CORRECTING and REPLACING Intevac Announces $54 Million Order for 200 Lean Systems

Rhea-AI Summary

Intevac, Inc. announced a significant $54 million order for multiple 200 Lean® systems, marking its largest order in over 12 years. This order includes eight advanced expanded-module systems designed for hard disk drive (HDD) media production, scheduled for shipment starting in mid-2023. The deal will enhance the company’s backlog and includes a down payment due in the third fiscal quarter of 2022. The CEO emphasized growth in backlog supporting new HDD media capacity additions.

Positive

• Received a significant $54 million order for 200 Lean® systems, the largest in over 12 years.
• The order will positively impact the company's backlog and future revenues.
• Scheduled deliveries of the systems are set to begin in mid-2023.

Negative

• Potential risks associated with the timing of tool shipments that could affect financial performance.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Third paragraph, second sentence of the release dated April 4, 2022 should read: “Over the past several months, we have appreciably grown backlog in support of the HDD industry’s first significant media capacity additions since 2010." (instead of: "Over the past several months, we have appreciably grown backlog in support of the HDD industry’s first significantly media capacity additions since 2010.")

The updated release reads:

INTEVAC ANNOUNCES $54 MILLION ORDER FOR 200 LEAN SYSTEMS

Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, today announced the receipt of a $54 million order for multiple 200 Lean® systems. The order includes eight expanded-module systems, each of which are configured with 28 process chambers for the production of advanced hard disk drive (HDD) media.

Scheduled to ship over multiple quarters beginning in mid-2023, this order will be reflected in the Company’s backlog at its fiscal first-quarter end of April 2^nd. This order also includes a down payment provision, due in the third fiscal quarter of 2022, which will help fund inventory purchases in support of this significant system build-out.

“We are pleased to announce Intevac’s largest 200 Lean order in over 12 years,” said Nigel Hunton, Intevac’s president and chief executive officer. “Over the past several months, we have appreciably grown backlog in support of the HDD industry’s first significant media capacity additions since 2010. Through a combination of new systems, upgrades, and tool refurbishment programs being deployed over the next several years, we believe all of the incremental media capacity added in the industry over this timeframe will be on our 200 Lean platform.”

About Intevac

We are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, solar photovoltaic, and advanced semiconductor packaging markets we serve currently. For more information call 408-986-9888, or visit the Company's website at https://ir.intevac.com/.

Forward-Looking Statements

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to, the timing of the tool shipments. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: the failure to meet planned shipment dates, which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220404005170/en/

James Moniz

Chief Financial Officer

(408) 986-9888

Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac, Inc.

FAQ

What recent order did Intevac announce for stock symbol IVAC?

Intevac announced a $54 million order for multiple 200 Lean® systems.

When will shipments for the new Intevac order begin?

Shipments for the new order are scheduled to begin in mid-2023.

How does the recent order impact Intevac's backlog?

The order will significantly enhance Intevac's backlog.

What are the expected risks associated with Intevac's new order?

There are risks related to meeting planned shipment dates, which could impact business and financial results.