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Jul 18, 2019

Intevac Receives Record $40 Million Digital Night Vision Contract Award

SANTA CLARA, Calif.--(BUSINESS WIRE)--Jul. 18, 2019-- Intevac, Inc. (Nasdaq: IVAC) announced today it has received a $40 million contract award for the multi-year production of digital night vision cameras in support of the U.S. Government.

“This award represents the largest single booking to date for Intevac Photonics, and increases our Photonics backlog to the historic level of just over $83 million,” commented Timothy Justyn, executive vice president and general manager of Intevac Photonics. “This award closely follows awards for both the U.S. Army’s IVAS ground soldier program, and the Apache Helicopter’s Pilot Night Vision Sensor (PNVS) foreign military sales announced last December, demonstrating Intevac’s commitment to delivering the latest digital night vision technology to our Warfighters.”

“We are very proud to have received this substantial order for our digital night vision technology,” added Wendell Blonigan, president and chief executive officer of Intevac. “With this new order and increased backlog, we now have multi-year visibility for our manufacturing operations, and continued validation of our digital night vision technology.”

Intevac’s digital night-vision sensors, based on its patented Electron Bombarded Active Pixel Sensor (EBAPS®) technology, provide state-of-the-art capability to the most advanced avionic fighting platforms in the U.S. Department of Defense inventory.

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, 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.

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 multi-year visibility of camera deliveries. 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 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.

Source: Intevac, Inc.

James Moniz
Chief Financial Officer
(408) 986-9888

Claire McAdams
Investor Relations
(530) 265-9899

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6:25 PM EDT on Oct 07, 2019
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