Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems and digital night-vision technologies, today provided the following business update.
Revenues for the first fiscal quarter ending March 28, 2020 are expected to be at the high end of the guidance range provided on the company’s January 29, 2020 financial results conference call.
On March 16, 2020, multiple Bay Area counties in California issued a “shelter-in-place” order (the “State Order”), requiring businesses to temporarily cease operations, effective March 17th. The State Order provides that Californians working within 16 identified critical infrastructure sectors “may continue with their work because of the importance of these sectors to Californian's health and well-being.” Among the identified critical infrastructure sectors listed are “Communications and Information Technology” or “IT” and the “Defense Industrial Base.”
On March 20, 2020, the State of California issued further guidance on the critical infrastructure sectors wherein operations were permitted to continue, in which it stated that “the IT Sector provides products and services that support the efficient operation of today’s global information-based society and are integral to the operations and services provided by other critical infrastructure Sectors.”
Also on March 20, 2020, Intevac received a communication from the Department of Defense stating that “the Defense Industrial Base (DIB) is identified as a Critical Infrastructure Sector by the Department of Homeland Security,” and that “the Essential Critical Infrastructure Workforce for the DIB includes workers who support the essential products and services required to meet national security commitments to the Federal Government and the U.S. Military.”
Since the State Order became effective on March 17th, the company’s employees have been working remotely if possible. As both its Thin-film Equipment and Photonics businesses are within the critical infrastructure sectors, factory operations are scheduled to resume at the company’s Santa Clara, California headquarters, starting on March 30, 2020. Individuals required to execute the business on site will operate under California’s social distancing guidelines. All employees that can work remotely will continue to do so until restrictions are lifted by the government.
Intevac is committed to help source supplies for local healthcare providers fighting COVID-19, and will donate all of its surplus N95 industrial masks for health services. The company will provide further updates when it announces financial results for the fiscal first quarter and outlook, currently scheduled for April 27, 2020.
Intevac was founded in 1991 and has two businesses: Thin-film Equipment and Photonics.
In our Thin-film Equipment business, we are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, and solar photovoltaic markets we serve currently.
In our Photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry. We are the provider of integrated digital imaging systems for most U.S. military night vision programs.
For more information, call 408-986-9888 or visit the company's website at www.intevac.com.
This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to; financial results for the fiscal first quarter, the status of operations continuing at the company, and the timing of the next update. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: changes in government orders and regulations, which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the company’s periodic filings with the U.S. Securities and Exchange Commission.
Chief Financial Officer