Veeco Reports Fourth Quarter and Fiscal Year 2015 Financial Results
/EINPresswire.com/ -- PLAINVIEW, NY--(Marketwired - 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
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.
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U.S. Dollars in millions, except per share data
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4th Quarter Full Year
----------------------------------------
GAAP Results Q4 '15 Q4 '14 2015 2014
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Revenue $106.5 $113.6 $477.0 $392.9
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Net income (loss) ($9.8) ($56.9) ($32.0) ($66.9)
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Diluted earnings (loss) per share ($0.25) ($1.44) ($0.80) ($1.70)
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4th Quarter Full Year
----------------------------------------
Non-GAAP Results Q4 '15 Q4 '14 2015 2014
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Adjusted EBITDA $4.4 $8.3 $41.7 $2.6
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Net income (loss) $0.6 $5.1 $22.1 ($4.1)
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Diluted earnings (loss) per share $0.01 $0.13 $0.54 ($0.10)
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"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® K475i™ MOCVD reactor to complement our industry leading EPIK™ 700 MOCVD product. We remain focused on positioning the Company for long term growth and are encouraged by our prospects," Mr. Peeler concluded.
Guidance and Outlook
The following guidance is provided for Veeco's first quarter 2016:
- Revenue is expected to be in the range of $70 million to $80 million
- Adjusted EBITDA (loss) is expected to be in the range of ($9) million to ($5) million
- GAAP earnings (loss) per share are expected to be in the range of ($0.62) to ($0.52)
- Non-GAAP earnings (loss) per share are expected to be in the range of ($0.35) to ($0.25)
Please refer to the tables at the end of this press release for further details.
Conference Call Information
A conference call reviewing these results has been scheduled for today, February 22, 2016 starting at 5:00pm ET. To join the call, dial 1-888-438-5491 (toll free) or 1-719-785-1765 and use passcode 4400150. 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)
Three months ended For the year ended
December 31, December 31,
2015 2014 2015 2014
------------ ------------ ---------- ------------
Net sales $ 106,543 $ 113,569 $ 477,038 $ 392,873
Cost of sales 67,757 75,695 299,797 257,991
------------ ------------ ---------- ------------
Gross profit 38,786 37,874 177,241 134,882
------------ ------------ ---------- ------------
Operating expenses, net:
Selling, general, and
administrative 21,036 24,490 90,188 89,760
Research and development 20,639 20,424 78,543 81,171
Amortization 5,802 4,195 27,634 13,146
Restructuring 1,170 884 4,679 4,394
Asset impairment — 55,306 126 58,170
Changes in contingent
consideration — — — (29,368)
Other, net 98 (2,848) (697) (3,182)
------------ ------------ ---------- ------------
Total operating expenses,
net 48,745 102,451 200,473 214,091
------------ ------------ ---------- ------------
Operating income (loss) (9,959) (64,577) (23,232) (79,209)
Interest income, net 145 314 586 855
------------ ------------ ---------- ------------
Income (loss) before income
taxes (9,814) (64,263) (22,646) (78,354)
Income tax expense
(benefit) (26) (7,351) 9,332 (11,414)
------------ ------------ ---------- ------------
Net income (loss) $ (9,788) $ (56,912) $ (31,978) $ (66,940)
============ ============ ========== ============
Income (loss) per common
share:
Basic $ (0.25) $ (1.44) $ (0.80) $ (1.70)
Diluted $ (0.25) $ (1.44) $ (0.80) $ (1.70)
Weighted average number of
shares:
Basic
39,794 39,446 39,742 39,350
Diluted
39,794 39,446 39,742 39,350
Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2015 2014
---------------- ----------------
Assets
Current assets:
Cash and cash equivalents $ 269,232 $ 270,811
Short-term investments 116,050 120,572
Restricted cash — 539
Accounts receivable, net 49,524 60,085
Inventories 77,469 61,471
Deferred cost of sales 2,100 5,076
Prepaid expenses and other current assets 22,760 23,132
Assets held for sale 5,000 6,000
Deferred income taxes — 7,976
---------------- ----------------
Total current assets 542,135 555,662
Property, plant and equipment, net 79,590 78,752
Intangible assets, net 131,674 159,308
Goodwill 114,908 114,959
Deferred income taxes 1,384 1,180
Other assets 21,098 19,594
---------------- ----------------
Total assets $ 890,789 $ 929,455
