PLAINVIEW, N.Y.--(BUSINESS WIRE)--
Veeco Instruments Inc. (Nasdaq:VECO) announced its financial results for
the first quarter ended March 31, 2015. Results are reported in
conformity with U.S. generally accepted accounting principles (“GAAP”)
and are also reported adjusting for certain items (“Non-GAAP”). A
reconciliation between GAAP and Non-GAAP operating results is provided
at the end of this press release.
|
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U.S. Dollars in millions, except per share data
|
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GAAP Results
|
|
|
|
|
|
|
|
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Q1 ‘15
|
|
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Q1 ‘14
|
|
Revenue
|
|
|
|
$98.3
|
|
|
$90.8
|
|
Net income (loss)
|
|
|
|
(19.1)
|
|
|
19.2
|
|
Diluted earnings (loss) per share
|
|
|
|
(0.48)
|
|
|
0.48
|
|
Non-GAAP Results
|
|
|
|
|
|
|
|
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Q1 ‘15
|
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Q1 ‘14
|
|
Adjusted EBITDA
|
|
|
|
$2.7
|
|
|
$0.1
|
|
Adjusted net loss
|
|
|
|
(0.5)
|
|
|
(2.4)
|
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Adjusted earnings (loss) per share
|
|
|
|
(0.01)
|
|
|
(0.06)
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|
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|
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|
“Veeco executed well in the first quarter, and adjusted EBITDA came in
slightly higher than our guidance range due to improved gross margins
and lower operating expenses,” commented John R. Peeler, Chairman and
Chief Executive Officer. “Following very strong fourth quarter results,
Veeco’s first quarter 2015 bookings were $102 million, as guided. Our
new Veeco Precision Surface Processing or “PSP” business is off to a
great start, and will help drive increased sales and profitability in
2015.”
Veeco’s new TurboDisc® EPIK™ 700 MOCVD system is performing very well in
the market, and production orders have been received from all beta
customers as well as additional customers in multiple countries.
According to Peeler, “Customers have validated that EPIK 700 is the best
product in the industry to drive down total cost of ownership, improve
productivity, and enable them to produce the highest quality LEDs at the
lowest cost. As a result, we are seeing excellent customer pull for the
product.” The Company shipped a number of EPIK 700 systems in the first
quarter which were not recognized as revenue in Q1 2015, resulting in an
increase of $25 million in deferred revenue.
Guidance and Outlook
Veeco’s second quarter 2015 revenue is currently forecasted to be
between $100 and $150 million. Second quarter earnings (loss) per share
is currently forecasted to be between ($0.49) to $0.04 on a GAAP basis
and between ($0.06) and $0.33 on a non-GAAP basis. In addition, Veeco
has raised its 2015 revenue guidance, and now expects to achieve over
35% growth, from a prior target of over 30%.
Conference Call Information
A conference call reviewing these results has been scheduled for today
at 5:00pm ET. To join the call, dial 1-888-254-2831 (toll free)
or 1-913-312-0419 and use passcode 3806869. The call will also be
webcast live on the Veeco website at www.veeco.com.
A replay of the call will be available beginning at 8:00pm ET tonight
through 8:00pm ET on May 20, 2015 at 888-203-1112 or 719-457-0820, using
passcode 3806869, and on the Veeco website. We will post an
accompanying slide presentation to our website prior to the beginning of
the call.
About Veeco
Veeco’s process equipment solutions enable the manufacture of LEDs,
flexible OLED displays, power electronics, compound semiconductors, hard
drives, semiconductors, MEMS and wireless chips. We are the market
leader in MOCVD, MBE, Ion Beam, Wet Etch single wafer processing and
other advanced thin film process technologies. Our high performance
systems drive innovation in energy efficiency, consumer electronics and
network storage and allow our customers to maximize productivity and
achieve lower cost of ownership. For information on our company,
products and worldwide service and support, please visit www.veeco.com.
To the extent that this news release discusses expectations or
otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from the statements
made. These factors include the risks discussed in the Business
Description and Management's Discussion and Analysis sections of Veeco's
Annual Report on Form 10-K for the year ended December 31, 2014 and in
our subsequent quarterly reports on Form 10-Q, current reports on Form
8-K and press releases. Veeco does not undertake any obligation to
update any forward-looking statements to reflect future events or
circumstances after the date of such statements.
