According to Veeco, it has filed a form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission (“SEC”) relating to the Company’s report on Form 10-Q for the period ended September 30, 2012. Additional time is needed because the Company is in the process of evaluating the timing of recognition of revenue on the sale of certain MOCVD systems and related upgrades to these systems.
John R. Peeler, Veeco’s Chairman and Chief Executive Officer, stated, “We are currently reviewing the timing of revenue recognition of MOCVD systems and related upgrades. The accounting issues do not relate to product performance or customer acceptance of our products. The systems which are the subject of these transactions were delivered, accepted and paid for in full by our customers. Our review focuses on determining whether revenue was recognized in the appropriate accounting periods.”
Mr. Peeler added, “I want to reassure our customers, shareholders, suppliers and employees that Veeco’s strong MOCVD market position, excellent product performance in the field, global operating strength and sound financial footing remain intact. Veeco is handling this issue as expeditiously as possible -- it is our intention to resolve this matter and file our 10-Q as soon as we can.”
Veeco is working with its independent auditor, Ernst & Young LLP, to address these matters. If the Company is required to change the timing of its recognition of any revenue, there could be a shift in revenue between accounting periods which could constitute material changes to results of operations and financial condition for various periods.