SANTA CLARA, Calif.--(BUSINESS WIRE)--Intevac, Inc. (NASDAQ: IVAC) announced today that its Board of Directors has authorized the repurchase of $30 million of the company's common stock. Effective immediately, the Repurchase Program will begin to be implemented in the current quarter. The $30 million Program represents over one-third of the company's balance of cash and investments as of September 28, 2013.

Commenting on the program, Wendell Blonigan, the company's President and CEO, said, "Since joining Intevac in July, I have met with our largest shareholders, who have expressed their support for a significant share repurchase, and I am pleased our Board has authorized this Program. We believe our business prospects over the next few years allow us to provide this return of capital to our shareholders in conjunction with retaining financial flexibility to effectively manage and grow the business."

Chairman Norman Pond added, “Our board regularly reviews and evaluates our capital allocation strategy with a focus toward maximum shareholder value creation, and we have concluded that this is an opportune time to implement a stock repurchase program. Through the Board's analysis of the company's on-going needs, we believe that this program will provide substantial benefits to the company and its stakeholders."

This $30 million program is effective immediately and will be funded using the company’s available cash and investments. Share repurchases under this program may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate. As of September 28, 2013, Intevac had $85.7 million in cash and investments and approximately 24.0 million shares outstanding.

About Intevac

Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.

In our Equipment business, we are a leader in the design, development and manufacturing of high-productivity process equipment solutions. Our systems are production-proven for high-volume manufacturing of substrates with precise thin film properties, such as those required in the hard drive and solar cell markets we currently serve.

In the hard drive industry, our 200 Lean® systems process approximately 60% of all magnetic disk media produced worldwide. In the solar cell manufacturing industry, our high-throughput thin film process equipment enables increased conversion efficiency of silicon solar cells while also reducing manufacturing costs.

In our Photonics business, we are a leader in the development and manufacture of leading-edge, high-sensitivity imaging products and vision systems. Our products primarily address the defense markets.

For more information call 408-986-9888, or visit the company's website at www.intevac.com.

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 2012 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.