Company delivered top line growth while improving profitability:
-
Achieved revenue of $131.4 million, an increase of 38% compared with
the same period last year
-
Increased Non-GAAP Adjusted EBITDA to $12.8 million or ~10% of revenue
-
Narrowed GAAP loss to ($0.21) per diluted share
-
Grew Non-GAAP earnings to $0.20 per diluted share
-
Generated $7.7 million in cash from operations
PLAINVIEW, N.Y.--(BUSINESS WIRE)--
Veeco Instruments Inc. (Nasdaq:VECO) announced financial results for its
second fiscal quarter ended June 30, 2015. Results are reported in
accordance 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.
|
|
|
U.S. Dollars in millions, except per share data
|
|
|
|
|
|
|
|
|
|
GAAP Results
|
|
|
Q2 ‘15
|
|
|
Q2 ‘14
|
|
Revenue
|
|
|
$
|
131.4
|
|
|
|
$
|
95.1
|
|
|
Net income (loss)
|
|
|
|
($8.4
|
)
|
|
|
|
($15.2
|
)
|
|
Diluted earnings (loss) per share
|
|
|
|
($0.21
|
)
|
|
|
|
($0.39
|
)
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results
|
|
|
Q2 ‘15
|
|
|
Q2 ‘14
|
|
Adjusted EBITDA
|
|
|
$
|
12.8
|
|
|
|
|
($4.1
|
)
|
|
Net income (loss)
|
|
|
$
|
8.4
|
|
|
|
|
($6.1
|
)
|
|
Diluted earnings (loss) per share
|
|
|
$
|
0.20
|
|
|
|
|
($0.16
|
)
|
|
|
“We delivered solid second quarter results, achieving financial
performance in line with our expectations across all P&L guided metrics.
Revenue grew by ~38% year-over-year and adjusted EBITDA increased to
nearly 10% of revenue. These results illustrate our continued focus on
driving growth and operational execution,” commented John R. Peeler,
Chairman and Chief Executive Officer.
“Our top line growth has been fueled by the rapid adoption of our
TurboDisc® EPIKTM700 MOCVD system. This latest generation
product offers lower cost of ownership for our customers and improved
margin contribution for Veeco, as compared with prior generation tools.
We have now successfully demonstrated the tool's capabilities across
multiple customers, which enabled us to begin recognizing revenue upon
shipment towards the end of the second quarter.
“Our Precision Surface Processing (PSP) business is performing
exceptionally well and demand for these products remains healthy. Our
differentiated and highly flexible process technology is well
established in the broader MEMS market and gaining momentum in the
Advanced Packaging space,” Mr. Peeler concluded.
Guidance and Outlook
The following guidance is provided for Veeco’s third fiscal quarter 2015:
-
Revenue is expected to be in the range of $135 million to $160 million
-
Adjusted EBITDA is expected to be in the range of $14 million to $24
million
-
GAAP earnings (loss) per share are expected to be in the range of
($0.05) to $0.19
-
Non-GAAP earnings (loss) per share are expected to be in the range of
$0.22 to $0.40
Please refer to the table at the end of this press release for further
details.
Conference Call Information
A conference call reviewing these results has been scheduled for today,
August 3, 2015 starting at 5:00pm ET. To join the call, dial
1-888-254-2798 (toll free) or 1-913-312-0966 and use passcode 5787629.
The call will also be webcast live on the Veeco website at ir.veeco.com.
A replay of the webcast will be made available on the Veeco website
beginning at 8:00pm ET this evening. 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
disk drives, semiconductors, MEMS and wireless chips. We are the 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.
