Market Overview

Intevac Announces $10 Million Expansion of Existing $30 Million Share Repurchase Program


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

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

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

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

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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