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. On August 15, 2018, Intevac’s Board of Directors approved a $10.0 million increase to the original stock repurchase program for an aggregate authorized amount of up to $40.0 million. At July 3, 2021, $10.4 million remains available for future stock repurchases under the repurchase program.

Intevac records treasury stock purchases under the cost method using the

first-in,

first-out

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 accumulated deficit.

The following table summarizes Intevac’s stock repurchases:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
	(In thousands, except per share amounts)
Shares of common stock repurchased		—		—		—		98
Cost of stock repurchased	$	—	$	—	$	—	$	393
Average price paid per share	$	—	$	—	$	—	$	3.97

Condensed Consolidated Statement of Changes in Equity

The changes in stockholders’ equity by component for the three and six months ended July 3, 2021 and June 27, 2020, are as follows (in thousands):


	Three months ended July 3, 2021
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at April 3, 2021	$	195,388		$	(29,551	)	$	552		$	(69,234	)	$	97,155
Common stock issued under employee plans		193			—			—			—			193
Shares withheld for net share settlement of RSUs		(512	)		—			—			—			(512	)
Equity-based compensation expense		1,019			—			—			—			1,019
Net loss		—			—			—			(6,126	)		(6,126	)
Other comprehensive income		—			—			19			—			19

Balance at July 3, 2021	$	196,088		$	(29,551	)	$	571		$	(75,360	)	$	91,748


	Six months ended July 3, 2021
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at January 2, 2021	$	193,197		$	(29, 551	)	$	640		$	(62,730	)	$	101,556
Common stock issued under employee plans		1,436			—			—			—			1,436
Shares withheld for net share settlement of RSUs		(532	)		—			—			—			(532	)
Equity-based compensation expense		1,987			—			—			—			1,987
Net loss		—			—			—			(12,630	)		(12,630	)
Other comprehensive loss		—			—			(69	)		—			(69	)

Balance at July 3, 2021	$	196,088		$	(29,551	)	$	571		$	(75,360	)	$	91,748


	Three months ended June 27, 2020
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at March 28, 2020	$	189,899		$	(29,551	)	$	331		$	(65,010	)	$	95,669
Common stock issued under employee plans		44			—			—			—			44
Shares withheld for net share settlement of RSUs		(309	)		—			—			—			(309	)
Equity-based compensation expense		656			—			—			—			656
Net income		—			—			—			1,524			1,524
Other comprehensive income		—			—			71			—			71

Balance at June 27, 2020	$	190,290		$	(29,551	)	$	402		$	(63,486	)	$	97,655


	Six months ended June 27, 2020
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at December 28, 2019	$	188,313		$	(29,158	)	$	424		$	(63,786	)	$	95,793
Common stock issued under employee plans		994			—			—			—			994
Shares withheld for net share settlement of RSUs		(345	)		—			—			—			(345	)
Equity-based compensation expense		1,328			—			—			—			1,328
Net income		—			—			—			300			300
Other comprehensive loss		—			—			(22	)		—			(22	)
Common stock repurchases		—			(393	)		—			—			(393	)

Balance at June 27, 2020	$	190,290		$	(29,551	)	$	402		$	(63,486	)	$	97,655

Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income by component for the three and six months ended July 3, 2021 and June 27, 2020, are as follows.


	Three Months Ended							Six Months Ended
	July 3, 2021
	Foreign currency		Unrealized holding gains (losses) on available-for-sale investments			Total		Foreign currency			Unrealized holding gains (losses) on available-for-sale investments			Total
	(In thousands)
Beginning balance	$	534	$	18		$	552	$	602		$	38		$	640
Other comprehensive income (loss) before reclassification		28		(9	)		19		(40	)		(29	)		(69	)
Amounts reclassified from other comprehensive income		—		—			—		—			—			—

Net current-period other comprehensive income (loss)		28		(9	)		19		(40	)		(29	)		(69	)

Ending balance	$	562	$	9		$	571	$	562		$	9		$	571


	Three Months Ended							Six Months Ended
	June 27, 2020
	Foreign currency		Unrealized holding gains on available-for-sale investments			Total		Foreign currency			Unrealized holding gains on available-for-sale investments			Total
	(In thousands)
Beginning balance	$	286	$	45		$	331	$	381		$	43		$	424
Other comprehensive income (loss) before reclassification		20		51			71		(75	)		53			(22	)
Amounts reclassified from other comprehensive income		—		—			—		—			—			—

Net current-period other comprehensive income (loss)		20		51			71		(75	)		53			(22	)

Ending balance	$	306	$	96		$	402	$	306		$	96		$	402