================ ================
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 30,074 $ 18,111
Accrued expenses and other current
liabilities 49,393 48,418
Customer deposits and deferred revenue 76,216 96,004
Income taxes payable 6,208 5,441
Deferred income taxes — 120
Current portion of long-term debt 340 314
---------------- ----------------
Total current liabilities 162,231 168,408
Deferred income taxes 11,211 16,397
Long-term debt 1,193 1,533
Other liabilities 1,539 4,185
---------------- ----------------
Total liabilities 176,174 190,523
Total stockholders' equity 714,615 738,932
---------------- ----------------
Total liabilities and stockholders'
equity $ 890,789 $ 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
December 31, Share-based Acquisition
2015 GAAP Compensation Related Other Non-GAAP
---------------- --------- ------------- ------------ ---------- ---------
Net sales $106,543 $ — $ — $ — $106,543
Cost of sales 67,757 (393) — — 67,364
--------- ------------- ------------ ---------- ---------
Gross profit 38,786 393 — — 39,179
Gross margin 36.4% 36.8%
Operating
expenses, net:
Selling,
general, and
administrative 21,036 (2,277) (188) — 18,571
Research and
development 20,639 (1,292) — — 19,347
Amortization 5,802 — (5,802) — —
Restructuring 1,170 — — (1,170) —
Other, net 98 — — — 98
--------- ------------- ------------ ---------- ---------
Total operating
expenses, net 48,745 (3,569) (5,990) (1,170) 38,016
--------- ------------- ------------ ---------- ---------
Operating income
(loss) (9,959) 3,962 5,990 1,170 1,163
Interest
income, net 145 — — — 145
--------- ------------- ------------ ---------- ---------
Income (loss)
before income
taxes (9,814) 3,962 5,990 1,170 1,308
Income tax
expense
(benefit) (26) — — 760 (a) 734
--------- ------------- ------------ ---------- ---------
Net income
(loss) $ (9,788) $ 3,962 $ 5,990 $ 410 $ 574
========= ============= ============ ========== =========
Income (loss)
per common
share:
Basic earnings
per share $ (0.25) $ 0.01
=
Diluted
earnings per
share $ (0.25) $ 0.01
Weighted average
number of
shares:
Basic shares 39,794 40,644
Diluted shares 39,794 40,731
Non-GAAP
operating
income $ 1,163
Depreciation 3,282
---------
Adjusted
EBITDA $ 4,445
=========
Note: Amounts may not calculate precisely due to rounding.
(a) Primarily due to a change in deferred tax liabilities related to the PSP
acquisition.
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
December 31, Share-based Acquisition
2014 GAAP Compensation Related Other Non-GAAP
--------------- --------- ------------- ------------ --------- ---------
Net sales $113,569 $ — $ — $ — $113,569
Cost of sales 75,695 (657) (5,175)(a) — 69,863
--------- ------------- ------------ --------- ---------
Gross profit 37,874 657 5,175 — 43,706
Gross margin 33.3% 38.5%
Operating
expenses:
Selling,
general, and
administrativ
e 24,490 (2,667) (3,242)(b) — 18,581
Research and
development 20,424 (1,185) — — 19,239
Amortization 4,195 — (4,195) — —
Restructuring 884 — — (884) —
Asset
impairment 55,306 — — (55,306) —
Other, net (2,848) — — 3,142 (c) 294
--------- ------------- ------------ --------- ---------
Total operating
expenses, net 102,451 (3,852) (7,437) (53,048) 38,114
--------- ------------- ------------ --------- ---------
Operating
income (loss) (64,577) 4,509 12,612 53,048 5,592
Interest
income, net 314 — — — 314
--------- ------------- ------------ --------- ---------
Income (loss)
before income
taxes (64,263) 4,509 12,612 53,048 5,906
Income tax
expense
(benefit) (7,351) — 2,705 (d) 5,428 (e) 782
--------- ------------- ------------ --------- ---------
Net income
(loss) $(56,912) $ 4,509 $ 9,907 $ 47,620 $ 5,124
========= ============= ============ ======== =========
Income (loss)
per common
share:
Basic earnings
per share $ (1.44) $ 0.13
Diluted
earnings per
share $ (1.44) $ 0.13
Weighted
average number
of shares:
Basic shares 39,446 39,446
Diluted shares 39,446 40,072
Non-GAAP
operating
income $ 5,592
Depreciation 2,728
---------
Adjusted
EBITDA $ 8,320
=========
Note: Amounts may not calculate precisely due to rounding.
(a) The inventory fair value step-up associated with the PSP acquisition's
purchase accounting.
(b) One-time PSP acquisition related transaction costs.
(c) One-time cumulative translation gain related to the liquidation of our
Japanese subsidiary.
(d) Valuation allowance reversal associated with the recognition of deferred
tax liabilities related to the PSP acquisition.
(e) $4.9 million tax liability reversal related to an incentive tax rate in
a foreign subsidiary as well as utilization of 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.
Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(In thousands, except per share data)
(Unaudited)
Non-GAAP Adjustments
For the year
ended
December 31, Share-based Acquisition
2015 GAAP Compensation Related Other Non-GAAP
--------------- --------- ------------- ------------ --------- ---------
Net sales $477,038 $ — $ — $ — $477,038
Cost of sales 299,797 (2,495) (1,311)(a) — 295,991
--------- ------------- ------------ --------- ---------
Gross profit 177,241 2,495 1,311 — 181,047
Gross margin 37.2% 38.0%
Operating
expenses, net:
Selling,
general, and
administrativ
e 90,188 (11,474) (563) — 78,151
Research and
development 78,543 (4,031) — — 74,512
Amortization 27,634 — (27,634) — —
Restructuring 4,679 — — (4,679) —
Asset
impairment 126 — — (126) —
Other, net (697) — — (395)(b) (1,092)
Total operating
expenses, net 200,473 (15,505) (28,197) (5,200) 151,571
--------- ------------- ------------ --------- ---------
Operating
income (loss) (23,232) 18,000 29,508 5,200 29,476
Interest
income, net 586 — — — 586
--------- ------------- ------------ --------- ---------
Income (loss)
before income
taxes (22,646) 18,000 29,508 5,200 30,062
Income tax
expense
(benefit) 9,332 — — (1,334)(c) 7,998
--------- ------------- ------------ --------- ---------
Net income
(loss) $(31,978) $ 18,000 $ 29,508 $ 6,534 $ 22,064
========= ============= ============ ========= =========
Income (loss)
per common
share:
Basic earnings
per share $ (0.80) $ 0.54
Diluted
earnings per
share $ (0.80) $ 0.54
Weighted
average number
of shares:
Basic shares 39,742 40,759
Diluted shares 39,742 40,905
Non-GAAP
operating
income $ 29,476
Depreciation 12,216
Adjusted
EBITDA $ 41,692
=========
Note: Amounts may not calculate precisely due to rounding.
(a) The inventory fair value step-up associated with the PSP acquisition's
purchase accounting.
(b) The non-GAAP adjustment relates to a nonrecurring legal settlement.
(c) Primarily due to a change in deferred tax liabilities related to the PSP
acquisition.
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
--------------------------------------
For the year
ended
December 31, Share-based Acquisition
2014 GAAP Compensation Related Other Non-GAAP
--------------- --------- ------------- ------------ --------- ---------
Net sales $392,873 $ — $ — $ — $392,873
Cost of sales 257,991 (2,456) (5,175)(a) — 250,360
Gross profit 134,882 2,456 5,175 — 142,513
Gross margin 34.3% 36.3%
Operating
expenses, net:
Selling,
general, and
administrativ
e 89,760 (11,859) (3,242)(b) — 74,659
Research and
development 81,171 (4,498) — — 76,673
Amortization 13,146 — (13,146) — —
Restructuring 4,394 — — (4,394) —
Asset
impairment 58,170 — — (58,170) —
Changes in
contingent
consideration (29,368) — — 29,368 —
Other, net (3,182) — — 3,142 (c) (40)
--------- ------------- ------------ --------- ---------
Total operating
expenses, net 214,091 (16,357) (16,388) (30,054) 151,292
--------- ------------- ------------ --------- ---------
Operating
income (loss) (79,209) 18,813 21,563 30,054 (8,779)
Interest
income, net 855 — — — 855
--------- ------------- ------------ --------- ---------
Income (loss)
before income
taxes (78,354) 18,813 21,563 30,054 (7,924)
Income tax
expense
(benefit) (11,414) — 2,705 (d) 4,908 (e) (3,801)
--------- ------------- ------------ --------- ---------
Net income
(loss) $(66,940) $ 18,813 $ 18,858 $ 25,146 $ (4,123)
--------- ------------- ------------ --------- ---------
Income (loss)
per common
share:
Basic earnings
per share $ (1.70) $ (0.10)
Diluted
earnings per
share $ (1.70) $ (0.10)
Weighted
average number
of shares:
Basic shares 39,350 39,350
Diluted shares 39,350 39,350
Non-GAAP
operating
income (loss) $ (8,779)
Depreciation 11,426
---------
Adjusted
EBITDA $ 2,647
---------
Note: Amounts may not calculate precisely due to rounding.
(a) The inventory fair value step-up associated with the PSP acquisition's
purchase accounting.
(b) One-time PSP acquisition related transaction costs.
(c) One-time cumulative translation gain related to the liquidation of our
Japanese subsidiary.
(d) Valuation allowance reversal associated with the recognition of deferred
tax liabilities related to the PSP acquisition.
(e) $4.9 million tax liability reversal related to an incentive tax rate in
a foreign subsidiary as well as utilization of 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.
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 March 31, Share-based Acquisition
2016 GAAP Compensation Related Non-GAAP
---------------- ------------ ----------- ----------------
Net sales $ 70 - $ 80 $ - $ - $ 70 - $ 80
Gross profit 25 - 30 1 - 26 - 31
Gross margin 36% - 38% 37% - 39%
Operating income (23) - (19) 5 5 (13) - (9)
Depreciation 4 4
Adjusted
EBITDA $ (9) - $ (5)
======= =======
Net income
(loss) (24) - (20) 5 5 (14) - (10)
Income (loss)
per diluted
common share $(0.62) - $(0.52) $(0.35) - $(0.25)
======= ======= ======= =======
Weighted
average number
of shares 39 39 39 39
Note: Amounts may not calculate precisely due to rounding.
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 Contacts:
Investors:
Shanye Hudson
516-677-0200 x1272
shudson@veeco.com
Media:
Jeffrey Pina
516-677-0200 x1222
jpina@veeco.com
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