Science & Technology
Science and Technology
Science and Technology
Mon, November 24, 2008
Fri, November 21, 2008
Thu, November 20, 2008
Wed, November 19, 2008
SANTA CLARA, Calif.--([ BUSINESS WIRE ])--Intevac, Inc. (Nasdaq:IVAC) today announced a global cost reduction plan which includes reducing its workforce by over 15% worldwide. The workforce reduction will be completed in the fourth quarter ending December 31, 2008. Today's announcement is part of the company's strategy to reduce its revenue breakeven level, aggressively manage cash and working capital, and decrease expenses by approximately $10 to $12 million on an annual basis.
"Our reduction in workforce today is very difficult, but necessary, considering the global business environment," said Kevin Fairbairn, president and chief executive officer of Intevac. "The implementation of our global cost reduction plan will not adversely impact the continued investment in our business growth opportunities, as we expect to bring several new products to the market in 2009."
The company expects to record a restructuring charge in the fourth quarter, primarily related to employee severance. The impact of this charge is not expected to materially change our previously provided guidance for the fourth quarter.
About Intevac
Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.
Equipment Business: We are a leader in the design, manufacture and marketing of high-productivity lean manufacturing systems and have been producing Lean Thinking platforms since 1994. We are the leading supplier of magnetic media sputtering equipment to the hard disk drive industry and offer advanced etch technology systems to the semiconductor industry.
Intevac Photonics: We are a leader in the development of leading edge, high-sensitivity imaging products, vision systems and miniature Raman instruments. Markets addressed include military, industrial, physical science and life science.
For more information call 408-986-9888, or visit the company's website at [ www.intevac.com ].
Safe Harbor Statement
This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to; expected cost reductions associated with the global cost reduction plan, our ability to manage cash and working capital, our ability to bring new products to market and product growth opportunities. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company's expectations. These risks include, but are not limited to: failure to manage operating expenses or introduce new products, each of which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the company's regular filings with the U.S. Securities and Exchange Commission.
