ivac-10q_20190629.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 29, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to________

Commission file number 0-26946

 

INTEVAC, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

94-3125814

(State or other jurisdiction of

(IRS Employer

incorporation or organization)

Identification No.)

 

3560 Bassett Street

Santa Clara, California 95054

(Address of principal executive office, including Zip Code)

Registrant's telephone number, including area code:  (408) 986-9888

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock ($0.001 par value)

 

IVAC

 

The Nasdaq Stock Market LLC (Nasdaq) Global Select 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes        No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes        No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes        No

 

 

On July 24, 2019, 22,999,856 shares of the Registrant's Common Stock, $0.001 par value, were outstanding.

 

 


 

INTEVAC, INC.

INDEX

 

No.

 

 

 

Page

 

 

 

 

 

PART I.     FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

 

3

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

Condensed Consolidated Statements of Operations

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

5

 

 

Condensed Consolidated Statements of Cash Flows

 

6

 

 

Notes to Condensed Consolidated Financial Statements

 

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

34

Item 4.

 

Controls and Procedures

 

34

 

 

 

 

 

PART II.     OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

35

Item 1A.

 

Risk Factors

 

35

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

41

Item 3.

 

Defaults upon Senior Securities

 

41

Item 4.

 

Mine Safety Disclosures

 

41

Item 5.

 

Other Information

 

41

Item 6.

 

Exhibits

 

42

SIGNATURES

 

43

 

 

2


 

PART I.  FINANCIAL INFORMATION

Item 1. Financial Statements

INTEVAC, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

June 29,

2019

 

 

December 29,

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

23,531

 

 

$

18,715

 

Short-term investments

 

 

13,311

 

 

 

16,076

 

Trade and other accounts receivable, net of allowances of $0 at both

   June 29, 2019 and at December 29, 2018

 

 

18,317

 

 

 

27,717

 

Inventories

 

 

32,590

 

 

 

30,597

 

Prepaid expenses and other current assets

 

 

1,997

 

 

 

2,528

 

Total current assets

 

 

89,746

 

 

 

95,633

 

Long-term investments

 

 

2,437

 

 

 

4,372

 

Restricted cash

 

 

1,255

 

 

 

1,169

 

Property, plant and equipment, net

 

 

11,055

 

 

 

11,198

 

Operating lease right-of-use-assets

 

 

10,503

 

 

 

 

Intangible assets, net of accumulated amortization of $7,806 at

   June 29, 2019 and $7,498 at December 29, 2018

 

 

581

 

 

 

889

 

Deferred income taxes and other long-term assets

 

 

8,302

 

 

 

8,809

 

Total assets

 

$

123,879

 

 

$

122,070

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current operating lease liabilities

 

$

2,486

 

 

$

 

Accounts payable

 

 

5,708

 

 

 

6,053

 

Accrued payroll and related liabilities

 

 

5,221

 

 

 

4,689

 

Other accrued liabilities

 

 

4,100

 

 

 

4,952

 

Customer advances

 

 

7,916

 

 

 

14,314

 

Total current liabilities

 

 

25,431

 

 

 

30,008

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

 

9,925

 

 

 

 

Other long-term liabilities

 

 

176

 

 

 

2,438

 

Total noncurrent liabilities

 

 

10,101

 

 

 

2,438

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value

 

 

23

 

 

 

23

 

Additional paid-in capital

 

 

185,466

 

 

 

183,204

 

Treasury stock, 4,974 shares at June 29, 2019 and 4,965 shares at

   December 29, 2018

 

 

(29,089

)

 

 

(29,047

)

Accumulated other comprehensive income

 

 

455

 

 

 

378

 

Accumulated deficit

 

 

(68,508

)

 

 

(64,934

)

Total stockholders' equity

 

 

88,347

 

 

 

89,624

 

Total liabilities and stockholders' equity

 

$

123,879

 

 

$

122,070

 

 

Note:  Amounts as of December 29, 2018 are derived from the December 29, 2018 audited consolidated financial statements.

