Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2014 | Apr. 29, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'IVAC | ' |
Entity Registrant Name | 'INTEVAC INC | ' |
Entity Central Index Key | '0001001902 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 23,904,414 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $27,337 | $20,121 |
Short-term investments | 40,037 | 48,975 |
Trade and other accounts receivable, net of allowances of $0 at both March 29, 2014 and at December 31, 2013 | 15,254 | 15,037 |
Inventories | 20,744 | 22,762 |
Prepaid expenses and other current assets | 1,391 | 1,237 |
Total current assets | 104,763 | 108,132 |
Property, plant and equipment, net | 13,389 | 12,945 |
Long-term investments | 7,659 | 12,318 |
Intangible assets, net of amortization of $3,719 at March 29, 2014 and $3,485 at December 31, 2013 | 4,668 | 4,902 |
Deferred income taxes and other long-term assets | 10,081 | 9,979 |
Total assets | 140,560 | 148,276 |
Current liabilities: | ' | ' |
Accounts payable | 4,082 | 4,011 |
Accrued payroll and related liabilities | 3,622 | 5,034 |
Other accrued liabilities | 2,615 | 3,263 |
Customer advances | 1,955 | 3,743 |
Deferred income taxes | 939 | 939 |
Total current liabilities | 13,213 | 16,990 |
Other long-term liabilities | 1,847 | 1,715 |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value | 24 | 24 |
Additional paid-in capital | 157,885 | 156,359 |
Treasury Stock, 379 shares at March 29, 2014 and 241 shares at December 31, 2013 | -2,738 | -1,688 |
Accumulated other comprehensive income | 699 | 725 |
Accumulated deficit | -30,370 | -25,849 |
Total stockholders' equity | 125,500 | 129,571 |
Total liabilities and stockholders' equity | $140,560 | $148,276 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Net of allowances of trade, note and other accounts receivable | $0 | $0 |
Net of amortization of intangible assets | $3,719 | $3,485 |
Common Stock, par value | $0.00 | $0.00 |
Treasury stock, shares | 379 | 241 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Net revenues: | ' | ' |
Systems and components | $13,320 | $8,885 |
Technology development | 3,695 | 4,097 |
Total net revenues | 17,015 | 12,982 |
Cost of net revenues: | ' | ' |
Systems and components | 9,736 | 6,307 |
Technology development | 2,469 | 3,161 |
Total cost of net revenues | 12,205 | 9,468 |
Gross profit | 4,810 | 3,514 |
Operating expenses: | ' | ' |
Research and development | 4,273 | 6,358 |
Selling, general and administrative | 5,261 | 5,971 |
Total operating expenses | 9,534 | 12,329 |
Loss on divestiture | ' | -208 |
Loss from operations | -4,724 | -9,023 |
Interest income and other, net | 73 | 80 |
Loss before income taxes | -4,651 | -8,943 |
Benefit from income taxes | 130 | 679 |
Net loss | ($4,521) | ($8,264) |
Net loss per share: | ' | ' |
Basic and Diluted | ($0.19) | ($0.35) |
Weighted average common shares outstanding: | ' | ' |
Basic and Diluted | 23,858 | 23,663 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Net loss | ($4,521) | ($8,264) |
Other comprehensive income (loss), before tax: | ' | ' |
Change in unrealized net gain on available-for-sale investments | 5 | -15 |
Foreign currency translation losses | -31 | -6 |
Other comprehensive loss, before tax | -26 | -21 |
Income tax provision related to items in other comprehensive loss | ' | ' |
Net current-period other comprehensive income (loss) | -26 | -21 |
Comprehensive loss | ($4,547) | ($8,285) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Operating activities | ' | ' |
Net loss | ($4,521) | ($8,264) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 1,190 | 1,032 |
Net amortization of investment premiums and discounts | 208 | 228 |
Equity-based compensation | 697 | 563 |
Change in the fair value of acquisition-related contingent consideration | 51 | 111 |
Deferred income taxes | -163 | -768 |
Loss on divestiture | ' | 208 |
Changes in operating assets and liabilities | -1,909 | 7,267 |
Total adjustments | 74 | 8,641 |
Net cash and cash equivalents provided by (used in) operating activities | -4,447 | 377 |
Investing activities | ' | ' |
Purchases of investments | -2,996 | -15,783 |
Proceeds from sales and maturities of investments | 16,230 | 14,664 |
Proceeds from sale of DeltaNu assets | ' | 500 |
Purchases of leasehold improvements and equipment | -1,401 | -301 |
Net cash and cash equivalents provided by (used in) investing activities | 11,833 | -920 |
Financing activities | ' | ' |
Proceeds from issuance of common stock | 1,000 | 1,130 |
Common stock repurchases | -1,140 | ' |
Net cash and cash equivalents provided by (used in) financing activities | -140 | 1,130 |
Effect of exchange rate changes on cash and cash equivalents | -30 | -6 |
Net increase in cash and cash equivalents | 7,216 | 581 |
Cash and cash equivalents at beginning of period | 20,121 | 24,261 |
Cash and cash equivalents at end of period | $27,337 | $24,842 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 29, 2014 | ||
Basis of Presentation | ' | |
1 | Basis of Presentation | |
In the opinion of management, the unaudited interim condensed consolidated financial statements of Intevac, Inc. and its subsidiaries (Intevac or the Company) included herein have been prepared on a basis consistent with the December 31, 2013 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. 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 31, 2013 (2013 Form 10-K). Intevac’s results of operations for the three months ended March 29, 2014 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. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventories | ' | ||||||||
2 | Inventories | ||||||||
Inventories are stated at the lower of average cost or market and consist of the following: | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 13,369 | $ | 13,005 | |||||
Work-in-progress | 5,793 | 8,196 | |||||||
Finished goods | 1,582 | 1,561 | |||||||
$ | 20,744 | $ | 22,762 | ||||||
Finished goods inventory consists primarily of completed systems at customer sites that are undergoing installation and acceptance testing and evaluation inventory. |
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Equity-Based Compensation | ' | ||||||||
3 | Equity-Based Compensation | ||||||||
At March 29, 2014, Intevac had equity-based awards outstanding under the 2012 Equity Incentive Plan and the 2004 Equity Incentive Plan (the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved all of these plans. The Plans permit the grant of incentive or non-statutory stock options, restricted stock, stock appreciation rights, restricted stock units (“RSUs” also referred to as performance units) and performance shares. | |||||||||
The ESPP provides that eligible employees may purchase Intevac’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the beginning of the applicable offering period or at the end of each applicable purchase interval. Offering periods are generally two years in length, and consist of a series of six-month purchase intervals. Eligible employees may join the ESPP at the beginning of any six-month purchase interval. Under the terms of the ESPP, employees can choose to have up to 15% of their base earnings withheld to purchase Intevac common stock. | |||||||||
Compensation Expense | |||||||||
The effect of recording equity-based compensation for the three-month periods ended March 29, 2014 and March 30, 2013 was as follows: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Equity-based compensation by type of award: | |||||||||
Stock options | $ | 241 | $ | 173 | |||||
RSUs | 292 | 76 | |||||||
Employee stock purchase plan | 164 | 314 | |||||||
Total equity-based compensation | $ | 697 | $ | 563 | |||||
Tax benefit recognized | $ | 3 | $ | 5 | |||||
Equity-based compensation expense is based on awards ultimately expected to vest and such amount has been reduced for estimated forfeitures. Forfeitures were estimated based on Intevac’s historical experience, which Intevac believes to be indicative of Intevac’s future experience. | |||||||||
Stock Options and ESPP | |||||||||
The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual employee stock option exercise behavior. | |||||||||
Option activity as of March 29, 2014 and changes during the three months ended March 29, 2014 were as follows: | |||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Options outstanding at December 31, 2013 | 2,637,969 | $ | 8.53 | ||||||
Options granted | 48,000 | $ | 8.49 | ||||||
Options cancelled and forfeited | (42,687 | ) | $ | 7.94 | |||||
Options exercised | (41,836 | ) | $ | 4.58 | |||||
Options outstanding at March 29, 2014 | 2,601,446 | $ | 8.61 | ||||||
Vested and expected to vest at March 29, 2014 | 2,418,134 | $ | 8.78 | ||||||
Options exercisable at March 29, 2014 | 1,381,138 | $ | 10.45 | ||||||
Intevac issued 224,000 shares under the ESPP during the three months ended March 29, 2014. | |||||||||
Intevac estimated the weighted-average fair value of stock options and employee stock purchase rights using the following weighted-average assumptions: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Stock Options: | |||||||||
Weighted-average fair value of grants per share | $ | 4.14 | $ | 1.97 | |||||
Expected volatility | 54.71 | % | 55.57 | % | |||||
