Intevac公布2016年第三季度财务业绩

Publié le 4 nov. 2016
Intevac 
Intevac, Inc. today reported financial results for the quarter and nine months ended October 1, 2016.

"We are pleased to announce financial results for the third quarter that exceeded our expectations," commented Wendell Blonigan, Intevac's president and chief executive officer. "In our Thin-film Equipment business, backlog increased again with the receipt of an order for two 200 Lean systems. We are also pleased to announce an order for our VERTEX™ system from a new Tier-1 customer today, which together with the new orders received in the first three quarters of the year, brings total Thin-film Equipment orders to over $60 million in 2016 to date. This the highest level of Thin-film Equipment orders we have achieved since 2010, demonstrating the continued execution of our growth initiatives, with new system bookings for every one of our product platforms, and into every end market we serve. In Photonics, we continue to achieve strong financial performance exceeding the target profitability for this business, and in the third quarter we received an additional $4 million in Apache orders for foreign military sales."


Intevac's non-GAAP adjusted results exclude the impact of the following, where applicable: (1) changes in fair value of contingent consideration liabilities associated with business combinations; and (2) restructuring charges. A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial table included in this release. See also "Use of Non-GAAP Financial Measures" section.

Third Quarter 2016 Summary

The net loss for the quarter was $481,000, or $0.02 per share, compared to a net loss of $3.8 million, or $0.17 per share, in the third quarter of 2015. The non-GAAP net loss was $429,000 or $0.02 per share. This compares to the third quarter 2015 non-GAAP net loss of $3.9 million or $0.18 per share.

Revenues were $22.6 million, including $14.3 million of Thin-film Equipment revenues and Photonics revenues of $8.3 million. Thin-film Equipment revenues included two 200 Lean® HDD systems, one solar ion implant R&D tool, upgrades, spares and service. Photonics revenues included $1.6 million of research and development contracts. In the third quarter of 2015, revenues were $18.4 million, including $9.2 million of Thin-film Equipment revenues and Photonics revenues of $9.2 million, which included $2.1 million of research and development contracts.

Thin-film Equipment gross margin was 32.4% compared to 17.8% in the third quarter of 2015 and 36.2% in the second quarter of 2016. The improvement from the third quarter of 2015 reflected a higher level of revenue and improved factory absorption. The decline from the second quarter of 2016 reflected a higher mix of systems shipments versus higher-margin upgrades and higher inventory provisions, offset in part by improved factory absorption.

Photonics gross margin was 46.9% compared to 35.5% in the third quarter of 2015 and 44.4% in the second quarter of 2016. The improvement from the third quarter of 2015 and the second quarter of 2016 was due to improved sensor yields and higher margins on research and development contracts. Consolidated gross margin was 37.7%, compared to 26.7% in the third quarter of 2015 and 41.1% in the second quarter of 2016.

R&D and SG&A expenses were $8.8 million, compared to $8.8 million in the third quarter of 2015.

Order backlog totaled $72.9 million on October 1, 2016, compared to $75.3 million on July 2, 2016 and $52.8 million on October 3, 2015. Backlog at October 1, 2016 included four 200 Lean HDD systems, three INTEVAC VERTEX display cover panel coating systems, two INTEVAC MATRIX™ solar systems, and two ENERGi™ solar ion implant systems. Backlog at July 2, 2016 included four 200 Lean HDD systems, three INTEVAC VERTEX display cover panel coating systems, two INTEVAC MATRIX solar systems, and three ENERGi solar ion implant systems. Backlog at October 3, 2015 included three solar systems and one PVD display cover panel coating system.

The Company ended the quarter with $42.9 million of total cash, restricted cash and investments and $67.4 million in tangible book value.

First Nine Months 2016 Summary

The net loss was $10.3 million, or $0.50 per share, compared to a net loss of $6.6 million, or $0.29 per share, for the first nine months of 2015. The non-GAAP net loss was $10.4 million or $0.50 per share. This compares to the first nine months of 2015 non-GAAP net loss of $6.8 million or $0.30 per share.

Revenues were $51.1 million, including $25.9 million of Thin-film Equipment revenues and Photonics revenues of $25.2 million, compared to revenues of $58.8 million, including $31.3 million of Thin-film Equipment revenues and Photonics revenues of $27.4 million, for the first nine months of 2015.

Thin-film Equipment gross margin was 28.3%, compared to 30.0% in the first nine months of 2015. The decline reflected a higher mix of systems shipments versus higher-margin upgrades and higher inventory provisions. Photonics gross margin was 44.3% compared to 37.4% in the first nine months of 2015, reflecting improved sensor yields and lower inventory provisions. Consolidated gross margin was 36.2%, compared to 33.4% in the first nine months of 2015.

R&D and SG&A expenses were $29.0 million compared to $26.4 million in the first nine months of 2015, reflecting higher engineering costs and costs associated with consolidating our Photonics factory operations. Lower R&D spending in the first nine months of 2015 also reflected costs recovered under a customer-funded NRE arrangement in Thin-film Equipment.

Use of Non-GAAP Financial Measures

Intevac's non-GAAP results exclude the impact of the following, where applicable: (1) changes in fair value of contingent consideration liabilities associated with business combinations; and (2) restructuring charges. A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release.

Management uses non-GAAP results to evaluate the Company's operating and financial performance in light of business objectives and for planning purposes. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Intevac believes these measures enhance investors' ability to review the Company's business from the same perspective as the Company's management and facilitate comparisons of this period's results with prior periods. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP.


Source: Intevac
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