|
Veeco Instruments Inc. and Subsidiaries
|
|
Condensed Consolidated Statements of Operations
|
|
(In thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net sales
|
|
$
|
131,410
|
|
|
$
|
95,122
|
|
|
$
|
229,751
|
|
|
$
|
185,963
|
|
|
Cost of sales
|
|
|
82,341
|
|
|
|
64,449
|
|
|
|
145,545
|
|
|
|
121,513
|
|
|
Gross profit
|
|
|
49,069
|
|
|
|
30,673
|
|
|
|
84,206
|
|
|
|
64,450
|
|
|
Operating expenses, net:
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
24,365
|
|
|
|
21,891
|
|
|
|
47,247
|
|
|
|
43,558
|
|
|
Research and development
|
|
|
20,119
|
|
|
|
21,011
|
|
|
|
38,704
|
|
|
|
40,779
|
|
|
Amortization
|
|
|
7,979
|
|
|
|
2,899
|
|
|
|
15,941
|
|
|
|
5,802
|
|
|
Restructuring
|
|
|
683
|
|
|
|
801
|
|
|
|
3,040
|
|
|
|
1,193
|
|
|
Asset impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
126
|
|
|
|
-
|
|
|
Changes in contingent consideration
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(29,368
|
)
|
|
Other, net
|
|
|
(51
|
)
|
|
|
(158
|
)
|
|
|
(1,002
|
)
|
|
|
(370
|
)
|
|
Total operating expenses, net
|
|
|
53,095
|
|
|
|
46,444
|
|
|
|
104,056
|
|
|
|
61,594
|
|
|
Operating income (loss)
|
|
|
(4,026
|
)
|
|
|
(15,771
|
)
|
|
|
(19,850
|
)
|
|
|
2,856
|
|
|
Interest income, net
|
|
|
119
|
|
|
|
72
|
|
|
|
280
|
|
|
|
236
|
|
|
Income (loss) before income taxes
|
|
|
(3,907
|
)
|
|
|
(15,699
|
)
|
|
|
(19,570
|
)
|
|
|
3,092
|
|
|
Income tax expense (benefit)
|
|
|
4,479
|
|
|
|
(488
|
)
|
|
|
7,926
|
|
|
|
(857
|
)
|
|
Net income (loss)
|
|
$
|
(8,386
|
)
|
|
$
|
(15,211
|
)
|
|
$
|
(27,496
|
)
|
|
$
|
3,949
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.21
|
)
|
|
$
|
(0.39
|
)
|
|
$
|
(0.69
|
)
|
|
$
|
0.10
|
|
|
Diluted
|
|
$
|
(0.21
|
)
|
|
$
|
(0.39
|
)
|
|
$
|
(0.69
|
)
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
39,693
|
|
|
|
39,379
|
|
|
|
39,666
|
|
|
|
39,275
|
|
|
Diluted
|
|
|
39,693
|
|
|
|
39,379
|
|
|
|
39,666
|
|
|
|
40,061
|
|
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
|
|
|
|
|
|
June 30, 2015
|
|
December 31, 2014
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
313,853
|
|
|
$
|
270,811
|
|
|
Short-term investments
|
|
|
82,397
|
|
|
|
120,572
|
|
|
Restricted cash
|
|
|
-
|
|
|
|
539
|
|
|
Accounts receivable, net
|
|
|
83,098
|
|
|
|
60,085
|
|
|
Inventories
|
|
|
63,564
|
|
|
|
61,471
|
|
|
Deferred cost of sales
|
|
|
24,384
|
|
|
|
5,076
|
|
|
Prepaid expenses and other current assets
|
|
|
25,976
|
|
|
|
23,132
|
|
|
Assets held for sale
|
|
|
6,000
|
|
|
|
6,000
|
|
|
Deferred income taxes
|
|
|
6,479
|
|
|
|
7,976
|
|
|
Total current assets
|
|
|
605,751
|
|
|
|
555,662
|
|
|
Property, plant and equipment, net
|
|
|
80,002
|
|
|
|
78,752
|
|
|
Goodwill
|
|
|
115,256
|
|
|
|
114,959
|
|
|
Deferred income taxes
|
|
|
1,180
|
|
|
|
1,180
|
|
|
Intangible assets, net
|
|
|
143,367
|
|
|
|
159,308
|
|
|
Other assets
|
|
|
20,325
|
|
|
|
19,594
|
|
|
Total assets
|
|
$
|
965,881
|
|
|
$
|
929,455
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
46,159
|
|
|
$
|
18,111
|
|
|
Accrued expenses and other current liabilities
|
|
|
39,343
|
|
|
|
48,418
|
|
|
Customer deposits and deferred revenue
|
|
|
128,553
|
|
|
|
96,004
|
|
|
Income taxes payable
|
|
|
7,750
|
|
|
|
5,441
|
|
|
Deferred income taxes
|
|
|
120
|
|
|
|
120
|
|
|
Current portion of long-term debt
|
|
|
327
|
|
|
|
314
|
|
|
Total current liabilities
|
|
|
222,252
|
|
|
|
168,408
|
|
|
Deferred income taxes
|
|
|
15,779
|
|
|
|
16,397
|
|
|
Long-term debt
|
|
|
1,367
|
|
|
|
1,533
|
|
|
Other liabilities
|
|
|
6,183
|
