net Income (Loss) per Share |
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$ |
0.00 |
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$ |
(0.01 |
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$ |
(0.21 |
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$ |
(0.20 |
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Six Months Ended |
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Six Months Ended |
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July 4, 2015 |
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June 28, 2014 |
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GAAP Results |
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Non-GAAP Results |
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GAAP Results |
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Non-GAAP Results |
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Net Revenues |
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$ |
40.3 |
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$ |
40.3 |
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$ |
31.7 |
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$ |
31.7 |
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Operating Loss |
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$ |
(2.7 |
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$ |
(2.7 |
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$ |
(10.0 |
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$ |
(9.6 |
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Net Loss |
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$ |
(2.9 |
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$ |
(2.9 |
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$ |
(9.5 |
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$ |
(9.1 |
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Net Loss per Share |
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$ |
(0.13 |
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$ |
(0.13 |
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$ |
(0.40 |
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$ |
(0.38 |
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Intevacs non-GAAP adjusted results exclude the impact of the following, where applicable: (1) changes in fair value
of contingent consideration liabilities associated with business combinations; and (2) restructuring charges. 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.
Second Quarter 2015 Summary
Net income for the quarter was $12,000, or $0.00 per share, compared to a net loss of $5.0 million, or $0.21 per share, in the second quarter of 2014. The
non-GAAP net loss was $0.2 million or $0.01 per share, compared to the second-quarter 2014 non-GAAP net loss of $4.9 million or $0.20 per share.
Revenues were $20.5 million, including $11.5 million of Thin-film Equipment revenues and Photonics revenues of $9.0 million. Thin-film
Equipment revenues included upgrades, spares and service, as well as some customer-funded NRE for passing key technical milestones during the quarter. Photonics revenues consisted of $1.8 million of research and development contracts and
$7.2 million of product sales. In the second quarter of 2014, revenues were $14.7 million, including $3.8 million of Thin-film Equipment revenues and Photonics revenues of $11.0 million, which included $2.7 million of
research and development contracts.
Thin-film Equipment gross margin was 41.0% compared to 8.3% in the second quarter of 2014 and 28.5% in the first
quarter of 2015. Equipment margins in the second quarter of 2015 were higher primarily due to a higher mix of higher-margin upgrades and improved factory absorption.
Photonics gross margin was 34.5% compared to 44.7% in the second quarter of 2014 and 42.1% in the first quarter of 2015. The decline from the second quarter
of 2014 and the first quarter of 2015 was due to lower contractual pricing on shipments of the Apache helicopter camera and higher factory overhead expenses. Consolidated gross margin was 38.2%, compared to 35.4% in the second quarter of 2014 and
34.8% in the first quarter of 2015.
R&D and SG&A expenses of $7.7 million decreased 22.2% compared to the first quarter of 2015. Lower
R&D spending in the second quarter was due primarily to costs recovered under customer-funded NRE in Thin-film Equipment.
Order backlog totaled
$43.5 million on July 4, 2015, compared to $39.2 million on April 4, 2015 and $46.4 million on June 28, 2014. Backlog at both July 4, 2015 and April 4, 2015 included two solar
systems, compared to backlog as of June 28, 2014 which included one solar system and one PVD display cover glass coating system.
The company
ended the quarter with $58.8 million of total cash, restricted cash and investments and $85.7 million in tangible book value. The company repurchased 1.1 million shares of common stock for $6.3 million during the second quarter.
As of July 4, 2015 the company has repurchased 3.0 million shares for $19.3 million out of the $30 million plan announced in November of 2013.
First Six Months 2015 Summary
The net loss was
$2.9 million, or $0.13 per share, compared to a net loss of $9.5 million, or $0.40 per share, for the first six months of 2014. The non-GAAP net loss was $2.9 million or $0.13 per share. This compares to the first half 2014
non-GAAP net loss of $9.1 million or $0.38 per share.
Revenues were $40.3 million, including $22.1 million of Thin-film Equipment revenues
and Photonics revenues of $18.2 million, compared to revenues of $31.7 million, including $12.8 million of Thin-film Equipment revenues and Photonics revenues of $18.9 million, for the first six months of 2014.
Thin-film Equipment gross margin was 35.0%, compared to 18.1% in the first six months of 2014, primarily due to higher mix of higher-margin upgrades, lower
factory overhead expenses
and lower inventory charges. We recognized revenue on one 200 Lean system in both the first half of 2015 and 2014. Photonics gross margin was 38.3% compared to 40.7% in the first six months
of 2014, reflecting lower contractual pricing on Apache camera shipments, lower margins on technology development programs and higher factory overhead costs. Consolidated gross margin was 36.5%, compared to 31.6% in the first six months of 2014.
