Intevac sees FY17 revenue growth above prior expectations
Intevac President and CEO Wendell Blonigan said, "We continued to make progress toward our revenue growth and profitability targets for 2017. With further strengthening in our hard drive market, we exceeded our expectations for the quarter, and also added to backlog for 2018 revenue. Year to date, we have recognized revenue on every one of our three new equipment platforms: the INTEVAC VERTEX, the MATRIX and the ENERGi, and are witnessing the crossover from pilot tools to production in each of our new Thin-film Equipment growth markets. With our Photonics business on track to deliver a similar year in 2017, the strengthening of our HDD business - and the actions we have taken to reduce lead times on the VERTEX - puts us in a position to deliver revenue growth this year that exceeds prior expectations." FY17 revenue consensus $108.4M.