Intevac Announces Preliminary Fourth Quarter 2017 Financial Results and Timing of Q4 Conference Call
Wed, January 17 2018
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intevac, Inc. (Nasdaq: IVAC), today announced preliminary financial
results for the fourth quarter and full year 2017. Revenues for the
fourth quarter were $24.8 million, in line with prior guidance, and
included $6.9 million in Photonics revenues, two 200 Lean systems in
Thin-film Equipment revenues, and service and upgrade sales to hard
drive customers. Profitability exceeded guidance and is expected to be
at breakeven, plus or minus $0.01 per share, subject to any final tax
adjustments. For the full year, total revenues were $112.8 million, with
net earnings in the range of $0.17 to $0.18 per diluted share.
“As expected, 2017 was a strong growth year for Intevac’s Thin-film
Equipment business, and total revenues were up 41% year-over-year,”
commented Wendell Blonigan, president and chief executive officer of
Intevac. “We continue to work towards booking new follow-on orders of
our INTEVAC VERTEX® system in the display cover panel market,
where our existing and potential new customers continue to evaluate our
oDLC™ protective thin-film coating solution for multiple cover glass
applications. We are also in discussions with our solar customer to
determine a delivery schedule for the remaining ENERGi®
systems in backlog. We will provide an update on each of our businesses,
and our preliminary outlook for 2018, on our Q4 2017 conference call
later this month.”
Intevac will release financial results for its fiscal fourth quarter and
full year 2017 at approximately 1 p.m. PT (4 p.m. ET) on Wednesday,
January 31, 2018. At 1:30 p.m. PT (4:30 p.m. ET) on January 31, Intevac
management will host a teleconference to discuss the Company's financial
results.
To participate in the teleconference, please call toll-free (877)
334-0811 prior to the start time. For international callers, the dial-in
number is (408) 427-3734. You may also listen live via the Internet on
the Investors link of the Company's website, investor.intevac.com. For
those unable to attend live, this web site will host an archive of the
call.
A telephone replay will be available for four days, beginning two hours
after completion of the call. You may access the replay by calling (855)
859-2056 or, for international callers, (404) 537-3406, and providing
Conference ID 6190879.
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.
Forward-Looking Statements
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. Specific forward-looking statements contained in this press release
include, but are not limited to: statements regarding financial results
for Company’s fiscal fourth quarter and full year 2017, which remain
subject to adjustment in connection with the preparation of the
Company’s Form 10-K, as well as statements regarding future orders and
deliveries of INTEVAC VERTEX and ENERGi systems. 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:
currently unforeseen items or corrections that may occur in the process
of completing the audit of our year-end financial statements, as well as
challenges achieving customer adoption and revenue recognition in
Thin-film Equipment markets, each of 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/20180117005059/en/
Intevac, Inc.
James Moniz, 408-986-9888
Chief Financial Officer
or
Claire
McAdams, 530-265-9899
Investor Relations
Source: Intevac, Inc.
