This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Veeco Provides Selected Fourth Quarter 2012 Results And Update On Current Business Conditions

Stocks in this article: VECO

Veeco Instruments Inc. (Nasdaq: VECO) announced today that, due to the ongoing accounting review announced on November 15, 2012, the Company is unable to report revenue and earnings information for the fourth quarter and year ended December 31, 2012. The Company will not be hosting an earnings call at this time, and is providing selected business highlights as follows:

  • Fourth quarter unit shipments were in line with the Company’s expectations.
  • Fourth quarter 2012 bookings were $92.3 million, up from the $83.7 million booked in the third quarter of 2012. Q4 2012 bookings were: MOCVD $62.8 million, MBE $12.6 million (LED & Solar total $75.4 million), and Data Storage bookings $16.9 million. Total bookings for the year were $392 million.
  • At the end of the fourth quarter, Veeco took a $16M adjustment to reduce backlog across its businesses.
  • The Company’s unaudited cash balance at December 31, 2012 was $579 million, up from $574 million at September 30, 2012.
  • Veeco’s focus on cost controls has been ongoing. Fourth quarter operating costs (unaudited) are expected to be roughly flat with the third quarter (in spite of higher professional costs associated with the ongoing accounting review) .

John R. Peeler, Veeco’s Chairman and Chief Executive Officer, commented, “Our revenue recognition accounting review is ongoing, and we hope to be able to provide an update on our progress soon. While we cannot provide revenue and earnings information at this time, fourth quarter shipments, bookings, and operating expenses are expected to come in about where we planned. Bookings improved a bit sequentially from the third quarter due to some important research wins in our MBE business. We are pleased that the Company continued to increase our cash balance in this overall challenging environment.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs