Exhibit 99.1

3560 Bassett Street, Santa Clara CA 95054

Charles Eddy	Dan Matsui/Gene
Heller
Chief Financial Officer	Silverman Heller
Associates
(408) 986-9888	(310) 208-2550

INTEVAC INC. REPORTS FINANCIAL RESULTS FOR THIRD-QUARTER 2006
Revenue and Net Income Significantly Exceed Expectations

Santa Clara, Calif.—Oct. 30, 2006—Intevac, Inc. (Nasdaq: IVAC) reported financial results for the third quarter and nine months ended September 30, 2006.

Net income for the quarter was $9.0 million, or $0.41 per diluted share on 21.9 million weighted-average shares outstanding, which included $878,000 of non-cash stock-based compensation expense. For third-quarter 2005, net income was $6.2 million, or $0.29 per share on 21.4 million weighted-average shares outstanding, which did not include non-cash stock-based compensation expense.

Revenues for the quarter were $54.8 million, including $51.6 million of Equipment revenues and $3.2 million of Imaging revenues. Equipment revenues consisted of nine magnetic media manufacturing systems, disk lubrication systems, equipment upgrades, spares, consumables, and service. Imaging revenues consisted of $2.7 million of research and development contracts and $465,000 of product sales. In third-quarter 2005, net revenues were $43.5 million, including $41.5 million of Equipment revenues and $2.0 million of Imaging revenues, which included $343,000 of product sales.

Equipment gross margins for the quarter rose to 42.5% from 32.0% in third-quarter 2005, and Imaging gross margins increased to 41.1% from 13.8% in third-quarter 2005. Equipment margins improved primarily from lower manufacturing costs, higher average selling prices for 200 Lean^® systems, and higher sales of spares and upgrades. Imaging margins improved primarily as the result of favorable adjustments related to closing our prior year government rate audits and a higher percentage of revenue being derived from fully funded development contracts. Consolidated gross margins improved to 42.5% from 31.2% in third-quarter 2005.

Operating expenses for the quarter totaled $14.1 million, or 26% of revenues, versus $7.6 million, or 18% of revenues, in third-quarter 2005. Operating expenses increased as the result of higher spending in Equipment related to research and development and business development, provisions for employee profit sharing and bonus plans, and the inclusion of stock-based compensation expense in third-quarter 2006 results.

Net income for the first nine months of 2006 was $25.4 million, or $1.16 per diluted share on 21.9 million weighted-average shares outstanding, which included $2.0 million of non-cash stock-based compensation expense. For the first nine-months of 2005, net income was $6.2 million, or $0.29 per diluted

share on 21.1 million weighted-average shares outstanding, which did not include non-cash stock-based compensation expense.

Revenues for the first nine months of 2006 were $164.0 million, including $155.7 million of Equipment revenues and $8.3 million of Imaging revenues. Equipment revenues consisted of 29 magnetic media manufacturing systems, disk lubrication systems, equipment upgrades, spares, consumables, and service. Imaging revenues consisted of $7.0 million of research and development contracts and $1.3 million of product sales. In the first nine months of 2005, net revenues were $84.5 million, including $78.4 million of Equipment revenues and $6.1 million of Imaging revenues.

Equipment and Imaging gross margins for the first nine-months of 2006 increased to 38.0% and 31.6%, respectively, from 31.2% and 12.7%, respectively, in the first nine months of 2005. Equipment margins for the quarter improved primarily from lower manufacturing costs, higher average selling prices for 200 Lean^® systems, and increased sales of spares and upgrades. Imaging margins improved primarily as the result of favorable adjustments related to closing our prior year government rate audits and a higher percentage of revenue being derived from fully funded development contracts. Consolidated gross margins improved to 37.7% from 29.8% in the first nine months of 2005.

Order backlog totaled $129.7 million on September 30, 2006, compared to $96.2 million on July 1, 2006, and $65.4 million on October 1, 2005. Backlog as of September 30, 2006, included twenty-four 200 Lean systems and excludes orders for two 200 Lean systems subsequently received.

Intevac Chief Executive Kevin Fairbairn commented: “This was a tremendous quarter for Intevac. We delivered significantly more revenue and net income than we expected at the beginning of the quarter. Our Imaging business significantly improved its financial performance and received its first volume production order for LIVAR^® cameras. Good progress was made in both Equipment and Imaging in new product development activities that will drive the future growth of the company.”

Conference Call Information

The Company will discuss its financial results in a conference call today at 1:30 p.m. PST (4:30 p.m. EST). To participate in the teleconference, please call toll-free (800) 291-8929 prior to the start time. For international callers, the dial-in number is (706) 634-0478. You may also listen live via the Internet at the Company’s website, www.Intevac.com, under the Investors link, or at www.earnings.com. For those unable to attend, these web sites will host an archive of the call. Additionally, a telephone replay of the call will be available for 48 hours beginning today at 3:30 p.m. PST. You may access the playback by calling (800) 642-1687 or, for international callers (706) 645-9291, and providing conference ID 8532356.

About Intevac

Intevac is the world’s leading supplier of disk sputtering equipment to manufacturers of magnetic media used in hard disk drives and a developer and provider of leading edge extreme low light imaging sensors, cameras and systems. For more information please visit our website at www.intevac.com.