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Veeco Instruments Inc. and Subsidiaries
|
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Condensed Consolidated Statements of Operations
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(In thousands, except per share data)
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(Unaudited)
|
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|
|
|
|
|
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|
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|
|
|
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|
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Three months ended March 31,
|
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|
|
|
|
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2015
|
|
|
2014
|
|
|
Net sales
|
|
|
|
|
$
|
98,341
|
|
|
$
|
90,841
|
|
|
Cost of sales
|
|
|
|
|
|
63,205
|
|
|
|
57,064
|
|
|
Gross profit
|
|
|
|
|
|
35,136
|
|
|
|
33,777
|
|
|
Operating expenses, net:
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
|
|
|
22,882
|
|
|
|
21,667
|
|
|
Research and development
|
|
|
|
|
|
18,585
|
|
|
|
19,768
|
|
|
Amortization
|
|
|
|
|
|
7,962
|
|
|
|
2,903
|
|
|
Restructuring
|
|
|
|
|
|
2,357
|
|
|
|
392
|
|
|
Asset impairment
|
|
|
|
|
|
126
|
|
|
|
-
|
|
|
Changes in contingent consideration
|
|
|
|
|
|
-
|
|
|
|
(29,368
|
)
|
|
Other, net
|
|
|
|
|
|
(951
|
)
|
|
|
(212
|
)
|
|
Total operating expenses, net
|
|
|
|
|
|
50,961
|
|
|
|
15,150.0
|
|
|
Operating income (loss)
|
|
|
|
|
|
(15,825
|
)
|
|
|
18,627
|
|
|
Interest income, net
|
|
|
|
|
|
161
|
|
|
|
164
|
|
|
Income (loss) before income taxes
|
|
|
|
|
|
(15,664
|
)
|
|
|
18,791
|
|
|
Income tax expense (benefit)
|
|
|
|
|
|
3,446
|
|
|
|
(369
|
)
|
|
Net income (loss)
|
|
|
|
|
$
|
(19,110
|
)
|
|
$
|
19,160
|
|
|
|
|
|
|
|
|
|
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|
Income (loss) per common share:
|
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|
|
|
|
|
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Basic
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|
|
|
$
|
(0.48
|
)
|
|
$
|
0.49
|
|
|
Diluted
|
|
|
|
|
$
|
(0.48
|
)
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
39,639
|
|
|
|
39,177
|
|
|
Diluted
|
|
|
|
|
|
39,639
|
|
|
|
39,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
|
Condensed Consolidated Balance Sheets
|
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(In thousands)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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March 31, 2015
|
|
December 31, 2014
|
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(unaudited)
|
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Assets
|
|
|
|
|
|
|
|
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Current assets:
|
|
|
|
|
|
|
|
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Cash and cash equivalents
|
|
|
|
|
$
|
303,123
|
|
$
|
270,811
|
|
Short-term investments
|
|
|
|
|
|
88,997
|
|
|
120,572
|
|
Restricted cash
|
|
|
|
|
|
493
|
|
|
539
|
|
Accounts receivable, net
|
|
|
|
|
|
64,285
|
|
|
60,085
|
|
Inventories
|
|
|
|
|
|
57,197
|
|
|
61,471
|
|
Deferred cost of sales
|
|
|
|
|
|
15,506
|
|
|
5,076
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
32,102
|
|
|
23,132
|
|
Assets held for sale
|
|
|
|
|
|
6,000
|
|
|
6,000
|
|
Deferred income taxes
|
|
|
|
|
|
7,014
|
|
|
7,976
|
|
Total current assets
|
|
|
|
|
|
574,717
|
|
|
555,662.0
|
|
Property, plant and equipment, net
|
|
|
|
|
|
80,301
|
|
|
78,752
|
|
Goodwill
|
|
|
|
|
|
114,972
|
|
|
114,959
|
|
Deferred income taxes
|
|
|
|
|
|
1,180
|
|
|
1,180
|
|
Intangible assets, net
|
|
|
|
|
|
151,346
|
|
|
159,308
|
|
Other assets
|
|
|
|
|
|
19,574
|
|
|
19,594
|
|
Total assets
|
|
|
|
|
$
|
942,090
|
|
$
|
929,455
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
41,128
|
|
$
|
18,111
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
|
36,491
|
|
|
48,418
|
|
Customer deposits and deferred revenue
|
|
|
|
|
|
109,993
|
|
|
96,004
|
|
Income taxes payable
