Last $7.20 USD
Change Today -0.02 / -0.28%
Volume 32.9K
IVAC On Other Exchanges
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As of 8:10 PM 11/21/14 All times are local (Market data is delayed by at least 15 minutes).

intevac inc (IVAC) Key Developments

Intevac, Inc. Receives Order for One 200 Lean(R) Magnetic Disk Sputtering System

Intevac Inc. announced that the company received an order for one 200 Lean(R) magnetic disk sputtering system.

Intevac Inc. Announces Management Changes

Intevac Inc. announced that Mr. James P. Moniz will join the company on November 3, 2014. Mr. Moniz will succeed Mr. Charles Eddy as the company's Chief Financial Officer, Treasurer and Secretary on November 12, 2014, after which Mr. Eddy will continue with the company as needed to assist Mr. Moniz and assure a smooth transition. James Moniz, 57, brings over 30 years of senior financial management experience to Intevac. Most recently, he was Chief Financial Officer of Nanometrics Inc., where he served from 2009 until his retirement in 2011.

Intevac Inc. Presents at Needham Next-Gen Storage/Networking Conference, Nov-11-2014 09:00 AM

Intevac Inc. Presents at Needham Next-Gen Storage/Networking Conference, Nov-11-2014 09:00 AM. Venue: Le Parker Meridien Hotel, New York, New York, United States.

Intevac Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 27, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014; Revises Earnings Guidance for the Full Year of 2014

Intevac Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2014. For the quarter, the company reported net loss of $3.6 million, or $0.15 per basic and diluted share, compared to a net loss of $2.7 million, or $0.11 per basic and diluted share, in the third quarter of 2013. The non-GAAP net loss was $3.6 million or $0.15 per diluted share compared to the third quarter 2013 non-GAAP net loss of $2.6 million or $0.11 per diluted share. Revenues were $14.8 million, including $3.4 million of Equipment revenues and Photonics revenues of $11.4 million. In the third quarter of 2013, revenues were $19.1 million, including $11.8 million of Equipment revenues and Photonics revenues of $7.4 million, which included $3.1 million of research and development contracts. The company reported operating loss of $4.08 million and loss before income taxes of $3.97 million compared to operating loss of $2.98 million and loss before income taxes of $2.76 million reported a year ago. Non-GAAP operating loss was $4.16 million compared to $2.8 million reported a year ago. For the nine months, net loss was $13.1 million, or $0.55 per basic and diluted share, compared to a net loss of $17.4 million, or $0.73 per basic and diluted share, for the first nine months of 2013. The non-GAAP net loss, was $12.8 million or $0.54 per diluted share compared to the first nine months 2013 non-GAAP net loss of $16.5 million or $0.69 per diluted share. Revenues were $46.5 million, including $16.2 million of Equipment revenues and Photonics revenues of $30.3 million, compared to revenues of $49.1 million, including $26.3 million of Equipment revenues and Photonics revenues of $22.8 million, for the first nine months of 2013. The company reported operating loss of $14.05 million and loss before income taxes of $13.75 million compared to operating loss of $18.99 million and loss before income taxes of $18.60 million reported a year ago. Non-GAAP operating loss was $13.75 million compared to $18.07 million reported a year ago. Capital expenditures during the quarter were $60,000. For the fourth quarter of 2014, the company is projecting revenues of $18.5 million to $21.5 million. The high end of the range includes a 200 Lean and a new display cover glass system Wendell. Gross margin is expected to be between 29% and 32%. OpEx is expected to be between $8.3 million and $8.6 million. Depreciation and amortization are expected to be $1.4 million and fixed asset adds are expected to be approximately $1.5 million. Fourth quarter operating loss is expected to be between $1.8 million and $2.9 million, which equates to a loss in the range of $0.07 to $0.12 per share. For the full year of 2014, the company expects full year revenues of $65 million to $68 million, this is down from previous guidance of $73 million to $78 million. The reductions in the high end of the ranges are the 2 system push-outs Wendell, as well as lower-than-expected upgrade revenues. The company expects Photonics revenues in the range of $40 million to $41.5 million. The company expects a full year gross margin in the 31% to 32% versus prior guidance of 34.5%. This reduction is due to the lower volume of upgrades, too fewer systems and lower factory utilization, partly offset by higher margins in Photonics. The company expects full year operating expense of $37.2 million to $37.5 million versus prior guidance of $39 million. Full year depreciation and amortization are expected to be approximately $4.9 million, and capital spending is expected to be no more than $4 million. The company expects a tax rate of 4% based on a small tax benefit in Singapore, expect an operating loss of $15.8 million to $17 million versus prior guidance of $11 million to $13.5 million, and a net loss of $0.63 to $0.67 per share, as compared to prior guidance of a loss of $0.45 to $0.54 a share. The company expects an operating cash burn of less than $6 million, which includes $1 million for the proxy contest and is consistent with prior guidance.

Intevac Inc. to Report Q3, 2014 Results on Oct 27, 2014

Intevac Inc. announced that they will report Q3, 2014 results at 4:30 PM, US Eastern Standard Time on Oct 27, 2014

 

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