-
Recorded revenue of $140.7 million, an increase of 51% compared with
the same period last year
-
Delivered GAAP earnings per share of $0.13 and Non-GAAP earnings per
share of $0.33
-
Increased Non-GAAP adjusted EBITDA to $21.8 million
-
Generated $9.9 million in cash from operations
-
Authorizes $100 million share repurchase program
-
Lowered 2015 revenue outlook based on weaker LED industry conditions
Veeco Instruments Inc. (Nasdaq: VECO) announced financial results for
its third fiscal quarter ended September 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.
In addition to the third quarter financial results, the Company
announced that its Board of Directors has authorized the repurchase of
up to $100 million of the Company's outstanding common stock.
|
U.S. Dollars in millions, except per share data
|
|
|
|
|
|
|
|
|
|
GAAP Results
|
|
|
Q3 ‘15
|
|
|
Q3 ‘14
|
|
Revenue
|
|
|
$140.7
|
|
|
$93.3
|
|
Net income (loss)
|
|
|
$5.3
|
|
|
($14.0)
|
|
Diluted earnings (loss) per share
|
|
|
$0.13
|
|
|
($0.35)
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results
|
|
|
Q3 ‘15
|
|
|
Q3 ‘14
|
|
Adjusted EBITDA
|
|
|
$21.8
|
|
|
($1.8)
|
|
Net income (loss)
|
|
|
$13.6
|
|
|
($0.8)
|
|
Diluted earnings (loss) per share
|
|
|
$0.33
|
|
|
($0.02)
|
“Veeco’s third quarter results demonstrate solid operational execution
with gross margin, adjusted EBITDA and earnings per share all above the
mid-point of our guided ranges,” commented John R. Peeler, Chairman and
Chief Executive Officer.
“Business conditions deteriorated in the final weeks of the quarter and
had a severe impact on our bookings performance. We recorded $52 million
in bookings, which were well below our expectations. Customers delayed
their MOCVD investments amid ongoing economic uncertainty in China and
weak LED demand for TV display backlighting. We cannot accurately
predict the duration of this MOCVD investment pause. However, demand for
LED lighting remains healthy, which gives us confidence that investments
will resume once industry conditions improve. We will continue to
actively manage those things within our control through this period of
uncertainty.
“We announced a $100 million share repurchase program, which underscores
our confidence in longer term growth prospects and our commitment to
enhance shareholder value. We believe our strong balance sheet provides
us with the flexibility to execute share repurchases while continuing to
invest in R&D and other opportunities to profitably grow our business.”
Mr. Peeler concluded.
Guidance and Outlook
The following guidance is provided for Veeco’s fourth fiscal quarter
2015:
-
Revenue is expected to be in the range of $90 million to $110 million
-
Adjusted EBITDA is expected to be in the range of ($3) million to $5
million
-
GAAP earnings (loss) per share are expected to be in the range of
($0.38) to ($0.19)
-
Non-GAAP earnings (loss) per share are expected to be in the range of
($0.12) to $0.07
Based on above guidance, we expect fiscal year 2015 revenue to be in a
range of $460 million to $480 million, reflecting annual growth of
between 17% and 22%.
Please refer to the table at the end of this press release for further
details.
Share Repurchase Authorization
Veeco announced that its Board of Directors has authorized the
repurchase of up to $100 million of the Company's outstanding common
stock to be completed over the next two years. Repurchases are expected
to be made from time to time on the open market or in privately
negotiated transactions in accordance with applicable federal securities
laws. The timing of repurchases and the exact number of shares of common
stock to be purchased will depend upon market conditions, SEC
regulations, and other factors. The repurchases will be funded using the
Company's available cash balances and cash generated from operations.
The program does not obligate the Company to acquire any particular
amount of common stock and may be modified or suspended at any time at
the Company's discretion.
Conference Call Information
A conference call reviewing these results has been scheduled for today,
October 28, 2015 starting at 5:00pm ET. To join the call, dial
1-888-219-1217 (toll free) or 1-913-312-0961 and use passcode 3687897.
