Intevac, Inc. (IVAC) Tops Q2 EPS by 9c

Intevac, Inc. (NASDAQ: IVAC) reported Q2 EPS of ($0.01), $0.09 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $20.5 million versus the consensus estimate of $18.48 million.

“We made significant progress in our Thin-Film Equipment growth strategy during the second quarter,” commented Wendell Blonigan, Intevac’s president and chief executive officer. “The proprietary protective carbon film we’ve engineered for our production VERTEX PVD system has demonstrated outstanding performance as a cost-effective, optically-transparent, scratch-protective solution for cell phone display cover panels. We won a new Tier 1 customer for this marketplace, in which we generated excitement for our film by working together with our customer to market the film directly to mobile phone manufacturers, culminating in the new system order announced in July.

“Our Photonics business continued to perform well, achieving favorable yields in our production programs, while we invest in our next-generation low-light sensor technology,” added Mr. Blonigan. “We were also pleased to experience an uptick in demand for strategic hard drive media upgrades, which boosted both revenues and gross margin in the quarter as well as our outlook for the year.”

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

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