Intevac (IVAC) shares were up nearly 25% in recent Thursday trading after the company said it is shutting down its TRIO technology operations and restructuring to focus on its Hard Disk Drive business.
Restructuring will lead to a large one-time cost of about $35 million, with only $1 million paid in cash and the rest covered by accounting adjustments, the company said.
Intevac is shifting its focus to the growing HDD market, driven by the new heat-assisted magnetic recording technology, and it expects this move to bring in about $200 million in revenue over the next three years, it added.
The company said it expects 2025 revenue in the range of $52 million to $55 million.
Two FactSet analysts expect $62.5 million.
Intervac also declared a quarterly dividend of $0.05 a share, payable in Q1.
Price: 3.53, Change: +0.70, Percent Change: +24.73
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