Risk free interest rate | 1.87 | % | 0.52 | % | |||||
Expected term of options (in years) | 5.2 | 3.9 | |||||||
Dividend yield | None | None | |||||||
Stock Purchase Rights: | |||||||||
Weighted-average fair value of grants per share | $ | 2.15 | $ | 1.6 | |||||
Expected volatility | 43.4 | 52.42 | % | ||||||
Risk free interest rate | 0.11 | % | 0.26 | % | |||||
Expected term of purchase rights (in years) | 0.74 | 1.85 | |||||||
Dividend yield | None | None | |||||||
The computation of the expected volatility assumptions used in the Black-Scholes calculations for new stock option grants and purchase rights is based on the historical volatility of Intevac’s stock price, measured over a period equal to the expected term of the stock option grant or purchase right. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the equity-based awards and vesting schedules. The expected term of purchase rights represents the period of time remaining in the current offering period. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. | |||||||||
RSUs | |||||||||
A summary of the RSU activity is as follows: | |||||||||
Shares | Weighted Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Non-vested RSUs at December 31, 2013 | 237,859 | $ | 5.34 | ||||||
Granted | 29,000 | $ | 7.97 | ||||||
Vested | (3,189 | ) | $ | 7.52 | |||||
Cancelled and forfeited | (7,833 | ) | $ | 5.7 | |||||
Non-vested RSUs at March 29, 2014 | 255,837 | $ | 5.6 | ||||||
RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one basis. RSUs typically are scheduled to vest over four years. Vesting of RSUs is subject to the grantee’s continued service with Intevac. The compensation expense related to these awards is determined using the fair market value of Intevac common stock on the date of the grant, and the compensation expense is recognized over the vesting period. In fiscal 2014, the annual bonus for participants in the Company’s annual incentive plan will be settled with RSUs with one year vesting. The Company accrued for the payment of bonuses at the expected company-wide payout percentage amount at March 29, 2014, which amounts were less than the target bonus amounts for each participant. The bonus accrual is classified as a liability until the number of shares is determined on the date the awards are granted, at which time the Company classifies the awards into equity. The Company recorded equity-based compensation expense related to the annual incentive plan of $161,000 for the three months ended March 29, 2014. | |||||||||
Performance-based RSUs (“performance-based awards”) granted in fiscal 2013 to certain executive officers are also subject to the achievement of specified performance goals. These performance-based awards become eligible to vest only if performance goals are achieved and then actually will vest only if the grantee remains employed by Intevac through each applicable vesting date. The fair value of these performance-based awards is estimated on the date of grant and assumes that the specified performance goals will be achieved. If the goals are achieved, these awards vest over a specified remaining service period, provided that the grantee remains employed by Intevac through each scheduled vesting date. If the performance goals are not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. The expected cost of each award is reflected over the service period and is reduced for estimated forfeitures. For performance-based awards granted during fiscal 2013, the performance goals require the achievement of targeted revenues and adjusted annual operating profit levels measured at the end of two and three-year periods. |
Purchased_Intangible_Assets
Purchased Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Purchased Intangible Assets | ' | ||||||||||||
4 | Purchased Intangible Assets | ||||||||||||
Details of finite-lived intangible assets by segment as of March 29, 2014, are as follows. | |||||||||||||
March 29, 2014 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
(In thousands) | |||||||||||||
Equipment | $ | 7,172 | $ | (3,012 | ) | $ | 4,160 | ||||||
Photonics | 1,215 | (707 | ) | 508 | |||||||||
$ | 8,387 | $ | (3,719 | ) | $ | 4,668 | |||||||
Total amortization expense of finite-lived intangibles for the three months ended March 29, 2014 was $234,000. | |||||||||||||
As of March 29, 2014, future amortization expense is expected to be as follows. | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 702 | |||||||||||
2015 | 853 | ||||||||||||
2016 | 853 | ||||||||||||
2017 | 756 | ||||||||||||
2018 | 615 | ||||||||||||
Thereafter | 889 | ||||||||||||
$ | 4,668 | ||||||||||||
AcquisitionRelated_Contingent_
Acquisition-Related Contingent Consideration | 3 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Acquisition-Related Contingent Consideration | ' | ||||||||||
5 | Acquisition-Related Contingent Consideration | ||||||||||
In connection with the acquisition of Solar Implant Technologies, Inc. (“SIT”), Intevac agreed to pay to the selling shareholders in cash a revenue earnout on Intevac’s net revenue from commercial sales of certain products over a specified period up to an aggregate of $9.0 million. Intevac estimated the fair value of this contingent consideration on March 29, 2014 based on probability-based forecasted revenues reflecting Intevac’s own assumptions concerning future revenue from such products. As of March 29, 2014, payments made associated with the revenue earnout obligation have not been significant. | |||||||||||
The fair value measurement of contingent consideration is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Any change in fair value of the contingent consideration subsequent to the acquisition date is recognized in operating income within the statement of operations. The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three-month periods ended March 29, 2014 and March 30, 2013: | |||||||||||
Three Months Ended | |||||||||||
March 29, | March 30, | ||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Opening balance | $ | 1,384 | $ | 5,151 | |||||||
Changes in fair value | 51 | 111 | |||||||||
Closing balance | $ | 1,435 | $ | 5,262 | |||||||
The following table displays the balance sheet classification of the contingent consideration liability account at March 29, 2014 and at December 31, 2013: | |||||||||||
March 29, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Other accrued liabilities | $ | 164 | $ | 164 | |||||||
Other long-term liabilities | 1,271 | 1,220 | |||||||||
Total acquisition-related contingent consideration | $ | 1,435 | $ | 1,384 | |||||||
The following table represents the quantitative range of the significant unobservable inputs used in the calculation of fair value of the continent consideration liability as of March 29, 2014. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. | |||||||||||
Quantitative Information about Level 3 Fair Value Measurements at March 29, 2014 | |||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||
(In thousands, except for percentages) | |||||||||||
Revenue Earnout | $ | 1,435 | Discounted cash flow | Weighted average cost of capital | 17.20% | ||||||
Probability weighting of achieving revenue forecasts | 20.0% - 55.0% (33.0%) |
Divestiture
Divestiture | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Divestiture | ' | ||||
6 | Divestiture | ||||
Sale of DeltaNu | |||||
On March 29, 2013, the Company sold certain assets, including existing tangible and intangible assets, which comprised its Raman spectroscopy instruments product line, also known as DeltaNu, for consideration not to exceed $1.5 million. Under the terms of the agreement, the acquirer also assumed certain liabilities related to the purchased assets. Payment terms included $500,000 which was paid on the closing date, with the remaining balance to be paid in the form of an earnout of 5% of the acquirer’s Raman spectroscopy instrument sales for 5 years following the closing date or a minimum earnout payment of $100,000 annually, whichever is higher. The maximum earnout payments during the payment period shall not exceed $1.0 million. | |||||
As the earnout is collected over an extended period of time and in management’s judgment the degree of collectibility is uncertain, Intevac did not recognize the minimum earnout payments upon closing, but instead will record income in the period when the minimum earnout payments can be reasonably estimated for that period and payment is assured. | |||||
The following table summarizes the components of the loss (in thousands): | |||||
Cash proceeds | $ | 500 | |||
Assets sold: | |||||
Accounts receivable | 147 | ||||
Inventories | 320 | ||||
Other current assets | 27 | ||||
Property, plant and equipment | 159 | ||||
Trade name | 90 | ||||
Total assets sold | 743 | ||||
Liabilities divested: | |||||
Accounts payable | 59 | ||||
Other accrued expenses | 6 | ||||
Total liabilities divested | 65 | ||||
Transaction and other costs | 30 | ||||
Loss on sale | $ | (208 | ) | ||
Warranty
Warranty | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Warranty | ' | ||||||||
7 | Warranty | ||||||||
Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is per contract terms, and for systems sold directly the warranty typically ranges between 12 and 24 months from customer acceptance. For systems sold through a distributor, Intevac offers a 3 month warranty. The remainder of any warranty period is the responsibility of the distributor. During this warranty period any defective non-consumable parts are replaced and installed at no charge to the customer. The warranty period on consumable parts is limited to their reasonable usable lives. Intevac uses estimated repair or replacement costs along with its historical warranty experience to determine its warranty obligation. Intevac generally provides a twelve month warranty on its Photonics products. The provision for the estimated future costs of warranty is based upon historical cost and product performance experience. Intevac exercises judgment in determining the underlying estimates. | |||||||||
On the condensed consolidated balance sheets, the short-term portion of the warranty provision is included in other accrued liabilities, while the long-term portion is included in other long-term liabilities. The expense associated with product warranties issued or adjusted is included in cost of net revenues on the condensed consolidated statements of operations. | |||||||||
The following table displays the activity in the warranty provision account for the three-month periods ended March 29, 2014 and March 30, 2013: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Opening balance | $ | 1,647 | $ | 2,349 | |||||
Expenditures incurred under warranties | (305 | ) | (253 | ) | |||||
Accruals for product warranties issued during the reporting period | 284 | 208 | |||||||
Adjustments to previously existing warranty accruals | (295 | ) | (79 | ) | |||||
Closing balance | $ | 1,331 | $ | 2,225 | |||||
The following table displays the balance sheet classification of the warranty provision account at March 29, 2014 and at December 31, 2013: | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Other accrued liabilities | $ | 1,164 | $ | 1,546 | |||||
Other long-term liabilities | 167 | 101 | |||||||
Total warranty provision | $ | 1,331 | $ | 1,647 | |||||
Guarantees
Guarantees | 3 Months Ended | |
Mar. 29, 2014 | ||
Guarantees | ' | |
8 | Guarantees | |
Officer and Director Indemnifications | ||
As permitted or required under Delaware law and to the maximum extent allowable under that law, Intevac has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at Intevac’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments Intevac could be required to make under these indemnification obligations is unlimited; however, Intevac has a director and officer insurance policy that mitigates Intevac’s exposure and enables Intevac to recover a portion of any future amounts paid. As a result of Intevac’s insurance policy coverage, Intevac believes the estimated fair value of these indemnification obligations is not material. | ||
Other Indemnifications | ||
As is customary in Intevac’s industry, many of Intevac’s contracts provide remedies to certain third parties such as defense, settlement, or payment of judgments for intellectual property claims related to the use of its products. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. |
Cash_Cash_Equivalents_and_Inve
Cash, Cash Equivalents and Investments | 3 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Cash, Cash Equivalents and Investments | ' | ||||||||||||||||
9 | Cash, Cash Equivalents and Investments | ||||||||||||||||
Cash and cash equivalents, short-term investments and long-term investments consist of: | |||||||||||||||||
March 29, 2014 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Holding | Holding | |||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 5,963 | $ | — | $ | — | $ | 5,963 | |||||||||
Money market funds | 21,374 | — | — | 21,374 | |||||||||||||
Total cash and cash equivalents | $ | 27,337 | $ | — | $ | — | $ | 27,337 | |||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | $ | 1,999 | $ | 1 | $ | — | $ | 2,000 | |||||||||
Corporate bonds and medium-term notes | 23,854 | 20 | — | 23,874 | |||||||||||||
Municipal bonds | 6,146 | 7 | — | 6,153 | |||||||||||||
U.S. treasury and agency securities | 8,004 | 6 | — | 8,010 | |||||||||||||
Total short-term investments | $ | 40,003 | $ | 34 | $ | — | $ | 40,037 | |||||||||
Long-term investments: | |||||||||||||||||
Corporate bonds and medium-term notes | $ | 2,230 | $ | 1 | $ | — | $ | 2,231 | |||||||||
Municipal bonds | 2,428 | 2 | — | 2,430 | |||||||||||||
U.S. treasury and agency securities | 2,996 | 2 | — | 2,998 | |||||||||||||
Total long-term investments | $ | 7,654 | $ | 5 | $ | — | $ | 7,659 | |||||||||
Total cash, cash equivalents, and investments | $ | 74,994 | $ | 39 | $ | — | $ | 75,033 | |||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Holding | Holding | |||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 5,819 | $ | — | $ | — | $ | 5,819 | |||||||||
Money market funds | 14,302 | — | — | 14,302 | |||||||||||||
Total cash and cash equivalents | $ | 20,121 | $ | — | $ | — | $ | 20,121 | |||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | $ | 1,998 | $ | 1 | $ | — | $ | 1,999 | |||||||||
Corporate bonds and medium-term notes | 27,181 | 13 | 3 | 27,191 | |||||||||||||
Municipal bonds | 6,108 | 4 | — | 6,112 | |||||||||||||
U.S. treasury and agency securities | 13,506 | 7 | — | 13,513 | |||||||||||||
Variable rate demand notes (“VRDNs”) | 160 | — | — | 160 | |||||||||||||
Total short-term investments | $ | 48,953 | $ | 25 | $ | 3 | $ | 48,975 | |||||||||
Long-term investments: | |||||||||||||||||
Corporate bonds and medium-term notes | $ | 8,811 | $ | 12 | $ | — | $ | 8,823 | |||||||||
Municipal bonds | 3,495 | 2 | 2 | 3,495 | |||||||||||||
Total long-term investments | $ | 12,306 | $ | 14 | $ | 2 | $ | 12,318 | |||||||||
Total cash, cash equivalents, and investments | $ | 81,380 | $ | 39 | $ | 5 | $ | 81,414 | |||||||||
The contractual maturities of available-for-sale securities at March 29, 2014 are presented in the following table. | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
(In thousands) | |||||||||||||||||
Due in one year or less | $ | 60,378 | $ | 60,408 | |||||||||||||
Due after one through two years | 8,653 | 8,662 | |||||||||||||||
$ | 69,031 | $ | 69,070 | ||||||||||||||
All prices for the fixed maturity securities including U.S. Treasury and agency securities, commercial paper, corporate bonds, VRDNs and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received to sell a security in an orderly transaction. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs. | |||||||||||||||||
The following table represents the fair value hierarchy of Intevac’s available-for-sale securities measured at fair value on a recurring basis as of March 29, 2014. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
at March 29, 2014 | |||||||||||||||||
Total | Level 1 | Level 2 | |||||||||||||||
(In thousands) | |||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Money market funds | $ | 21,374 | $ | 21,374 | $ | — | |||||||||||
U.S. treasury and agency securities | 11,008 | 6,002 | 5,006 | ||||||||||||||
Commercial paper | 2,000 | — | 2,000 | ||||||||||||||
Corporate bonds and medium-term notes | 26,105 | — | 26,105 | ||||||||||||||
Municipal bonds | 8,583 | — | 8,583 | ||||||||||||||
Total recurring fair value measurements | $ | 69,070 | $ | 27,376 | $ | 41,694 | |||||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |
Mar. 29, 2014 | ||
Derivative Instruments | ' | |
10 | Derivative Instruments | |
The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement of certain monetary assets and liabilities denominated in foreign currencies. These hedges do not qualify for special hedge accounting treatment. These derivatives are carried at fair value with changes recorded in interest income and other, net in the condensed consolidated statements of operations. Changes in the fair value of these derivatives are largely offset by re-measurement of the underlying assets and liabilities. Cash flows from such derivatives are classified as operating activities. The derivatives have maturities of approximately one month. The notional amount of Company’s foreign currency derivatives was $628,000 at March 29, 2014 and $894,000 at December 31, 2013. |
Equity
Equity | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Equity | ' | ||||||||||||||||||||||||
11 | Equity | ||||||||||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||||||||
On November 21, 2013, Intevac’s Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. At March 29, 2014, $27.3 million remains available for future stock repurchases under the repurchase program. | |||||||||||||||||||||||||
The following table summarizes Intevac’s stock repurchases: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||||||
(In thousands, except per | |||||||||||||||||||||||||
share amounts) | |||||||||||||||||||||||||
Shares of common stock repurchased | 138 | ||||||||||||||||||||||||
Cost of stock repurchased | $ | 1,050 | |||||||||||||||||||||||
Average price paid per share | $ | 7.63 | |||||||||||||||||||||||
Intevac records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid in capital. If Intevac reissues treasury stock at an amount below its acquisition cost and additional paid in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings. | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
