Intevac (IVAC) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $2.84 million, or $ 0.13 a share in the quarter, against a net loss of $2.53 million, or $0.12 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $2.82 million, or $0.13 a share compared with a net loss of $2.42 million, or $0.12 a share in the last year period. 

Revenue during the quarter surged 76.74 percent to $28.98 million from $16.40 million in the previous year period. Gross margin for the quarter expanded 38 basis points over the previous year period to 41.10 percent. Operating margin for the quarter period stood at positive 9.95 percent as compared to a negative 14.04 percent for the previous year period.

Operating income for the quarter was $2.88 million, compared with an operating loss of $2.30 million in the previous year period.

However, the adjusted operating profit for the quarter stood at $2.87 million compared to operating loss of $2.20 million in prior year period.

"2016 marked an inflection point in the future revenue growth trajectory of Intevac," commented Wendell Blonigan, president and chief executive officer. "Most notably, we secured a multi-system production capacity order for our VERTEX system, and an additional VERTEX customer during the year. Our multiple 200 Lean orders demonstrated the ongoing need for technology investments in our core HDD business, which improved compared to 2015. We increased our revenue opportunity pipeline for Photonics through successful demonstrations with our ground force monocular and high-resolution digital goggles, and while we experienced a pause in contract R&D revenues during the year, we grew our Photonics product revenues over 2015."