Intevac Photonics, a subsidiary of Intevac, Inc. (Nasdaq:IVAC) announced today it recently received an initial $3.9 million production order for LIVAR® (Laser Illuminated Viewing and Ranging) cameras from Northrop Grumman Corporation (NYSE: NOC) for use in airborne, long-range target identification, with shipments expected within the next fourteen months. “We are extremely pleased to receive the first production order against the indefinite-delivery/indefinite-quantity contract we recently finalized. This contract is expected to address this customer’s requirements for LIVAR systems for the foreseeable future,” commented Drew Brugal, executive vice president and general manager of Intevac Photonics. “The unique capability LIVAR brings to sensitivity and range gating enables high-definition imaging for long distances in both day and night conditions, which is vital in long-range target detection applications.” The LIVAR M506 imaging camera operates in the short wave infrared portion of the light spectrum for multiple military applications, from surveillance to long range targeting and identification on both airborne, maritime, and ground based applications. About Intevac Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics. In our Equipment business, we are a leader in the design, development and manufacturing of high-productivity, vacuum process equipment solutions. Our systems are production-proven for high-volume manufacturing of small substrates with precise thin film properties, such as those required in the hard drive and solar cell markets. In the hard drive industry, our 200 Lean® systems process approximately 60% of all magnetic disk media produced worldwide. In the solar cell manufacturing industry, our LEAN SOLAR™ platform, with applications including deposition, texture etch and ion implant, increases the conversion efficiency of silicon solar cells. In our Photonics business, we are a leader in the development and manufacture of leading-edge, high-sensitivity imaging products and vision systems as well as materials identification instruments utilizing Raman technology. Our products primarily address the defense markets in addition to the industrial, medical and scientific industries.
The most recent short interest data was recently released by the NASDAQ for the 11/14/2014 settlement date, and Intevac, Inc. is one of the most shorted stocks of the Russell 3000, based on 23.81 "days to cover" versus the median component at 5.85.