(Mark One) | ||
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2007 | ||
or
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware
|
94-3125814 | |
(State or other jurisdiction
of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of Each Class
|
Name of Each Exchange on Which Registered
|
|
Common Stock ($0.001 par value)
|
The Nasdaq Stock Market LLC (NASDAQ Global Select) |
Large accelerated
filer
o
|
Accelerated filer þ |
Non-accelerated
filer
o
(Do not check if a smaller reporting company) |
Smaller reporting company o |
Item 1. | Business |
1
2
3
4
5
6
7
Name
|
Age
|
Position
|
||||
Executive Officers:
|
||||||
Norman H. Pond
|
69 | Chairman of the Board | ||||
Kevin Fairbairn
|
54 | President and Chief Executive Officer | ||||
Jeffrey Andreson
|
46 | Vice President, Finance and Administration, Chief Financial Officer, Treasurer and Secretary | ||||
Michael Barnes
|
49 | Vice President and Chief Technical Officer | ||||
Kimberly Burk
|
42 | Sr. Director, Human Resources | ||||
Ralph Kerns
|
61 | Vice President, Business Development, Equipment Products | ||||
Luke Marusiak
|
45 | Chief Operating Officer | ||||
Joseph Pietras
|
53 | Vice President and General Manager, Imaging Instrumentation | ||||
Other Key Officers:
|
||||||
Verle Aebi
|
53 | Chief Technology Officer, Imaging Instrumentation | ||||
James Birt
|
43 | Vice President, Customer Support, Equipment Products | ||||
Terry Bluck
|
48 | Vice President, Technology, Equipment Products | ||||
Jerry Carollo
|
55 | Vice President and General Manager, Creative Display Systems | ||||
Keith Carron
|
49 | Managing Director and General Manager, DeltaNu | ||||
Timothy Justyn
|
45 | Vice President, Manufacturing, Equipment Products | ||||
Dave Kelly
|
45 | Vice President, Engineering, Imaging Instrumentation |
8
9
10
71
Item 1A.
Risk
Factors
11
Table of Contents
changes in the demand, due to seasonality, cyclicality and other
factors in the markets, for computer systems, storage subsystems
and consumer electronics containing disks our customers produce
with our systems;
delays or problems in the introduction and acceptance of our new
products, or delivery of existing products;
timing of orders, acceptance of new systems by our customers or
cancellation of those orders; and
new products, services or technological innovations by our
competitors or us.
12
Table of Contents
13
Table of Contents
14
Table of Contents
our perceived prospects;
hard disk drive market expectations;
variations in our operating results and whether we achieve our
key business targets;
sales or purchases of large blocks of our stock;
15
Table of Contents
changes in, or our failure to meet, our revenue and earnings
estimates;
changes in securities analysts buy or sell recommendations;
differences between our reported results and those expected by
investors and securities analysts;
announcements of new contracts, products or technological
innovations by us or our competitors;
market reaction to any acquisitions, joint ventures or strategic
investments announced by us or our competitors;
our high fixed operating expenses, including research and
development expenses;
developments in the financial markets; and
general economic, political or stock market conditions in the
United States and other major regions in which we do business.
16
Table of Contents
varying regional and geopolitical business conditions and
demands;
global trade issues;
variations in protection of intellectual property and other
legal rights in different countries;
rising raw material and energy costs;
variations in the ability to develop relationships with
suppliers and other local businesses;
changes in laws and regulations of the United States (including
export restrictions) and other countries, as well as their
interpretation and application;
fluctuations in interest rates and currency exchange rates,
particularly with the recent decline in the value of the
U.S. dollar;
the need to provide sufficient levels of technical support in
different locations;
political instability, natural disasters (such as earthquakes,
hurricanes or floods), pandemics, terrorism or acts of war where
we have operations, suppliers or sales;
17
Table of Contents
cultural differences; and
shipping delays.
any of our pending or future patent applications will be allowed
or that any of the allowed applications will be issued as
patents or will issue with claims of the scope we sought;
any of our patents will not be invalidated, deemed
unenforceable, circumvented or challenged;
the rights granted under our patents will provide competitive
advantages to us;
18
Table of Contents
other parties will not develop similar products, duplicate our
products or design around our patents; or
our patent rights, intellectual property laws or our agreements
will adequately protect our intellectual property or competitive
position.
