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Veeco Reports Preliminary Fourth Quarter and Full Year 2016 Financial Results

/EINPresswire.com/ -- PLAINVIEW, NY--(Marketwired - January 10, 2017) - Veeco Instruments Inc. ("Veeco") (NASDAQ: VECO) today announced preliminary financial results for its fourth quarter and fiscal year ended December 31, 2016. 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 results is provided at the end of this press release.

Preliminary Estimated and Unaudited 2016 Financial and Other Data

Veeco's estimated and unaudited consolidated financial data presented below is preliminary and was prepared by management in good faith based upon internal reporting for the three months and year ended December 31, 2016. Although Veeco has not identified any unusual or unique events or trends that occurred during the period which might materially affect these estimates, actual results may still be outside of the ranges provided below. Veeco's independent registered public accounting firm, KPMG LLP, has not audited, reviewed, compiled or performed any procedures on this preliminary financial data. As a result, Veeco's full interim or audited annual financial statements prepared in accordance with GAAP for the periods shown may be different from the preliminary estimates herein. You should not place undue reliance on this preliminary and estimated financial information and should view this information in the context of Veeco's 2016 results when such results are disclosed in Veeco's Annual Report on Form 10-K for the year ended December 31, 2016.

In addition to the preliminary financial information set forth below, Veeco currently expects to record bookings of approximately $125 million for the fourth quarter. A preliminary estimate for cash, cash equivalents and short-term investments is approximately $344 million as of December 31, 2016 as compared to $337 million at the end of the third quarter of 2016.

Management will not be holding a call to discuss the preliminary financial information.

U.S. Dollars in millions, except per share data

 
    Three months ended December 31,
GAAP Results   2016 Range   2015
    (estimated and unaudited)    
  Revenue   $91   -   $95   $106.5
  Gross margin   38%   -   39%   36.4%
  Research and development   $17   -   $18   $20.6
  Selling, general, and administrative and Other   $19   $21.1
  Net income (loss)   ($7)   -   ($5)   ($9.8)
  Diluted earnings (loss) per share   ($0.18)   -   ($0.12)   ($0.25)
                 
    Three months ended December 31,
Non-GAAP Results   2016 Range   2015
    (estimated and unaudited)    
  Revenue   $91   -   $95   $106.5
  Gross margin   38.5%   -   39.5%   36.8%
  Research and development   $17   -   $18   $19.3
  Selling, general, and administrative and Other   $16   $18.7
  Adjusted net income (loss)   $2   -   $4   $0.6
  Adjusted EBITDA   $5   -   $7   $4.4
  Adjusted diluted earnings (loss) per share   $0.04   -   $0.10   $0.01
                   

U.S. Dollars in millions, except per share data

     
    Year ended December 31,
GAAP Results   2016 Range   2015
    (estimated and unaudited)    
  Revenue   $330   -   $334   $477.0
  Gross margin   40%   37.2%
  Research and development   $81   -   $82   $78.5
  Selling, general, and administrative and Other   $78   $89.5
  Net income (loss)   ($124)   -   ($122)   ($32.0)
  Diluted earnings (loss) per share   ($3.16)   -   ($3.10)   ($0.80)
                 
    Year ended December 31,
Non-GAAP Results   2016 Range   2015
    (estimated and unaudited)    
  Revenue   $330   -   $334   $477.0
  Gross margin   41%   38.0%
  Research and development   $78   -   $79   $74.5
  Selling, general, and administrative and Other   $66   $77.1
  Adjusted net income (loss)   ($12)   -   ($10)   $22.1
  Adjusted EBITDA   $3   -   $5   $41.7
  Adjusted diluted earnings (loss) per share   ($0.31)   -   ($0.25)   $0.54
                   

Sales by market and region:

         
    Year ended December 31,
    2016   2015
    (estimated and unaudited)    
Market Analysis        
  Lighting, Display & Power Electronics   41%   61%
  Advanced Packaging, MEMS & RF   21%   13%
  Scientific & Industrial   22%   13%
  Data Storage   16%   13%
         
Market Analysis        
  United States   26%   18%
  China   26%   51%
  EMEA   25%   13%
  Rest of World   23%   18%
           

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.

