News

News

Veeco Reports Fourth Quarter and Fiscal Year 2015 Financial Results

February 22, 2016

Fourth Quarter 2015 Highlights

  • Revenues of $106.5 million, down 6% compared with the same period last year
  • GAAP net loss per share of $0.25 and Non-GAAP earnings per share of $0.01
  • Non-GAAP adjusted EBITDA of $4.4 million 

Full Year 2015 Highlights

  • Revenues of $477.0 million, an increase of 21% compared to 2014
  • GAAP net loss per share of $0.80 and Non-GAAP earnings per share of $0.54
  • Non-GAAP adjusted EBITDA of $41.7 million 

Plainview, N.Y., February 22, 2016 -- Veeco Instruments Inc. (Nasdaq: VECO) announced financial results for its fourth quarter and fiscal year ended December 31, 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

 

 

 

 

4th Quarter

Full Year

GAAP Results

Q4 ‘15

Q4 ‘14

2015

2014

 

Revenue

$106.5

$113.6

$477.0

$392.9

 

Net income (loss)

($9.8)

($56.9)

($32.0)

($66.9)

 

Diluted earnings (loss) per share

($0.25)

($1.44)

($0.80)

($1.70)

 

 

 

 

 

 

 

 

 

4th Quarter

Full Year

Non-GAAP Results

Q4 ‘15

Q4 ‘14

2015

2014

 

Adjusted EBITDA

$4.4

$8.3

$41.7

$2.6

 

Net income (loss)

$0.6

$5.1

$22.1

($4.1)

 

Diluted earnings (loss) per share

$0.01

$0.13

$0.54

($0.10)

 

                     

"We ended 2015 on a positive note, delivering solid Q4 revenue and adjusted EBITDA and exceeding the high end of our guidance range for gross margin. Q4 bookings doubled sequentially to $107 million, bolstered by record-level orders for our Precision Surface Processing (“PSP”) products. PSP has enabled us to significantly expand our footprint in the RF and MEMS markets and also gain entry into the high growth Advanced Packaging space.  With focus and execution, we exceeded our 2015 revenue plans for PSP which contributed to annual revenue growth of 21 percent for the company,” commented John R. Peeler, Chairman and Chief Executive Officer.

 "Entering 2016, we continue to face a weak macro-economic environment and challenging LED industry conditions.  As a result, we expect investments for Metal Organic Chemical Vapor Deposition (“MOCVD”) equipment will remain soft through the first half of this year.  During this time, we continue to strengthen our product portfolio and recently introduced the TurboDisc® K475iTM MOCVD reactor to complement our industry leading EPIKTM 700 MOCVD product. We remain focused on positioning the Company for long term growth and are encouraged by our prospects,” Mr. Peeler concluded.

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