19
Table of Contents
20
Table of Contents
Item 1B.
Unresolved
Staff Comments
Item 2.
Properties
Square Footage
Lease Expire
169,583
Mar 2012
Corporate Headquarters; Equipment and Imaging Instrumentation
Marketing, Manufacturing, Engineering and Customer Support
9,505
Feb 2013
Imaging Instrumentation Sensor Fabrication
4,000
Feb 2009
Imaging Instrumentation Raman Spectrometer Mfg
10,360
May 2010
Imaging Instrumentation Micro Display Product Mfg
120
Aug 2008
Imaging Instrumentation Micro Display Product Sales
31,947
Jun 2010
Equipment Manufacturing and Customer Support
1,558
May 2008
Equipment Customer Support
1,291
Aug 2008
Equipment Customer Support
1,507
Nov 2008
Equipment Customer Support
2,568
Jul 2008
Equipment Customer Support
21
Table of Contents
Item 3.
Legal
Proceedings
Item 4.
Submission
of Matters to a Vote of Security-Holders
22
Table of Contents
Item 5.
Market
for Registrants Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities
High
Low
$
28.80
$
13.42
30.60
18.86
25.35
14.81
27.94
16.29
$
30.57
$
22.00
26.77
18.92
22.37
13.23
18.12
14.01
23
Table of Contents
AMONG INTEVAC, NASDAQ STOCK MARKET TOTAL RETURN INDEX AND
NASDAQ COMPUTER MANUFACTURERS TOTAL RETURN INDEX
12/31/02
12/31/03
12/31/04
12/30/05
12/29/06
12/31/07
$
100
$
353
$
190
$
331
$
650
$
364
100
150
163
166
183
198
100
139
181
185
189
277
24
Table of Contents
Item 6.
Selected
Consolidated Financial Data
Year Ended December 31,
2007
2006
2005
2004
2003
(In thousands, except per share data)
$
202,292
$
250,158
$
130,168
$
61,326
$
27,738
13,542
9,717
7,061
8,289
8,556
215,834
259,875
137,229
69,615
36,294
111,514
151,287
87,525
45,528
19,689
7,415
6,102
5,253
6,856
6,032
862
1,527
873
1,375
743
119,791
158,916
93,651
53,759
26,464
96,043
100,959
43,578
15,856
9,830
40,137
30,036
14,384
11,580
12,037
28,470
22,924
14,477
9,525
8,448
68,607
52,960
28,861
21,105
20,485
27,436
47,999
14,717
(5,249
)
(10,655
)
6,544
3,501
1,303
634
269
1,598
277
552
381
(1,879
)
35,578
51,777
16,572
(4,234
)
(12,265
)
8,233
5,079
421
110
38
$
27,345
$
46,698
$
16,151
$
(4,344
)
$
(12,303
)
$
1.28
$
2.22
$
0.79
$
(0.22
)
$
(0.95
)
21,447
21,015
20,462
19,749
12,948
$
1.23
$
2.13
$
0.76
$
(0.22
)
$
(0.95
)
22,150
21,936
21,202
19,749
12,948
$
138,658
$
95,035
$
49,731
$
42,034
$
19,507
154,630
118,061
77,353
53,100
22,638
215,413
206,003
130,444
79,622
55,975
1,898
185,163
144,310
87,874
69,375
30,869
25
Table of Contents
Item 7.
