Intevac Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter of 2012
January 31, 2012 at 04:05 pm EST
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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.
Intevac, Inc. is a provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. The Company operates through a single segment, which is Thin Film Equipment (TFE). The TFE segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the hard disk drive (HDD) and advanced coatings (ADVC) markets, as well as other adjacent thin-film markets. In HDD Equipment Market, it designs, manufactures, markets and services complex capital equipment used to deposit thin films and lubricants onto substrates to produce magnetic disks. In ADVC Market, the Company develops equipment to deposit optically transparent thin films onto display cover panels typically found on consumer and automotive electronics products. Its products include 200 Lean Disk Sputtering System, TRIO, and upgrades, spares, consumables and services (non-systems business).
Intevac Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter of 2012