See accompanying notes to the condensed consolidated financial statements.

3


 

INTEVAC, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 29

2019

 

 

June 30,

2018

 

 

June 29

2019

 

 

June 30,

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share amounts)

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Systems and components

 

$

17,237

 

 

$

23,335

 

 

$

38,874

 

 

$

38,807

 

Technology development

 

 

5,077

 

 

 

2,763

 

 

 

8,267

 

 

 

5,265

 

Total net revenues

 

 

22,314

 

 

 

26,098

 

 

 

47,141

 

 

 

44,072

 

Cost of net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Systems and components

 

 

10,462

 

 

 

13,868

 

 

 

25,560

 

 

 

24,596

 

Technology development

 

 

3,495

 

 

 

2,469

 

 

 

5,984

 

 

 

4,840

 

Total cost of net revenues

 

 

13,957

 

 

 

16,337

 

 

 

31,544

 

 

 

29,436

 

Gross profit

 

 

8,357

 

 

 

9,761

 

 

 

15,597

 

 

 

14,636

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,431

 

 

 

4,984

 

 

 

7,417

 

 

 

9,151

 

Selling, general and administrative

 

 

5,854

 

 

 

4,712

 

 

 

11,105

 

 

 

10,541

 

Total operating expenses

 

 

9,285

 

 

 

9,696

 

 

 

18,522

 

 

 

19,692

 

Income (loss) from operations

 

 

(928

)

 

 

65

 

 

 

(2,925

)

 

 

(5,056

)

Interest income and other income (expense), net

 

 

163

 

 

 

133

 

 

 

322

 

 

 

278

 

Income (loss) before income taxes

 

 

(765

)

 

 

198

 

 

 

(2,603

)

 

 

(4,778

)

Provision for income taxes

 

 

417

 

 

 

365

 

 

 

971

 

 

 

525

 

Net loss

 

$

(1,182

)

 

$

(167

)

 

$

(3,574

)

 

$

(5,303

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(0.05

)

 

$

(0.01

)

 

$

(0.16

)

 

$

(0.24

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

22,991

 

 

 

22,461

 

 

 

22,923

 

 

 

22,284

 

 

See accompanying notes to the condensed consolidated financial statements.

4


 

INTEVAC, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 29,

2019

 

 

June 30,

2018

 

 

June 29,

2019

 

 

June 30,

2018

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net loss

 

$

(1,182

)

 

$

(167

)

 

$

(3,574

)

 

$

(5,303

)

Other comprehensive income (loss), before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized net loss on available-for-sale investments

 

 

32

 

 

 

22

 

 

 

77

 

 

 

(6

)

Foreign currency translation gains (losses)

 

 

(61

)

 

 

(144

)

 

 

 

 

 

(40

)

Other comprehensive income (loss), before tax

 

 

(29

)

 

 

(122

)

 

 

77

 

 

 

(46

)

Income taxes related to items in other comprehensive income

   (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

(29

)

 

 

(122

)

 

 

77

 

 

 

(46

)

Comprehensive loss

 

$

(1,211

)

 

$

(289

)

 

$

(3,497

)

 

$

(5,349

)

 

See accompanying notes to the condensed consolidated financial statements.

5


 

INTEVAC, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Six Months Ended

 

 

 

June 29,

2019

 

 

June 30,

2018

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(3,574

)

 

$

(5,303

)

Adjustments to reconcile the net loss to net cash and cash equivalents

   generated by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,920

 

 

 

2,557

 

Net amortization of investment premiums and discounts

 

 

(34

)

 

 

(42

)

Equity-based compensation

 

 

1,509

 

 

 

1,602

 

Straight-line rent adjustment and amortization of lease incentives

 

 

(158

)

 

 

(67

)

Change in the fair value of acquisition-related contingent consideration

 

 

7

 

 

 

8

 

Deferred income taxes

 

 

517

 

