Intevac Announces Fourth Quarter and Full Year 2020 Financial Results
Intevac reported fiscal 2020 results with record Photonics revenues of $45.7 million, a 30% increase year-over-year. The company achieved GAAP EPS of $0.04 and non-GAAP EPS of $0.05, alongside a cash position of $50.4 million, up $7.5 million from 2019. The growth was largely driven by the IVAS program and HDD system upgrades, which contributed to a 5% increase in combined business performance despite COVID-19 impacts. Looking ahead, Intevac aims to move the IVAS program into production and anticipates growth in HDD media capacity investments starting mid-2021.
- Record Photonics revenues of $45.7 million, up 30% YoY.
- GAAP EPS of $0.04 and non-GAAP EPS of $0.05.
- Ended 2020 with $50.4 million in total cash, a $7.5 million increase from 2019.
- Total sales declined year-over-year due to COVID-related impacts.
Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the fiscal fourth quarter and year ended January 2, 2021.
Fiscal 2020 Highlights
- Record Photonics revenues of
- Record sales of system upgrades to our hard disk drive (HDD) customers
- Profitable results, with GAAP EPS of
- Significant cash flow generation, ending fiscal 2020 with
“Given the immense challenges faced in 2020, we are pleased to report profitable results and strong cash flow generation for the year,” commented Wendell Blonigan, president and chief executive officer of Intevac. “Our profitable results were driven primarily by our Photonics business, which reported strong growth and a record year as a result of significant development revenues for the IVAS program, the first all-digital solution for the ground soldier. In our Thin-film Equipment (TFE) business, we achieved strong gross margin performance, primarily as a result of record sales of HDD upgrades for both the fourth quarter and full year. While total sales declined year-over-year as a result of COVID-related impacts to our TFE growth initiatives, our combined Photonics and HDD businesses actually grew
“As we look forward, the IVAS program continues to be the primary revenue growth opportunity for Photonics. We expect to transition from the development stage into production over the course of this year, setting the stage for significant growth potential in our Photonics business for 2022 and beyond. In TFE, we expect the investment cycle for HDD media capacity expansions to begin by mid-2021, and accelerate into next year, in support of strong demand for mass-capacity data center storage and growth in high-performance computing. Finally, we believe the multiple evaluation and demo programs in our TFE growth initiatives will contribute to our overall growth story, and continue to support the long-term revenue growth and profitability objectives for Intevac,” concluded Mr. Blonigan.
($ Millions, except per share amounts) |
Q4 2020 |
Q4 2019 |
||||||||||
GAAP Results |
Non-GAAP Results |
GAAP Results |
Non-GAAP Results |
|||||||||
Net Revenues |
$ |
28.6 |
$ |
28.6 |
$ |
35.4 |
$ |
35.4 |
||||
Operating Income |
$ |
1.7 |
$ |
1.7 |
$ |
7.3 |
$ |
7.3 |
||||
Net Income |
$ |
1.1 |
$ |
1.1 |
$ |
5.2 |
$ |
5.2 |
||||
Net Income per Diluted Share |
$ |
0.05 |
$ |
0.05 |
$ |
0.22 |
$ |
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FAQ
What were Intevac's Q4 2020 financial results?
Intevac reported Q4 2020 net revenues of $28.6 million, consistent with Q4 2019.
What were Intevac's earnings per share for fiscal 2020?
Intevac posted a GAAP EPS of $0.04 and non-GAAP EPS of $0.05 for fiscal 2020.
What is the significance of the IVAS program for Intevac?
The IVAS program is a primary revenue growth opportunity projected to transition from development to production in 2021.
How did COVID-19 impact Intevac's sales?
COVID-19 caused a decline in total sales due to its effects on TFE growth initiatives.
What are Intevac's future revenue growth projections?
Intevac expects growth driven by the IVAS program and HDD media capacity expansions starting mid-2021.
Intevac Inc
NASDAQ:IVACIVAC RankingsIVAC Latest NewsIVAC Stock Data
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Specialty Industrial Machinery
Special Industry Machinery, Nec
United States of America
SANTA CLARA
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