Intevac Q3 net loss increases

Intevac Inc., a provider of computer storage devices, has reported that net loss for the third quarter ended September 29, 2012 was $8.01 million, or $0.34 loss per share, compared to net loss of $6.12 million, or $0.27 loss per share, for the same quarter ended October 1, 2011.

Total net revenues for the third quarter ended September 29, 2012 were $16.83 million, compared to $19.32 million for the same quarter ended October 1, 2011.

Net loss for the nine months ended September 29, 2012 was $12.66 million, or $0.54 loss per share, compared to net loss of $15.77 million, or $0.69 loss per share, for the same period ended October 1, 2011.

Total net revenues for the nine months ended September 29, 2012 were $65.94 million, compared to $64.33 million for the same period ended October 1, 2011.

"As expected, our equipment business had a challenging quarter driven principally by the difficult economic environment and moderated demand for hard drives," commented Kevin Fairbairn, president and CEO of Intevac. "In our Photonics business, we achieved a significant milestone this quarter with a record level of revenue and profitability and are well positioned for continued growth."