 

 

 

Loss on disposal of fixed assets

 

 

45

 

 

 

442

 

Changes in operating assets and liabilities

 

 

776

 

 

 

(3,531

)

Total adjustments

 

 

4,582

 

 

 

969

 

Net cash and cash equivalents provided by (used in) operating activities

 

 

1,008

 

 

 

(4,334

)

Investing activities

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(10,150

)

 

 

(17,743

)

Proceeds from sales and maturities of investments

 

 

14,961

 

 

 

15,978

 

Purchases of leasehold improvements and equipment

 

 

(1,398

)

 

 

(1,375

)

Net cash and cash equivalents provided by (used in) investing activities

 

 

3,413

 

 

 

(3,140

)

Financing activities

 

 

 

 

 

 

 

 

Net proceeds from issuance of common stock

 

 

1,021

 

 

 

2,118

 

Common stock repurchases

 

 

(42

)

 

 

 

Taxes paid related to net share settlement

 

 

(268

)

 

 

(814

)

Payment of acquisition-related contingent consideration

 

 

(230

)

 

 

 

Net cash and cash equivalents provided by financing activities

 

 

481

 

 

 

1,304

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

(40

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

4,902

 

 

 

(6,210

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

19,884

 

 

 

20,941

 

Cash, cash equivalents and restricted cash at end of period

 

$

24,786

 

 

$

14,731

 

 

See accompanying notes to the condensed consolidated financial statements.

6


 

INTEVAC, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Description of Business and Basis of Presentation

Intevac, Inc. (together with its subsidiaries “Intevac,” the “Company” or “we”) is a provider of vacuum deposition equipment for a wide variety of thin-film applications, and a leading provider of digital night-vision technologies and products to the defense industry. The Company leverages its core capabilities in high-volume manufacturing of small substrates to provide process manufacturing equipment solutions to the hard disk drive (“HDD”), display cover panel (“DCP”), and photovoltaic (“PV”) solar cell industries. Intevac also provides sensors, cameras and systems for government applications such as night vision. Intevac’s customers include manufacturers of hard disk media, DCPs and solar cells as well as the U.S. government and its agencies, allies and contractors. Intevac reports two segments: Thin-film Equipment (“TFE”) and Photonics.

In the opinion of management, except for the changes below, the unaudited interim condensed consolidated financial statements of Intevac included herein have been prepared on a basis consistent with the December 29, 2018 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. The Company adopted Accounting Standards Codification (“ASC”) 842, Leases, with a date of the initial application of December 30, 2018. As a result, the Company has changed its accounting policy for leases as detailed in Note 10. Leases. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Intevac’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018 (“2018 Form 10-K”). Intevac’s results of operations for the three and six months ended June 29, 2019 are not necessarily indicative of future operating results.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates.

2. Recent Accounting Pronouncement

Adoption of New Accounting Standard

We adopted ASU No. 2016-02, Leases (Topic 842), as of December 30, 2018, using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at the beginning of the period of adoption. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification, and we elected the hindsight practical expedient to determine the lease term for existing leases. We determined that most renewal options would not be reasonably certain in determining the expected lease term. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Adoption of the new standard resulted in the recording of net lease assets of $11.6 million and lease liabilities of $13.7 million, as of December 30, 2018. The standard did not have an impact on our consolidated results of operations or cash flows.

 

7


INTEVAC, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)

(Unaudited)

 

The effect of the changes made to our consolidated December 30, 2018 balance sheet for the adoption of the new lease standard was as follows (in thousands):

 

 

 

Balance at

December 29,

2018

 

 

Adjustments

Due to

ASC 842

 

 

 

Balance at

December 30,

2018

 

Prepaid expenses and other current assets

 

$

2,528

 

 

$

(221

)

1

 

$

2,307

 

Total current assets

 

$

95,633

 

 

$

(221

)

1

 

$

95,412

 

Operating lease right-of-use assets

 

$

 

 

$

11,635

 

