Veeco Reports Losses in 1Q15

Veeco Instruments announced its financial results for the first quarter ended March 31, 2015. Results are reported in conformity with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

 

U.S. Dollars in millions, except per share data

GAAP Results

 

 

 

 

 

 

 

Q1 ‘15

 

 

Q1 ‘14

Revenue

 

 

 

$98.3

 

 

$90.8

Net income (loss)

 

 

 

(19.1)

 

 

19.2

Diluted earnings (loss) per share

 

 

 

(0.48)

 

 

0.48

Non-GAAP Results

 

 

 

 

Q1 ‘15

 

 

Q1 ‘14

Adjusted EBITDA

 

 

 

$2.7

 

 

$0.1

Adjusted net loss

 

 

 

(0.5)

 

 

(2.4)

Adjusted earnings (loss) per share

 

 

 

(0.01)

 

 

(0.06)

 

 

“Veeco executed well in the first quarter, and adjusted EBITDA came in slightly higher than our guidance range due to improved gross margins and lower operating expenses,” commented John R. Peeler, Chairman and Chief Executive Officer. “Following very strong fourth quarter results, Veeco’s first quarter 2015 bookings were $102 million, as guided. Our new Veeco Precision Surface Processing or “PSP” business is off to a great start, and will help drive increased sales and profitability in 2015.”

Veeco’s new TurboDisc® EPIK™ 700 MOCVD system is performing very well in the market, and production orders have been received from all beta customers as well as additional customers in multiple countries. According to Peeler, “Customers have validated that EPIK 700 is the best product in the industry to drive down total cost of ownership, improve productivity, and enable them to produce the highest quality LEDs at the lowest cost. As a result, we are seeing excellent customer pull for the product.” The Company shipped a number of EPIK 700 systems in the first quarter which were not recognized as revenue in Q1 2015, resulting in an increase of $25 million in deferred revenue.

Guidance and Outlook

Veeco’s second quarter 2015 revenue is currently forecasted to be between $100 and $150 million. Second quarter earnings (loss) per share is currently forecasted to be between ($0.49) to $0.04 on a GAAP basis and between ($0.06) and $0.33 on a non-GAAP basis. In addition, Veeco has raised its 2015 revenue guidance, and now expects to achieve over 35% growth, from a prior target of over 30%.

Conference Call Information

A conference call reviewing these results has been scheduled for today at 5:00pm ET. To join the call, dial 1-888-254-2831 (toll free) or 1-913-312-0419 and use passcode 3806869. The call will also be webcast live on the Veeco website at www.veeco.com. A replay of the call will be available beginning at 8:00pm ET tonight through 8:00pm ET on May 20, 2015 at 888-203-1112 or 719-457-0820, using passcode 3806869, and on the Veeco website. We will post an accompanying slide presentation to our website prior to the beginning of the call.

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