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Veeco Reports First Quarter 2021 Financial Results

Nachrichtenquelle: globenewswire
04.05.2021, 22:05  |  39   |   |   

First Quarter 2021 Highlights:

  • Revenues of $133.7 million, compared with $104.5 million in the same period last year
  • GAAP net income of $2.5 million, or $0.05 per diluted share, compared with a loss of $0.6 million, or $0.01 loss per diluted share in the same period last year
  • Non-GAAP net income of $12.6 million, or $0.25 per diluted share, compared with $10.9 million, or $0.22 per diluted share in the same period last year

PLAINVIEW, N.Y., May 04, 2021 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its first quarter ended March 31, 2021. 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
             
GAAP Results   Q1 '21   Q1 '20
Revenue   $ 133.7   $ 104.5  
Net income (loss)   $ 2.5   $ (0.6 )
Diluted earnings (loss) per share   $ 0.05   $ (0.01 )


Non-GAAP Results   Q1 '21   Q1 '20
Net income (loss)   $ 12.6   $ 10.9  
Operating income (loss)   $ 16.1   $ 12.7  
Diluted earnings (loss) per share   $ 0.25   $ 0.22  
               

“Veeco started off the year strong by delivering solid first quarter results. We improved revenue and profitability year-on-year as we continued to invest for growth,” commented William J. Miller, Ph.D., Chief Executive Officer. “Revenue in the quarter was driven by our semiconductor and data storage products and we are on track to grow in 2021.”

“We are also making progress toward our long-term growth by actively engaging with customers in the semiconductor and compound semiconductor markets. We shipped multiple evaluation systems to leading device manufacturers as part of our strategy to penetrate targeted high-growth markets. Additionally, construction is well underway at our new San Jose manufacturing facility to better meet the demands of our semiconductor customers.”

Guidance and Outlook

The following guidance is provided for Veeco’s second quarter 2021:

  • Revenue is expected in the range of $125 million to $145 million
  • GAAP diluted earnings (loss) per share are expected in the range of $(0.06) to $0.11
  • Non-GAAP diluted earnings per share are expected in the range of $0.17 to $0.35

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, May 4, 2021 starting at 5:00pm ET. To join the call, dial 1-800-437-2398 (toll free) or 1-929-477-0577 and use passcode 4450990. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our proven ion beam, laser annealing, lithography, MOCVD, and single wafer etch & clean technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

Forward-looking Statements

This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, the impact of the COVID-19 pandemic, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the Company’s operations and on those of our customers and suppliers; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

-financial tables attached-

Veeco Contacts:
         
Investors: Anthony Bencivenga        (516) 252-1438   abencivenga@veeco.com
Media: Kevin Long     (516) 714-3978   klong@veeco.com


Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
             
    Three months ended March 31,
       2021        2020  
Net sales   $ 133,714     $ 104,502  
Cost of sales     78,800       58,083  
Gross profit     54,914       46,419  
Operating expenses, net:            
Research and development     21,844       19,195  
Selling, general, and administrative     20,255       18,304  
Amortization of intangible assets     3,354       3,837  
Restructuring           625  
Other operating expense (income), net     46       (109 )
Total operating expenses, net     45,499       41,852  
Operating income (loss)     9,415       4,567  
Interest expense, net     (6,623 )     (4,866 )
Income (loss) before income taxes     2,792       (299 )
Income tax expense (benefit)     298       268  
Net income (loss)   $ 2,494     $ (567 )
             
Income (loss) per common share:            
Basic   $ 0.05     $ (0.01 )
Diluted   $ 0.05     $ (0.01 )
             
Weighted average number of shares:            
Basic     48,624       47,811  
Diluted     53,050       47,811  


 
Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
 
    March 31,   December 31,
       2021      2020
    (unaudited)      
Assets            
Current assets:            
Cash and cash equivalents   $ 140,733   $ 129,625
Restricted cash     653     658
Short-term investments     186,142     189,771
Accounts receivable, net     87,491     79,991
Contract assets     20,558     21,246
Inventories     156,216     145,906
Deferred cost of sales     596     433
Prepaid expenses and other current assets     25,778     19,301
Total current assets     618,167     586,931
Property, plant and equipment, net     65,207     65,271
Operating lease right-of-use assets     29,548     10,275
Intangible assets, net     42,831     46,185
Goodwill     181,943     181,943
Deferred income taxes     1,440     1,440
Other assets     6,106     6,019
Total assets   $ 945,242   $ 898,064
             
Liabilities and stockholders’ equity            
Current liabilities:            
Accounts payable   $ 42,638   $ 33,656
Accrued expenses and other current liabilities     51,064     44,876
Customer deposits and deferred revenue     68,907     67,235
Income taxes payable     1,086     914
Total current liabilities     163,695     146,681
Deferred income taxes     5,236     5,240
Long-term debt     324,629     321,115
Operating lease long-term liabilities     31,421     6,305
Other liabilities     7,800     10,349
Total liabilities     532,781     489,690
             
Total stockholders’ equity     412,461     408,374
Total liabilities and stockholders’ equity   $ 945,242   $ 898,064


 
Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)
 
