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Intevac Announces Third Quarter 2011 Financial Results

Stocks in this article: IVAC

Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the quarter and nine months ended October 1, 2011.

“We continue to manage through the current uncertainties stemming from the pending drive industry consolidations and, more recently, the further complication of the supply chain constraints resulting from the flooding in Thailand,” commented Kevin Fairbairn, president and chief executive officer of Intevac. “Whereas a significant portion of the world’s hard drives are assembled in Thailand, the vast majority of disk media capacity is located in other regions and has not been directly affected by the floods. While uncertainty in the hard drive industry is expected to continue over the next few quarters, the third quarter ended on a positive note, with hard drive shipments reaching a new record high.

“We have made progress in diversifying our equipment business for future growth. We completed the installation of our second LEAN SOLAR deposition system and expect to ship our first LEAN SOLAR etch system to a leading solar manufacturer before year-end. In our Photonics business, we received a sizeable follow-on production order for our LIVAR cameras, and received a significant award for the continued development of our next generation EBAPS sensor technology,” concluded Mr. Fairbairn.

Third Quarter 2011 Summary

The net loss was $6.1 million, or $0.27 per diluted share, compared to net income of $13.2 million, or $0.58 per diluted share, in the third quarter of 2010.

Revenues were $19.3 million, including $12.4 million of Equipment revenues and Intevac Photonics revenues of $6.9 million. Equipment revenues consisted of upgrades, spares and service. Intevac Photonics revenues consisted of $1.5 million of research and development contracts and $5.4 million of product sales or 78% of Photonics revenues. In the third quarter of 2010, revenues were $64.6 million, including $55.9 million of Equipment revenues and Intevac Photonics revenues of $8.8 million, which included $3.5 million of product sales.

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