|
|
|
4,185
|
|
|
Total liabilities
|
|
|
245,581
|
|
|
|
190,523
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
720,300
|
|
|
|
738,932
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
965,881
|
|
|
$
|
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
|
|
|
|
|
|
|
|
|
Share-based
|
|
Acquisition
|
|
|
|
|
|
|
Three months ended June 30, 2015
|
|
GAAP
|
|
Compensation
|
|
Related
|
|
Other
|
|
Non-GAAP
|
|
|
Net sales
|
|
$
|
131,410
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
131,410
|
|
|
|
Cost of sales
|
|
|
82,341
|
|
|
|
(713
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
81,628
|
|
|
|
Gross profit
|
|
|
49,069
|
|
|
|
713
|
|
|
|
-
|
|
|
|
-
|
|
|
|
49,782
|
|
|
|
Gross margin
|
|
|
37.3
|
%
|
|
|
|
|
|
|
|
|
37.9
|
%
|
|
|
Operating expenses, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
24,365
|
|
|
|
(3,112
|
)
|
|
|
(188
|
)
|
|
|
-
|
|
|
|
21,065
|
|
|
|
Research and development
|
|
|
20,119
|
|
|
|
(1,096
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
19,023
|
|
|
|
Amortization
|
|
|
7,979
|
|
|
|
-
|
|
|
|
(7,979
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
Restructuring
|
|
|
683
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(683
|
)
|
|
|
-
|
|
|
|
Other, net
|
|
|
(51
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(51
|
)
|
|
|
Total operating expenses, net
|
|
|
53,095
|
|
|
|
(4,208
|
)
|
|
|
(8,167
|
)
|
|
|
(683
|
)
|
|
|
40,037
|
|
|
|
Operating income (loss)
|
|
|
(4,026
|
)
|
|
|
4,921
|
|
|
|
8,167
|
|
|
|
683
|
|
|
|
9,745
|
|
|
|
Interest income, net
|
|
|
119
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
119
|
|
|
|
Income (loss) before income taxes
|
|
|
(3,907
|
)
|
|
|
4,921
|
|
|
|
8,167
|
|
|
|
683
|
|
|
|
9,864
|
|
|
|
Income tax expense (benefit)
|
|
|
4,479
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,996
|
)
|
|
|
1,483
|
|
*
|
|
Net income (loss)
|
|
$
|
(8,386
|
)
|
|
$
|
4,921
|
|
|
$
|
8,167
|
|
|
$
|
3,679
|
|
|
$
|
8,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
(0.21
|
)
|
|
|
|
|
|
|
|
$
|
0.21
|
|
|
|
Diluted earnings per share
|
|
$
|
(0.21
|
)
|
|
|
|
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
39,693
|
|
|
|
|
|
|
|
|
|
40,790
|
|
|
|
Diluted shares
|
|
|
39,693
|
|
|
|
|
|
|
|
|
|
40,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
|
|
|
|
|
|
|
$
|
9,745
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
3,022
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
$
|
12,767
|
|
|
|
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 exclude
items such as: share-based compensation expense; nonrecurring
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, incremental
nonrecurring compensation, 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
|
|
|
|
|
|
|
|
|
Share-based
|
|
Acquisition
|
|
|
|
|
|
|
Three months ended June 30, 2014
|
|
GAAP
|
|
Compensation
|
|
Related
|
|
Other
|
|
Non-GAAP
|
|
|
Net sales
|
|
$
|
95,122
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
95,122
|
|
|
|
Cost of sales
|
|
|
64,449
|
|
|
|
(620
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
63,829
|
|
|
|
Gross profit
|
|
|
30,673
|
|
|
|
620
|
|
|
|
-
|
|
|
|
-
|
|
|
|
31,293
|
|
|
|
Gross margin
|
|
|
32.2
|
%
|
|
|
|
|
|
|
|
|
32.9
|
%
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
21,891
|
|
|
|
(3,325
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
18,566
|
|
|
|
Research and development
|
|
|
21,011
|
|
|
|
(1,147
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
19,864
|
|
|
|
Amortization
|
|
|
2,899
|