            Non-GAAP Adjustments        
            Share-Based                
Three months ended March 31, 2021      GAAP        Compensation      Amortization      Other   Non-GAAP  
Net sales   $ 133,714                 $ 133,714  
Gross profit     54,914     495         32       55,441  
Gross margin     41.1 %                 41.5 %
Operating expenses     45,499     (2,742 )   (3,354 )   (73 )     39,330  
Operating income (loss)     9,415     3,237     3,354     105 ^     16,111  
Net income (loss)     2,494     3,237     3,354     3,544 ^     12,629  
                             
Income (loss) per common share:                            
Basic   $ 0.05                 $ 0.26  
Diluted     0.05                   0.25  
Weighted average number of shares:                            
Basic     48,624                   48,624  
Diluted (1)     53,050                   50,880  

 

_________________
^  - See table below for additional details.

(1) - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, no incremental shares are added to the dilutive share count in periods in which the average stock price per share is below $18.46. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, incremental shares are added to the dilutive share count in periods in which the average stock price per share is above $13.98, and the Company is in a net income position. The average stock price for the three months ended March 31, 2021 was $20.80, and therefore 0.8 million shares were included in the non-GAAP diluted share count, and 2.9 million shares were included in the GAAP diluted share count related to the 2027 Notes.

 
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)
     
Three months ended March 31, 2021       
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting $ 96  
Other   9  
Subtotal   105  
Non-cash interest expense   3,514  
Non-GAAP tax adjustment *   (75 )
Total Other $ 3,544  

 

_________________
*  - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

These tables include 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; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

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 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 Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to 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 amounts)
(unaudited)
                           
          Non-GAAP Adjustments        
          Share-based              
Three months ended March 31, 2020        GAAP      Compensation      Amortization      Other      Non-GAAP  
Net sales   $ 104,502                 $ 104,502  
Gross profit     46,419     521         21       46,961  
Gross margin     44.4 %                   44.9 %
Operating expenses     41,852     (3,125 )   (3,837 )   (667 )     34,223  
Operating income (loss)     4,567     3,646     3,837     688 ^     12,738  
Net income (loss)     (567 )   3,646     3,837     3,935 ^     10,851  
                           
Income (loss) per common share:                          
Basic   $ (0.01 )               $ 0.23  
Diluted     (0.01 )                 0.22  
Weighted average number of shares:                          
Basic     47,811                   47,811  
Diluted     47,811                   48,437  

_________________
^  - See table below for additional details.

 
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)
   
Three months ended March 31, 2020    
Restructuring $ 625  
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting   63  
Subtotal   688  
Non-cash interest expense   3,320  
Non-GAAP tax adjustment *   (73 )
Total Other $ 3,935  

_________________
*  - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

These tables include 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; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

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 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 Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to 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 Net Income (loss) to Non-GAAP Operating Income (loss)
(in thousands)
(unaudited)
             
       Three months ended      Three months ended
    March 31, 2021   March 31, 2020
GAAP Net income (loss)   $ 2,494   $ (567 )
Share-based compensation     3,237     3,646  
Amortization     3,354     3,837  
Restructuring         625  
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting     96     63  
Interest (income) expense, net     6,623     4,866  
Income tax expense (benefit)     298     268  
Other     9      
Non-GAAP Operating income (loss)   $ 16,111   $ 12,738  

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; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

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 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 Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to 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 amounts)
(unaudited)
                                             
                    Non-GAAP Adjustments                
Guidance for the three months ending                   Share-based                        
June 30, 2021   GAAP   Compensation   Amortization      Other       Non-GAAP
Net sales   $ 125   -   $ 145               $ 125   -   $ 145  
Gross profit     50   -     61   1         51   -     62  
Gross margin     40%   -     42%                 40%   -     42%  
Operating expenses     45   -     47   (3)   (3)   (1)     38   -     40  
Operating income (loss)     5   -     14   4   3   1     13   -     22  
Net income (loss)   $ (3)   -   $ 6   4   3   5   $ 9   -   $ 18  
                                             
Income (loss) per diluted common share   $ (0.06)   -   $ 0.11               $ 0.17   -   $ 0.35  
Weighted average number of shares (1)     49         53                 51         51  

_________________
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, no incremental shares are added to the dilutive share count in periods in which the average stock price per share is below $18.46. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, incremental shares are added to the dilutive share count in periods in which the average stock price per share is above $13.98, and the Company is in a net income position.

 
Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (Loss)
(in millions)
(unaudited)
                 
Guidance for the three months ending June 30, 2021                         
GAAP Net income (loss)   $ (3 )   -   $ 6
Share-based compensation     4     -     4
Amortization     3     -     3
Interest expense, net     7     -     7
Other     2     -     2
Non-GAAP Operating income (loss)   $ 13     -   $ 22

Note: Amounts may not calculate precisely due to rounding.

These tables include 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; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

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 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 Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to 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.





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Disclaimer

Veeco Reports First Quarter 2021 Financial Results First Quarter 2021 Highlights: Revenues of $133.7 million, compared with $104.5 million in the same period last yearGAAP net income of $2.5 million, or $0.05 per diluted share, compared with a loss of $0.6 million, or $0.01 loss per diluted share …

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