The changes in accumulated other comprehensive income by component for the three months ended March 29, 2014 and March 30, 2013, are as follows. | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||||||||||||||
Foreign | Unrealized | Total | Foreign | Unrealized | Total | ||||||||||||||||||||
currency | holding gains | currency | holding gains | ||||||||||||||||||||||
on available- | on available- | ||||||||||||||||||||||||
for-sale | for-sale | ||||||||||||||||||||||||
investments | investments | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Beginning balance | $ | 691 | $ | 34 | $ | 725 | $ | 694 | $ | 75 | $ | 769 | |||||||||||||
Other comprehensive income (loss) before reclassification | (31 | ) | 5 | (26 | ) | (6 | ) | (15 | ) | (21 | ) | ||||||||||||||
Amounts reclassified from other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||
Net current-period other comprehensive income (loss) | (31 | ) | 5 | (26 | ) | (6 | ) | (15 | ) | (21 | ) | ||||||||||||||
Ending balance | $ | 660 | $ | 39 | $ | 699 | $ | 688 | $ | 60 | $ | 748 | |||||||||||||
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Net Loss Per Share | ' | ||||||||
12 | Net Loss Per Share | ||||||||
The following table sets forth the computation of basic and diluted loss per share: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Net loss | $ | (4,521 | ) | $ | (8,264 | ) | |||
Weighted-average shares – basic | 23,858 | 23,663 | |||||||
Effect of dilutive potential common shares | — | — | |||||||
Weighted-average shares – diluted | 23,858 | 23,663 | |||||||
Net loss per share –basic | $ | (0.19 | ) | $ | (0.35 | ) | |||
Net loss per share –diluted | $ | (0.19 | ) | $ | (0.35 | ) | |||
Antidilutive shares based on employee awards excluded | 1,844 | 2,703 | |||||||
Potentially dilutive common shares consist of shares issuable upon exercise of employee stock options and vesting of RSUs and are excluded from the calculation of diluted EPS when their effect would be anti-dilutive. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Segment Reporting | ' | ||||||||
13 | Segment Reporting | ||||||||
Intevac’s two reportable segments are: Equipment and Photonics. Intevac’s chief operating decision-maker has been identified as the President and CEO, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Segment information is presented based upon Intevac’s management organization structure as of March 29, 2014 and the distinctive nature of each segment. Future changes to this internal financial structure may result in changes to the reportable segments disclosed. | |||||||||
Each reportable segment is separately managed and has separate financial results that are reviewed by Intevac’s chief operating decision-maker. Each reportable segment contains closely related products that are unique to the particular segment. Segment operating profit is determined based upon internal performance measures used by the chief operating decision-maker. | |||||||||
Intevac derives the segment results from its internal management reporting system. The accounting policies Intevac uses to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics, including orders, net revenues and operating income. Management uses these results to evaluate the performance of, and to assign resources to, each of the reportable segments. Intevac manages certain operating expenses separately at the corporate level. Intevac allocates certain of these corporate expenses to the segments in an amount equal to 3% of net revenues. Segment operating income excludes interest income/expense and other financial charges and income taxes according to how a particular reportable segment’s management is measured. Management does not consider impairment charges, gains and losses on divestitures and sales of intellectual property, and unallocated costs in measuring the performance of the reportable segments. | |||||||||
The Equipment segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin film properties for hard drive and solar cell manufacturers as well as other adjacent thin film deposition applications. | |||||||||
The Photonics segment develops compact, cost-effective, high-sensitivity digital-optical products for the capture and display of low-light images and the optical analysis of materials. Intevac provides sensors, cameras and systems for government applications such as night vision and long-range target identification. | |||||||||
Information for each reportable segment for the three months ended March 29, 2014 and March 30, 2013 is as follows: | |||||||||
Net Revenues | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Equipment | $ | 9,047 | $ | 5,368 | |||||
Photonics | 7,968 | 7,614 | |||||||
Total segment net revenues | $ | 17,015 | $ | 12,982 | |||||
Operating Loss | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Equipment | $ | (4,141 | ) | $ | (7,341 | ) | |||
Photonics | 908 | (192 | ) | ||||||
Total segment operating profit (loss) | (3,233 | ) | (7,533 | ) | |||||
Unallocated costs | (1,491 | ) | (1,282 | ) | |||||
Loss on divestiture | — | (208 | ) | ||||||
Loss from operations | (4,724 | ) | (9,023 | ) | |||||
Interest income and other, net | 73 | 80 | |||||||
Loss before income taxes | $ | (4,651 | ) | $ | (8,943 | ) | |||
Total assets for each reportable segment as of March 29, 2014 and December 30, 2013 are as follows: | |||||||||
Assets | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Equipment | $ | 31,309 | $ | 33,428 | |||||
Photonics | 21,762 | 21,120 | |||||||
Total segment assets | 53,071 | 54,548 | |||||||
Cash, cash equivalents and investments | 75,033 | 81,414 | |||||||
Deferred income taxes | 9,768 | 9,605 | |||||||
Other current assets | 1,009 | 982 | |||||||
Common property, plant and equipment | 1,309 | 1,302 | |||||||
Other assets | 370 | 425 | |||||||
Consolidated total assets | $ | 140,560 | $ | 148,276 | |||||
Restructuring_Charges
Restructuring Charges | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Restructuring Charges | ' | ||||||||
14 | Restructuring Charges | ||||||||
During the first quarter of fiscal 2014, Intevac substantially completed implementation of the 2014 cost reduction plan (the “Plan”), which was intended to reduce expenses and reduce its workforce by 5 percent. The cost of implementing the Plan was reported under cost of net revenues and operating expenses in the condensed consolidated statements of operations. Substantially all cash outlays in connection with the Plan occurred in the first quarter of fiscal 2014. Implementation of the Plan is expected to reduce salary, wages and other employee-related expenses by approximately $1.9 million on an annual basis. | |||||||||
On February 1, 2013, Intevac announced the 2013 cost reduction plan (the “2013 Plan”) to reduce expenses including a reduction in its workforce. Implementation of the 2013 Plan was substantially completed in the first half of fiscal 2013 and the Company reduced its workforce by 18 percent. Total employee-related costs incurred under the plan were $742,000. The cost of implementing the 2013 Plan was reported under cost of net revenues and operating expenses in the condensed consolidated statement of operations. Substantially all cash outlays in connection with the 2013 Plan occurred in the first half of fiscal 2013. As of March 29, 2014, activities related to the 2013 Plan were complete. | |||||||||
The changes in restructuring reserves associated with the Plans for the three months ended March 29, 2014 and March 30, 2013 are as follows. | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Severance and | Severance and | ||||||||
other | other | ||||||||
employee- | employee- | ||||||||
related costs | related costs | ||||||||
(In thousands) | |||||||||
Beginning balance | $ | — | $ | — | |||||
Provision for restructuring reserves | 227 | 502 | |||||||
Cash payments made | (227 | ) | (461 | ) | |||||
Ending balance | $ | — | $ | 41 | |||||
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 29, 2014 | ||
Income Taxes | ' | |
15 | Income Taxes | |
Intevac recorded income tax benefits of $130,000 and $679,000 for the three months ended March 29, 2014 and March 30, 2013, respectively. The income tax provisions for the three month periods are based upon estimates of annual income (loss), annual permanent differences and statutory tax rates in the various jurisdictions in which Intevac operates. Intevac did not recognize a benefit on the U.S. net operating loss for the three months ended March 29, 2014 and March 30, 2013 due to having full valuation allowances on the U.S. deferred tax assets. Intevac’s tax rate differs from the applicable statutory rates due primarily to establishment of a valuation allowance, the utilization of deferred and current credits and the effect of permanent differences and adjustments of prior permanent differences. Intevac’s future effective income tax rate depends on various factors including, the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carryforwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Management carefully monitors these factors and timely adjusts the effective income tax rate. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Commitments and Contingencies | ' | ||||
