Intevac Announces FY2015 Results

Thin-film technology developer Intevac Corp. has announced 2015 fiscal year revenue of $75.2 million, up 15 percent from 2014.

Thin-film equipment 2015 revenue totaled $39.6 million compared to 2014’s $25.3 million, while photonics 2015 revenue totaled $35.5 million compared to 2014’s $40.3 million. Orders were up 43 percent from 2014, reflecting a 40 and 47 percent increase in thin-film equipment and photonics, respectively.

“2015 was a year of execution on our strategic growth initiatives, and we made significant progress on all fronts,” said Wendell Blonigan, president and CEO of Intevac. “We won new Tier 1 customers in our growth markets for our thin-film equipment business, we increased the program opportunity pipeline for photonics and raised revenue guidance each quarter based upon significant strengthening of upgrade business with our hard disk drive customers. We accomplished all this while demonstrating a disciplined approach to capital management and reducing R&D, selling, general and administration expenses by 5 percent compared to 2014.”

The company ended the year with $48.4 million of total cash, restricted cash and investments, with $72.9 million in tangible book value. The company repurchased 1.5 million shares of common stock for a total of $7.6 million during the fourth quarter. As of January 2, 2016, the company had repurchased 4.8 million shares for $28.5 million out of its $30 million plan, announced in November 2013.

”We limited the decline in cash, restricted cash and investments, net of stock repurchases, to $3.5 million for the full year, well below our $5 million goal,” Blonigan said.