Veeco Instruments Inc. (NASDAQ: VECO) announced today that it received a
letter from The NASDAQ Stock Market LLC (“NASDAQ”) on March 5, 2013
notifying the Company that it is not in compliance with NASDAQ Listing
Rule 5250(c)(1) because its Annual Report on Form 10-K for the year
ended December 31, 2012 was not filed on a timely basis with the
Securities and Exchange Commission. As previously announced, the Form
10-K, as well as the Company’s quarterly report on Form 10-Q for the
quarter ended September 30, 2012, could not be filed timely because the
Company is reviewing the timing of revenue recognition of MOCVD systems
and related upgrades to these systems.
Veeco had previously announced that it had submitted to NASDAQ a plan to
regain compliance with NASDAQ’s requirements for continued listing and
that NASDAQ had granted an extension, to May 20, 2013, for the Company
to regain compliance with NASDAQ’s requirements for continued listing.
The NASDAQ letter dated March 5, 2013 requires Veeco to submit an update
to its original plan to regain compliance with NASDAQ’s filing
requirements for continued listing by March 20, 2013. Veeco intends to
submit such an update to its original plan by the required date.
For further information concerning the accounting review, please see the
Company’s Current
Report on Form 8-K filed on March 1, 2013 by clicking here. The
Company continues to conduct the review and intends to file its Forms
10-Q and 10-K as soon as reasonably practicable after these accounting
matters have been addressed.
About Veeco
Veeco’s process equipment solutions enable the manufacture of LEDs,
power electronics, hard drives, MEMS and wireless chips. We are the
market leader in MOCVD, MBE, Ion Beam 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, 2011 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.
