....übertreffen im MOCVD-Bereich alle Erwartungen. Wahnsinn !!
Veeco Announces Q3 and First Nine Months 2009 Financial Results
PLAINVIEW, N.Y.--(BUSINESS WIRE)--Oct. 26, 2009-- Veeco Instruments Inc. (Nasdaq: VECO) announced its financial results for the third quarter and nine months ended September 30, 2009. Veeco will host a conference call reviewing these results at 5:00pm today at 800-790-1827 800-790-1827 (toll-free) or 212-287-1645 212-287-1645 using passcode VEECO. The call will also be webcast live at www.veeco.com. A replay of the call will be available beginning at 8:00pm tonight through midnight on November 16, 2009 at 866-418-1750 866-418-1750 (toll-free) or 203-369-0742 203-369-0742 using passcode 9482840, or on the Veeco website. A slide presentation reviewing these results has also been posted on our website. Veeco reports its results on a 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.
GAAP Results ($M except EPS)
Q3 ‘09 Q3 ‘08 9M ‘09 9M ‘08
Revenues $98.9 $115.7 $233.8 $332.5
Net income (loss) $1.3 ($2.4) ($34.3) ($1.2)
EPS $0.04 ($0.08) ($1.09) ($0.04)
Non-GAAP Results ($M except EPS)
Q3 ‘09 Q3 ‘08 9M ’09 9M ‘08
EBITA $8.9 $10.4 ($7.2) $27.9
EPS $0.16 $0.19 ($0.21) $0.52
John R. Peeler, Veeco’s Chief Executive Officer, commented, “I am pleased to report that our third quarter performance exceeded guidance on every metric, and that Veeco has quickly returned to profitability. Third quarter revenue was $99 million, well above our guidance of $80-88 million, and gross margins increased over 700 basis points sequentially to 41.4%. Veeco’s swift restructuring actions decreased operating expenses by 19% in the third quarter versus a year ago. We delivered EBITA of $9 million, positive GAAP earnings per share, and non-GAAP EPS of $0.16, significantly ahead of guidance. All three of our businesses, LED & Solar, Data Storage, and Metrology, returned to EBITA profitability in the third quarter. Veeco’s third quarter 2009 cash balance increased $12 million sequentially, resulting in a positive net cash position. We are executing to plan and doing what we said we would do.”
“We completed the highest bookings quarter in Veeco’s history, with third quarter orders of approximately $226 million: $179M in LED & Solar (80% of total orders), $17M in Data Storage (7% of total) and $29M in Metrology (13% of total),” continued Mr. Peeler. “We have seen an unprecedented demand from LED manufacturers in China, Korea and Taiwan for our TurboDisc® Metal Organic Chemical Vapor Deposition (MOCVD) systems as they ramp production for laptop and TV backlighting. Veeco MOCVD systems were also selected by two leading U.S. LED manufacturers to ramp production for general illumination. Momentum continued in our CIGS solar business in the third quarter, with a second key customer win for our FastFlex™ Web Coating Systems and a repeat multi-million dollar order for thermal deposition components from a leading CIGS manufacturer. We experienced a 27% sequential improvement in Metrology orders, driven by new product success and a modest pick-up in activity from both research and industrial customers.”
Q4’09 Guidance
Veeco’s fourth quarter 2009 revenues are currently forecasted to be between $120-$130 million, with earnings per share between $0.25 to $0.35 on a GAAP basis and $0.29 to $0.35 on a non-GAAP basis. Please refer to the attached financial tables for more details. Veeco currently anticipates a positive book-to-bill ratio for the fourth quarter. Veeco’s 2009 revenue guidance is now $353-$363 million, up from previous guidance of $310-$325 million.
Outlook
Regarding Veeco’s outlook, Mr. Peeler commented, “Veeco’s backlog at the end of September was $287 million, with $239M in LED & Solar. We continue to experience positive business trends in our MOCVD business, with a high level of demand for our K465™ MOCVD System due to its industry-leading productivity. We are ramping up our manufacturing capacity to satisfy customer demand. While it is challenging to predict quarterly bookings trends in this dynamic environment, it is clear to us that MOCVD quoting activity remains well above historic levels.”
Mr. Peeler added, “As we look toward the future, we believe Veeco is at the beginning of a multi-year MOCVD tool investment cycle as LEDs increase their penetration in laptop and TV backlighting and gain momentum for general illumination. We are also seeing strong interest in our thermal deposition systems for manufacturing of CIGS solar cells, and believe that Veeco is well positioned to capture share in this market. In addition, overall business conditions in Data Storage and Metrology appear to be improving from the trough levels we experienced earlier this year, and we remain well aligned with customers’ technology roadmaps.”
About Veeco
Veeco Instruments Inc. manufactures enabling solutions for customers in the HB-LED, solar, data storage, semiconductor, scientific research and industrial markets. We have leading technology positions in our three businesses: LED & Solar Process Equipment, Data Storage Process Equipment, and Metrology Instruments. Veeco’s manufacturing and engineering facilities are located in New York, New Jersey, California, Colorado, Arizona, Massachusetts and Minnesota. Global sales and service offices are located throughout the U.S., Europe, Japan and APAC. http://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, 2008 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.
Es grüßt Rickmann
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