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Veeco Reports Second Quarter 2012 Financial Results

Stocks in this article: VECO

Veeco Instruments Inc. (Nasdaq: VECO) announced its financial results for the second quarter ended June 30, 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)

        Q2 ‘12      

Q2 ‘11

Revenues       $ 136.5       $ 264.8
Net income      

$

11.0

      $ 56.3
EPS (diluted)       $ 0.28       $ 1.31
           
 

Non-GAAP Results ($M except EPS)

        Q2 ‘12       Q2 ‘11
Net income       $ 14.5       $ 63.4
EPS (diluted)       $ 0.37      

$

1.47

Second Quarter 2012 Results

John R. Peeler, Veeco’s Chairman and Chief Executive Officer, commented, “Veeco continues to deliver solid results in a soft market. Second quarter revenue was $137 million, and adjusted EBITA and non-GAAP earnings per share were $20 million and $0.37, respectively, with gross margins of 45%. Veeco generated about $19 million in cash flow from operations, ending the quarter with $540 million in cash and short term investments.” Second quarter LED & Solar revenues were $87 million, including $75 million in MOCVD and $12 million in MBE. Data Storage revenues were $50 million.

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