|
|
|
-
|
|
|
|
(2,899
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
Restructuring
|
|
|
801
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(801
|
)
|
|
|
-
|
|
|
|
Other, net
|
|
|
(158
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(158
|
)
|
|
|
Total operating expenses, net
|
|
|
46,444
|
|
|
|
(4,471
|
)
|
|
|
(2,899
|
)
|
|
|
(801
|
)
|
|
|
38,273
|
|
|
|
Operating income (loss)
|
|
|
(15,771
|
)
|
|
|
5,091
|
|
|
|
2,899
|
|
|
|
801
|
|
|
|
(6,980
|
)
|
|
|
Interest income, net
|
|
|
72
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
72
|
|
|
|
Income (loss) before income taxes
|
|
|
(15,699
|
)
|
|
|
5,091
|
|
|
|
2,899
|
|
|
|
801
|
|
|
|
(6,908
|
)
|
|
|
Income tax provision (benefit)
|
|
|
(488
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(312
|
)
|
|
|
(800
|
)
|
*
|
|
Net income (loss)
|
|
$
|
(15,211
|
)
|
|
$
|
5,091
|
|
|
$
|
2,899
|
|
|
$
|
1,113
|
|
|
$
|
(6,108
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
(0.39
|
)
|
|
|
|
|
|
|
|
$
|
(0.16
|
)
|
|
|
Diluted earnings per share
|
|
$
|
(0.39
|
)
|
|
|
|
|
|
|
|
$
|
(0.16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
39,379
|
|
|
|
|
|
|
|
|
|
39,379
|
|
|
|
Diluted shares
|
|
|
39,379
|
|
|
|
|
|
|
|
|
|
39,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
|
|
|
|
|
|
|
$
|
(6,980
|
)
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
2,930
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
$
|
(4,050
|
)
|
|
|
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 exclude
items such as: share-based compensation expense; nonrecurring
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, incremental
nonrecurring compensation, 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
|
|
|
|
|
|
|
|
Share-based
|
|
Acquisition
|
|
|
|
|
|
Guidance for the three months ended September 30, 2015
|
|
GAAP
|
|
Compensation
|
|
Related
|
|
Other
|
|
Non-GAAP
|
|
Net sales
|
|
$
|
135
|
|
|
-
|
|
$
|
160
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
$
|
135
|
|
|
-
|
|
$
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
50
|
|
|
-
|
|
|
62
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
51
|
|
|
-
|
|
|
63
|
|
|
Gross margin
|
|
|
37.0
|
%
|
|
-
|
|
|
39.0
|
%
|
|
|
|
|
|
|
|
|
|
|
37.5
|
%
|
|
-
|
|
|
39.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
(1
|
)
|
|
-
|
|
|
9
|
|
|
|
6
|
|
|
|
6
|
|
|
|
-
|
|
|
|
|
|
11
|
|
|
-
|
|
|
21
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
3
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14
|
|
|
-
|
|
$
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
(2
|
)
|
|
-
|
|
|
8
|
|
|
|
6
|
|
|
|
6
|
|
|
|
(1
|
)
|
-
|
(3
|
)
|
*
|
|
9
|
|
|
-
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per diluted common share
|
|
$
|
(0.05
|
)
|
|
-
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
$
|
0.22
|
|
|
-
|
|
$
|
0.40
|
|
|
Weighted average number of shares
|
|
|
40
|
|
|
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
|
|
|
|
41
|
|
|
Note: Amounts may not calculate precisely due to rounding.
|
|
|
|
* Primarily relates to the income tax effect of the non-GAAP
adjustments utilizing the 'with or without' method.
|
|
|
|
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 exclude
items such as: share-based compensation expense; nonrecurring
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, incremental
nonrecurring compensation, 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.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150803005924/en/
Source: Veeco Instruments Inc.