Managements
Discussion and Analysis of Financial Condition and Results of
Operations
26
Table of Contents
27
Table of Contents
28
Table of Contents
Year Ended December 31,
% Change
% Change
2007
2006
2005
2007 vs. 2006
2006 vs. 2005
(In thousands, except percentages)
$
196,686
$
248,482
$
129,280
(21
)%
92
%
19,148
11,393
7,949
68
%
43
%
$
215,834
$
259,875
$
137,229
(17
)%
89
%
29
Table of Contents
Year Ended December 31,
% Change
% Change
2007
2006
2005
2007 vs. 2006
2006 vs. 2005
(In thousands, except percentages)
$
87,885
$
97,161
$
42,623
(10
)%
128
%
44.7
%
39.1
%
33.0
%
$
8,158
$
3,798
$
955
115
%
298
%
42.6
%
33.3
%
12.0
%
$
96,043
$
100,959
$
43,578
(5
)%
132
%
44.5
%
38.8
%
31.8
%
30
Table of Contents
31
Table of Contents
Year Ended December 31,
% Change
% Change
2007
2006
2005
2007 vs. 2006
2006 vs. 2005
(In thousands, except percentages)
$
8,142
$
3,778
$
1,855
116
%
104
%
Year Ended December 31,
% Change
% Change
2007
2006
2005
2007 vs. 2006
2006 vs. 2005
(In thousands, except percentages)
$
8,233
$
5,079
$
421
62
%
1106
%
32
Table of Contents
33
Table of Contents
Payments Due by Period
Total
< 1 Year
1-3 Years
3-5 Years
> 5 Years
(In thousands)
$
10,530
$
2,534
$
4,906
$
3,054
$
36
9,392
9,392
$
19,922
$
11,926
$
4,906
$
3,054
$
36
Item 7A.
Quantitative
and Qualitative Disclosures About Market Risk
Fair
2008
2009
2010
Beyond
Total
Value
$
7,750
$
7,750
$
7,750
4.28
%
$
7,973
$
7,973
$
7,976
4.82
%
$
110,985
$
110,985
$
111,019
5.53
%
$
2,009
$
2,009
$
2,010
4.43
%
$
126,708
$
2,009
$
128,717
$
128,755
34
Table of Contents
Item 8.
Financial
Statements and Supplementary Data
Page
36
37
38
39
40
41
35
Table of Contents
36
Table of Contents
December 31,
2007
2006
(In thousands)
$
27,673
$
39,440
110,985
55,595
14,142
39,927
22,133
37,942
4,162
2,506
3,609
3,269
182,704
178,679
12,631
11,062
27,185
23,926
39,816
34,988
24,414
21,442
15,402
13,546
2,009
8,000
2,431
7,905
1,805
5,588
3,347
$
215,413
$
206,003
LIABILITIES AND STOCKHOLDERS EQUITY
$
1,992
$
7,678
15,994
8,610
11,769
5,454
6,612
4,340
26,243
28,074
60,618
278
1,075
1,898
22
99,468
120,056
7,319
571
354
64,514
37,169
185,163
144,310
$
215,413
$
206,003
37
Table of Contents
Years Ended December 31,
2007
2006
2005
(In thousands, except per share amounts)
$
202,292
$
250,158
$
130,168
13,542
9,717
7,061
215,834
259,875
137,229
111,514
151,287
87,525
7,415
6,102
5,253
862
1,527
873
119,791
158,916
93,651
96,043
100,959
43,578
40,137
30,036
14,384
28,470
22,924
14,477
68,607
52,960
28,861
27,436
47,999
14,717
6,544
3,501
1,303
1,598
277
552
35,578
51,777
16,572
8,233
5,079
421
$
27,345
$
46,698
$
16,151
217
116
(15
)
$
27,562
$
46,814
$
16,136
$
1.28
$
2.22
$
0.79
21,447
21,015
20,462
$
1.23
$
2.13
$
0.76
22,150
21,936
21,202
38
Table of Contents
Accumulated
Retained
Additional
Other
Earnings
Total
Common Stock
Paid-In
Comprehensive
(Accumulated
Stockholders
Shares
Amount
Capital
Income
Deficit)
Equity
(In thousands)
20,182
$
93,634
$
1,168
$
253
$
(25,680
)
$
69,375
358
1,856
1,856
129
488
488
19
19
(15
)
(15
)
16,151
16,151
20,669
$
95,978
$
1,187
$
238
$
(9,529
)
$
87,874
360
2,666
2,666
159
824
824
2,707
2,707
3,425
3,425
116
116
46,698
46,698
21,188
$
99,468
$
7,319
$
354
$
37,169
$
144,310
313
2,141
353
2,494
90
671
704
1,375
(102,258
)
102,258
3,009
3,009
6,379
6,379
34
217
251
27,345
27,345
21,591
$
22
$
120,056
$
571
$
64,514
$
185,163
39
Table of Contents
Years Ended December 31,
2007
2006
2005
(In thousands)
$
27,345
$
46,698
$
16,151
4,203
2,846
2,150
(175
)
(264
)
(55
)
218
862
1,527
873
6,379
3,425
19
(1,654
)
(4,581
)
(3,009
)
(2,707
)
39
4
26,687
2,928
(38,081
)
15,686
(14,590
)
(10,354
)
(2,537
)
(1,903
)
(1,661
)
(8,841
)
8,904
5,402
(2,673
)
9,762
7,645
(22,027
)
3,107
19,303
13,119
8,493
(14,755
)
40,464
55,191
1,396
(175,624
)
(152,280
)
(100,140
)
126,400
123,425
98,350
2,431
(1,913
)
(4,782
)
(5,735
)
(8,423
)
(4,140
)
(59,223
)
(37,278
)
(5,930
)
3,869
3,490
2,344
3,009
2,707
6,878
6,197
2,344
114
75
(10
)
(11,767
)
24,185
(2,200
)
39,440
15,255
17,455
$
27,673
$
39,440
$
15,255
$
11,644
$
5,722
$
2
(259
)
$
3,890
$
$
40
Table of Contents
1.