Forward-Looking Statements and Disclosures

This news release discusses expectations or otherwise makes statements about the future, including statements about Veeco's preliminary financial results for the three months and full year ended December 31, 2016. 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 Risk Factors, Business Description and Management's Discussion and Analysis of Financial Condition and Results of Operations sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2015 and in its subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. In addition, Veeco can provide no assurances that the preliminary financial results provided herein will be consistent with its audited financial results that will be included in its Annual Report on Form 10-K for the year ended December 31, 2016. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

-financial tables attached-

   
Veeco Instruments Inc. and Subsidiaries  
Reconciliation of GAAP to Non-GAAP Financial Data  
(in millions, except per share amounts)  
(estimated and unaudited)  
   
      Non-GAAP Adjustments      
Preliminary results for the three months ended December 31, 2016 GAAP   Share-based Compensation   Amortization   Other   Non-GAAP  
Net sales $ 91   - $ 95               $ 91   - $ 95  
                                         
Gross profit   34   -   37   1         35   -   38  
  Gross margin   38 % -   39 %               38.5 % -   39.5 %
                                         
Research and development   17   -   18         $ 17   - $ 18  
Selling, general, and administrative and Other   19   -   19   3       $ 16   - $ 16  
Net income (loss)   (7 ) -   (5 ) 4   3   2   $ 2   - $ 4  
                                         
Income (loss) per diluted common share  $ (0.18 -  $ (0.12             $ 0.04   - $ 0.10  
  Weighted average number of shares   39       39                 40       40  
                                           
   
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in millions)
(estimated and unaudited)
   
Preliminary results for the three months ended December 31, 2016    
Restructuring $ 2
  Total Other $ 2
       
 
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 incremental transaction-related compensation.

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 adjusted EBITDA, 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 Adjusted EBITDA  
(in millions)  
(estimated and unaudited)  
                     
Preliminary results for the three months ended December 31, 2016                    
GAAP net income (loss)   $ (7 )   -   $ (5 )
Share-based compensation     4     -     4  
Amortization     3     -     3  
Restructuring     2     -     2  
Interest (income) expense     0     -     0  
Depreciation     2     -     2  
Income tax expense (benefit) *     1     -     1  
  Adjusted EBITDA   $ 5     -   $ 7  
                       
 
Note: Amounts may not calculate precisely due to rounding.
 
* - The 'with or without' method is utilized to determine the income tax effect of all non-GAAP adjustments.
 
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 incremental transaction-related compensation.

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 adjusted EBITDA, 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)  
(estimated and unaudited)  
   
          Non-GAAP Adjustments      
Preliminary results for the year ended December 31, 2016   GAAP     Share-based Compensation   Amortization   Other   Non-GAAP  
Net sales   $ 330     -   $ 334                 $ 330     -   $ 334  
                                                     
Gross profit     131     -     134     2     1     134     -     137  
  Gross margin     40 %   -     40 %                 41 %   -     41 %
                                                     
Research and development     81     -     82     3       $ 78     -   $ 79  
Selling, general, and administrative and Other     78     -     78     11     1   $ 66     -   $ 66  
Net income (loss)     (124 )   -     (122 )   16   19   77   $ (12 )   -   $ (10 )
                                                     
Income (loss) per diluted common share    $ (3.16   -    $ (3.10                $ (0.31   -    $ (0.25
  Weighted average number of shares     39           39                   39           39  
                                                       
     
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in millions)
(estimated & unaudited)
Preliminary results for the year
ended December 31, 2016
   
Asset impairment   $ 69
Accelerated depreciation     1
Restructuring     6
Pension termination     1
  Total Other   $ 77
         
 
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 incremental transaction-related compensation.

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 adjusted EBITDA, 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 Adjusted EBITDA  
(in millions)  
(estimated and unaudited)  
Preliminary results for the year
ended December 31, 2016
               
GAAP net income (loss)   $(124 )   -   $(122 )
Share-based compensation   16     -   16  
Amortization   19     -   19  
Asset impairment   69     -   69  
Accelerated depreciation   1     -   1  
Restructuring   6     -   6  
Pension termination   1     -   1  
Interest income   (1 )   -   (1 )
Depreciation   12     -   12  
Income tax expense (benefit) *   4     -   4  
Adjusted EBITDA   $ 3     -   $ 5  
                 
 
Note: Amounts may not calculate precisely due to rounding.
 