200 Lean^® and LIVAR^® are registered trademarks of Intevac, Inc.

[Financial tables on following pages]

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

	3 months ended						9 months ended
	Sept. 30,			Oct. 1,			Sept. 30,			Oct. 1,
	2006			2005			2006			2005
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net revenues
Equipment	$	51,625		$	41,519			155,663		$	78,392
Imaging		3,204			1,988			8,328			6,138
Total net revenues		54,829			43,507			163,991			84,530
Gross profit		23,280			13,554			61,848			25,210
Gross margin
Equipment		42.5	%		32.0	%		38.0	%		31.2	%
Imaging		41.1	%		13.8	%		31.6	%		12.7	%
Consolidated		42.5	%		31.2	%		37.7	%		29.8	%
Operating expenses
Research and development		8,571			3,897			20,422			10,435
Selling, general and administrative		5,565			3,746			15,683			9,678
Total operating expenses		14,136			7,643			36,105			20,113
Operating income/(loss)
Equipment Products		9,833			7,177			29,287			9,178
Imaging		(673	)		(1,415	)		(3,701	)		(3,874	)
Corporate		(16	)		149			157			(207	)
Total operating profit		9,144			5,911			25,743			5,097
Other income		1,113			438			2,440			1,292
Profit before provision for income taxes		10,257			6,349			28,183			6,389
Provision for income taxes		1,244			158			2,826			168
Net income	$	9,013		$	6,191		$	25,357		$	6,221
Income per share
Basic	$	0.43		$	0.30		$	1.21		$	0.30
Diluted	$	0.41		$	0.29		$	1.16		$	0.29
Weighted average common shares outstanding
Basic		21,082			20,567			20,967			20,400
Diluted		21,889			21,438			21,888			21,138

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CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

	Sept 30,		Dec. 31,
	2006		2005
	(Unaudited)
ASSETS
Current assets
Cash, cash equivalents and short term investments	$	85,857	$	49,731
Accounts receivable, net		33,999		42,847
Inventories		41,372		24,837
Deferred tax assets		2,479		—
Prepaid expenses and other current assets		2,272		1,814
Total current assets		165,979		119,229
Long term investments		4,000		—
Property, plant and equipment, net		11,392		7,980
Investment in 601 California Avenue LLC		2,431		2,431
Other long-term assets		1,770		804
Total assets	$	185,572	$	130,444
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	17,924	$	7,049
Accrued payroll and related liabilities		8,026		5,509
Other accrued liabilities		6,383		6,182
Customer advances		33,849		23,136
Total current liabilities		66,182		41,876
Other long-term liabilities		955		694
Shareholders’ equity
Common stock		100,193		97,165
Paid in Capital – Stock Compensation		2,119		—
Accumulated other comprehensive income		295		238
Retained earnings (deficit)		15,828		(9,529	)
Total shareholders’ equity		118,435		87,874
Total liabilities and shareholders’ equity	$	185,572	$	130,444

-more-

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS RECONCILIATION TO GAAP
(in thousands, except per share data)
(Unaudited)

	Three-Months Ended Sept. 30, 2006
	GAAP			Non-GAAP Adjustment			Non-GAAP
Revenues	$	54,829					$	54,829
Cost of revenue		31,549			(70	)A		31,479
Gross profit		23,280			70			23,350
Gross margin		42.5	%					42.6	%
Operating expense
Research and development		8,571			(376	)A		8,195
Selling, general and administrative		5,565			(432	)A		5,133
Total operating expense		14,136			(808	)		13,328
Operating income		9,144			878			10,022
Other income		1,113						1,113
Profit before provision for income taxes		10,257			878			11,135
Provision for income taxes		1,244			106			1,350
Net Income	$	9,013		$	772		$	9,785
Income per share
Basic	$	0.43		$	0.03		$	0.46
Diluted	$	0.41		$	0.04		$	0.45
Weighted average common shares outstanding
Basic		21,082						21,082
Diluted		21,889						21,889

Footnotes — for the three-months ended September 30, 2006

A To exclude stock-based compensation expense (Cost of Revenue $70, Research and Development $376, Selling, General and Administrative $432) for the three-months ended September 30, 2006.

	Nine-Months Ended Sept. 30, 2006
	GAAP			Non-GAAP Adjustment			Non-GAAP
Revenues	$	163,991					$	163,991
Cost of revenue		102,143		$	(242	)A		101,901
Gross profit		61,848			242			62,090
Gross margin		37.7	%					37.9	%
Operating expense
Research and development		20,422			(908	)A		19,514
Selling, general and administrative		15,683			(884	)A		14,799
Total operating expense		36,105			(1,792	)		34,313
Operating income		25,743			2,034			27,777
Other income		2,440						2,440
Profit before provision for income taxes		28,183			2,034			30,217
Provision for income taxes		2,826			203			3,029
Net Income		25,357		$	1,831		$	27,188
Income per share
Basic	$	1.21		$	0.09		$	1.30
Diluted	$	1.16		$	0.08		$	1.24
Weighted average common shares outstanding
Basic		20,967						20,967
Diluted		21,888						21,888

Footnotes — for the nine-months ended September 30, 2006

A To exclude stock-based compensation expense (Cost of Revenue $242, Research and Development $908, Selling General and Administrative $884 for the nine-months ended September 30, 2006.

The non-GAAP measures provided herein exclude the impact of non-cash charges related to stock-based compensation expense. We believe these measures are useful to investors because they provide an alternative method for measuring the operating performance of the Company’s business, excluding stock-based compensation expense, and provide for comparability between periods due the absence of stock-based compensation in comparative prior year periods.

The non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.