Business
and Nature of Operations
2.
Summary
of Significant Accounting Policies
41
Table of Contents
42
Table of Contents
2007
2006
(In thousands)
$
5,283
$
3,399
(4,158
)
(3,695
)
2,137
4,354
(170
)
1,225
$
3,092
$
5,283
December 31,
2007
2006
(In thousands)
$
2,814
$
4,208
278
1,075
$
3,092
$
5,283
43
Table of Contents
44
Table of Contents
December 31,
December 31,
2007
2006
(In thousands)
$
29,744
$
8,000
81,450
53,595
1,800
2,000
$
112,994
$
63,595
$
110,985
$
55,595
2,009
8,000
$
112,994
$
63,595
$
113,029
$
63,585
significant underperformance relative to expected historical or
projected future operating results;
significant changes in the manner of our use of the acquired
assets or the strategy for our overall business; and
significant negative industry or economic trends.
45
Table of Contents
46
Table of Contents
December 31,
2007
2006
(In thousands)
$
13,666
$
19,906
6,191
12,271
2,276
5,765
$
22,133
$
37,942
2007
2006
(In thousands)
$
9,128
$
10,988
862
1,527
139
10
(2,395
)
(3,355
)
16
(42
)
$
7,750
$
9,128
3 years
5 years
7 years
4 years
Remaining lease term
47
Table of Contents
2007
2006
2005
(In thousands)
$
27,345
$
46,698
$
16,151
21,447
21,015
20,462
703
921
740
703
921
740
22,150
21,936
21,202
(1)
Potentially dilutive securities, consisting of shares issuable
upon exercise of employee stock options, are excluded from the
calculation of diluted EPS if their effect would be
anti-dilutive. The weighted average number of employee stock
options excluded from the twelve-month periods ended
December 31, 2007, 2006, and 2005 was 784,684, 426,606, and
226,804 respectively.
48
Table of Contents
3.
Stock-Based
Compensation
49
Table of Contents
50
Table of Contents
2007
2006
$
5,517
$
2,803
864
622
(111
)
(69
)
6,270
3,356
(1,451
)
(403
)
$
4,819
$
2,953
$
0.22
$
0.14
$
0.22
$
0.13
51
Table of Contents
2007
2006
66.67
%
74.44
%
4.05
%
4.68
%
4.49
4.71
None
None
2007
2006
63.15
%
59.25
%
3.94
%
4.67
%
1.97
1.92
None
None
52
Table of Contents
Weighted
Average
Weighted
Remaining
Average
Contractual
Aggregate
Exercise
Term
Intrinsic
Shares
Price
(Years)
Value
2,354,215
$
11.47
7.93
$
34,107,462
750,000
$
17.73
(203,483
)
$
15.74
(312,878
)
$
7.97
2,587,854
$
13.37
7.64
$
8,004,456
2,213,972
$
12.97
7.50
$
7,488,818
894,800
$
9.31
6.09
$
5,322,412
Options Outstanding
Options Exercisable
Weighted
Average
Remaining
Weighted
Number
Weighted
Number of Shares
Contractual Term
Average
Vested and
Average
Outstanding
(In Years)
Exercise Price
Exercisable
Exercise Price
316,114
4.51
$
2.99
288,530
$
2.88
358,175
6.53
$
7.04
111,025
$
6.28
275,765
6.88
$
9.20
182,665
$
9.86
280,950
8.45
$
14.24
116,250
$
12.93
157,125
7.95
$
15.80
39,000
$
15.79
720,475
9.01
$
16.13
85,080
$
16.13
283,000
8.60
$
19.49
44,000
$
19.03
196,250
7.94
$
25.41
28,250
$
23.91
2,587,854
7.64
$
13.37
894,800
$
9.31
53
Table of Contents
Weighted
Weighted
Average
Average
Remaining
Aggregate
Exercise
Contractual
Intrinsic
Shares
Price
Term (Years)
Value
354,816
$
11.70
1.04
$
1,008,826
313,050
$
11.42
0.97
$
976,332
2005
$
16,151
(2,907
)
$
13,244
$
0.79
$
0.65
$
0.76
$
0.62
54
Table of Contents
Stock Options
Purchase Rights
92.30
%
91.74
%
4.30
%
3.89
%
5.99
1.27
None
None
4.