R&D and SG&A expenses were $17.6 million and were down 11.6% from $19.9 million in the first six months of 2014 primarily due to costs
recovered under customer-funded NRE in Thin-film Equipment.
Use of Non-GAAP Financial Measures
Intevacs non-GAAP results exclude the impact of the following, where applicable: (1) changes in fair value of contingent consideration liabilities
associated with business combinations; and (2) restructuring charges. 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 companys 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 companys business from the
same perspective as the companys management and facilitate comparisons of this periods 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) 334-0811 prior to the start time. For international callers,
the dial-in number is (408) 427-3734. You may also listen live via the Internet at the companys website, www.intevac.com, under the Investors link, or at www.earnings.com. For those unable to attend, these web sites will host an archive
of the call. Additionally, a telephone replay of the call will be available for 48 hours beginning today at 7:30 p.m. EDT. You may access the replay by calling (855) 859-2056 or, for international callers, (404) 537-3406, and
providing Replay Passcode 80851895.
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.
Intevac is the market and technology leader in the
hard drive industry, with our systems processing approximately 60% of all magnetic disk media produced worldwide. Our high-performance, high-throughput technology solutions continue to expand into additional markets including solar and
adjacent thin-film deposition applications.
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 companys website at www.intevac.com.
200 Lean® is a registered trademark and INTEVAC MATRIX and INTEVAC VERTEX 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: the ability to
leverage technology into new markets, customer penetration and adoption, and future revenue growth and profitability. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ
materially from the companys expectations. These risks include, but are not limited to: technology risk and challenges achieving customer adoption and commercial success in adjacent markets and delays in shipping deposition systems or
Photonics cameras, each of which could have a material impact on our business, our financial results, and the companys stock price. These risks and other factors are detailed in the companys periodic filings with the U.S. Securities and
Exchange Commission.
INTEVAC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in
thousands, except per share amounts)
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Three months ended |
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Six months ended |
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July 4, 2015 |
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June 28, 2014 |
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July 4, 2015 |
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June 28, 2014 |
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Net revenues |
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Thin-film Equipment |
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$ |
11,494 |
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$ |
3,762 |
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$ |
22,122 |
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$ |
12,809 |
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Photonics |
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8,964 |
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10,953 |
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18,221 |
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18,921 |
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Total net revenues |
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20,458 |
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14,715 |
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40,343 |
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31,730 |
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Gross profit |
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7,806 |
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5,211 |
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14,727 |
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10,021 |
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Gross margin |
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Thin-film Equipment |
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41.0 |
% |
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8.3 |
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35.0 |
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18.1 |
% |
Photonics |
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34.5 |
% |
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44.7 |
% |
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38.3 |
% |
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40.7 |
% |
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Consolidated |
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38.2 |
% |
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35.4 |
% |
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36.5 |
% |
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31.6 |
% |
Operating expenses |
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Research and development |
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2,947 |
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4,558 |
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7,555 |
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8,831 |
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Selling, general and administrative |
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4,750 |
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5,853 |
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10,029 |
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11,063 |
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Acquisition-related1 |
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(174 |
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46 |
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(200 |
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97 |
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Total operating expenses |
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7,523 |
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10,457 |
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17,384 |
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19,991 |
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Total operating income (loss) |
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283 |
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(5,246 |
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(2,657 |
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(9,970 |
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Income (loss) from operations |
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Thin-film Equipment |
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6 |
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(5,667 |
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(3,291 |
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(9,808 |
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Photonics |
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1,275 |
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2,567 |
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2,752 |
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3,475 |
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Corporate |
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(998 |
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(2,146 |
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(2,118 |
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(3,637 |
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Total operating income (loss) |
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283 |
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(5,246 |
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(2,657 |
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(9,970 |
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Interest and other income (expense) |
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(13 |
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120 |
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66 |
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192 |
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Income (loss) before income taxes |
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270 |
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(5,126 |
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(2,591 |
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(9,778 |
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Provision for (benefit from) income taxes |
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258 |
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(119 |
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290 |
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(250 |
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Net income (loss) |
