Intevac Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net loss was $6.2 million, or $0.27 per diluted share, compared to net income of $1.1 million, or $0.05 per diluted share, in the fourth quarter of 2010. Total revenues were $18.6 million, including $12.5 million of Equipment revenues and Intevac Photonics revenues of $6.1 million. In the fourth quarter of 2010, total revenues were $36.2 million, including $26.8 million of equipment revenues and Intevac Photonics revenues of $9.4 million, which included $5.1 million of product sales. Total operating loss was $8.490 million against total operating income of $0.033 million a year ago. Loss before income taxes was $8.292 million against profit before income taxes of $0.427 million a year ago. Capital expenditures totaled to $838,000. For the year, the company reported net loss was $22.0 million, or $0.96 per diluted share, compared to net income of $28.0 million, or $1.22 per diluted share, for 2010. Total revenues were $83.0 million, including $54.9 million of Equipment revenues and Intevac Photonics revenues of $28.1 million, compared to revenues of $202.5 million, including $168.3 million of Equipment revenues and Intevac Photonics revenues of $34.3 million, for 2010. Total operating loss was $30.741 million against total operating income of $31.238 million a year ago. Loss before income taxes was $30.106 million against profit before income taxes of $32.011 million a year ago. The company provided earnings guidance for the first quarter of 2012. The company is projecting consolidated first quarter of 2012 revenues of $16 million to $18 million, which includes no 200 Leans and one Solar system recognized at the high end of guidance. The company expects first quarter gross margins to be approximately 35%, reflecting the lower factory absorption expected at these revenue levels.