1,2,3

 

$

11,635

 

Total assets

 

$

122,070

 

 

$

11,414

 

1,2,3

 

$

133,484

 

Current operating lease liabilities

 

$

 

 

$

2,581

 

5

 

$

2,581

 

Accounts payable

 

$

6,053

 

 

$

(4

)

4

 

$

6,049

 

Other accrued liabilities

 

$

4,952

 

 

$

(13

)

3

 

$

4,939

 

Total current liabilities

 

$

30,008

 

 

$

2,564

 

3,4,5

 

$

32,572

 

Noncurrent operating lease liabilities

 

$

 

 

$

11,120

 

5

 

$

11,120

 

Other long-term liabilities

 

$

2,438

 

 

$

(2,270

)

3

 

$

168

 

Total non-current liabilities

 

$

2,438

 

 

$

8,850

 

3,4,5

 

$

11,288

 

Total liabilities and stockholders' equity

 

$

122,070

 

 

$

11,414

 

4,5

 

$

133,484

 

 

1

Represents prepaid rent reclassified to operating lease right-of-use assets.

2

Represents capitalization of operating lease right-of-use assets and reclassification of straight-line rent accrual, and tenant incentives.

3

Represents reclassification of straight-line rent accrual to operating lease right-of-use assets.

4

Represents accrued rent reclassified to operating lease right-of-use assets.

5

Represents recognition of operating lease liabilities.

3. Revenue

The following tables represent a disaggregation of revenue from contracts with customers for the three and six months ended June 29, 2019 and June 30, 2018 along with the reportable segment for each category.

Major Products and Service Lines

 

TFE

 

Three Months Ended June 29, 2019

 

 

Three Months Ended June 30, 2018

 

 

 

(In thousands)

 

 

 

HDD

 

 

DCP

 

 

PV

 

 

Total

 

 

HDD

 

 

DCP

 

 

PV

 

 

Total

 

Systems, upgrades and spare parts

 

$

12,423

 

 

$

 

 

$

18

 

 

$

12,441

 

 

$

19,221

 

 

$

 

 

$

1

 

 

$

19,222

 

Field service

 

 

821

 

 

 

2

 

 

 

 

 

 

823

 

 

 

1,625

 

 

 

 

 

 

1

 

 

 

1,626

 

Total TFE net revenues

 

$

13,244

 

 

$

2

 

 

$

18

 

 

$

13,264

 

 

$

20,846

 

 

$

 

 

$

2

 

 

$

20,848

 

 

 

 

Six Months Ended June 29, 2019

 

 

Six Months Ended June 30, 2018

 

 

 

(In thousands)

 

 

 

HDD

 

 

DCP

 

 

PV

 

 

Total

 

 

HDD

 

 

DCP

 

 

PV

 

 

Total

 

Systems, upgrades and spare parts

 

$

23,473

 

 

$

 

 

$

6,391

 

 

$

29,864

 

 

$

29,614

 

 

$

1

 

 

$

3

 

 

$

29,618

 

Field service

 

 

2,343

 

 

 

2

 

 

 

 

 

 

2,345

 

 

 

3,980

 

 

 

 

 

 

39

 

 

 

4,019

 

Total TFE net revenues

 

$

25,816

 

 

$

2

 

 

$

6,391

 

 

$

32,209

 

 

$

33,594

 

 

$

1

 

 

$

42

 

 

$

33,637

 

 

8


INTEVAC, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

Photonics

 

June 29,

2019

 

 

June 30,

2018

 

 

June 29,

2019

 

 

June 30,

2018

 

 

 

(In thousands)

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Military products

 

$

2,981

 

 

$

2,145

 

 

$

4,794

 

 

$

4,399

 

Commercial products

 

 

182

 

 

 

54

 

 

 

500

 

 

 

54

 

Repair and other services

 

 

810

 

 

 

288

 

 

 

1,371

 

 

 

717

 

Total Photonics product net revenues

 

