SANTA CLARA, Calif.--(BUSINESS WIRE)--Intevac Photonics, a subsidiary of Intevac, Inc. (Nasdaq: IVAC) today announced the receipt of two production orders during the fourth quarter ended December 31, 2012, for its LIVAR® (Laser Illuminated Viewing and Ranging) digital cameras from Northrop Grumman Corporation (NYSE: NOC). These digital cameras are for use in airborne, long-range target identification with shipments expected over the next eighteen months. With these additional orders, totaling $5.8 million, Intevac has now received a total of $24.8 million under the Indefinite Delivery Indefinite Quantity agreement with Northrop Grumman. This demonstrates the continuation of an ongoing multi-year business opportunity for LIVAR cameras.
“This is a critical component for both targeting and surveillance military programs. Northrop Grumman is a valuable customer and we are pleased to contribute to their LITENING G4 system.”
“We believe LIVAR’s positive identification capability is a tremendous asset for the military,” commented Drew Brugal, executive vice president and general manager of Intevac Photonics. “This is a critical component for both targeting and surveillance military programs. Northrop Grumman is a valuable customer and we are pleased to contribute to their LITENING G4 system.”
The LIVAR M506 digital imaging camera operates in the short wave infrared portion of the light spectrum for multiple military applications, from surveillance to long range targeting and identification on airborne, maritime, and ground based applications.
Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.
In our Equipment business, we are a leader in the design, development and manufacturing of high-productivity, vacuum process equipment solutions. Our systems are production-proven for high-volume manufacturing of small substrates with precise thin film properties, such as those required in the hard drive and solar cell markets.
In the hard drive industry, our 200 Lean® systems process approximately 60% of all magnetic disk media produced worldwide. In the solar cell manufacturing industry, our LEAN SOLAR™ systems increase the conversion efficiency of silicon solar cells.
In our Photonics business, we are a leader in the development and manufacture of leading-edge, high-sensitivity imaging products and vision systems as well as materials identification instruments utilizing Raman technology. Our products primarily address the defense markets in addition to the industrial, medical and scientific industries.
For more information call 408-986-9888, or visit the company's website at www.intevac.com.
LIVAR is a registered trademark of Intevac, Inc.
Safe Harbor Statement
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: expected shipment against this purchase contract. These 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: our ability to meet the technical requirements for this product and the timing of product shipments 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 regular filings with the U.S. Securities and Exchange Commission.