16 | Commitments and Contingencies | ||||
From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. | |||||
Leases | |||||
Intevac leases certain facilities under non-cancelable operating leases that expire at various times up to March 2024 and has options to renew most leases, with rentals to be negotiated. Certain of Intevac’s leases contain provisions for rental adjustments. Included in other long-term assets on the consolidated balance sheets is $371,000 of prepaid rent as of March 29, 2014 related to the effective rent on Intevac’s long-term lease for Intevac’s Santa Clara, California facility. The terms of the Company’s lease of its Santa Clara, California facility include a tenant improvement allowance of up to $1.7 million. Tenant improvement allowances are reimbursements received from the landlord for initial construction costs and are amortized on a straight-line basis over the lease term as a reduction in rent. The tenant improvement allowances are recorded when the Company has completed its obligations and the tenant improvement allowance is receivable. In addition, Intevac is required to maintain a standby letter of credit for $1.0 million for this lease. The facility leases require Intevac to pay for all normal maintenance costs. Gross rental expense for the three months ended March 29, 2014 was $777,000. | |||||
As of March 29, 2014, future minimum lease payments are as follows. | |||||
(In thousands) | |||||
2014 | $ | 1,194 | |||
2015 | 3,168 | ||||
2016 | 3,098 | ||||
2017 | 2,645 | ||||
2018 | 2,630 | ||||
Thereafter | 15,149 | ||||
$ | 27,884 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Summary of Inventories | ' | ||||||||
Inventories are stated at the lower of average cost or market and consist of the following: | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 13,369 | $ | 13,005 | |||||
Work-in-progress | 5,793 | 8,196 | |||||||
Finished goods | 1,582 | 1,561 | |||||||
$ | 20,744 | $ | 22,762 | ||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Effect of Recording Equity-Based Compensation | ' | ||||||||
The effect of recording equity-based compensation for the three-month periods ended March 29, 2014 and March 30, 2013 was as follows: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Equity-based compensation by type of award: | |||||||||
Stock options | $ | 241 | $ | 173 | |||||
RSUs | 292 | 76 | |||||||
Employee stock purchase plan | 164 | 314 | |||||||
Total equity-based compensation | $ | 697 | $ | 563 | |||||
Tax benefit recognized | $ | 3 | $ | 5 | |||||
Option Activity and Changes | ' | ||||||||
Option activity as of March 29, 2014 and changes during the three months ended March 29, 2014 were as follows: | |||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Options outstanding at December 31, 2013 | 2,637,969 | $ | 8.53 | ||||||
Options granted | 48,000 | $ | 8.49 | ||||||
Options cancelled and forfeited | (42,687 | ) | $ | 7.94 | |||||
Options exercised | (41,836 | ) | $ | 4.58 | |||||
Options outstanding at March 29, 2014 | 2,601,446 | $ | 8.61 | ||||||
Vested and expected to vest at March 29, 2014 | 2,418,134 | $ | 8.78 | ||||||
Options exercisable at March 29, 2014 | 1,381,138 | $ | 10.45 | ||||||
Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions | ' | ||||||||
Intevac estimated the weighted-average fair value of stock options and employee stock purchase rights using the following weighted-average assumptions: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Stock Options: | |||||||||
Weighted-average fair value of grants per share | $ | 4.14 | $ | 1.97 | |||||
Expected volatility | 54.71 | % | 55.57 | % | |||||
Risk free interest rate | 1.87 | % | 0.52 | % | |||||
Expected term of options (in years) | 5.2 | 3.9 | |||||||
Dividend yield | None | None | |||||||
Stock Purchase Rights: | |||||||||
Weighted-average fair value of grants per share | $ | 2.15 | $ | 1.6 | |||||
Expected volatility | 43.4 | 52.42 | % | ||||||
Risk free interest rate | 0.11 | % | 0.26 | % | |||||
Expected term of purchase rights (in years) | 0.74 | 1.85 | |||||||
Dividend yield | None | None | |||||||
Summary of Restricted Stock Units Activity | ' | ||||||||
A summary of the RSU activity is as follows: | |||||||||
Shares | Weighted Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Non-vested RSUs at December 31, 2013 | 237,859 | $ | 5.34 | ||||||
Granted | 29,000 | $ | 7.97 | ||||||
Vested | (3,189 | ) | $ | 7.52 | |||||
Cancelled and forfeited | (7,833 | ) | $ | 5.7 | |||||
Non-vested RSUs at March 29, 2014 | 255,837 | $ | 5.6 | ||||||
Purchased_Intangible_Assets_Ta
Purchased Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Details of Finite-lived Intangible Assets by Segment | ' | ||||||||||||
Details of finite-lived intangible assets by segment as of March 29, 2014, are as follows. | |||||||||||||
March 29, 2014 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
(In thousands) | |||||||||||||
Equipment | $ | 7,172 | $ | (3,012 | ) | $ | 4,160 | ||||||
Photonics | 1,215 | (707 | ) | 508 | |||||||||
$ | 8,387 | $ | (3,719 | ) | $ | 4,668 | |||||||
Future Amortization Expense | ' | ||||||||||||
As of March 29, 2014, future amortization expense is expected to be as follows. | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 702 | |||||||||||
2015 | 853 | ||||||||||||
2016 | 853 | ||||||||||||
2017 | 756 | ||||||||||||
2018 | 615 | ||||||||||||
Thereafter | 889 | ||||||||||||
$ | 4,668 | ||||||||||||
AcquisitionRelated_Contingent_1
Acquisition-Related Contingent Consideration (Tables) | 3 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability | ' | ||||||||||
The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three-month periods ended March 29, 2014 and March 30, 2013: | |||||||||||
Three Months Ended | |||||||||||
March 29, | March 30, | ||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Opening balance | $ | 1,384 | $ | 5,151 | |||||||
Changes in fair value | 51 | 111 | |||||||||
Closing balance | $ | 1,435 | $ | 5,262 | |||||||
Balance Sheet Classification of Contingent Consideration Liability | ' | ||||||||||
The following table displays the balance sheet classification of the contingent consideration liability account at March 29, 2014 and at December 31, 2013: | |||||||||||
March 29, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Other accrued liabilities | $ | 164 | $ | 164 | |||||||
Other long-term liabilities | 1,271 | 1,220 | |||||||||
Total acquisition-related contingent consideration | $ | 1,435 | $ | 1,384 | |||||||
Quantitative Information of Significant Unobservable Inputs of Contingent Consideration Liability | ' | ||||||||||
The following table represents the quantitative range of the significant unobservable inputs used in the calculation of fair value of the continent consideration liability as of March 29, 2014. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. | |||||||||||
Quantitative Information about Level 3 Fair Value Measurements at March 29, 2014 | |||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||
(In thousands, except for percentages) | |||||||||||
Revenue Earnout | $ | 1,435 | Discounted cash flow | Weighted average cost of capital | 17.20% | ||||||
Probability weighting of achieving revenue forecasts | 20.0% - 55.0% (33.0%) |
Divestiture_Tables
Divestiture (Tables) | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Summary of Components of Gain (Loss) | ' | ||||
The following table summarizes the components of the loss (in thousands): | |||||
Cash proceeds | $ | 500 | |||
Assets sold: | |||||
Accounts receivable | 147 | ||||
Inventories | 320 | ||||
Other current assets | 27 | ||||
Property, plant and equipment | 159 | ||||
Trade name | 90 | ||||
Total assets sold | 743 | ||||
Liabilities divested: | |||||
Accounts payable | 59 | ||||
Other accrued expenses | 6 | ||||
Total liabilities divested | 65 | ||||
Transaction and other costs | 30 | ||||
Loss on sale | $ | (208 | ) | ||
Warranty_Tables
Warranty (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Activity in Warranty Provision Account | ' | ||||||||
The following table displays the activity in the warranty provision account for the three-month periods ended March 29, 2014 and March 30, 2013: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Opening balance | $ | 1,647 | $ | 2,349 | |||||
Expenditures incurred under warranties | (305 | ) | (253 | ) | |||||
Accruals for product warranties issued during the reporting period | 284 | 208 | |||||||
Adjustments to previously existing warranty accruals | (295 | ) | (79 | ) | |||||
Closing balance | $ | 1,331 | $ | 2,225 | |||||
The following table displays the balance sheet classification of the warranty provision account at March 29, 2014 and at December 31, 2013: | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Other accrued liabilities | $ | 1,164 | $ | 1,546 | |||||
Other long-term liabilities | 167 | 101 | |||||||
Total warranty provision | $ | 1,331 | $ | 1,647 | |||||
Cash_Cash_Equivalents_and_Inve1
Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments | ' | ||||||||||||||||
Cash and cash equivalents, short-term investments and long-term investments consist of: | |||||||||||||||||
