Intevac, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total net revenues of $24,769,000 against $28,982,000 a year ago. Total operating income was $150,000 against $2,883,000 a year ago. Income before income taxes was $257,000 against $3,073,000 a year ago. Net loss was $41,000 against income of $2,835,000 or $0.13 per diluted share a year ago. Non-GAAP operating income was $108,000 against $2,873,000 a year ago. Non-GAAP net loss was $83,000 against income of $2,825,000 or $0.13 per diluted share a year ago. Fourth quarter capital expenditures were $803,000.

For the year, the company reported total net revenues of $112,847,000 against $80,124,000 a year ago. Total operating income was $4,848,000 against loss of $7,563,000 a year ago. Income before income taxes was $5,221,000 against loss of $7,190,000 a year ago. Net income was $4,118,000 or $0.18 per diluted share against loss of $7,441,000 or $0.36 per diluted share a year ago. Non-GAAP operating income was $4,625,000 against loss of $7,663,000 a year ago. Non-GAAP net income was $3,895,000 or $0.17 per diluted share against loss of $7,541,000 or $0.36 per diluted share a year ago.

The company expects to see another strong year for hard drive business, with similar revenues as 2017.

The company expects interest income of about $50,000 and net taxes of about $200,000 in the quarter. For the first quarter of 2018, the company is projecting a net loss in the range of $0.22 to $0.26 per share based on an estimate of 22 million shares.