Intevac reports strong quarterly, six month results

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Intevac has reported strong financial results for the quarter and six months ended July 3, 2010. Total revenues for the second quarter were US$68.6 million, up 457% year-on-year and 107% quarter-on-quarter, while gross margin was 42.3% and operating margin 21.1%.

Kevin Fairbairn, president and chief executive officer of Intevac said, “The company’s strong operational performance during this significant ramp enabled a more than doubling of revenues over the first quarter. We shipped twelve 200 Lean systems, a level we have not experienced since early 2007. The hard disk drive industry saw a return to normal seasonality in the second quarter, and the outlook for our media equipment business remains positive for the remainder of the year and into 2011.

“Also in the second quarter, we continued to make progress in expanding our served markets. We shipped our first Lean Solar deposition system, introduced NanoVista, a solar cell inspection system, and introduced Continuum, a high-productivity wafer handling system. Our Photonics revenue grew 13% quarter-on-quarter and 37% year-on-year, setting another record high in revenues,” concluded Fairbairn.

“We recently announced the favorable resolution of our Auction Rate Securities (ARS) arbitration,” commented Jeff Andreson, Intevac’s chief financial officer. “The award entered by an arbitration panel of the Financial Industry Regulatory Authority (“FINRA”) required Citigroup to repurchase at par $54.8 million in Student Loan ARS. The repurchase was completed and, as a result, our third quarter results will reflect a $3.3 million temporary impairment reversal as well as the addition to our cash balance.”

Intevac’s net income was US$12.3 million compared to a net loss of US$4.5 million in the second quarter of 2009. Revenues were US$68.6 million, including US$60.0 million of equipment revenues. Consolidated gross margin increased to 42.3%, compared to 36.6% in the second quarter of 2009. Operating expenses were US$14.6 million, compared to $12.8 million in the second quarter of 2009.

For the first six months of 2010, net income was US$13.8 million compared to a net loss of US$10.3 million for the first six months of 2009. Revenues were US$101.7 million, including US$85.6 million of equipment revenues. Equipment gross margin improved to 46.1%, compared to 34.5% in the first six months of 2009, primarily as a result of increased revenues and improved factory utilization. Consolidated gross margin increased to 42.8%, compared to 35.6% in the first six months of 2009. Operating expenses were US$27.7 million, compared to US$26.5 million in the first six months of 2009.

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