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,
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 amounts)
(Unaudited)
|
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
Net sales
|
$
|
140,744
|
|
|
$
|
93,341
|
|
|
|
$
|
370,494
|
|
|
|
$
|
279,304
|
|
|
Cost of sales
|
|
86,494
|
|
|
|
60,783
|
|
|
|
|
232,038
|
|
|
|
|
182,296
|
|
|
Gross profit
|
|
54,250
|
|
|
|
32,558
|
|
|
|
|
138,456
|
|
|
|
|
97,008
|
|
|
Operating expenses, net:
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
21,905
|
|
|
|
21,712
|
|
|
|
|
69,153
|
|
|
|
|
65,270
|
|
|
Research and development
|
|
19,200
|
|
|
|
19,968
|
|
|
|
|
57,904
|
|
|
|
|
60,747
|
|
|
Amortization
|
|
5,891
|
|
|
|
3,149
|
|
|
|
|
21,832
|
|
|
|
|
8,951
|
|
|
Restructuring
|
|
469
|
|
|
|
2,317
|
|
|
|
|
3,509
|
|
|
|
|
3,510
|
|
|
Asset impairment
|
|
-
|
|
|
|
2,864
|
|
|
|
|
126
|
|
|
|
|
2,864
|
|
|
Changes in contingent consideration
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(29,368
|
)
|
|
Other, net
|
|
207
|
|
|
|
36
|
|
|
|
|
(795
|
)
|
|
|
|
(334
|
)
|
|
Total operating expenses, net
|
|
47,672
|
|
|
|
50,046
|
|
|
|
|
151,729
|
|
|
|
|
111,640
|
|
|
Operating income (loss)
|
|
6,578
|
|
|
|
(17,488
|
)
|
|
|
|
(13,273
|
)
|
|
|
|
(14,632
|
)
|
|
Interest income, net
|
|
161
|
|
|
|
305
|
|
|
|
|
442
|
|
|
|
|
541
|
|
|
Income (loss) before income taxes
|
|
6,739
|
|
|
|
(17,183
|
)
|
|
|
|
(12,831
|
)
|
|
|
|
(14,091
|
)
|
|
Income tax expense (benefit)
|
|
1,433
|
|
|
|
(3,206
|
)
|
|
|
|
9,360
|
|
|
|
|
(4,063
|
)
|
|
Net income (loss)
|
$
|
5,306
|
|
|
$
|
(13,977
|
)
|
|
|
$
|
(22,191
|
)
|
|
|
$
|
(10,028
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.13
|
|
|
$
|
(0.35
|
)
|
|
|
$
|
(0.56
|
)
|
|
|
$
|
(0.26
|
)
|
|
Diluted
|
$
|
0.13
|
|
|
$
|
(0.35
|
)
|
|
|
$
|
(0.56
|
)
|
|
|
$
|
(0.26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
40,846
|
|
|
|
39,401
|
|
|
|
|
39,729
|
|
|
|
|
39,317
|
|
|
Diluted
|
|
40,979
|
|
|
|
39,401
|
|
|
|
|
39,729
|
|
|
|
|
39,317
|
|
Veeco Instruments Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
|
December 31, 2014
|
|
|
|
|
(unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
334,114
|
|
|
$
|
270,811
|
|
Short-term investments
|
|
|
|
68,877
|
|
|
|
120,572
|
|
Restricted cash
|
|
|
|
-
|
|
|
|
539
|
|
Accounts receivable, net
|
|
|
|
46,798
|
|
|
|
60,085
|
|
Inventory
|
|
|
|
69,973
|
|
|
|
61,471
|
|
Deferred cost of sales
|
|
|
|
9,665
|
|
|
|
5,076
|
|
Prepaid expenses and other current assets
|
|
|
|
22,589
|
|
|
|
23,132
|
|
Assets held for sale
|
|
|
|
5,000
|
|
|
|
6,000
|
|
Deferred income taxes
|
|
|
|
6,497
|
|
|
|
7,976
|
|
Total current assets
|
|
|
|
563,513
|
|
|
|
555,662
|
|
Property, plant and equipment, net
|
|
|
|
80,521
|
|
|
|
78,752
|
|
Intangible assets, net
|
|
|
|
137,476
|
|
|
|
159,308
|
|
Goodwill
|
|
|
|
114,908
|
|
|
|
114,959
|
|
Deferred income taxes
|
|
|
|
1,180
|
|
|
|
1,180
|
|
Other assets
|
|
|
|
21,091
|
|
|
|
19,594
|
|
Total assets
|
|
|
$
|
918,689
|
|
|
$
|
929,455
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
25,122
|
|
|
$
|
18,111
|
|
Accrued expenses and other current liabilities