Business
Combinations
$
(31
)
120
120
60
100
369
5,434
$
5,803
55
Table of Contents
$
1,896
375
515
110
560
40
3,496
2,471
$
5,967
56
Table of Contents
$
335,000
152,000
143,000
132,000
132,000
768,000
$
1,662,000
5.
Concentrations
57
Table of Contents
6.
Equity
Investments
7.
Commitments
and Contingencies
$
2,534
2,520
2,386
2,310
744
36
$
10,530
58
Table of Contents
8.
Employee
Benefit Plan
59
Table of Contents
9.
Segment
Reporting
2007
2006
2005
(In thousands)
$
196,686
$
248,482
$
129,280
19,148
11,393
7,949
$
215,834
$
259,875
$
137,229
2007
2006
2005
(In thousands)
$
32,903
$
52,223
$
20,413
(2,919
)
(4,826
)
(5,798
)
(2,548
)
602
102
27,436
47,999
14,717
6,544
3,501
1,303
1,598
277
552
$
35,578
$
51,777
$
16,572
(1)
Includes inventory provisions of $839,000, $1.4 million and
$782,000 in 2007, 2006 and 2005, respectively.
(2)
Includes stock-based compensation expense of $3.0 million
and $2.1 million in 2007 and 2006, respectively.
(3)
Includes inventory provisions of $23,000, $124,000 and $91,000
in 2007, 2006 and 2005, respectively.
(4)
Includes stock-based compensation expense of $1.4 million
and $525,000 in 2007 and 2006, respectively.
(5)
Includes stock-based compensation expense of $1.7 million
and $777,000 in 2007 and 2006, respectively.
60
Table of Contents
2007
2006
(In thousands)
$
36,637
$
84,366
26,715
7,379
152,061
114,258
$
215,413
$
206,003
2007
2006
(In thousands)
$
2,816
$
5,702
858
979
2,061
1,742
$
5,735
$
8,423
2007
2006
2005
(In thousands)
$
2,228
$
1,120
$
822
1,274
1,217
1,054
701
509
274
$
4,203
$
2,846
$
2,150
2007
2006
(In thousands)
$
14,368
$
12,690
1,034
856
$
15,402
$
13,546
2007
2006
2005
(In thousands)
$
38,801
$
26,473
$
39,754
175,907
233,158
96,694
1,083
244
781
43
$
215,834
$
259,875
$
137,229
61
Table of Contents
10.
