Intevac, Inc. announced preliminary financial results for the fourth quarter and full year 2017. Revenues for the fourth quarter were $24.8 million, in line with prior guidance, and included $6.9 million in Photonics revenues, two 200 Lean systems in Thin-film Equipment revenues, and service and upgrade sales to hard drive customers. Profitability exceeded guidance and is expected to be at breakeven, plus or minus $0.01 per share, subject to any final tax adjustments. For the full year, total revenues were $112.8 million, with net earnings in the range of $0.17 to $0.18 per diluted share.
"As expected, 2017 was a strong growth year for Intevac's Thin-film Equipment business, and total revenues were up 41% year-over-year," commented Wendell Blonigan, president and chief executive officer of Intevac. "We continue to work towards booking new follow-on orders of our INTEVAC VERTEX® system in the display cover panel market, where our existing and potential new customers continue to evaluate our oDLC™ protective thin-film coating solution for multiple cover glass applications. We are also in discussions with our solar customer to determine a delivery schedule for the remaining ENERGi® systems in backlog. We will provide an update on each of our businesses, and our preliminary outlook for 2018, on our Q4 2017 conference call later this month."