Intevac Unveils Global Cost Reduction Plan

Intevac, Inc.

today announced a global cost reduction plan which includes reducing its workforce by approximately 13% worldwide. The workforce reduction will be substantially completed in the fiscal first quarter ending March 30, 2013. Today's announcement is part of the company's strategy to reduce its total expenditures by approximately $12 to $14 million on an annual basis. The company expects to record a restructuring charge in the first quarter of approximately $500,000, primarily related to employee severance. The impact of this charge is not expected to materially change our previously provided guidance for the first quarter.