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Intevac Announces Second Quarter 2012 Financial Results

Stocks in this article: IVAC

Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the quarter and six months ended June 30, 2012.

“We are pleased to report that we met the high end of our second quarter guidance, with better than forecasted operating results, through a combination of higher-margin upgrades and prudent management of expenses,” commented Kevin Fairbairn, president and chief executive officer of Intevac. “As we look to the remainder of 2012, expectations for hard drive unit growth have softened, due principally to the difficult global economic environment. While expectations for hard drive capacity additions have certainly diminished since earlier this year, the long term business opportunities for our hard drive business remain intact.

“We continued to make positive progress in diversifying our equipment business into the solar cell market, as we recognized revenue on our first LEAN SOLAR NanoTexture TM system and shipped our first two ion implant systems to well-capitalized solar cell manufacturers. Our Photonics business continued to gain momentum in the first half of this year and achieved a record level of orders and backlog during the quarter.”

Second Quarter 2012 Summary

The net loss for the quarter was $1.5 million, or $0.06 per share, and includes a $1.1 million unfavorable tax rate adjustment, as compared to a net loss of $2.6 million, or $0.11 per share, in the second quarter of 2011.

Revenues were $31.8 million, including $25.1 million of Equipment revenues and Intevac Photonics revenues of $6.7 million. Equipment revenues included two 200 Lean ® systems and one LEAN SOLAR NanoTexture TM system. Intevac Photonics revenues consisted of $3.2 million of research and development contracts and $3.6 million of product sales. In the second quarter of 2011, revenues were $27.6 million, including $19.8 million of Equipment revenues and Intevac Photonics revenues of $7.8 million, which included $5.9 million of product sales.

Equipment gross margin improved to 47.1% compared to 38.3% in the second quarter of 2011. The increase in gross margin was primarily as a result of higher system margins and a higher mix of upgrade and spares shipments. Intevac Photonics gross margin improved to 36.3% compared to 32.7% in the second quarter of 2011. The increase was primarily a result of improving yields related to our night vision products. Consolidated gross margin was 44.8%, compared to 36.7% in the second quarter of 2011. Operating expenses were flat as compared to the second quarter of 2011, and represented a sequential decrease of 6.6% compared to first quarter 2012 operating expenses.

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