Intevac Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014
January 29, 2014 at 04:05 pm
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Intevac Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. Net income for the quarter was $1.7 million, or $0.07 per diluted share, and includes a $3.7 million credit for the change in fair value of certain contingent consideration obligations related to an acquisition in a prior year. This compares to a net loss of $42.7 million, or $1.82 per share, in the fourth quarter of 2012. Revenues were $20.6 million against $17.5 million a year ago. Total operating income was $1,175,000 and income before income taxes was $1,187,000 against total operating loss of $23,890,000 and loss before income taxes of $23,847,000 a year ago. Non-GAAP operating loss was $2,528,000 against $6,133,000 a year ago. The non-GAAP net loss was $2.0 million, or $0.08 per share, compared to a non-GAAP net loss $4.2 million or $0.18 per share, for the fourth quarter of 2012. Capital expenditures were $844,000.
For the full year, the net loss was $15.7 million, or $0.66 per share, compared to a net loss of $55.3 million, or $2.37 per share, for fiscal 2012. The non-GAAP net loss was $18.5 million or $0.78 per share. This compares to the 2012 non-GAAP net loss of $16.2 million, or $0.69 per share. Revenues were $69.6 million compared to revenues of $83.4 million a year ago. Total operating loss was $17,823,000 and loss before income taxes was $17,418,000 against total operating loss of $42,533,000 and loss before income taxes of $42,079,000 a year ago. Non-GAAP operating loss was $20,600,000 against $23,523,000 a year ago.
The company projects consolidated first quarter revenues of $16 million to $16.5 million including one 200 Lean manufacturing system. The company expects first quarter gross margin to be 26.5% to 28%, which is lower than the fourth quarter due to a lower level of factory absorption in Equipment business. The company projects a net loss in the range of $0.23 to $0.25 per share.
For the year, The company expects revenues to improve over 2013, albeit modestly. Given these ranges of revenue, the company expects gross margin in the range of 34% to 35%.
Intevac, Inc. is a provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. The Company operates through a single segment, which is Thin Film Equipment (TFE). The TFE segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the hard disk drive (HDD) and advanced coatings (ADVC) markets, as well as other adjacent thin-film markets. In HDD Equipment Market, it designs, manufactures, markets and services complex capital equipment used to deposit thin films and lubricants onto substrates to produce magnetic disks. In ADVC Market, the Company develops equipment to deposit optically transparent thin films onto display cover panels typically found on consumer and automotive electronics products. Its products include 200 Lean Disk Sputtering System, TRIO, and upgrades, spares, consumables and services (non-systems business).
Intevac Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014