Veeco Instruments Inc. is providing select financial metrics and business highlights for the quarter ended March 31, 2013. Due to the accounting review announced on November 15, 2012, the Company is unable to report revenue and earnings information.
• First quarter 2013 bookings were $70 million including: MOCVD $37 million, MBE $6 million (LED & Solar total $43 million), and Data Storage $27 million.
• The Company’s unaudited cash balance at March 31, 2013 was $588 million, up from $579 million at December 31, 2012.
• First quarter system shipments declined sharply, on a sequential basis, in both MOCVD and Data Storage.
• With few MOCVD deals available, Veeco continues to experience significant competitive pricing pressure.
John R. Peeler, Veeco’s Chairman and Chief Executive Officer, commented, “First quarter business conditions remained extremely challenging, with system shipments at very low levels and bookings the weakest we have seen since early 2009. We are pleased that Veeco continues to weather this business downturn with a strong cash position.”
“Looking ahead, end market signals in MOCVD are mixed but appear to be trending in a positive direction,” added Mr. Peeler. “Some key LED customers are operating at close to full utilization rates, and we are now booking some rush purchase orders – the first we have seen in two years. In particular, some Chinese customers with committed funding for MOCVD equipment are planning fab expansions. In Data Storage, customers are making technology buys and we are seeing an increase in quotations for MBE systems for research applications. While visibility remains limited, we anticipate meaningfully higher bookings in the second quarter.”
Mr. Peeler concluded, “It is a top priority to conclude our accounting review as soon as possible. Veeco’s other key focus areas for 2013 are our plans to fortify and build on our leadership positions in our core markets, especially in LED lighting which we believe is a huge market opportunity in front of us, and to leverage our technologies into adjacent markets like power electronics, OLED, MEMS and EUV.”
