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IVAC News
IVAC Events
Thirteen option delistings on April 22nd
Option delistings effective April 22nd include PAYCOR HCM INC. (PYCR), PACTIV EVERGREEN INC. (PTVE), Nevro Corp (NVRO), American Software, Inc. (LGTY), Intevac, Inc. (IVAC), Intra-Cellular Therapies Inc (ITCI), Gritstone Bio, Inc. (GRTSQ), Enfusion (ENFN), ENDEAVOR GROUP HOLDINGS INC. (EDR), Air Transport Services Group Inc. (ATSG), Altair Engineering Inc (ALTR), ACCOLADE INC (ACCD), and VOXX International Corp (VOXX).
Intevac announces 5.2c per share special cash dividend
Intevac announced that a one-time special cash dividend of 5.2c per share of common stock will be paid on March 28 to all stockholders of record as of the close of business on March 24. The one-time special cash dividend is being paid in connection with the proposed acquisition of Intevac by Seagate. Seagate has commenced a tender offer to acquire all of Intevac's outstanding common stock for $4.00 per share in cash. The tender offer is scheduled to expire at one minute after 11:59 p.m., Eastern Time, on March 28. Intevac's board of directors unanimously recommends that all stockholders tender their shares in the offer. Tendering shares into the Offer will not impair a stockholder's right to receive the one-time special cash dividend.
Intevac sees Q4 EPS (21c)-(19c), consensus (18c)
Sees Q4 revenue $9M-$10.5M, consensus $9.6M. Sees Q4 gross margin 30%-32%. Sees Q4 operating expenses $8.4M-$8.6M. Sees Q4 tax expense $4000,000. Says announcing restructuring. Says 19% headcount reduction worldwide. Comments and guidance taken from Q3 earnings conference call.
Intevac says will enter restructuring, reduce headcount by 19%
Comments taken from Q3 earnings conference call.
Intevac reports Q3 adjusted EPS (8c) vs 0c last year
Reports Q3 revenue $28.5M vs $17.9M last year. "We are pleased to report third-quarter results favorable to our expectations going into the quarter," commented Nigel Hunton, president and chief executive officer. "Technology upgrades in support of next-generation HAMR (heat-assisted magnetic recording) media continue to drive the majority of our business, and total revenues from HDD upgrades, spares, and field service totaled over $13 million, exceeding our expectations. With an additional $15 million of largely pass-through revenue associated with the transfer of inventory to a customer, the gross margin and earnings per share performance of the core business likewise exceeded expectations. Positive free cash flow performance in the quarter drove an increase in total cash, restricted cash, and investments to over $72 million at quarter-end, and we remain on track to maintain the strength of the balance sheet in 2024 to enable strategic investments in support of future growth."
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