|
|
|
|
41,728
|
|
|
|
48,418
|
|
Customer deposits and deferred revenue
|
|
|
|
89,025
|
|
|
|
96,004
|
|
Income taxes payable
|
|
|
|
7,764
|
|
|
|
5,441
|
|
Deferred income taxes
|
|
|
|
120
|
|
|
|
120
|
|
Current portion of long-term debt
|
|
|
|
333
|
|
|
|
314
|
|
Total current liabilities
|
|
|
|
164,092
|
|
|
|
168,408
|
|
Deferred income taxes
|
|
|
|
16,538
|
|
|
|
16,397
|
|
Long-term debt
|
|
|
|
1,281
|
|
|
|
1,533
|
|
Other liabilities
|
|
|
|
6,873
|
|
|
|
4,185
|
|
Total liabilities
|
|
|
|
188,784
|
|
|
|
190,523
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
729,905
|
|
|
|
738,932
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
918,689
|
|
|
$
|
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 September 30, 2015
|
|
|
GAAP
|
|
|
Share-based
Compensation
|
|
|
Acquisition
Related
|
|
|
Other
|
|
|
Non-GAAP
|
|
|
|
Net sales
|
|
|
$
|
140,744
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
140,744
|
|
|
|
|
Cost of sales
|
|
|
|
86,494
|
|
|
|
|
(787
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
85,707
|
|
|
|
|
Gross profit
|
|
|
|
54,250
|
|
|
|
|
787
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
55,037
|
|
|
|
|
Gross margin
|
|
|
|
38.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
39.1
|
%
|
|
|
|
Operating expenses, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
|
21,905
|
|
|
|
|
(3,288
|
)
|
|
|
|
(188
|
)
|
|
|
|
-
|
|
|
|
|
18,429
|
|
|
|
|
Research and development
|
|
|
|
19,200
|
|
|
|
|
(1,044
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
18,156
|
|
|
|
|
Amortization
|
|
|
|
5,891
|
|
|
|
|
-
|
|
|
|
|
(5,891
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
Restructuring
|
|
|
|
469
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(469
|
)
|
|
|
|
-
|
|
|
|
|
Other, net
|
|
|
|
207
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(395
|
)
|
|
|
|
(188
|
)
|
|
*
|
|
Total operating expenses, net
|
|
|
|
47,672
|
|
|
|
|
(4,332
|
)
|
|
|
|
(6,079
|
)
|
|
|
|
(864
|
)
|
|
|
|
36,397
|
|
|
|
|
Operating income (loss)
|
|
|
|
6,578
|
|
|
|
|
5,119
|
|
|
|
|
6,079
|
|
|
|
|
864
|
|
|
|
|
18,640
|
|
|
|
|
Interest income, net
|
|
|
|
161
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
161
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
6,739
|
|
|
|
|
5,119
|
|
|
|
|
6,079
|
|
|
|
|
864
|
|
|
|
|
18,801
|
|
|
|
|
Income tax expense (benefit)
|
|
|
|
1,433
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3,727
|
|
|
|
|
5,160
|
|
|
**
|
|
Net income (loss)
|
|
|
$
|
5,306
|
|
|
|
$
|
5,119
|
|
|
|
$
|
6,079
|
|
|
|
$
|
(2,863
|
)
|
|
|
$
|
13,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.33
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
|
40,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,846
|
|
|
|
|
Diluted shares
|
|
|
|
40,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,640
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,151
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,791
|
|
|
|
|
Note: Amounts may not calculate precisely due to rounding.
|
|
|
|
* The non-GAAP adjustment relates to a one-time legal settlement.
|
|
** 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
|
|
|
|
|
|
|
Three months ended September 30, 2014
|
|
|
GAAP
|
|
|
Share-based
Compensation
|
|
|
Acquisition
Related
|
|
|
Other
|
|
|
Non-GAAP
|
|
|
|
Net sales
|
|
|
$
|
93,341
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
93,341
|
|
|
|
|
Cost of sales
|
|
|
|
60,783
|
|
|
|
|
(619
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
60,164
|
|
|
|
|
Gross profit
|
|
|
|
32,558
|
|
|
|
|
619
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
33,177
|
|
|
|
|
Gross margin
|
|
|
|
34.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
35.5
|
%
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative
|
|
|
|
21,712
|
|
|
|
|
(2,766
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
18,946
|
|
|
|
|
Research and development
|
|
|
|
19,968
|
|
|
|
|
(1,105
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
18,863
|
|
|
|
|
Amortization
|
|
|
|
3,149
|
|
|
|
|
-
|
|
|
|
|
(3,149
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
Restructuring
|
|
|
|
2,317
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(2,317
|
)
|
|
|
|
-
|
|
|
|
|
Asset impairment
|
|
|
|
2,864
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(2,864
|
)
|
|
|
|
-
|
|
|
|
|
Other, net
|
|
|
|
36
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
36
|
|
|
|
|
Total operating expenses, net
|
|
|
|
50,046
|
|
|
|
|
(3,871
|
)
|
|
|
|
(3,149
|
)
|
|
|
|
(5,181
|
)
|
|
|
|
37,845
|
|
|
|
|
Operating income (loss)
|
|
|
|
(17,488
|
)
|
|
|
|
4,490
|
|
|
|
|
3,149
|
|
|
|
|
5,181
|
|
|
|
|
(4,668
|
)
|
|
|
|
Interest income, net
|
|
|
|
305
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
305
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
(17,183
|
)
|
|
|
|
4,490
|
|
|
|
|
3,149
|
|
|
|
|
5,181
|
|
|
|
|
(4,363
|
)
|
|
|
|
Income tax provision (benefit)
|
|
|
|
(3,206
|
)
|
|
|
|
(140
|
)
|
|
|
|
-
|
|
|
|
|
(261
|
)
|
|
|
|
(3,607
|
)
|
|
*
|
|
Net income (loss)
|
|
|
$
|
(13,977
|
)
|
|
|
$
|
4,630
|
|
|
|
$
|
3,149
|
|
|
|
$
|
5,442
|
|
|
|
$
|
(756
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
(0.35
|
)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
Diluted earnings per share
|
|
|
$
|
(0.35
|
)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
|
39,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,401
|
|
|
|
|
Diluted shares
|
|
|
|
39,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(4,668
|
)
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,900
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,768
|
)
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
Guidance for the three months ended December 31, 2015
|
|
|
GAAP
|
|
|
|
Share-based
Compensation
|
|
|
Acquisition
Related
|
|
|
Other
|
|
|
|
Non-GAAP
|
|
Net sales
|
|
|
$
|
90
|
|
|
-
|
|
|
$
|
110
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
$
|
90
|
|
|
-
|
|
|
$
|
110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
28
|
|
|
-
|
|
|
|
38
|
|
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
29
|
|
|
-
|
|
|
|
39
|
|
|
Gross margin
|
|
|
|
31
|
%
|
|
-
|
|
|
|
34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
%
|
|
-
|
|
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
(18
|
)
|
|
-
|
|
|
|
(10
|
)
|
|
|
|
|
6
|
|
|
|
6
|
|
|
|
-
|
|
|
|
|
|
(6
|
)
|
|
-
|
|
|
|
2
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
3
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(3
|
)
|
|
-
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
(15
|
)
|
|
-
|
|
|
|
(7
|
)
|
|
|
|
|
6
|
|
|
|
6
|
|
|
|
(2
|
)
|
|
|
*
|
|
(5
|
)
|
|
-
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per diluted common share
|
|
|
$
|
(0.38
|
)
|
|
-
|
|
|
$
|
(0.19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.12
|
)
|
|
-
|
|
|
$
|
0.07
|
|
|
|
Weighted average number of shares
|
|
|
|
40
|
|
|
|
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
|
|
|
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/20151028006000/en/
Copyright Business Wire 2015