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Intevac Announces Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: IVAC

Intevac, Inc. (Nasdaq:IVAC) today reported financial results for the fourth quarter and year ended December 31, 2011.

“2011 was a challenging year for our equipment business, driven first by reduced capital investments in the hard disk drive industry due to the announced consolidations, and compounded by the effects of the devastating flooding in Thailand,” commented Kevin Fairbairn, president and chief executive officer of Intevac. “As we look ahead to 2012, we are projecting revenue growth in each of our businesses. We expect to see a recovery in our hard drive equipment business in the second half of the year as the consolidations are completed and as the industry recovers from the effects of the flooding. Additionally, we anticipate increasing sales of our solar manufacturing systems, and also expect a return to growth in our Photonics business, as the impacts of the military budget delays in 2011 are now behind us.

“During the fourth quarter, we achieved two key milestones in our equipment diversification strategy. First, we recognized revenue on our first LEAN SOLAR TM crystalline silicon deposition system, and second, we shipped our first LEAN SOLAR etch system to a leading Asian solar cell manufacturer. In our Photonics business, we have improved our gross margins by 500 basis points as compared to fiscal year 2010, as we continue to improve our sensor yields,” concluded Mr. Fairbairn.

Fourth Quarter 2011 Summary

The net loss was $6.2 million, or $0.27 per diluted share, compared to net income of $1.1 million, or $0.05 per diluted share, in the fourth quarter of 2010.

Revenues were $18.6 million, including $12.5 million of Equipment revenues and Intevac Photonics revenues of $6.1 million. Equipment revenues consisted of one LEAN SOLAR system, upgrades, spares and service. Intevac Photonics revenues consisted of $1.8 million of research and development contracts and $4.3 million of product sales or 71% of Photonics revenues. In the fourth quarter of 2010, revenues were $36.2 million, including $26.8 million of Equipment revenues and Intevac Photonics revenues of $9.4 million, which included $5.1 million of product sales.

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