March 29, 2014 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Holding | Holding | |||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 5,963 | $ | — | $ | — | $ | 5,963 | |||||||||
Money market funds | 21,374 | — | — | 21,374 | |||||||||||||
Total cash and cash equivalents | $ | 27,337 | $ | — | $ | — | $ | 27,337 | |||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | $ | 1,999 | $ | 1 | $ | — | $ | 2,000 | |||||||||
Corporate bonds and medium-term notes | 23,854 | 20 | — | 23,874 | |||||||||||||
Municipal bonds | 6,146 | 7 | — | 6,153 | |||||||||||||
U.S. treasury and agency securities | 8,004 | 6 | — | 8,010 | |||||||||||||
Total short-term investments | $ | 40,003 | $ | 34 | $ | — | $ | 40,037 | |||||||||
Long-term investments: | |||||||||||||||||
Corporate bonds and medium-term notes | $ | 2,230 | $ | 1 | $ | — | $ | 2,231 | |||||||||
Municipal bonds | 2,428 | 2 | — | 2,430 | |||||||||||||
U.S. treasury and agency securities | 2,996 | 2 | — | 2,998 | |||||||||||||
Total long-term investments | $ | 7,654 | $ | 5 | $ | — | $ | 7,659 | |||||||||
Total cash, cash equivalents, and investments | $ | 74,994 | $ | 39 | $ | — | $ | 75,033 | |||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Holding | Holding | |||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 5,819 | $ | — | $ | — | $ | 5,819 | |||||||||
Money market funds | 14,302 | — | — | 14,302 | |||||||||||||
Total cash and cash equivalents | $ | 20,121 | $ | — | $ | — | $ | 20,121 | |||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | $ | 1,998 | $ | 1 | $ | — | $ | 1,999 | |||||||||
Corporate bonds and medium-term notes | 27,181 | 13 | 3 | 27,191 | |||||||||||||
Municipal bonds | 6,108 | 4 | — | 6,112 | |||||||||||||
U.S. treasury and agency securities | 13,506 | 7 | — | 13,513 | |||||||||||||
Variable rate demand notes (“VRDNs”) | 160 | — | — | 160 | |||||||||||||
Total short-term investments | $ | 48,953 | $ | 25 | $ | 3 | $ | 48,975 | |||||||||
Long-term investments: | |||||||||||||||||
Corporate bonds and medium-term notes | $ | 8,811 | $ | 12 | $ | — | $ | 8,823 | |||||||||
Municipal bonds | 3,495 | 2 | 2 | 3,495 | |||||||||||||
Total long-term investments | $ | 12,306 | $ | 14 | $ | 2 | $ | 12,318 | |||||||||
Total cash, cash equivalents, and investments | $ | 81,380 | $ | 39 | $ | 5 | $ | 81,414 | |||||||||
Contractual Maturities of Available-for-Sale Securities | ' | ||||||||||||||||
The contractual maturities of available-for-sale securities at March 29, 2014 are presented in the following table. | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
(In thousands) | |||||||||||||||||
Due in one year or less | $ | 60,378 | $ | 60,408 | |||||||||||||
Due after one through two years | 8,653 | 8,662 | |||||||||||||||
$ | 69,031 | $ | 69,070 | ||||||||||||||
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table represents the fair value hierarchy of Intevac’s available-for-sale securities measured at fair value on a recurring basis as of March 29, 2014. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
at March 29, 2014 | |||||||||||||||||
Total | Level 1 | Level 2 | |||||||||||||||
(In thousands) | |||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Money market funds | $ | 21,374 | $ | 21,374 | $ | — | |||||||||||
U.S. treasury and agency securities | 11,008 | 6,002 | 5,006 | ||||||||||||||
Commercial paper | 2,000 | — | 2,000 | ||||||||||||||
Corporate bonds and medium-term notes | 26,105 | — | 26,105 | ||||||||||||||
Municipal bonds | 8,583 | — | 8,583 | ||||||||||||||
Total recurring fair value measurements | $ | 69,070 | $ | 27,376 | $ | 41,694 | |||||||||||
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Stock Repurchases | ' | ||||||||||||||||||||||||
The following table summarizes Intevac’s stock repurchases: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||||||
(In thousands, except per | |||||||||||||||||||||||||
share amounts) | |||||||||||||||||||||||||
Shares of common stock repurchased | 138 | ||||||||||||||||||||||||
Cost of stock repurchased | $ | 1,050 | |||||||||||||||||||||||
Average price paid per share | $ | 7.63 | |||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income by Component | ' | ||||||||||||||||||||||||
The changes in accumulated other comprehensive income by component for the three months ended March 29, 2014 and March 30, 2013, are as follows. | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||||||||||||||
Foreign | Unrealized | Total | Foreign | Unrealized | Total | ||||||||||||||||||||
currency | holding gains | currency | holding gains | ||||||||||||||||||||||
on available- | on available- | ||||||||||||||||||||||||
for-sale | for-sale | ||||||||||||||||||||||||
investments | investments | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Beginning balance | $ | 691 | $ | 34 | $ | 725 | $ | 694 | $ | 75 | $ | 769 | |||||||||||||
Other comprehensive income (loss) before reclassification | (31 | ) | 5 | (26 | ) | (6 | ) | (15 | ) | (21 | ) | ||||||||||||||
Amounts reclassified from other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||
Net current-period other comprehensive income (loss) | (31 | ) | 5 | (26 | ) | (6 | ) | (15 | ) | (21 | ) | ||||||||||||||
Ending balance | $ | 660 | $ | 39 | $ | 699 | $ | 688 | $ | 60 | $ | 748 | |||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Computation of Basic and Diluted Income (Loss) Per Share | ' | ||||||||
The following table sets forth the computation of basic and diluted loss per share: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Net loss | $ | (4,521 | ) | $ | (8,264 | ) | |||
Weighted-average shares – basic | 23,858 | 23,663 | |||||||
Effect of dilutive potential common shares | — | — | |||||||
Weighted-average shares – diluted | 23,858 | 23,663 | |||||||
Net loss per share –basic | $ | (0.19 | ) | $ | (0.35 | ) | |||
Net loss per share –diluted | $ | (0.19 | ) | $ | (0.35 | ) | |||
Antidilutive shares based on employee awards excluded | 1,844 | 2,703 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Information for Each Reportable Segment | ' | ||||||||
Information for each reportable segment for the three months ended March 29, 2014 and March 30, 2013 is as follows: | |||||||||
Net Revenues | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Equipment | $ | 9,047 | $ | 5,368 | |||||
Photonics | 7,968 | 7,614 | |||||||
Total segment net revenues | $ | 17,015 | $ | 12,982 | |||||
Operating Loss | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Equipment | $ | (4,141 | ) | $ | (7,341 | ) | |||
Photonics | 908 | (192 | ) | ||||||
Total segment operating profit (loss) | (3,233 | ) | (7,533 | ) | |||||
Unallocated costs | (1,491 | ) | (1,282 | ) | |||||
Loss on divestiture | — | (208 | ) | ||||||
Loss from operations | (4,724 | ) | (9,023 | ) | |||||
Interest income and other, net | 73 | 80 | |||||||
Loss before income taxes | $ | (4,651 | ) | $ | (8,943 | ) | |||
Assets for Each Reportable Segment | ' | ||||||||
Total assets for each reportable segment as of March 29, 2014 and December 30, 2013 are as follows: | |||||||||
Assets | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Equipment | $ | 31,309 | $ | 33,428 | |||||
Photonics | 21,762 | 21,120 | |||||||
Total segment assets | 53,071 | 54,548 | |||||||
Cash, cash equivalents and investments | 75,033 | 81,414 | |||||||
Deferred income taxes | 9,768 | 9,605 | |||||||
Other current assets | 1,009 | 982 | |||||||
Common property, plant and equipment | 1,309 | 1,302 | |||||||
Other assets | 370 | 425 | |||||||
Consolidated total assets | $ | 140,560 | $ | 148,276 | |||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Changes in Restructuring Reserves | ' | ||||||||
The changes in restructuring reserves associated with the Plans for the three months ended March 29, 2014 and March 30, 2013 are as follows. | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Severance and | Severance and | ||||||||
other | other | ||||||||
employee- | employee- | ||||||||
related costs | related costs | ||||||||
(In thousands) | |||||||||
Beginning balance | $ | — | $ | — | |||||
Provision for restructuring reserves | 227 | 502 | |||||||
Cash payments made | (227 | ) | (461 | ) | |||||
Ending balance | $ | — | $ | 41 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Future Minimum Lease Payments | ' | ||||
As of March 29, 2014, future minimum lease payments are as follows. | |||||
(In thousands) | |||||
2014 | $ | 1,194 | |||
2015 | 3,168 | ||||
2016 | 3,098 | ||||
2017 | 2,645 | ||||
2018 | 2,630 | ||||
Thereafter | 15,149 | ||||
$ | 27,884 | ||||
Inventories_Stated_at_Lower_of
Inventories Stated at Lower of Average Cost or Market (Detail) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $13,369 | $13,005 |
Work-in-progress | 5,793 | 8,196 |
Finished goods | 1,582 | 1,561 |
Inventories | $20,744 | $22,762 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional information (Detail) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
EquityPlan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Purchase of common stock through payroll deductions | 85.00% | ' |
Offering periods | '2 years | ' |
Purchase intervals of a series | '6 months | ' |
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 15.00% | ' |
