Veeco Reports $19.1m Q1 Loss
Improved margins and lower operating expenses above guidance range
Veeco Instruments has announced its financial results for the first quarter ended March 31, 2015. It reported a first-quarter loss of $19.1 million, after reporting a profit in the same period a year earlier. Nevertheless the results exceeded previous guidance, said the company.
"Veeco executed well in the first quarter, and adjusted EBITDA came in slightly higher than our guidance range due to improved gross margins and lower operating expenses," commented John R. Peeler, chairman and CEO. "Following very strong fourth quarter results, Veeco's first quarter 2015 bookings were $102 million, as guided. Our new Veeco Precision Surface Processing or (PSP) business is off to a great start, and will help drive increased sales and profitability in 2015."
He added that Veeco's new TurboDisc EPIK 700 MOCVD system is performing very well in the market, and production orders have been received from all beta customers as well as additional customers in multiple countries.
According to Peeler, "Customers have validated that EPIK 700 is the best product in the industry to drive down total cost of ownership, improve productivity, and enable them to produce the highest quality LEDs at the lowest cost. As a result, we are seeing excellent customer pull for the product."
The company shipped a number of EPIK 700 systems in the first quarter, which were not recognised as revenue in Q1 2015, resulting in an increase of $25 million in deferred revenue.
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