Intevac to cut more than 15% of worldwide jobs

TEL AVIV (MarketWatch) — Intevac Inc., the Santa Clara, Calif., producer of disk-drive- and chip-manufacturing equipment and imaging products and systems, said on Thursday that it would cut more than 15% of its worldwide workforce. The move, to be completed in the fourth quarter, is designed to reduce the break-even level, manage cash and working capital, and pare $10 million to $12 million of annual costs, Intevac said. The company expects a fourth-quarter charge for severance, but the figure shouldn’t materially change its earnings estimates for the period. In late October, Intevac reported a third-quarter loss of 15 cents a share, against net income of 38 cents in the year-earlier period. The figures reflected stock-option expense of 5 cents and 7 cents respectively. Revenue fell 44% to $28.6 million.
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Original post by Forextvblog

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