Number of shares issued under employee stock purchase plan | 224,000 | ' |
RSU conversion ratio | 1 | ' |
Equity-based compensation | $697,000 | $563,000 |
Restricted Stock Units (RSUs) | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award, vesting period | '4 years | ' |
Equity-based compensation | $161,000 | ' |
Effect_of_Recording_EquityBase
Effect of Recording Equity-Based Compensation (Detail) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Equity Based Compensation Related to Employee Stock Purchase Programs [Line Items] | ' | ' |
Total equity-based compensation | $697,000 | $563,000 |
Tax benefit recognized | 3,000 | 5,000 |
Stock Options | ' | ' |
Equity Based Compensation Related to Employee Stock Purchase Programs [Line Items] | ' | ' |
Total equity-based compensation | 241,000 | 173,000 |
RSUs | ' | ' |
Equity Based Compensation Related to Employee Stock Purchase Programs [Line Items] | ' | ' |
Total equity-based compensation | 292,000 | 76,000 |
Employee Stock Purchase Plan | ' | ' |
Equity Based Compensation Related to Employee Stock Purchase Programs [Line Items] | ' | ' |
Total equity-based compensation | $164,000 | $314,000 |
Option_Activity_and_Changes_De
Option Activity and Changes (Detail) (USD $) | 3 Months Ended |
Mar. 29, 2014 | |
Shares | ' |
Options outstanding at December 31, 2013 | 2,637,969 |
Options granted | 48,000 |
Options cancelled and forfeited | -42,687 |
Options exercised | -41,836 |
Options outstanding at March 29, 2014 | 2,601,446 |
Vested and expected to vest at March 29, 2014 | 2,418,134 |
Options exercisable at March 29, 2014 | 1,381,138 |
Weighted Average Exercise Price | ' |
Options outstanding at December 31, 2013 | $8.53 |
Options granted | $8.49 |
Options cancelled and forfeited | $7.94 |
Options exercised | $4.58 |
Options outstanding at March 29, 2014 | $8.61 |
Vested and expected to vest at March 29, 2014 | $8.78 |
Options exercisable at March 29, 2014 | $10.45 |
WeightedAverage_Fair_Value_of_
Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Stock Options | ' | ' |
Employee stock options weighted-average assumptions | ' | ' |
Weighted-average fair value of grants per share | $4.14 | $1.97 |
Expected volatility | 54.71% | 55.57% |
Risk free interest rate | 1.87% | 0.52% |
Expected term of options (in years) | '5 years 2 months 12 days | '3 years 10 months 24 days |
Dividend yield | ' | ' |
Stock Purchase Rights | ' | ' |
Employee stock options weighted-average assumptions | ' | ' |
Weighted-average fair value of grants per share | $2.15 | $1.60 |
Expected volatility | 43.40% | 52.42% |
Risk free interest rate | 0.11% | 0.26% |
Expected term of options (in years) | '8 months 27 days | '1 year 10 months 6 days |
Dividend yield | ' | ' |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Units Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended |
Mar. 29, 2014 | |
Restricted Stock Units (RSUs) | ' |
Shares | ' |
Non-vested RSUs at December 31, 2013 | 237,859 |
Granted | 29,000 |
Vested | -3,189 |
Cancelled and forfeited | -7,833 |
Non-vested RSUs at March 29, 2014 | 255,837 |
Weighted Average Grant Date Fair Value | ' |
Non-vested RSUs at December 31, 2013 | $5.34 |
Granted | $7.97 |
Vested | $7.52 |
Cancelled and forfeited | $5.70 |
Non-vested RSUs at March 29, 2014 | $5.60 |
Details_of_Finitelived_Intangi
Details of Finite-lived Intangible Assets by Segment (Detail) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $8,387 | ' |
Accumulated Amortization | -3,719 | -3,485 |
Net Carrying Amount | 4,668 | ' |
Equipment | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 7,172 | ' |
Accumulated Amortization | -3,012 | ' |
Net Carrying Amount | 4,160 | ' |
Photonics | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,215 | ' |
Accumulated Amortization | -707 | ' |
Net Carrying Amount | $508 | ' |
Purchased_Intangible_Assets_Ad
Purchased Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 29, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Total amortization expense of finite-lived intangibles | $234,000 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense Related to Finite-Lived Purchased Intangible Assets (Detail) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items] | ' |
2014 | $702 |
2015 | 853 |
2016 | 853 |
2017 | 756 |
2018 | 615 |
Thereafter | 889 |
Net Carrying Amount | $4,668 |
AcquisitionRelated_Contingent_2
Acquisition-Related Contingent Consideration - Additional Information (Detail) (Solar Implant Technologies, Revenue Earnout, USD $) | Nov. 19, 2010 |
In Millions, unless otherwise specified | |
Solar Implant Technologies | Revenue Earnout | ' |
Business Acquisition [Line Items] | ' |
Maximum amount of cash potentially earned in contingent compensation arrangements | $9 |
Reconciliation_of_Change_in_Fa
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Opening balance | $1,384 | $5,151 |
Changes in fair value | 51 | 111 |
Closing balance | $1,435 | $5,262 |
Balance_Sheet_Classification_o
Balance Sheet Classification of Contingent Consideration Liability (Detail) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Combination, Transactions [Line Items] | ' | ' |
Contingent consideration liability | $1,435 | $1,384 |
Other accrued liabilities | ' | ' |
Business Combination, Transactions [Line Items] | ' | ' |
Contingent consideration liability | 164 | 164 |
Other long-term liabilities | ' | ' |
Business Combination, Transactions [Line Items] | ' | ' |
Contingent consideration liability | $1,271 | $1,220 |
Quantitative_Range_of_Signific
Quantitative Range of Significant Unobservable Inputs Used in Calculation of Fair Value of Continent Consideration Liability (Detail) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||
Revenue Earnout | Revenue Earnout | Revenue Earnout | Revenue Earnout | |||
Weighted Average | Minimum | Maximum | ||||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted average cost of capital | ' | ' | ' | 17.20% | ' | ' |
Probability weighting of achieving revenue forecasts | ' | ' | ' | 33.00% | 20.00% | 55.00% |
Valuation technique | ' | ' | 'Discounted cash flow | ' | ' | ' |
Fair Value | $1,435 | $1,384 | $1,435 | ' | ' | ' |
Divestitures_Additional_Inform
Divestitures - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 30, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | |
DeltaNu | DeltaNu | DeltaNu | ||
Maximum | Minimum | |||
Divestitures [Line Items] | ' | ' | ' | ' |
Maximum consideration receivable from assets sold | ' | ' | $1,500,000 | ' |
Proceeds from sale of assets | 500,000 | 500,000 | ' | ' |
Percentage of Earn-out receivable | ' | 5.00% | ' | ' |
Earn-out period | ' | '5 years | ' | ' |
Annual minimum earn-out payment receivable | ' | ' | ' | 100,000 |
Maximum earn-out payments during payment period | ' | $1,000,000 | ' | ' |
Components_of_Gain_Loss_Detail
Components of Gain (Loss) (Detail) (USD $) | 3 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2013 | Mar. 29, 2013 |
DeltaNu | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Cash proceeds | $500 | $500 |
Assets sold: | ' | ' |
Accounts receivable | ' | 147 |
Inventories | ' | 320 |
Other current assets | ' | 27 |
Property, plant and equipment | ' | 159 |
Trade name | ' | 90 |
Total assets sold | ' | 743 |
Liabilities divested: | ' | ' |
Accounts payable | ' | 59 |
Other accrued expenses | ' | 6 |
Total liabilities divested | ' | 65 |
Transaction and other costs | ' | 30 |
Gain (Loss) on sale | ($208) | ($208) |
Warranty_Additional_Informatio
Warranty - Additional Information (Detail) | 3 Months Ended |
Mar. 29, 2014 | |
Warranties [Line Items] | ' |
Minimum product warranty range | '12 months |
Maximum product warranty range | '24 months |
Product warranty offer on sale | '3 months |
Warranty_Provision_Account_Det
Warranty Provision Account (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Accrued Warranty [Line Items] | ' | ' |
Opening balance | $1,647 | $2,349 |
Expenditures incurred under warranties | -305 | -253 |
Accruals for product warranties issued during the reporting period | 284 | 208 |
Adjustments to previously existing warranty accruals | -295 | -79 |
Closing balance | $1,331 | $2,225 |
Balance_Sheet_Classification_o1
Balance Sheet Classification of Warranty Provision Account (Detail) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Product Warranty [Line Items] | ' | ' | ' | ' |
Other accrued liabilities | $1,164 | $1,546 | ' | ' |
Other long-term liabilities | 167 | 101 | ' | ' |
Total warranty provision | $1,331 | $1,647 | $2,225 | $2,349 |
Cash_Cash_Equivalents_and_Shor
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $74,994 | $81,380 |
Unrealized Holdings Gains | 39 | 39 |
Unrealized Holdings Losses | ' | 5 |
Fair Value | 75,033 | 81,414 |
Cash | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,963 | 5,819 |
Fair Value | 5,963 | 5,819 |
Money market funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 21,374 | 14,302 |
Fair Value | 21,374 | 14,302 |
Cash and Cash Equivalents | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 27,337 | 20,121 |
Fair Value | 27,337 | 20,121 |
Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 40,003 | 48,953 |
Unrealized Holdings Gains | 34 | 25 |
Unrealized Holdings Losses | ' | 3 |