Income
Taxes
Years Ended December 31,
2007
2006
2005
$
9,534
$
9,479
$
392
(1,507
)
(3,750
)
8,027
5,729
392
3
2
9
(147
)
(831
)
(144
)
(829
)
9
350
179
20
$
8,233
$
5,079
$
421
Years Ended December 31,
2007
2006
2005
$
32,066
$
51,004
$
16,319
3,512
773
253
$
35,578
$
51,777
$
16,572
62
Table of Contents
December 31,
2007
2006
$
1,142
$
2,090
186
44
3,217
3,135
99
248
3,003
1,084
2,472
590
(47
)
234
10,072
7,425
(2,723
)
(2,844
)
$
7,349
$
4,581
$
4,133
$
4,488
(524
)
(1,219
)
3,609
3,269
5,939
2,937
(2,199
)
(1,625
)
3,740
1,312
$
7,349
$
4,581
63
Table of Contents
Years Ended December 31,
2007
2006
2005
$
12,452
$
18,122
$
5,795
27
(539
)
6
(879
)
(93
)
(39
)
(1,800
)
(2,128
)
(1,699
)
(38
)
(430
)
1,943
(121
)
(12,188
)
(4,911
)
253
$
8,233
$
5,079
$
421
64
Table of Contents
11.
Other
Accrued Liabilities
December 31,
2007
2006
(In thousands)
$
2,814
$
4,208
185
1,533
1,541
573
914
298
$
5,454
$
6,612
12.
Quarterly
Consolidated Results of Operations (Unaudited)
Three Months Ended
March 31,
June 30,
Sept. 29,
Dec. 31,
2007
2007
2007
2007
(In thousands, except per share data)
$
76,374
$
72,105
$
50,604
$
16,751
32,782
30,827
24,615
7,819
9,845
11,552
8,364
(2,416
)
$
0.46
$
0.54
$
0.39
$
(0.11
)
0.44
0.52
0.38
(0.11
)
Three Months Ended
April 1,
July 1,
Sept. 30,
Dec. 31,
2006
2006
2006
2006
(In thousands, except per share data)
$
49,620
$
59,542
$
54,829
$
95,884
17,306
21,262
23,280
39,111
7,011
9,333
9,013
21,341
$
0.34
$
0.44
$
0.43
$
1.01
0.32
0.42
0.41
0.97
13.
Subsequent
Events
65
Table of Contents
66
Table of Contents
Item 9.
Changes
In and Disagreements With Accountants on Accounting and
Financial Disclosure
Item 9A.
Controls
and Procedures
67
Table of Contents
68
Table of Contents
Item 9B.
Other
Information
Item 10.
Directors,
Executive Officers and Corporate Governance
Item 11.
Executive
Compensation
Item 12.
Security
Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
(a)
(c)
Number of Securities
(b)
Number of Securities
to be Issued Upon
Weighted-Average
Remaining Available
Exercise of
Exercise Price of
for Future Issuance
Outstanding Options,
Outstanding Options,
Under Equity
Warrants and Rights
Warrants and Rights
Compensation Plans(1)
2,587,854
$
13.37
937,772
$
2,587,854
$
13.37
937,772
(1)
Excludes securities reflected in column (a).
(2)
Included in the column (c) amount are 297,919 shares
available for future issuance under Intevacs 2003 Employee
Stock Purchase Plan.
69
Table of Contents
Item 13.
Certain
Relationships and Related Transactions, and Director
Independence
Item 14.
Principal
Accountant Fees and Services
Item 15.
Exhibits
and Financial Statement Schedules
3.
Exhibits
Exhibit
3
.1(1)
Certificate of Incorporation of the Registrant
3
.2(1)
Bylaws of the Registrant
10
.1+(2)
The Registrants 1995 Stock Option/Stock Issuance Plan, as
amended
10
.2+(2)
The Registrants Employee Stock Purchase Plan, as amended
10
.3+(3)
The Registrants 2004 Equity Incentive Plan
10
.4(6)
Lease, dated February 5, 2001 regarding the space located
at 3510, 3544, 3560, 3570 and 3580 Bassett Street,
Santa Clara, California, including the First through Sixth
Amendments
10
.5(2)
601 California Avenue LLC Limited Liability Operating Agreement,
dated July 28, 1995
10
.6+(2)
The Registrants 401(k) Profit Sharing Plan
10
.7+(5)
The Registrants Executive Incentive Plan
70
Table of Contents
Exhibit
10
.8(7)
Loan Facility with Citigroup Global Markets, Inc.
