Intevac, Inc. (IVAC) swung to a net profit for the quarter ended Apr. 01, 2017. The company has made a net profit of $1.83 million, or $ 0.08 a share in the quarter, against a net loss of $6.30 million, or $0.31 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $1.91 million, or $0.08 a share compared with a net loss of $6.29 million, or $0.31 a share in the last year period. Revenue during the quarter surged 122.39 percent to $30.39 million from $13.66 million in the previous year period. Gross margin for the quarter expanded 1471 basis points over the previous year period to 42.93 percent. Operating margin for the quarter period stood at positive 6.88 percent as compared to a negative 46.22 percent for the previous year period.
Operating income for the quarter was $2.09 million, compared with an operating loss of $6.32 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $2.17 million compared to operating loss of $6.30 million in prior year period.
"Recent traction in orders and revenue in new markets reflect important milestones in the future growth trajectory of our company," commented Wendell Blonigan, president and chief executive officer of Intevac. "In the first quarter, we recognized revenue on VERTEX volume production systems and received follow-on orders for 12 ENERGi implant tools, both of which represent the crossover from pilot tools to capacity production systems in each of our new Thin-film Equipment growth markets. We have been working for several years to diversify and grow our Thin-film Equipment business beyond the HDD market, and significant orders and revenues recognized in the first quarter is a material demonstration of our success in expanding our Thin-film Equipment revenue opportunity.
Working capital increases
Intevac, Inc. has recorded an increase in the working capital over the last year. It stood at $59.76 million as at Apr. 01, 2017, up 22.34 percent or $10.91 million from $48.85 million on Apr. 02, 2016. Current ratio was at 3.07 as on Apr. 01, 2017, down from 4.29 on Apr. 02, 2016. Days sales outstanding went down to 51 days for the quarter compared with 58 days for the same period last year.
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