This Day On The Street
Continue to site
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

Veeco Provides Selected Second Quarter 2013 Metrics And Update On Current Business Conditions

Veeco Instruments Inc. (Nasdaq: VECO) is providing select financial metrics and business highlights for the quarter ended June 30, 2013. Due to the accounting review announced on November 15, 2012, the Company is unable to report revenue and earnings information.
  • Second quarter 2013 bookings were $85 million, up 21% sequentially, including: LED & Solar $58 million (MOCVD $52 million and MBE $6 million), and Data Storage $27 million.
  • The Company’s unaudited cash balance at June 30, 2013 was $585 million, down slightly from the $588 million reported at the end of the March quarter.
  • Second quarter shipments were up sequentially in MOCVD and were flat in MBE and Data Storage.
  • With few MOCVD deals available, Veeco continues to experience significant competitive pricing pressure which is having an adverse impact on the Company’s margins and breakeven level.

John R. Peeler, Veeco’s Chairman and Chief Executive Officer, commented, “MOCVD orders improved about 42% sequentially to $52 million as we won some important deals with top customers in Korea, Taiwan and China. Data Storage and MBE business conditions remain muted as customers continue to tightly manage their capital expenditures, so second quarter orders were flat on a sequential basis.”

“Market signals in MOCVD remain mixed. On the positive side, utilization rates in Asia are high and stable, and customers express optimism for their LED business profitability and growth. Customers report strong demand for mid-power LEDs for indoor replacement bulbs and high-power LEDs for outdoor lighting. Yet, they remain extremely cautious about capacity expansion. As a result, while quoting activity has increased from earlier in the year, the conversion process from quotation to purchase order is slow. We expect MOCVD order patterns to remain choppy as the timing of large multi-unit deals can have a significant impact on our quarterly bookings levels.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.99 -0.02%
FB $99.54 -0.21%
GOOG $678.11 -0.68%
TSLA $148.25 0.18%
YHOO $26.82 -0.85%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs