Veeco Instruments Inc. (Nasdaq:VECO) announced its financial results for
the third quarter ended September 30, 2013. Veeco reports its results on
a U.S. generally accepted accounting principles (“GAAP”) basis, and also
provides results excluding certain items. Please refer to the attached
table for details of the reconciliation between GAAP operating results
and Non-GAAP operating results. All results presented herein are for
Veeco’s “Continuing Operations.”
|
GAAP Results ($M except per share data)
|
|
|
|
|
Non-GAAP Results ($M except per share data)
|
|
|
|
Q3 ‘13
|
|
|
Q3 ‘12
|
|
|
|
|
|
|
|
Q3 ‘13
|
|
|
Q3 ‘12
|
Revenues
|
|
|
$99.3
|
|
|
$132.7
|
|
|
|
|
Adjusted EBITA
|
|
|
($5.1)
|
|
|
$14.2
|
Net (loss) income
|
|
|
($6.0)
|
|
|
$7.7
|
|
|
|
|
Net (loss) income
|
|
|
($3.0)
|
|
|
$11.7
|
Per share (loss) income
|
|
|
($0.16)
|
|
|
$0.20
|
|
|
|
|
Per share (loss) income
|
|
|
($0.08)
|
|
|
$0.30
|
|
Third Quarter 2013 Results
“Veeco’s third quarter 2013 results were impacted by persistent
overcapacity and weak business conditions in our MOCVD and Data Storage
businesses,” said John R. Peeler, Veeco’s Chairman and Chief Executive
Officer. “Third quarter revenue was $99 million, and we lost $5 million
on an adjusted EBITA basis and non-GAAP loss per share was ($0.08). In
addition to low volumes, our gross margins remain under pressure from
intense pricing pressure in MOCVD.” Third quarter LED & Solar revenues
were $75 million: $68 million in MOCVD and $7 million in MBE. Data
Storage revenues were $24 million.
Peeler continued, “Veeco’s third quarter bookings increased to $92
million, compared to $85 million in the prior quarter. MOCVD bookings
increased 28% sequentially to $67 million. We are pleased to be winning
the most important deals, but we have not yet seen a recovery in MOCVD
demand. Production orders for MBE and Data Storage systems also remain
elusive, and bookings in those businesses were weak, at $7 million and
$18 million, respectively.”
“While business conditions have remained challenging throughout 2013, we
remain positive about long-term trends in LED lighting and our new
opportunity in flexible OLED encapsulation for mobile phones,” added
Peeler. “Our strong R&D capability, technology leadership position,
world class sales and support organization, flexible manufacturing
approach and solid balance sheet provide a strong foundation for the
future.”
November 11, 2013 Conference Call Information
A conference call reviewing these results has been scheduled for 5:00pm
ET on Monday, November 11th at 1-888-233-7976 (toll free) or
1-913-981-4900 using passcode 8358383. 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 that
evening through midnight on November 25, 2013 at 888-203-1112 or
719-457-0820, using passcode 8358383, or 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 OLEDs, 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, 2012 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
|
|
|
|
Nine months ended
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
$
|
99,324
|
|
|
|
$
|
132,715
|
|
|
|
|
$
|
258,540
|
|
|
|
$
|
409,171
|
|
Cost of sales
|
|
|
|
|
69,016
|
|
|
|
|
82,831
|
|
|
|
|
|
171,040
|
|
|
|
|
232,765
|
|
Gross profit
|
|
|
|
|
30,308
|
|
|
|
|
49,884
|
|
|
|
|
|
87,500
|
|
|
|
|
176,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
19,650
|
|
|
|
|
13,892
|
|
|
|
|
|
59,077
|
|
|
|
|
54,558
|
|
Research and development
|
|
|
|
|
18,993
|
|
|
|
|
25,775
|
|
|
|
|
|
60,600
|
|
|
|
|
72,991
|
|
Amortization
|
|
|
|
|
855
|
|
|
|
|
1,477
|
|
|
|
|
|
2,566
|
|
|
|
|
3,877
|
|
Restructuring
|
|
|
|
|
1,240
|
|
|
|
|
2,014
|
|
|
|
|
|
1,771
|
|
|
|
|
2,077
|
|
Other, net
|
|
|
|
|
(493
|
)
|
|
|
|
(737
|
)
|
|
|
|
|
(141
|
)
|
|
|
|
(626
|
)
|
Total operating expenses
|
|
|
|
|
40,245
|
|
|
|
|
42,421
|
|
|
|
|
|
123,873
|
|
|
|
|
132,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
|
|
|
|
(9,937
|
)
|
|
|
|
7,463
|
|
|
|
|
|
(36,373
|
)
|
|
|
|
43,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net
|
|
|
|
|
(192
|
)
|
|
|
|
(176
|
)
|
|
|
|
|
(620
|
)
|
|
|
|
(708
|
)
|
(Loss) income from continuing operations before income taxes
|
|
|
|
|
(9,745
|
)
|
|
|
|
7,639
|
|
|
|
|
|
(35,753
|
)
|
|
|
|
44,237
|
|
Income tax (benefit) provision
|
|
|
|
|
(3,719
|
)
|
|
|
|
(59
|
)
|
|
|
|
|
(15,575
|
)
|
|
|
|
9,066
|
|
(Loss) income from continuing operations
|
|
|
|
|
(6,026
|
)
|
|
|
|
7,698
|
|
|
|
|
|
(20,178
|
)
|
|
|
|
35,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before income taxes
|
|
|
|
|
-
|
|
|
|
|
5,396
|
|
|
|
|
|
-
|
|
|
|
|
6,534
|
|
Income tax provision
|
|
|
|
|
-
|
|
|
|
|
1,341
|
|
|
|
|
|
-
|
|
|
|
|
1,722
|
|
Income from discontinued operations, net of tax
|
|
|
|
|
-
|
|
|
|
|
4,055
|
|
|
|
|
|
-
|
|
|
|
|
4,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
$
|
(6,026
|
)
|
|
|
$
|
11,753
|
|
|
|
|
$
|
(20,178
|
)
|
|
|
$
|
39,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
0.20
|
|
|
|
|
$
|
(0.52
|
)
|
|
|
$
|
0.92
|
|
Discontinued operations
|
|
|
|
|
-
|
|
|
|
|
0.10
|
|
|
|
|
|
-
|
|
|
|
|
0.12
|
|
(Loss) income
|
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
0.30
|
|
|
|
|
$
|
(0.52
|
)
|
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
0.20
|
|
|
|
|
$
|
(0.52
|
)
|
|
|
$
|
0.90
|
|
Discontinued operations
|
|
|
|
|
-
|
|
|
|
|
0.10
|
|
|
|
|
|
-
|
|
|
|
|
0.13
|
|
(Loss) income
|
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
0.30
|
|
|
|
|
$
|
(0.52
|
)
|
|
|
$
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
38,841
|
|
|
|
|
38,577
|
|
|
|
|
|
38,774
|
|
|
|
|
38,402
|
|
Diluted
|
|
|
|
|
38,841
|
|
|
|
|
39,169
|
|
|
|
|
|
38,774
|
|
|
|
|
39,006
|
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
December 31,
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
247,666
|
|
|
|
$
|
384,557
|
Short-term investments
|
|
|
|
|
322,488
|
|
|
|
|
192,234
|
Restricted cash
|
|
|
|
|
2,850
|
|
|
|
|
2,017
|
Accounts receivable, net
|
|
|
|
|
37,769
|
|
|
|
|
63,169
|
Inventories, net
|
|
|
|
|
57,585
|
|
|
|
|
59,807
|
Prepaid expenses and other current assets
|
|
|
|
|
36,864
|
|
|
|
|
32,155
|
Deferred income taxes, current
|
|
|
|
|
10,545
|
|
|
|
|
10,545
|
Total current assets
|
|
|
|
|
715,767
|
|
|
|
|
744,484
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment at cost, net
|
|
|
|
|
95,698
|
|
|
|
|
98,302
|
Goodwill
|
|
|
|
|
55,828
|
|
|
|
|
55,828
|
Deferred income taxes
|
|
|
|
|
6,072
|
|
|
|
|
935
|
Intangible assets, net
|
|
|
|
|
18,407
|
|
|
|
|
20,974
|
Other assets, net
|
|
|
|
|
17,341
|
|
|
|
|
16,781
|
Total assets
|
|
|
|
$
|
909,113
|
|
|
|
$
|
937,304
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
28,334
|
|
|
|
$
|
26,087
|
Accrued expenses and other current liabilities
|
|
|
|
|
60,283
|
|
|
|
|
74,260
|
Deferred revenue
|
|
|
|
|
8,032
|
|
|
|
|
9,380
|
Income taxes payable
|
|
|
|
|
974
|
|
|
|
|
2,292
|
Current portion of long-term debt