|
|
|
|
|
|
8,041
|
|
|
5,441
|
|
Deferred income taxes
|
|
|
|
|
|
120
|
|
|
120
|
|
Current portion of long-term debt
|
|
|
|
|
|
320
|
|
|
314
|
|
Total current liabilities
|
|
|
|
|
|
196,093
|
|
|
168,408
|
|
Deferred income taxes
|
|
|
|
|
|
16,041
|
|
|
16,397
|
|
Long-term debt
|
|
|
|
|
|
1,451
|
|
|
1,533
|
|
Other liabilities
|
|
|
|
|
|
4,680
|
|
|
4,185
|
|
Total liabilities
|
|
|
|
|
|
218,265
|
|
|
190,523
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
|
|
723,825
|
|
|
738,932
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
942,090
|
|
$
|
929,455
|
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
|
Reconciliation of GAAP to Non-GAAP Financial Data
|
|
(In thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments
|
|
|
|
Three months ended March 31, 2015
|
|
|
|
|
GAAP
|
|
Share-based
Compensation
|
|
Acquisition
Related
|
|
Other
|
|
Non-GAAP
|
|
Net sales
|
|
|
|
|
$
|
98,341
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
98,341
|
|
|
Cost of sales
|
|
|
|
|
|
63,205
|
|
|
|
(601
|
)
|
|
|
(1,311
|
)
|
(a)
|
|
-
|
|
|
|
61,293
|
|
|
Gross profit
|
|
|
|
|
|
35,136
|
|
|
|
601
|
|
|
|
1,311
|
|
|
|
-
|
|
|
|
37,048
|
|
|
Gross margin
|
|
|
|
|
|
35.7
|
%
|
|
|
|
|
|
|
|
|
37.7
|
%
|
|
Operating expenses, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
|
|
|
22,882
|
|
|
|
(2,798
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
20,084
|
|
|
Research and development
|
|
|
|
|
|
18,585
|
|
|
|
(599
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
17,985
|
|
|
Amortization
|
|
|
|
|
|
7,962
|
|
|
|
-
|
|
|
|
(7,962
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Restructuring
|
|
|
|
|
|
2,357
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,357
|
)
|
|
|
-
|
|
|
Asset impairment
|
|
|
|
|
|
126
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(126
|
)
|
|
|
-
|
|
|
Other, net
|
|
|
|
|
|
(951
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(951
|
)
|
|
Total operating expenses, net
|
|
|
|
|
|
50,961
|
|
|
|
(3,397
|
)
|
|
|
(7,962
|
)
|
|
|
(2,484
|
)
|
|
|
37,118
|
|
|
Operating income (loss)
|
|
|
|
|
|
(15,825
|
)
|
|
|
3,998
|
|
|
|
9,273
|
|
|
|
2,484
|
|
|
|
(70
|
)
|
|
Interest income, net
|
|
|
|
|
|
161
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
161
|
|
|
Income (loss) before income taxes
|
|
|
|
|
|
(15,664
|
)
|
|
|
3,998
|
|
|
|
9,273
|
|
|
|
2,484
|
|
|
|
90
|
|
|
Income tax expense (benefit)
|
|
|
|
|
|
3,446
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,825
|
)
|
(b)
|
|
621
|
|
|
Net income (loss)
|
|
|
|
|
$
|
(19,110
|
)
|
|
$
|
3,998
|
|
|
$
|
9,273
|
|
|
$
|
5,309
|
|
|
$
|
(531
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
$
|
(0.48
|
)
|
|
|
|
|
|
|
|
$
|
(0.01
|
)
|
|
Diluted earnings per share
|
|
|
|
|
$
|
(0.48
|
)
|
|
|
|
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
|
|
|
39,639
|
|
|
|
|
|
|
|
|
|
39,639
|
|
|
Diluted shares
|
|
|
|
|
|
39,639
|
|
|
|
|
|
|
|
|
|
39,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(70
|
)
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,762
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not calculate precisely due to rounding.
|
|
|
|
|
(a) The inventory fair value step-up associated with the PSP
acquisition's purchase accounting.
|
|
(b) The 'with or without method' is utilized to determine the income
tax effect of the non-GAAP adjustments.
|
|
|
|
This table includes financial measures adjusted for the impact of
certain items; these financial measures are therefore not calculated
in accordance with U.S. generally accepted accounting principles
(“GAAP”). These Non-GAAP financial measures consider exclusion of:
share-based compensation expense; one-time charges relating to
restructuring initiatives, non-cash asset impairments, certain other
non-operating gains and losses, and acquisition-related items such
as one-time transaction costs, non-cash amortization of acquired
intangible assets, and the stepped-up cost of sales associated with
the purchase accounting of acquired inventory.
