Intevac Announces Third Quarter 2016 Financial Results

Intevac, Inc. (Nasdaq:IVAC) today reported financial results for the quarter and nine months ended October 1, 2016.

"We are pleased to announce financial results for the third quarter that exceeded our expectations," commented Wendell Blonigan, Intevac's president and chief executive officer. "In our Thin-film Equipment business, backlog increased again with the receipt of an order for two 200 Lean systems. We are also pleased to announce an order for our VERTEX™ system from a new Tier-1 customer today, which together with the new orders received in the first three quarters of the year, brings total Thin-film Equipment orders to over $60 million in 2016 to date. This the highest level of Thin-film Equipment orders we have achieved since 2010, demonstrating the continued execution of our growth initiatives, with new system bookings for every one of our product platforms, and into every end market we serve. In Photonics, we continue to achieve strong financial performance exceeding the target profitability for this business, and in the third quarter we received an additional $4 million in Apache orders for foreign military sales."

($ Millions, except per share amounts)
  Q3 2016   Q3 2015
GAAP Results   Non-GAAP Results GAAP Results   Non-GAAP Results
Net Revenues $ 22.6 $ 22.6 $ 18.4 $ 18.4
Operating Loss $ (0.3 ) $ (0.3 ) $ (3.8 ) $ (3.9 )
Net Loss $ (0.5 ) $ (0.4 ) $ (3.8 ) $ (3.9 )
Net Loss per Share $ (0.02 ) $ (0.02 ) $ (0.17 ) $ (0.18 )
 

 
Nine Months Ended October 1, 2016 Nine Months Ended October 3, 2015
GAAP Results Non-GAAP Results GAAP Results Non-GAAP Results
Net Revenues $ 51.1 $ 51.1 $ 58.8 $ 58.8
Operating Loss $ (10.4 ) $ (10.5 ) $ (6.4 ) $ (6.6 )
Net Loss $ (10.3 ) $ (10.4 ) $ (6.6 ) $ (6.8 )
Net Loss per Share $ (0.50 ) $ (0.50 ) $ (0.29 ) $ (0.30 )

Intevac's non-GAAP adjusted results exclude the impact of the following, where applicable: (1) changes in fair value of contingent consideration liabilities associated with business combinations; and (2) restructuring charges. A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial table included in this release. See also "Use of Non-GAAP Financial Measures" section.

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