Intevac. (IVAC) Tops Q1 EPS by 6c

Intevac. (NASDAQ: IVAC) reported Q1 EPS of ($0.31), $0.06 better than the analyst estimate of ($0.37). Revenue for the quarter came in at $13.66 million versus the consensus estimate of $11.58 million.

"We are pleased to report financial results exceeding our expectations for the first quarter of 2016, primarily due to the successful sign-off and rapid customer acceptance achieved for our second VERTEX™ system shipped to a leading display cover panel customer,” commented Wendell Blonigan, president and chief executive officer of Intevac. “The rapid conversion of this tool from purchase order to revenue recognition demonstrates both the production-worthiness of our system and our customer’s desire to quickly move into production. We continue to be on track to deliver our second MATRIX™ PVD system and our first MATRIX Implant system mid-year, for advanced solar cell manufacturing, demonstrating continued traction in each of our Thin-film Equipment growth initiatives.

“In the first quarter, our Photonics business continued to make excellent progress developing the next-generation digital night vision solutions for the military, including delivery of our high-resolution ISIE 4000 goggle to U.S. Naval Air Systems Command (NAVAIR). We also completed final engineering on our ground force digital monocular goggle, and delivered the technology demonstrator to the U.S. Army in April.”

For earnings history and earnings-related data on Intevac. (IVAC) click here.

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