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Intevac Inc. (IVAC-0.12%) has submitted its 10-K filing for the fiscal year ended December 28, 2024.
The filing details a strategic focus on the hard disk drive (HDD) industry, with the company ceasing development of its TRIO product line and implementing a $33 million restructuring program.
Intevac reported net revenues of $63,978,000 for fiscal 2024, an increase from $52,665,000 in fiscal 2023. The increase was primarily due to $15.8 million in cancellation fees and higher sales of spare parts and services.
The company recorded a gross profit of $2,528,000, down from $20,226,000 in the previous year, with the decline attributed to higher inventory obsolescence charges and lower-margin contributions from cancellation fees.
Operating expenses for the year were $45,773,000, including $12,782,000 in asset impairments and restructuring charges related to the strategic shift away from the TRIO product line.
Intevac's net loss for fiscal 2024 was $39,799,000, compared to a net loss of $12,190,000 in fiscal 2023. The increased loss was due to inventory write-downs, restructuring charges, and higher income taxes.
The company reported a backlog of $42,583,000 as of December 28, 2024, with expectations to recognize 99.5% of this as revenue in 2025.
Intevac entered into a Merger Agreement with Seagate Technology Holdings plc on February 13, 2025, where Seagate will acquire all outstanding shares of Intevac for $4.00 per share in cash.
The merger, unanimously approved by Intevac's Board of Directors, is expected to close in the first half of 2025, subject to customary closing conditions.
In connection with the merger, Intevac will pay a one-time special dividend of $0.052 per share to its stockholders.
Intevac's investment portfolio, valued at $79.1 million, primarily consists of investment-grade money market funds, U.S. treasury and agency securities, and corporate bonds.
The company announced a new dividend policy, intending to pay quarterly dividends of $0.05 per share starting in the first quarter of 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Intevac Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.