Apr 27 2005
Veeco Instruments Inc. today announced its financial results for the first quarter ended March 31, 2005. Veeco reports its results on a GAAP basis, and also provides results excluding certain charges. Investors should refer to the attached table for further details of the reconciliation of GAAP operating loss to earnings excluding certain charges.
First Quarter 2005 Highlights
- Revenues were $93.9 million, up 3% from the $90.9 million reported in the first quarter of 2004 and down 9% from the fourth quarter of 2004. (Guidance was $85-90 million.)
- Gross margin increased to 40% compared to 37.5% in the fourth quarter of 2004, in line with guidance despite reduced sequential revenue. Gross margin for the first quarter of 2004 was 42%.
- Net loss was $4.7 million, or a loss of $0.16 per share. Earnings excluding certain charges were $0.01 per diluted share. (Guidance was net loss between $0.15 and $0.13 per share and earnings excluding certain charges between $0.00 and $0.02 per diluted share.)
- Bookings were $98.9 million, flat compared with the fourth quarter of 2004 and down 15% from the first quarter of 2004. (Guidance was $85-$90 million.)
Edward H. Braun, Veeco's Chairman and Chief Executive Officer, commented, "We are pleased to report first quarter revenues and bookings above our guidance, and EBITA profitability in line with guidance and on track with our stated 2005 margin and profit improvement plan."
"Veeco's first quarter 2005 bookings of $98.9 million reflected increased demand from our data storage customers who are currently investing in capacity expansion for new consumer micro-drive applications and advanced development programs for next generation, higher areal density perpendicular thin film magnetic heads. Data storage orders increased 26% sequentially to $45.3 million -- the highest quarterly level we have experienced in several years -- including multi-million dollar orders from all five of the world's leading data storage hard disk drive manufacturers. Veeco has now reported two sequential quarters of nearly $100 million in overall bookings, which has increased our backlog. These results support our outlook for flat 2005 revenues with improved profitability."
http://www.veeco.com/