Intevac Announces $10 Million in New Orders for HDD Technology Upgrades
June 14 2021 - 9:00AM
Business Wire
Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film
processing systems, today announced the receipt of $10 million in
new orders for technology upgrades for its hard disk drive (HDD)
customers. Scheduled to be completed by year-end, these upgrades
provide new and enhanced technologies to enable Intevac’s customers
to continue to progress along their media technology roadmaps.
“This order reflects our ongoing partnerships with our customers
and the increasing demand for the industry’s most advanced media
technology,” said Jay Cho, executive vice president and general
manager of Intevac’s Thin-film Equipment (TFE) business.
As the new orders announced today were previously anticipated,
the expected revenues for these upgrades are already reflected in
the Company’s 2021 TFE forecast provided as of the May 3rd, 2021
conference call.
About Intevac
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,
solar photovoltaic, and advanced semiconductor packaging 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.
Forward-Looking Statements
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;
the timing of the HDD upgrades. 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: the
failure to meet planned shipment dates, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210614005190/en/
James Moniz Chief Financial Officer (408) 986-9888
Claire McAdams Investor Relations (530) 265-9899
Intevac (NASDAQ:IVAC)
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