Intevac, Inc. (IVAC) saw its loss narrow to $0.48 million, or $0.02 a share for the quarter ended Oct. 01, 2016. In the previous year period, the company reported a loss of $3.76 million, or $0.17 a share. On the other hand, adjusted net loss for the quarter narrowed to $0.43 million, or $0.02 a share from a loss of $3.91 million or $0.18 a share, a year ago. Revenue during the quarter grew 22.48 percent to $22.56 million from $18.42 million in the previous year period. Gross margin for the quarter expanded 1108 basis points over the previous year period to 37.75 percent. Operating margin for the quarter stood at negative 1.44 percent as compared to a negative 20.52 percent for the previous year period.
Operating loss for the quarter was $0.32 million, compared with an operating loss of $3.78 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $0.27 million compared to operating loss of $3.93 million in prior year period.
"We are pleased to announce financial results for the third quarter that exceeded our expectations," commented Wendell Blonigan, Intevac’s president and chief executive officer. "In our Thin-film Equipment business, backlog increased again with the receipt of an order for two 200 Lean systems. We are also pleased to announce an order for our VERTEX™ system from a new Tier-1 customer today, which together with the new orders received in the first three quarters of the year, brings total Thin-film Equipment orders to over $60 million in 2016 to date. This the highest level of Thin-film Equipment orders we have achieved since 2010, demonstrating the continued execution of our growth initiatives, with new system bookings for every one of our product platforms, and into every end market we serve. In Photonics, we continue to achieve strong financial performance exceeding the target profitability for this business, and in the third quarter we received an additional $4 million in Apache orders for foreign military sales."
Working capital declines
Intevac, Inc. has witnessed a decline in the working capital over the last year. It stood at $52.19 million as at Oct. 01, 2016, down 15.73 percent or $9.74 million from $61.94 million on Oct. 03, 2015. Current ratio was at 2.61 as on Oct. 01, 2016, down from 4.86 on Oct. 03, 2015. Days sales outstanding were almost stable at 61 days for the quarter, when compared with the last year period.
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