These non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered as a substitute for, or superior
to, measures of financial performance prepared in accordance with
GAAP. By excluding these items, non-GAAP financial measures are
intended to facilitate meaningful comparisons to historical
operating results, competitors' operating results, and estimates
made by securities analysts. Management is evaluated on key
performance metrics including adjusted EBITDA, which is used to
determine management incentive compensation as well as forecast
future periods. These non-GAAP financial measures may be useful to
investors in allowing for greater transparency of supplemental
information used by management in its financial and operational
decision-making. In addition, similar non-GAAP financial measures
have historically been reported to investors; the inclusion of
comparable numbers provides consistency in financial reporting.
Investors are encouraged to review the reconciliation of the
non-GAAP financial measures used in this news release to their
most directly comparable GAAP financial measures.
|
|
|
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
|
Reconciliation of GAAP to Non-GAAP Financial Data
|
|
(In thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments
|
|
|
|
|
Three months ended March 31, 2014
|
|
|
|
|
GAAP
|
|
Share-based
Compensation
|
|
Acquisition
Related
|
|
Other
|
|
Non-GAAP
|
|
Net sales
|
|
|
|
|
$
|
90,841
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
90,841
|
|
|
|
Cost of sales
|
|
|
|
|
|
57,064
|
|
|
|
(560
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
56,504
|
|
|
|
Gross profit
|
|
|
|
|
|
33,777
|
|
|
|
560
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34,337
|
|
|
|
Gross margin
|
|
|
|
|
|
37.2
|
%
|
|
|
|
|
|
|
|
|
37.8
|
%
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
|
|
|
21,667
|
|
|
|
(3,101
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
18,566
|
|
|
|
Research and development
|
|
|
|
|
|
19,768
|
|
|
|
(1,061
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
18,707
|
|
|
|
Amortization
|
|
|
|
|
|
2,903
|
|
|
|
-
|
|
|
|
(2,903
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
Restructuring
|
|
|
|
|
|
392
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(392
|
)
|
|
|
-
|
|
|
|
Changes in contingent consideration
|
|
|
|
|
|
(29,368
|
)
|
|
|
-
|
|
|
|
29,368
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Other, net
|
|
|
|
|
|
(212
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(212
|
)
|
|
|
Total operating expenses, net
|
|
|
|
|
|
15,150
|
|
|
|
(4,162.3
|
)
|
|
|
26,465
|
|
|
|
(392
|
)
|
|
|
37,061
|
|
|
|
Operating income (loss)
|
|
|
|
|
|
18,627
|
|
|
|
4,722
|
|
|
|
(26,465
|
)
|
|
|
392
|
|
|
|
(2,724
|
)
|
|
|
Interest income (expense), net
|
|
|
|
|
|
164
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
164
|
|
|
|
Income (loss) before income taxes
|
|
|
|
|
|
18,791
|
|
|
|
4,722
|
|
|
|
(26,465
|
)
|
|
|
392
|
|
|
|
(2,560
|
)
|
|
|
Income tax expense (benefit)
|
|
|
|
|
|
(369
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
192
|
|
|
|
(177
|
)
|
*
|
|
Net income (loss)
|
|
|
|
|
$
|
19,160
|
|
|
$
|
4,722
|
|
|
$
|
(26,465
|
)
|
|
$
|
200
|
|
|
$
|
(2,383
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
Diluted earnings per share
|
|
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
|
|
|
39,177
|
|
|
|
|
|
|
|
|
|
39,177
|
|
|
|
Diluted shares
|
|
|
|
|
|
39,937
|
|
|
|
|
|
|
|
|
|
39,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(2,724
|
)
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,868
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not calculate precisely due to rounding.
|
|
|
|
|
* The 'with or without method' is utilized to determine the income
tax effect of the non-GAAP adjustments.
|
|
|
|
|
This table includes financial measures adjusted for the impact of
certain items; these financial measures are therefore not calculated
in accordance with U.S. generally accepted accounting principles
(“GAAP”). These Non-GAAP financial measures consider exclusion of:
share-based compensation expense; one-time charges relating to
restructuring initiatives, non-cash asset impairments, certain other
non-operating gains and losses, and acquisition-related items such
as one-time transaction costs, non-cash amortization of acquired
intangible assets, and the stepped-up cost of sales associated with
the purchase accounting of acquired inventory.
