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Intevac Sputtering but Not Misfiring

Profits surge in the third quarter.
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(IVAC) - Get Free Report

surged 19% late Monday after the disk sputterer posted a solid third-quarter profit.

For the quarter ended Oct. 1, the Santa Clara, Calif., company made $6.2 million, or 27 cents a share, up from the year-ago $1.4 million, or 7 cents a share. Revenue rose to $43.5 million from $35 million a year earlier.

Equipment revenue was $41.5 million, up from $35 million a year ago due to higher sales of magnetic media manufacturing equipment. Imaging revenue fell to $2 million from $2.4 million as a result of lower returns from research and development contracts. A flat panel manufacturing system shipped this quarter, the last to be shipped of the discontinued product line, involved high installation and acceptance testing costs and did not contribute significantly to gross profit.

Late Monday, Intevac shares rose $1.72 to $10.86.