Veeco announces Q209 and first six months financial results

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Veeco Instruments announced its financial results for the second quarter and six months ended June 30. Veeco said it is “on-track” with cost and workforce reduction plans and outsourced manufacturing initiatives. This is apparently due to solid performance in accounts receivable, inventory management and other operating items.

The company’s second quarter orders totaled $99 million; this is up 86% sequentially from the $53 million reported in the first quarter. LED and solar orders were $57 million, which is 58% of the total, thereby doubling sequentially as LED manufacturers ramp production for TV and laptop backlighting applications.

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Metrology orders were $23 million (23% of total), up 38% sequentially due to new product traction, particularly for the Dimension Icon and BioScope Catalyst AFMs, and some improvement in scientific research spending.

Veeco also received several orders for its TurboDisc metal organic chemical vapor deposition (MOCVD) systems from key Korean and Taiwanese LED manufacturers in this quarter as well as recording that data storage orders had improved 147% sequentially to $19 million (19% of total), with hard-drive customers resuming both technology and capacity purchases. Veeco also received orders for four of its NEXUS CVD Systems.

John R. Peeler, Veeco’s CEO, commented, “From a revenue and loss perspective, the second quarter remained challenging, but was within our guidance range and was an improvement from the first quarter of 2009.”

“We are pleased with Veeco’s accomplishments during what has been a difficult first half of 2009. We swiftly restructured the company, while remaining focused on meeting our customers’ next-generation technology and product requirements. Although cautious about overall economic conditions, we are encouraged by the sequential bookings improvement in all three businesses. Veeco’s backlog at June 30, 2009 was $160 million.”

Veeco’s third-quarter 2009 revenues are forecast to be between $80-88 million.

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