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

Stocks in this article: VECO

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.”

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