Monday, Intevac, Inc. (IVAC), a manufacturing equipments and solutions provider, reported a wider loss for the second quarter, due to a decline in revenues from both Equipment and Intevac Photonics segments.
Net loss for the second quarter widened to $4.49 million or $0.20 per share from $0.94 million or $0.04 per share in the previous year. Net loss for the quarter includes $1.3 million of equity-based compensation expense, equivalent to $0.04 per diluted share.
The Santa Clara, California-based company's net revenues for the quarter declined to $12.32 million from $32.13 million a year ago. Segment wise, revenue from Equipment declined to $6.07 million from $25.73 million. Revenue from Intevac Photonics declined to 6.25 million from $6.40 million.
Consolidated gross margin for the quarter was 36.6%, compared to 40.9% in the second quarter of 2008. Equipment gross margin was 39.2%, compared to 42.4% in the second quarter of 2008. The year-over-year decrease reflected lower revenues and lower factory utilization. Intevac Photonics gross margin was 34.1%, compared to 34.9% in the second quarter of 2008, attributed to higher manufacturing and contract research and development costs.
Operating expenses for the quarter totaled $12.8 million, a decline of 19.3% compared to $15.8 million in the second quarter of 2008, as a result of the cost savings from the global cost reduction plan initiated in the fourth quarter of 2008.
Order backlog totaled $44.0 million on June 27, 2009, compared to $27.7 million on June 28, 2008. Backlog as of June 27, 2009 includes five 200 Lean systems, compared to four on June 28, 2008.
For the six-month period, net loss was $10.26 million or $0.47 per share, compared an income of $0.63 million or $0.03 per share in the same period of the previous year. Total net revenues for the period declined to $24.63 million from $65.31 million last year.
IVAC closed Monday's regular trading at $10.14, down 0.19 or 1.84%, on a volume of 96K on the Nasdaq.
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