Veeco Reports First Quarter 2012 Financial Results

Veeco Instruments Inc. (Nasdaq: VECO) announced its financial results for the first quarter ended March 31, 2012. Veeco reports its results on a U.S. 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. All results presented herein are for Veeco’s “Continuing Operations.”

GAAP Results ($M except EPS)
			Q1 ‘12			Q1 ‘11
Revenues			$139.9			$254.7
Net income			$16.5			$58.0
EPS (diluted)			$0.42			$1.36

Non-GAAP Results ($M except EPS)
			Q1 ‘12			Q1 ‘11
Net income			$19.0			$61.3
EPS (diluted)			$0.49			$1.44

First Quarter 2012 Results

John R. Peeler, Veeco’s Chief Executive Officer, commented, “We are executing well during the downturn in MOCVD demand. Veeco’s first quarter revenue reached the top of our guidance at $140 million. Adjusted EBITA and non-GAAP earnings per share were $25 million and $0.49, respectively, on strong performance on the gross margin line and good expense management.” Veeco generated about $42 million in cash flow from operations, ending the quarter with $524 million in cash and short term investments. First quarter LED & Solar revenues were $96 million, including $82 million in MOCVD and $14 million in MBE. Data Storage revenues were $44 million.

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