Intevac公布2017年第二季度财报

发布于 2017年8月2日
Intevac 
Intevac, Inc. reported financial results for the quarter and six months ended July 1, 2017.

Commenting on the second quarter, President and CEO Wendell Blonigan said, "We continued to make progress toward our revenue growth and profitability targets for 2017. With further strengthening in our hard drive market, we exceeded our expectations for the quarter, and also added to backlog for 2018 revenue. Year to date, we have recognized revenue on every one of our three new equipment platforms: the INTEVAC VERTEX™, the MATRIX and the ENERGi, and are witnessing the crossover from pilot tools to production in each of our new Thin-film Equipment growth markets. With our Photonics business on track to deliver a similar year in 2017, the strengthening of our HDD business - and the actions we have taken to reduce lead times on the VERTEX - puts us in a position to deliver revenue growth this year that exceeds prior expectations."



Intevac's non-GAAP adjusted results exclude the impact of changes in fair value of contingent consideration liabilities associated with business combinations. 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.

Second Quarter 2017 Summary

Net income for the quarter was $1.1 million, or $0.05 per diluted share, compared to a net loss of $3.5 million, or $0.17 per diluted share, in the second quarter of 2016. Non-GAAP net income was $1.1 million or $0.05 per diluted share, compared to the second-quarter 2016 non-GAAP net loss of $3.6 million or $0.18 per diluted share.

Revenues were $31.0 million, including $22.4 million of Thin-film Equipment revenues and Photonics revenues of $8.5 million. Thin-film Equipment revenues consisted of one 200 Lean HDD system, one pilot INTEVAC MATRIX solar ion implant system, two ENERGi solar implant systems, upgrades, spares and service. Photonics revenues consisted of $1.1 million of research and development contracts and $7.4 million of product sales. In the second quarter of 2016, revenues were $14.9 million, including $6.1 million of Thin-film Equipment revenues and Photonics revenues of $8.8 million, which included $1.8 million of research and development contracts.

Thin-film Equipment gross margin was 38.4% compared to 36.2% in the second quarter of 2016 and 43.1% in the first quarter of 2017. The improvement from the second quarter of 2016 was primarily due to higher revenues and higher factory absorption. The decline from the first quarter of 2017 was primarily due to the lower-margin pilot INTEVAC MATRIX solar ion implant system included in revenues.

Photonics gross margin was 33.4% compared to 44.4% in the second quarter of 2016 and 42.6% in the first quarter of 2017. The decline from the second quarter of 2016 and the first quarter of 2017 was primarily due to an unforeseen yield excursion and the cost to increase the scope of our Family of Weapon Sites - Crew Served Program, as well as lower margins on technology development contracts. Consolidated gross margin was 37.0%, compared to 41.1% in the second quarter of 2016 and 42.9% in the first quarter of 2017.

R&D and SG&A expenses were $10.1 million compared to $10.1 million in the second quarter of 2016 and $10.9 million in the first quarter of 2017. Higher year-over-year expenses for increased variable compensation program accruals were offset by lower research and development spending.

Order backlog totaled $68.9 million on July 1, 2017, compared to $73.0 million on April 1, 2017 and $75.3 million on July 2, 2016. Backlog at July 1, 2017 included five 200 Lean HDD systems and twelve ENERGi solar ion implant systems. Backlog at April 1, 2017 included three 200 Lean HDD systems, one pilot INTEVAC MATRIX solar system and fourteen ENERGi solar ion implant systems. Backlog at July 2, 2016 included four 200 Lean HDD systems, three INTEVAC VERTEX systems for display cover panels, two INTEVAC MATRIX solar systems, and three ENERGi solar ion implant systems.

The Company ended the quarter with $42.8 million of total cash, restricted cash and investments and $76.3 million in tangible book value.

First Six Months 2017 Summary

Net income was $2.9 million, or $0.13 per diluted share, compared to a net loss of $9.8 million, or $0.48 per diluted share, for the first six months of 2016. Non-GAAP net income was $3.0 million or $0.13 per diluted share. This compares to the first half 2016 non-GAAP net loss of $9.9 million or $0.48 per diluted share.

Revenues were $61.4 million, including $43.9 million of Thin-film Equipment revenues and Photonics revenues of $17.4 million, compared to revenues of $28.6 million, including $11.7 million of Thin-film Equipment revenues and Photonics revenues of $16.9 million, for the first six months of 2016.

Thin-film Equipment gross margin was 40.7%, compared to 23.2% in the first six months of 2016, primarily due to higher revenues and higher factory absorption. We recognized revenue on two 200 LeanHDD systems, one pilot INTEVAC MATRIX solar ion implant system, two ENERGi solar implant systems and four VERTEX coating systems for display cover panels, in the first half of 2017. We recognized revenue on one VERTEX system in the first half of 2016. Photonics gross margin was 38.1% compared to 43.0% in the first six months of 2016. Consolidated gross margin was 40.0%, compared to 34.9% in the first six months of 2016.

R&D and SG&A expenses were $21.0 million compared to $20.2 million in the first six months of 2016. The higher level of expenses reflects increased accruals for variable compensation programs as a result of the Company's improved outlook for profitability for the year, and increased legal expenses for patent activity and contracts.


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