Intevac Reports First-Quarter 2005 Results

May 01, 2005 by Jeff Shepard

Intevac Inc. (Santa Clara, CA) reported financial results for the three-month period ended April 2, 2005. Revenues were $10.6 million. In the first quarter of 2004, revenues were $6.4 million. Gross margin was 19% versus 25% for first-quarter of 2004.

Operating expenses were $6.3 million, compared to $5.2 million in the first quarter of 2004. Net loss for the quarter was $3.9 million, or $0.19 per diluted share, compared to a net loss of $3.4 million, or $0.18 per diluted share, in the first quarter of 2004.

Intevac Chief Executive Kevin Fairbairn commented, "The first quarter was an exciting quarter in which we achieved record bookings for disk manufacturing equipment, gained additional major customers for the 200 Lean, and made excellent progress on our next-generation head-mounted night-vision system. As a result of record bookings, order backlog increased to $66 million, all of which is scheduled for 2005 delivery and positions us for significant growth in revenues, compared to 2004.”