|
|
|
|
|
285
|
|
|
|
|
268
|
Total current liabilities
|
|
|
|
|
97,908
|
|
|
|
|
112,287
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
|
|
7,110
|
|
|
|
|
7,137
|
Long-term debt
|
|
|
|
|
1,922
|
|
|
|
|
2,138
|
Other liabilities
|
|
|
|
|
4,894
|
|
|
|
|
4,530
|
Total liabilities
|
|
|
|
|
111,834
|
|
|
|
|
126,092
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
797,279
|
|
|
|
|
811,212
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
|
$
|
909,113
|
|
|
|
$
|
937,304
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
Reconciliation of GAAP to non-GAAP results
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
Three months ended
|
|
|
|
|
Nine months ended
|
|
|
|
|
|
September 30,
|
|
|
|
|
September 30,
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
|
|
|
$
|
(9,937
|
)
|
|
|
|
$
|
7,463
|
|
|
|
|
|
$
|
(36,373
|
)
|
|
|
|
$
|
43,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
|
855
|
|
|
|
|
|
1,477
|
|
|
|
|
|
|
2,566
|
|
|
|
|
|
3,877
|
|
|
Equity-based compensation
|
|
|
|
|
2,763
|
|
|
|
|
|
3,265
|
|
|
|
|
|
|
9,055
|
|
|
|
|
|
10,409
|
|
|
Restructuring
|
|
|
|
|
1,240
|
|
|
|
|
|
2,014
|
|
|
|
|
|
|
1,771
|
|
|
|
|
|
2,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings from continuing operations before interest, income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and amortization excluding certain items ("Adjusted EBITA")
|
|
|
|
$
|
(5,079
|
)
|
|
|
|
$
|
14,219
|
|
|
|
|
|
$
|
(22,981
|
)
|
|
|
|
$
|
59,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net (Loss) Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from continuing operations (GAAP basis)
|
|
|
|
$
|
(6,026
|
)
|
|
|
|
$
|
7,698
|
|
|
|
|
|
$
|
(20,178
|
)
|
|
|
|
$
|
35,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
|
855
|
|
|
|
|
|
1,477
|
|
|
|
|
|
|
2,566
|
|
|
|
|
|
3,877
|
|
|
Equity-based compensation
|
|
|
|
|
2,763
|
|
|
|
|
|
3,265
|
|
|
|
|
|
|
9,055
|
|
|
|
|
|
10,409
|
|
|
Restructuring
|
|
|
|
|
1,240
|
|
|
|
|
|
2,014
|
|
|
|
|
|
|
1,771
|
|
|
|
|
|
2,077
|
|
|
Income tax effect of non-GAAP adjustments
|
|
|
|
|
(1,823
|
)
|
(1
|
)
|
|
|
|
(2,772
|
)
|
(1
|
)
|
|
|
|
|
(4,936
|
)
|
(1
|
)
|
|
|
|
(6,400
|
)
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss) income
|
|
|
|
$
|
(2,991
|
)
|
|
|
|
$
|
11,682
|
|
|
|
|
|
$
|
(11,722
|
)
|
|
|
|
$
|
45,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP (loss) earnings per diluted share excluding certain items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
("Non-GAAP EPS")
|
|
|
|
$
|
(0.08
|
)
|
|
|
|
$
|
0.30
|
|
|
|
|
|
$
|
(0.30
|
)
|
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
|
38,841
|
|
|
|
|
|
39,169
|
|
|
|
|
|
|
38,774
|
|
|
|
|
|
39,006
|
|
|
|
|
(1) The Company utilized the with and without method to determine
the income tax effect of non-GAAP adjustments.
|
|
|
NOTE - This reconciliation is not in accordance with, or an
alternative method for, generally accepted accounting principles in
the United States ("GAAP"), and may be different from similar
measures presented by other companies. Management of the Company
evaluates performance of its business units based on adjusted EBITA,
which is the primary indicator used to plan and forecast future
periods. The presentation of this financial measure facilitates
meaningful comparison with prior periods, as management of the
Company believes adjusted EBITA reports baseline performance and
thus provides useful information.