* - The 'with or without' method is utilized to determine the income tax effect of all non-GAAP adjustments.
 
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 incremental transaction-related compensation.

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 adjusted EBITDA, 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        
Three months ended December 31, 2015   GAAP     Share-based Compensation     Amortization   Other     Non-GAAP  
Net sales   $ 106,543                     $ 106,543  
Gross profit     38,786     393                 39,179  
Gross margin     36.4 %                     36.8 %
Research and development     20,639     (1,292 )               19,347  
Selling, general, and administrative and Other     21,134     (2,277 )       (188 )     18,669  
Net income (loss)     (9,788 )   3,962     5,802   598       574  
                                 
Income (loss) per common share:                                
  Basic   $ (0.25 )                   $ 0.01  
  Diluted     (0.25 )                     0.01  
Weighted average number of shares:                                
  Basic     39,794                       40,644  
  Diluted     39,794                       40,731  
                                   
     
Veeco Instruments Inc. and Subsidiaries  
Other Non-GAAP Adjustments  
(in thousands)  
(unaudited)  
Three months ended December 31, 2015    
  Restructuring 1,170  
  Acquisition related 188  
  One-time legal settlement -  
  Non-GAAP tax adjustment * (760 )
    Total Other 598  
         
 
* - 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 incremental transaction-related compensation.

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 adjusted EBITDA, 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 Adjusted EBITDA  
(in thousands)  
(unaudited)  
    Three months ended December 31,  
    2015  
GAAP net income (loss)   $ (9,788 )
Share-based compensation     3,962  
Amortization     5,802  
Restructuring     1,170  
Acquisition related     188  
Interest income     (145 )
Depreciation     3,282  
Income tax expense (benefit)     (26 )
  Adjusted EBITDA   $ 4,445  
           
 
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 incremental transaction-related compensation.

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 adjusted EBITDA, 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        
For the year ended December 31, 2015   GAAP     Share-based Compensation     Amortization   Other     Non-GAAP  
Net sales   $ 477,038                     $ 477,038  
Gross profit     177,241     2,495         1,311       181,047  
Gross margin     37.2 %                     38.0 %
Research and development     78,543     (4,031 )               74,512  
Selling, general, and administrative and Other     89,491     (11,474 )       (958 )     77,059  
Net income (loss)     (31,978 )   18,000     27,634   8,408       22,064  
                                 
Income (loss) per common share:                                
  Basic   $ (0.80 )                   $ 0.54  
  Diluted     (0.80 )                     0.54  
Weighted average number of shares:                                
  Basic     39,742                       40,759  
  Diluted     39,742                       40,905  
                                 
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)
For the year ended December 31, 2015    
  Restructuring   4,679
  Acquisition related - PSP inventory fair value step-up   1,311
  Acquisition related   563
  Asset impairment   126
  One-time legal settlement   395
  Non-GAAP tax adjustment *   1,334
    Total Other   8,408
     
* - 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 incremental transaction-related compensation.
 
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 adjusted EBITDA, 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 Adjusted EBITDA  
(in thousands)  
(unaudited)  
    For the year ended December 31,  
    2015  
GAAP net income (loss)   $ (31,978 )
Share-based compensation     18,000  
Amortization     27,634  
Asset impairment     126  
Restructuring     4,679  
Acquisition related - PSP inventory fair value step-up     1,311  
Acquisition related     563  
One-time legal settlement     395  
Interest income     (586 )
Depreciation     12,216  
Income tax expense (benefit)     9,332  
  Adjusted EBITDA   $ 41,692  
 
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 incremental transaction-related compensation.

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 adjusted EBITDA, 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 Contacts
Investors:
Shanye Hudson
516-677-0200x1272
shudson@veeco.com

Media:
Jeffery Pina
516-677-0200x1222
jpina@veeco.com