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Intevac Announces Fourth Quarter And Full Year 2012 Financial Results

Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the fourth quarter and year ended December 31, 2012.

“2012 was a challenging year for our equipment business primarily due to the weakened macro- economic environment and the industry transition underway from PC-based storage to centralized or 'Cloud' based storage,” commented Norman Pond, chairman of the board and chief executive officer of Intevac. “In the hard drive market, we expect these factors to continue to impact demand for new capacity systems through this year. In the longer term however, media unit growth is expected to resume because the rate of data growth is expected to exceed the slowing rate of areal density improvement.

"We are pleased to report a return to growth in our Photonics business, with revenues up 10% for the year. This business has now turned the corner to operating profitability, with profits achieved in both the third and fourth quarters of 2012. Our Photonics business is well-positioned for continued growth, as we entered 2013 with a record level of backlog. Finally, we expect to see growth in our new equipment products in 2013 as we leverage the success of our first ENERGi™ tool qualification to penetrate additional customers in the solar market.”
     
($ Millions, except per share amounts) Q4 2012 FY 2012
GAAP Results   Non-GAAP Results GAAP Results   Non-GAAP Results
Net Revenues $ 17.5 $ 17.5 $ 83.4 $ 83.4
Operating Loss $ (23.9 ) $ (5.5 ) $ (42.5 ) $ (23.3 )
Net Loss $ (42.7 ) $ (3.6 ) $ (55.3 ) $ (15.9 )
Net Loss per Share $ (1.82 ) $ (0.15 ) $ (2.37 ) $ (0.68 )
 

Fourth Quarter 2012 Summary

The net loss was $42.7 million, or $1.82 per share, and included a $23.4 million valuation allowance established on certain federal deferred tax assets and $18.4 million in goodwill and intangibles impairment charges, both referenced in the company's 8-Ks filed with the SEC on December 21, 2012 and January 24, 2013. The non-GAAP net loss was $3.6 million or $0.15 per share. This compares to a net loss of $6.2 million, or $0.27 per share, on both a GAAP and non-GAAP basis for the fourth quarter of 2011.

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