These non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered as a substitute for, or superior
to, measures of financial performance prepared in accordance with
GAAP. By excluding these items, non-GAAP financial measures are
intended to facilitate meaningful comparisons to historical
operating results, competitors' operating results, and estimates
made by securities analysts. Management is evaluated on key
performance metrics including adjusted EBITDA, which is used to
determine management incentive compensation as well as forecast
future periods. These non-GAAP financial measures may be useful to
investors in allowing for greater transparency of supplemental
information used by management in its financial and operational
decision-making. In addition, similar non-GAAP financial measures
have historically been reported to investors; the inclusion of
comparable numbers provides consistency in financial reporting.
Investors are encouraged to review the reconciliation of the
non-GAAP financial measures used in this news release to their
most directly comparable GAAP financial measures.
|
|
|
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
|
Reconciliation of GAAP to Non-GAAP Financial Data
|
|
(In millions, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments
|
|
|
|
|
|
Guidance for the three months ended June 30, 2015
|
|
|
|
GAAP
|
|
Share-based
Compensation
|
|
|
Acquisition
Related
|
|
Other
|
|
Non-GAAP
|
|
Net sales
|
|
|
|
$
|
100
|
|
-
|
$
|
150
|
|
|
$
|
-
|
|
|
$
|
-
|
|
$
|
-
|
|
|
|
$
|
100
|
|
-
|
$
|
150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
35.3
|
|
-
|
|
57.8
|
|
|
|
0.7
|
|
|
|
-
|
|
|
-
|
|
|
|
|
36.0
|
|
-
|
|
58.5
|
|
|
Gross margin
|
|
|
|
|
35
|
%
|
-
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
36
|
%
|
-
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
|
(16.6
|
)
|
-
|
|
2.9
|
|
|
|
5.3
|
|
|
|
8.1
|
(a)
|
0.2
|
|
(b)
|
|
(3.0
|
)
|
-
|
|
16.5
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.0
|
|
|
|
3.0
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.0
|
|
-
|
$
|
19.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
(19.5
|
)
|
-
|
|
1.8
|
|
|
|
5.3
|
|
|
|
8.1
|
|
|
3.6
|
-
|
(1.7
|
)
|
(c)
|
|
(2.5
|
)
|
-
|
|
13.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per diluted common share
|
|
|
|
$
|
(0.49
|
)
|
-
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.06
|
)
|
-
|
$
|
0.33
|
|
|
Weighted average number of shares
|
|
|
|
|
39.6
|
|
|
|
40.9
|
|
|
|
|
|
|
|
|
|
|
|
|
39.6
|
|
|
|
40.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not calculate precisely due to rounding.
|
|
|
|
|
|
(a)
|
|
Acquisition-related amortization expense.
|
|
(b)
|
|
$0.2 million in restructuring charges.
|
|
(c)
|
|
In addition to the $0.2 million in restructuring charges, the
remaining adjustment relates to the income tax effect of the
non-GAAP adjustments determined utilizing the 'with or without
method.' The non-GAAP low case is forecast to reduce tax expense by
$3.4 million, and the non-GAAP high case is forecast to increase tax
expense by $1.9 million.
|
|
|
|
|
|
This table includes financial measures adjusted for the impact of
certain items; these financial measures are therefore not calculated
in accordance with U.S. generally accepted accounting principles
(“GAAP”). These Non-GAAP financial measures consider exclusion of:
share-based compensation expense; one-time charges relating to
restructuring initiatives, non-cash asset impairments, certain other
non-operating gains and losses, and acquisition-related items such
as one-time transaction costs, non-cash amortization of acquired
intangible assets, and the stepped-up cost of sales associated with
the purchase accounting of acquired inventory.
These non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered as a substitute for, or superior
to, measures of financial performance prepared in accordance with
GAAP. By excluding these items, non-GAAP financial measures are
intended to facilitate meaningful comparisons to historical
operating results, competitors' operating results, and estimates
made by securities analysts. Management is evaluated on key
performance metrics including adjusted EBITDA, which is used to
determine management incentive compensation as well as forecast
future periods. These non-GAAP financial measures may be useful to
investors in allowing for greater transparency of supplemental
information used by management in its financial and operational
decision-making. In addition, similar non-GAAP financial measures
have historically been reported to investors; the inclusion of
comparable numbers provides consistency in financial reporting.
Investors are encouraged to review the reconciliation of the
non-GAAP financial measures used in this news release to their
most directly comparable GAAP financial measures.
|
Source: Veeco Instruments Inc.