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Veeco's Q3 revenue up 51 percent

Bookings below expectations due to ongoing economic uncertainty in China

Process equipment company Veeco Instruments has announced financial results for its third fiscal quarter ended September 30, 2015, with revenue of $140.7 million, an increase of 51 percent compared with the same period last year.

GAAP earnings per share were  $0.13 and Non-GAAP earnings per share of $0.33. Non-GAAP adjusted EBITDA increased to $21.8 million (compared to a $1.8 million loss in Q3 2014) and the company generated $9.9 million in cash.

"Veeco's third quarter results demonstrate solid operational execution with gross margin, adjusted EBITDA and earnings per share all above the mid-point of our guided ranges," commented John R. Peeler, chairman and CEO.

"Business conditions deteriorated in the final weeks of the quarter and had a severe impact on our bookings performance. We recorded $52 million in bookings, which were well below our expectations. Customers delayed their MOCVD investments amid ongoing economic uncertainty in China and weak LED demand for TV display backlighting," he said.

"We cannot accurately predict the duration of this MOCVD investment pause. However, demand for LED lighting remains healthy, which gives us confidence that investments will resume once industry conditions improve. We will continue to actively manage those things within our control through this period of uncertainty."

"We announced a $100 million share repurchase program, which underscores our confidence in longer term growth prospects and our commitment to enhance shareholder value. We believe our strong balance sheet provides us with the flexibility to execute share repurchases while continuing to invest in R&D and other opportunities to profitably grow our business,"  Peeler concluded.

Guidance and Outlook

For Veeco's fourth fiscal quarter 2015, revenue is expected to be in the range of $90 million to $110 million. Adjusted EBITDA is expected to be in the range of ($3) million to $5 million. GAAP earnings (loss) per share are expected to be in the range of ($0.38) to ($0.19). Non-GAAP earnings (loss) per share are expected to be in the range of ($0.12) to $0.07

Based on above guidance,the company expects fiscal year 2015 revenue to be in a range of $460 million to $480 million, reflecting annual growth of between 17 percent and 22 percent.

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