Intevac Announces Multi-System Capacity Order for VERTEX Systems
Tue, June 7 2016
Leading Display Cover Panel Manufacturer to Add Three Systems by
Year-End 2016
Successful Execution of Growth Strategy Yields Inflection Point
for the Company
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing
systems, today announces a multi-system order for three INTEVAC VERTEX™
systems from a Tier-1 display cover panel company in China. Scheduled to
ship in the fourth quarter of 2016, these systems will be used to
provide production capacity for the deposition of Intevac’s oDLC
enhanced scratch protection film on mobile device displays, camera
lenses, and glass covers.
“Following the successful sign-off of our customer’s first VERTEX
system, volume quantities of mobile phones with Intevac’s optical
diamond-like carbon (oDLC) protective coating will begin shipping later
this summer,” commented Jay Cho, executive vice president and general
manager of Intevac’s Thin-Film Equipment business. “Based on the
activity our customer is seeing with multiple end customer evaluations,
we are pleased to receive this follow-on order for multiple systems that
increase their manufacturing capacity and enable them to execute on
large-volume production orders.”
The first of three systems is scheduled to ship in October, with two
additional systems scheduled to ship in December. While the majority of
the payment for these systems will be received at shipment, the first
tool will require customer sign-off for revenue recognition.
“This production capacity order for multiple VERTEX systems is an
exciting milestone for the company, and an inflection point for the
future growth of Intevac,” added Wendell Blonigan, president and chief
executive officer of Intevac. “This order supports our growth and cash
flow objectives for 2016, and is the culmination of over two years of
successful execution of our strategic growth initiative in protective
films. Our oDLC coating solution is a new application that is witnessing
increasing market interest, and holds significant revenue growth
potential as we expand our Thin-Film Equipment business into the large
and growing mobility marketplace.”
Intevac capitalized on its expertise in small-substrate processing and
protective coatings from the hard drive media market to develop the
INTEVAC VERTEX™ system, offering a high-throughput manufacturing
solution with precise thin-film deposition, on small substrates. Our
protective coating delivers unmatched performance as a cost-effective,
optically-transparent, scratch-protective film for the display cover
panel market.
About Intevac
Intevac was founded in 1991 and has two businesses: Thin-Film Equipment
and Photonics.
In our Thin-Film Equipment business, we are a leader in the design and
development of high-productivity, thin-film processing systems. Our
production-proven platforms are designed for high-volume manufacturing
of substrates with precise thin-film properties, such as the hard drive
media, display cover panel, and solar photovoltaic markets we serve
currently.
In our Photonics business, we are a recognized leading developer of
advanced high-sensitivity digital sensors, cameras and systems that
primarily serve the defense industry. We are the provider of integrated
digital imaging systems for most U.S. military night vision programs.
For more information call 408-986-9888, or visit the Company's website
at www.intevac.com.
INTEVAC VERTEX™ is a trademark of Intevac, Inc.
Safe Harbor Statement
This press release includes statements that constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of
the safe-harbor for forward-looking statements contained in the Reform
Act. These forward-looking statements are often characterized by the
terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to; the
timing of the VERTEX shipments, revenue recognition, and cash flow. The
forward-looking statements contained herein involve risks and
uncertainties that could cause actual results to differ materially from
the company’s expectations. These risks include, but are not limited to:
the failure to meet planned shipment dates, which could have a material
impact on our business, our financial results, and the company's stock
price. These risks and other factors are detailed in the Company’s
periodic filings with the U.S. Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160607005773/en/
Intevac, Inc.
James Moniz, 408-986-9888
Chief Financial Officer
or
Claire
McAdams, 530-265-9899
Investor Relations
Source: Intevac, Inc.
