Veeco Announces First Quarter 2010 Financial Results

Veeco Instruments Inc. announced its financial results for the first quarter ended March 31, 2010. Veeco reports its results on a generally accepted accounting principles ("GAAP") basis, and also provides results excluding certain items. Please refer to the attached table for details of the reconciliation between GAAP operating results and Non-GAAP operating results.

John R. Peeler, Veeco's Chief Executive Officer, commented, "We are pleased to report these excellent first quarter results, with record revenue of $163 million, an increase of 160% from last year and 12% sequentially. We are executing well, with revenues and profitability increasing sequentially in all three Veeco businesses. EBITA was a record $32.8 million, or 20% of sales, resulting in record quarterly GAAP EPS of $0.62 per share and non-GAAP EPS of $0.49 per share. Veeco generated $42 million in cash from operations during the first quarter."

"Veeco's first quarter bookings were $268 million, another record for the Company," continued Mr. Peeler. "LED & Solar orders were a record $212 million, up 20% sequentially, driven by accelerating orders for TurboDisc(R) Metal Organic Chemical Vapor Deposition (MOCVD) Systems. We continued to see strong MOCVD demand as an expanding LED customer list ramps production for laptop and TV backlighting, as well as for general illumination. Data Storage and Metrology orders were $26 million and $30 million respectively, each significantly better than the same period a year ago but down on a sequential basis." Veeco's Q1 '10 book-to-bill ratio was 1.64, with a record backlog of $502 million at the end of the quarter.

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