|
|
|
Veeco Instruments Inc. and Subsidiaries
|
Segment Bookings, Revenues, and Reconciliation
|
of Operating (Loss) Income to Adjusted (Loss) EBITA
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
Nine months ended
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
LED & Solar
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings
|
|
|
|
$
|
73,517
|
|
|
|
$
|
67,842
|
|
|
|
|
$
|
174,321
|
|
|
|
$
|
229,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
75,001
|
|
|
|
$
|
98,905
|
|
|
|
|
$
|
193,241
|
|
|
|
$
|
281,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
|
|
|
$
|
(4,063
|
)
|
|
|
$
|
5,733
|
|
|
|
|
$
|
(15,674
|
)
|
|
|
$
|
28,922
|
|
Amortization
|
|
|
|
|
531
|
|
|
|
|
1,154
|
|
|
|
|
|
1,595
|
|
|
|
|
2,878
|
|
Equity-based compensation
|
|
|
|
|
1,016
|
|
|
|
|
1,914
|
|
|
|
|
|
3,042
|
|
|
|
|
4,016
|
|
Restructuring
|
|
|
|
|
793
|
|
|
|
|
660
|
|
|
|
|
|
1,216
|
|
|
|
|
718
|
|
Adjusted (loss) EBITA
|
|
|
|
$
|
(1,723
|
)
|
|
|
$
|
9,461
|
|
|
|
|
$
|
(9,821
|
)
|
|
|
$
|
36,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings
|
|
|
|
$
|
17,966
|
|
|
|
$
|
15,850
|
|
|
|
|
$
|
72,340
|
|
|
|
$
|
69,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
24,323
|
|
|
|
$
|
33,810
|
|
|
|
|
$
|
65,299
|
|
|
|
$
|
127,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
$
|
925
|
|
|
|
$
|
1,896
|
|
|
|
|
$
|
(136
|
)
|
|
|
$
|
21,453
|
|
Amortization
|
|
|
|
|
324
|
|
|
|
|
323
|
|
|
|
|
|
971
|
|
|
|
|
999
|
|
Equity-based compensation
|
|
|
|
|
439
|
|
|
|
|
763
|
|
|
|
|
|
1,057
|
|
|
|
|
1,614
|
|
Restructuring
|
|
|
|
|
447
|
|
|
|
|
1,296
|
|
|
|
|
|
497
|
|
|
|
|
1,301
|
|
Adjusted EBITA
|
|
|
|
$
|
2,135
|
|
|
|
$
|
4,278
|
|
|
|
|
$
|
2,389
|
|
|
|
$
|
25,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
$
|
(6,607
|
)
|
|
|
$
|
10
|
|
|
|
|
$
|
(19,943
|
)
|
|
|
$
|
(6,138
|
)
|
Interest income, net
|
|
|
|
|
(192
|
)
|
|
|
$
|
(176
|
)
|
|
|
|
|
(620
|
)
|
|
|
$
|
(708
|
)
|
Equity-based compensation
|
|
|
|
|
1,308
|
|
|
|
|
588
|
|
|
|
|
|
4,956
|
|
|
|
|
4,779
|
|
Restructuring
|
|
|
|
|
-
|
|
|
|
|
58
|
|
|
|
|
|
58
|
|
|
|
|
58
|
|
Adjusted (loss) EBITA
|
|
|
|
$
|
(5,491
|
)
|
|
|
$
|
480
|
|
|
|
|
$
|
(15,549
|
)
|
|
|
$
|
(2,009
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings
|
|
|
|
$
|
91,483
|
|
|
|
$
|
83,692
|
|
|
|
|
$
|
246,661
|
|
|
|
$
|
299,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
99,324
|
|
|
|
$
|
132,715
|
|
|
|
|
$
|
258,540
|
|
|
|
$
|
409,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
|
|
|
$
|
(9,745
|
)
|
|
|
$
|
7,639
|
|
|
|
|
$
|
(35,753
|
)
|
|
|
$
|
44,237
|
|
Interest income, net
|
|
|
|
|
(192
|
)
|
|
|
|
(176
|
)
|
|
|
|
|
(620
|
)
|
|
|
|
(708
|
)
|
Amortization
|
|
|
|
|
855
|
|
|
|
|
1,477
|
|
|
|
|
|
2,566
|
|
|
|
|
3,877
|
|
Equity-based compensation
|
|
|
|
|
2,763
|
|
|
|
|
3,265
|
|
|
|
|
|
9,055
|
|
|
|
|
10,409
|
|
Restructuring
|
|
|
|
|
1,240
|
|
|
|
|
2,014
|
|
|
|
|
|
1,771
|
|
|
|
|
2,077
|
|
Adjusted (loss) EBITA
|
|
|
|
$
|
(5,079
|
)
|
|
|
$
|
14,219
|
|
|
|
|
$
|
(22,981
|
)
|
|
|
$
|
59,892
|
|
|
|
|
|
|
Copyright Business Wire 2013