Veeco Reports Q4 and Fiscal Year 2016 Financial Results

Veeco Instruments today announced financial results for its fourth quarter and fiscal year ended December 31, 2016.
 
Fourth quarter highlights are revenues of  USD 93.6 million, GAAP net loss per share of USD 0.13, and non-GAAP earnings per share of USD 0.09. Non-GAAP adjusted EBITDA was USD 6.2 million.
 
Highlights for full year 2016 are revenues of USD 332.5 million, GAAP net loss per share of USD 3.11 and Non-GAAP net loss per share of USD 0.29. Non-GAAP adjusted EBITDA of  USD 4.2 million.
 
Veeco Instruments financial results for 4Q16. (Veeco Instruments/ LEDinsides)
 
"Veeco's fourth quarter financial results marked a strong finish to a challenging year. Revenues increased by 9% and adjusted EBITDA more than doubled sequentially over the prior quarter. We improved gross margins for the third consecutive year, delivering on our objective to achieve gross margins of 40% or better. Our performance demonstrates solid operational execution and underscores our focus on improving through-cycle profitability," commented John R. Peeler, Chairman and Chief Executive Officer.
 
"Entering 2017, we are seeing healthy LED industry dynamics and positive business momentum. We closed an exclusive, multi-year agreement with OSRAM Opto Semiconductors GmbH to supply Metal Organic Chemical Vapor Deposition ("MOCVD") and Precision Surface Processing ("PSP") systems for their new high volume LED production facility in Kulim." 
 
"We made significant progress in growing our Advanced Packaging business, increasing sales into the Advanced Packaging, MEMS & RF markets by ~10% year over year. In addition, our recently announced agreement to acquire Ultratech will establish Veeco as a leading equipment supplier to the Advanced Packaging industry.
 
"We are excited by this proposed combination, which is expected to increase our scale, diversify our revenue and provide a stable platform to drive long-term shareholder value. The transaction is subject to regulatory clearance and approval by Ultratech's stockholders and is expected to close in the second quarter," Mr. Peeler concluded.
 
Guidance and Outlook for 1Q17
  • Revenue is expected to be in the range of USD 85 million to 100 million
  • Adjusted EBITDA is expected to be in the range of USD 5 million to 11 million
  • GAAP earnings (loss) per share are expected to be in the range of (USD 0.28) to (USD 0.12) and includes a pre-tax interest expense estimated to be ~USD 4 million associated with the 2023 Convertible Notes
  • Non-GAAP earnings per share are expected to be in the range of USD 0.00 to 0.16 and includes a pre-tax interest expense estimated to be ~USD 2 million associated with the 2023 Convertible Notes.
 
Conference Call Information
 
A conference call reviewing these results has been scheduled fo February 16, 2017 starting at 5:00pm ET. To join the call, dial 877-741-4245 (toll free) or 719-325-4942 and use passcode 2499397. The call will also be webcast live on the Veeco website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website beginning at 8:00pm ET this evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.
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