Fair Value | 40,037 | 48,975 |
Short-term Investments | Commercial Paper | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,999 | 1,998 |
Unrealized Holdings Gains | 1 | 1 |
Fair Value | 2,000 | 1,999 |
Short-term Investments | Corporate bonds and medium-term notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 23,854 | 27,181 |
Unrealized Holdings Gains | 20 | 13 |
Unrealized Holdings Losses | ' | 3 |
Fair Value | 23,874 | 27,191 |
Short-term Investments | Municipal bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 6,146 | 6,108 |
Unrealized Holdings Gains | 7 | 4 |
Fair Value | 6,153 | 6,112 |
Short-term Investments | US Government Agencies Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 8,004 | 13,506 |
Unrealized Holdings Gains | 6 | 7 |
Fair Value | 8,010 | 13,513 |
Short-term Investments | Variable rate demand notes ("VRDNs") | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 160 |
Fair Value | ' | 160 |
Other Long-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 7,654 | 12,306 |
Unrealized Holdings Gains | 5 | 14 |
Unrealized Holdings Losses | ' | 2 |
Fair Value | 7,659 | 12,318 |
Other Long-term Investments | Corporate bonds and medium-term notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,230 | 8,811 |
Unrealized Holdings Gains | 1 | 12 |
Fair Value | 2,231 | 8,823 |
Other Long-term Investments | Municipal bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,428 | 3,495 |
Unrealized Holdings Gains | 2 | 2 |
Unrealized Holdings Losses | ' | 2 |
Fair Value | 2,430 | 3,495 |
Other Long-term Investments | US Government Agencies Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,996 | ' |
Unrealized Holdings Gains | 2 | ' |
Fair Value | $2,998 | ' |
Contractual_Maturities_of_Avai
Contractual Maturities of Available-For-Sale Securities (Detail) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Amortized Cost | ' |
Amortized Cost, Due in one year or less | $60,378 |
Amortized Cost, Due after one through two years | 8,653 |
Amortized Cost | 69,031 |
Fair Value | ' |
Fair Value, Due in one year or less | 60,408 |
Fair Value, Due after one through two years | 8,662 |
Fair Value | $69,070 |
Fair_Value_Hierarchy_of_Availa
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | $69,070 |
Fair Value, Measurements, Recurring | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 69,070 |
Fair Value, Measurements, Recurring | Money market funds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 21,374 |
Fair Value, Measurements, Recurring | US treasury and agency securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 11,008 |
Fair Value, Measurements, Recurring | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 2,000 |
Fair Value, Measurements, Recurring | Corporate bonds and medium-term notes | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 26,105 |
Fair Value, Measurements, Recurring | Municipal bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 8,583 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 27,376 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money market funds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 21,374 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | US treasury and agency securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 6,002 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 41,694 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | US treasury and agency securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 5,006 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 2,000 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate bonds and medium-term notes | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | 26,105 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total recurring fair value measurements | $8,583 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 29, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | |
Foreign currency forward contracts | Foreign currency forward contracts | ||
Derivative [Line Items] | ' | ' | ' |
Maturity of foreign currency derivative | '1 month | ' | ' |
Notional amount of foreign currency derivative | ' | $628,000 | $894,000 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Nov. 21, 2013 | Mar. 29, 2014 |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Stock repurchase authorized amount | $30 | ' |
Stock repurchase remains available for future stock repurchase | ' | $27.30 |
Stock_Repurchases_Detail
Stock Repurchases (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 |
Equity, Class of Treasury Stock [Line Items] | ' |
Shares of common stock repurchased | 138 |
Cost of stock repurchased | $1,050 |
Average price paid per share | $7.63 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | $725 | $769 |
Other comprehensive income (loss) before reclassification | -26 | -21 |
Amounts reclassified from other comprehensive income | ' | ' |
Net current-period other comprehensive income (loss) | -26 | -21 |
Ending balance | 699 | 748 |
Accumulated Translation Adjustment | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 691 | 694 |
Other comprehensive income (loss) before reclassification | -31 | -6 |
Amounts reclassified from other comprehensive income | ' | ' |
Net current-period other comprehensive income (loss) | -31 | -6 |
Ending balance | 660 | 688 |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 34 | 75 |
Other comprehensive income (loss) before reclassification | 5 | -15 |
Amounts reclassified from other comprehensive income | ' | ' |
Net current-period other comprehensive income (loss) | 5 | -15 |
Ending balance | $39 | $60 |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ' | ' |
Net loss | ($4,521) | ($8,264) |
Weighted-average shares - basic | 23,858 | 23,663 |
Effect of dilutive potential common shares | ' | ' |
Weighted-average shares - diluted | 23,858 | 23,663 |
Net loss per share -basic | ($0.19) | ($0.35) |
Net loss per share -diluted | ($0.19) | ($0.35) |
Antidilutive shares based on employee awards excluded | 1,844 | 2,703 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 29, 2014 | |
Segment | |
Segment Reporting Disclosure [Line Items] | ' |
Number of reportable segments | 2 |
Allocation of corporate expenses to the segments | 3.00% |
Information_for_Each_Reportabl
Information for Each Reportable Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total segment net revenues | $17,015 | $12,982 |
Unallocated costs | -1,491 | -1,282 |
Loss on divestitures | ' | -208 |
Loss from operations | -4,724 | -9,023 |
Interest income and other, net | 73 | 80 |
Loss before income taxes | -4,651 | -8,943 |
Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Loss from operations | -3,233 | -7,533 |
Equipment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total segment net revenues | 9,047 | 5,368 |
Equipment | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Loss from operations | -4,141 | -7,341 |
Photonics | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total segment net revenues | 7,968 | 7,614 |
Photonics | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Loss from operations | $908 | ($192) |
Assets_for_Each_Reportable_Seg
Assets for Each Reportable Segment (Detail) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Cash and investments | $75,033 | $81,414 |
Deferred income taxes | 9,768 | 9,605 |
Other current assets | 1,009 | 982 |
Common property, plant and equipment | 1,309 | 1,302 |
Other assets | 370 | 425 |
Consolidated total assets | 140,560 | 148,276 |
Operating Segments | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated total assets | 53,071 | 54,548 |
Operating Segments | Equipment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated total assets | 31,309 | 33,428 |
Operating Segments | Photonics | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated total assets | $21,762 | $21,120 |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
Feb. 01, 2013 | Mar. 29, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Percentage of reduction of global workforce | 18.00% | 5.00% |
Reduction in salary, wages and other employee-related expenses due to implementation of plan | ' | $1,900,000 |
Total employee-related costs incurred under the 2013 Plan | $742,000 | ' |
Changes_in_Restructuring_Reser
Changes in Restructuring Reserves (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Provision for restructuring reserves | $227 | $502 |
Cash payments made | -227 | -461 |
Ending balance | ' | $41 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Income Taxes [Line Items] | ' | ' |
Income tax benefits | $130 | $679 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 29, 2014 | |
Commitments and Contingencies [Line Items] | ' |
Prepaid rent, included in other long-term assets | $371,000 |
Tenant improvement allowance | 1,700,000 |
Standby letter of credit for lease | 1,000,000 |
Gross rental expense | $777,000 |
Maximum | ' |
Commitments and Contingencies [Line Items] | ' |
Operating lease expiration date | '2024-03 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Detail) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $1,194 |
2015 | 3,168 |
2016 | 3,098 |
2017 | 2,645 |
2018 | 2,630 |
Thereafter | 15,149 |
Operating Leases, Future Minimum Payments Due, Total | $27,884 |