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NASDAQ Slams Veeco For Late Quarterly Filing

The main reason for a delay in filing was down to the company reviewing the timing of the recognition of revenue and related expenses on the sale of some of its products
Veeco Instruments Inc. received a letter from the NASDAQ Stock Market LLC on August 14th, 2013.

It said that Veeco was not in compliance with NASDAQ Listing Rule 5250(c)(1) because its Quarterly Report on Form 10-Q for the quarter ended June 30th, 2013 (Form 10-Q) was not filed on a timely basis with the Securities and Exchange Commission (SEC). NASDAQ Listing Rule 5250(c)(1) requires the company to timely file all required periodic financial reports with the SEC.

Veeco says Form 10-Q and its annual report on Form 10-K for the year ended December 31st, 2012 and quarterly reports on Form 10-Q for the quarters ended September 30th, 2012 and March 31st, 2013, could not be filed timely because the company was reviewing the timing of the recognition of revenue and related expenses on the sale of certain of its products. The accounting review was announced on November 15th 2012.

Veeco had previously announced that the NASDAQ Listing Qualifications Panel informed Veeco that its request for continued listing on The NASDAQ Stock Market until November 4th, 2013 was granted.

On or prior to November 4th, 2013, Veeco must regain compliance with all applicable requirements for continued listing on The NASDAQ Stock Market including filing its outstanding annual and periodic reports with the SEC.

The company continues to conduct the review and intends to file its Forms 10-Q and 10-K as soon as reasonably practicable after these accounting matters have been resolved.

Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. The firm provides MOCVD, MBE, Ion Beam and other advanced thin film systems.

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