 

3,973

 

 

 

2,487

 

 

 

6,665

 

 

 

5,170

 

Technology development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost Plus Fixed Fee (“CPFF”)

 

 

1,992

 

 

 

2,220

 

 

 

3,488

 

 

 

4,010

 

Firm Fixed Price (“FFP”)

 

 

3,085

 

 

 

540

 

 

 

4,777

 

 

 

1,232

 

Time and materials

 

 

 

 

 

3

 

 

 

2

 

 

 

23

 

Total technology development net revenues

 

 

5,077

 

 

 

2,763

 

 

 

8,267

 

 

 

5,265

 

Total Photonics net revenues

 

$

9,050

 

 

$

5,250

 

 

$

14,932

 

 

$

10,435

 

 

Primary Geographical Markets

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

June 29, 2019

 

 

June 30, 2018

 

 

 

(In thousands)

 

 

 

TFE

 

 

Photonics

 

 

Total

 

 

TFE

 

 

Photonics

 

 

Total

 

United States

 

$

356

 

 

$

8,811

 

 

$

9,167

 

 

$

1,351

 

 

$

4,998

 

 

$

6,349

 

Asia

 

 

12,908

 

 

 

 

 

 

12,908

 

 

 

19,497

 

 

 

31

 

 

 

19,528

 

Europe

 

 

 

 

 

239

 

 

 

239

 

 

 

 

 

 

187

 

 

 

187

 

Rest of World

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34

 

 

 

34

 

Total net revenues

 

$

13,264

 

 

$

9,050

 

 

$

22,314

 

 

$

20,848

 

 

$

5,250

 

 

$

26,098

 

 

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 29, 2019

 

 

June 30, 2018

 

 

 

(In thousands)

 

 

 

TFE

 

 

Photonics

 

 

Total

 

 

TFE

 

 

Photonics

 

 

Total

 

United States

 

$

517

 

 

$

14,527

 

 

$

15,044

 

 

$

3,262

 

 

$

9,760

 

 

$

13,022

 

Asia

 

 

31,692

 

 

 

 

 

 

31,692

 

 

 

30,375

 

 

 

31

 

 

 

30,406

 

Europe

 

 

 

 

 

405

 

 

 

405

 

 

 

 

 

 

480

 

 

 

480

 

Rest of World

 

 

 

 

 

 

 

 

 

 

 

 

 

 

164

 

 

 

164

 

Total net revenues

 

$

32,209

 

 

$

14,932

 

 

$

47,141

 

 

$

33,637

 

 

$

10,435

 

 

$

44,072

 

 

Timing of Revenue Recognition

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

June 29, 2019

 

 

June 30, 2018

 

 

 

(In thousands)

 

 

 

TFE

 

 

Photonics

 

 

Total

 

 

TFE

 

 

Photonics

 

 

Total

 

Products transferred at a point in time

 

$

13,264

 

 

$

810

 

 

$

14,074

 

 

$

20,848

 

 

$

288

 

 

$

21,136

 

Products and services transferred over time

 

 

 

 

 

8,240

 

 

 

8,240

 

 

 

 

 

 

4,962

 

 

 

4,962

 

 

 

$

13,264

 

 

$

9,050

 

 

$

22,314

 

 

$

20,848

 

 

$

5,250

 

 

$

26,098

 

9


INTEVAC, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)

(Unaudited)

 

 

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 29, 2019

 

 

June 30, 2018

 

 

 

(In thousands)

 

 

 

TFE

 

 

Photonics

 

 

Total

 

 

TFE

 

 

Photonics

 

 

Total

 

Products transferred at a point in time

 

$

32,209

 

 

$

1,371

 

 

$

33,580

 

 

$

33,637

 

 

$

717

 

 

$

34,354

 

Products and services transferred over time

 

 

 

 

 

13,561

 

 

 

13,561

 

 

 

 

 

 

9,718

 

 

 

9,718

 

 

 

$

32,209