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$ |
12 |
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$ |
(5,007 |
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$ |
(2,881 |
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$ |
(9,528 |
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Net income (loss) per share |
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Basic and Diluted |
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$ |
0.00 |
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$ |
(0.21 |
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$ |
(0.13 |
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$ |
(0.40 |
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Weighted average common shares outstanding |
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Basic |
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22,630 |
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23,927 |
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22,929 |
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23,892 |
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Diluted |
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22,912 |
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23,927 |
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22,929 |
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23,892 |
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1 |
Results for all periods presented include changes in fair value of contingent consideration obligations associated with the Solar Implant Technology (SIT) acquisition in 2010. |
INTEVAC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In
thousands, except par value)
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July 4, 2015 |
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January 3, 2015 |
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(Unaudited) |
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(see Note) |
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ASSETS |
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Current assets |
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Cash, cash equivalents and short-term investments |
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$ |
47,756 |
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$ |
51,080 |
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Accounts receivable, net |
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11,363 |
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12,087 |
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Inventories |
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18,517 |
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19,212 |
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Prepaid expenses and other current assets |
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1,728 |
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1,727 |
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Total current assets |
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79,364 |
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84,106 |
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Long-term investments |
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9,264 |
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17,542 |
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Restricted cash |
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1,780 |
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1,780 |
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Property, plant and equipment, net |
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12,360 |
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12,826 |
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Intangible assets, net |
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3,539 |
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3,966 |
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Other long-term assets |
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426 |
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55 |
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Total assets |
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$ |
106,733 |
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$ |
120,275 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
4,169 |
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$ |
4,640 |
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Accrued payroll and related liabilities |
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3,949 |
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3,977 |
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Other accrued liabilities |
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6,249 |
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|
8,277 |
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Customer advances |
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557 |
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2,551 |
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Total current liabilities |
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14,924 |
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|
19,445 |
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Other long-term liabilities |
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2,586 |
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|
2,200 |
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Stockholders equity |
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Common stock ($0.001 par value) |
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22 |
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23 |
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Additional paid in capital |
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164,035 |
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161,271 |
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Treasury stock, at cost |
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(19,268 |
) |
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(9,989 |
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Accumulated other comprehensive income |
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|
609 |
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|
619 |
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Accumulated deficit |
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(56,175 |
) |
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(53,294 |
) |
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Total stockholders equity |
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89,223 |
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98,630 |
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Total liabilities and stockholders equity |
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$ |
106,733 |
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$ |
120,275 |
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|
Note: Amounts as of January 3, 2015 are derived from the January 3, 2015 audited consolidated financial
statements.
INTEVAC, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited, in
thousands, except per share amounts)
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Three months ended |
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|
Six months ended |
|
|
|
July 4, 2015 |
|
|
June 28, 2014 |
|
|
July 4, 2015 |
|
|
June 28, 2014 |
|
Non-GAAP Income (Loss) from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income (loss) (GAAP basis) |
|
$ |
283 |
|
|
$ |
(5,246 |
) |
|
$ |
(2,657 |
) |
|
$ |
(9,970 |
) |
Restructuring charges1 |
|
|
|
|
|
|
61 |
|
|
|
148 |
|
|
|
288 |
|
Change in fair value of contingent consideration obligations2 |
|
|
(174 |
) |
|
|
46 |
|
|
|
(200 |
) |
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income (Loss) |
|
$ |
109 |
|
|
$ |
(5,139 |
) |
|
$ |
(2,709 |
) |
|
$ |
(9,585 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income (loss) (GAAP basis) |
|
$ |
12 |
|
|
$ |
(5,007 |
) |
|
$ |
(2,881 |
) |
|
$ |
(9,528 |
) |
Restructuring charges1 |
|
|
|
|
|
|
61 |
|
|
|
148 |
|
|
|
288 |
|
Change in fair value of contingent consideration obligations2 |
|
|
(174 |
) |
|
|
46 |
|
|
|
(200 |
) |
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Loss |
|
$ |
(162 |
) |
|
$ |
(4,900 |
) |
|
$ |
(2,933 |
) |
|
$ |
(9,143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Loss Per Diluted Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income (loss) per diluted share (GAAP basis) |
|
$ |
0.00 |
|
|
$ |
(0.21 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.40 |
) |
Restructuring charges1 |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
Change in fair value of contingent consideration obligations2 |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Loss Per Diluted Share |
|
$ |
(0.01 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of diluted shares |
|
|
22,912 |
|
|
|
23,927 |
|
|
|
22,929 |
|
|
|
23,892 |
|
1 |
Results for all periods presented include severance and other employee-related costs related to various restructuring programs. |
2 |
Results for all periods presented include changes in fair value of contingent consideration obligations associated with the Solar Implant Technology (SIT) acquisition in 2010. |
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