10
.9
Director and Officer Indemnification Agreement
21
.1
Subsidiaries of the Registrant
23
.1
Consent of Independent Registered Public Accounting Firm
24
.1
Power of Attorney (see page 72)
31
.1
Certification of President and Chief Executive Officer Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
31
.2
Certification of Vice-President, Finance and Administration,
Chief Financial Officer, Treasurer and Secretary Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
32
.1
Certifications Pursuant to U.S.C. 1350, adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
(1)
Previously filed as an exhibit to the Companys Report on
Form 8-K
filed July 23, 2007
(2)
Previously filed as an exhibit to the Registration Statement on
Form S-1
(No. 33-97806)
(3)
Previously filed as an exhibit to the Companys Definitive
Proxy Statement filed March 31, 2004
(4)
Previously filed as an exhibit to the Companys Report on
Form 8-K
filed February 7, 2005
(5)
Previously filed as an exhibit to the Companys Report on
Form 8-K
filed February 7, 2006
(6)
Previously filed as an exhibit to the Companys
Form 10-K
filed March 16, 2007
(7)
Previously filed as an exhibit to the Companys Report on
Form 8-K
filed March 6, 2008
+
Management compensatory plan or arrangement required to be filed
as an exhibit pursuant to Item 15(c) of
Form 10-K
Table of Contents
By:
President, Chief Executive Officer and Director (Principal
Executive Officer)
March 14, 2008
Chairman of the Board
March 14, 2008
Vice President, Finance and Administration, Chief Financial
Officer Treasurer and Secretary (Principal Financial and
Accounting Officer)
March 14, 2008
Director
March 14, 2008
Director
March 14, 2008
Director
March 14, 2008
Director
March 14, 2008
72
Table of Contents
Additions (Reductions)
Balance at
Charged (Credited)
Charged (Credited)
Balance at
Beginning
to Costs and
to Other
Deductions
End
of Period
Expenses
Accounts
Describe
of Period
(In thousands)
$
217
$
211
$
(268
)
$
6
(1)
$
154
9,863
873
376
124
(2)
10,988
$
154
$
(14
)
$
3
$
$
143
10,988
1,527
(32
)
3,355
(2)
9,128
$
143
$
(84
)
$
$
2
(1)
$
57
9,128
862
155
2,395
(2)
7,750
(1)
Write-offs of amounts deemed uncollectible.
(2)
Write-off of inventory having no future use or value to the
Company
73
-2-
-3-
-4-
-5-
-6-
-7-
-8-
-9-
-10-
-11-
-12-
-13-
-14-
-15-
|
INTEVAC, INC. | |
|
a Delaware corporation | |
|
||
|
||
|
( Signature ) | |
|
||
|
||
|
( Print name ) | |
|
||
|
||
|
( Title ) | |
|
||
|
[ INSERT INDEMNITEE NAME ] | |
|
||
|
||
|
( Signature ) | |
|
||
|
||
|
( Print name ) | |
|
||
|
||
|
( Street address ) | |
|
||
|
||
|
( City, State and ZIP ) |
1. | Lotus Technologies, Inc. Santa Clara, California | |
2. | IRPC, Inc. Santa Clara, California | |
3. | DeltaNu, Inc. Laramie, Wyoming | |
4. | Northern Acquisition Corporation, dba Creative Display Systems Carlsbad, California | |
5. | Intevac Foreign Sales Corporation Barbados | |
6. | Intevac Asia Private Limited Singapore | |
7. | Intevac Malaysia Sdn Bhd Malaysia | |
8. | Intevac Limited Hong Kong | |
9. | Intevac (Shenzhen) Co. Ltd China | |
10. | IVAC Co. Ltd Korea | |
11. | Intevac Japan Kabushiki Kaisha (KK) Japan |
1. | I have reviewed this Annual Report on Form 10-K of Intevac, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
2. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
|
/s/ KEVIN FAIRBAIRN
President, Chief Executive Officer and Director |
1. | I have reviewed this Annual Report on Form 10-K of Intevac, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
|
/s/ JEFFREY ANDRESON
Vice President, Finance and Administration, Chief Financial Officer, Treasurer and Secretary |
By: | /s/ KEVIN FAIRBAIRN | |||
Name: | Kevin Fairbairn | |||
Title: | President, Chief Executive Officer and Director | |||
By: | /s/ JEFFREY ANDRESON | |||
Name: | Jeffrey Andreson | |||
Title: |
Vice President, Finance and Administration,
Chief Financial Officer, Treasurer and Secretary |
|||