Intevac Announces $10 Million Expansion of Existing $30 Million Share Repurchase Program
20 August 2018 - 11:00PM
Business Wire
Intevac (NASDAQ: IVAC), today announced that its board of
directors has authorized the repurchase of up to an additional $10
million of the company’s ordinary shares, incremental to the $30
million stock repurchase plan currently in place; thereby
increasing the total repurchase plan to $40 million. With our
current plan, the company has repurchased 4.8 million shares for a
total of $28.5 million.
“Intevac’s management team and board of directors firmly believe
in our long-term growth prospects, and we are also committed to
efficient capital allocation,” said Wendell Blonigan, president and
chief executive officer of Intevac. “Given the board’s confidence
in our positive cash flow generation in 2018, as well as our solid
financial footing, we have allocated an additional $10 million in
capital toward opportunistic stock repurchases,” added David S.
Dury, chairman of the board.
This incremental $10 million share repurchase program is
effective immediately and will be funded using the company’s
available cash and future cash flows. Share repurchases under this
program may be made through open market or privately negotiated
transactions, at times and in such amounts as the board and
management deem appropriate, subject to market conditions and other
factors, and in accordance with applicable regulatory
requirements.
As of June 30, 2018, Intevac had $39 million in cash and
restricted cash, no long-term debt, and approximately 22.5 million
shares outstanding.
About Intevac
Intevac was founded in 1991 and has two businesses: Thin-film
Equipment and Photonics.
In our Thin-film Equipment business, we are a leader in the
design and development of high-productivity, thin-film processing
systems. Our production-proven platforms are designed for
high-volume manufacturing of substrates with precise thin film
properties, such as the hard drive media, display cover panel, and
solar photovoltaic markets we serve currently.
In our Photonics business, we are a recognized leading developer
of advanced high-sensitivity digital sensors, cameras and systems
that primarily serve the defense industry. We are the provider of
integrated digital imaging systems for most U.S. military night
vision programs.
For more information call 408-986-9888, or visit the Company's
website at www.intevac.com.
Forward Looking Statements
This press release contains forward-looking statements
including, but not limited to, statements regarding the company's
plans for repurchasing company stock under the approvals granted by
the board and confidence in business prospects. Although the
company believes that the expectations reflected in the
forward-looking statements are reasonable, these plans are
dependent on the company’s future financial condition and its
determinations of the continued value of a repurchase program,
changing customer demands and/or business conditions, the
competitiveness of our products and management’s ability to achieve
financial and cash generation performance. For additional
information and considerations regarding the risks faced by
Intevac, see its annual report on Form 10-K for fiscal year 2017 as
filed with the Securities and Exchange Commission, as well as other
periodic reports filed with the SEC from time to time. Intevac
disclaims any obligation to update information contained in any
forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20180820005161/en/
IntevacJames Moniz, 408-986-9888Chief Financial OfficerorClaire
McAdams, 530-265-9899Investor Relations
Intevac (NASDAQ:IVAC)
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