Intevac Inc. reported unaudited consolidated financial results for the third quarter and nine months ended September 26, 2009. The company reported that loss for the quarter was $1.8 million, or $0.08 per basic and diluted share. The net loss included $1.0 million of equity-based compensation expense, equivalent to $0.03 per diluted share. For the third quarter of 2008, the net loss was $3.4 million, or $0.15 per basic and diluted share. Revenues for the quarter were $19.2 million, including $12.3 million of Equipment revenues and Intevac Photonics revenues of $6.9 million. For the third quarter of 2008, revenues were $28.6 million, including $22.9 million of Equipment revenues and $5.7 million of Intevac Photonics revenues. Total operating loss for the period was $3.71 million compared to $6.87 million for the same period previous year. Loss before income tax benefit for the period was $3.59 million compared to $5.99 million for the same period previous year. The net loss for the first nine months of 2009 was $12.1 million, or $0.55 per basic and diluted share. The net loss included $3.7 million of equity-based compensation expense, equivalent to $0.12 per diluted share. For the first nine months of 2008 the net loss was $2.7 million, or $0.13 per basic and diluted share. The net loss included $5.0 million of equity-based compensation expense, equivalent to $0.16 per diluted share. Revenues for the first nine months of 2009 were $43.8 million, including $24.5 million of Equipment revenues and $19.3 million of Intevac Photonics revenues. In the first nine months of 2008, revenues were $93.9 million, including $75.6 million of Equipment revenues and $18.3 million of Intevac Photonics revenues. Total operating loss for the period was $21.45 million compared to $10.71 million for the same period previous year. Loss before income tax benefit for the period was $20.67 million compared to $7.61 million for the same period previous year.

Intevac Inc. reported capital expenditure of $556,000 for the third quarter ended September 26, 2009. The company provided earnings outlook for the fourth quarter and full of 2009. The company is projecting consolidated fourth quarter revenues of $34 to $36 million. The company expects fourth quarter gross margins in the range of 40% to 41.5%. The company is projecting net income in the range of breakeven to $0.03 per share, which includes an estimated $1 million of pretax stock based compensation expense equivalent to $0.03 per share as well as an anticipated net tax expense. While the EPS at the low end of guidance is breakeven the company expects pretax profitability at both ends for the revenue guidance. For the full year of 2009, the company is projecting consolidated revenues in the range of $78 to $80 million. The company expects a loss for the year in the range of $0.52 to $0.55 per share, which includes an estimated $4.5 million of stock based compensation expense equivalent to $0.15 per share.

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