Intevac, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Revenue Guidance for the Year 2018 and Earnings Guidance for the First Quarter of 2018
January 31, 2018 at 09:05 pm
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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.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Revenue Guidance for the Year 2018 and Earnings Guidance for the First Quarter of 2018