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Veeco Reports Fourth Quarter and Fiscal Year 2017 Financial Results

Fourth Quarter 2017 Highlights:

  • Revenues of $143.4 million, compared with $93.6 million in the same period last year
  • GAAP net loss of $5.6 million, or $0.12 loss per share
  • Non-GAAP net income of $9.1 million, or $0.19 per diluted share

Full Year 2017 Highlights:

  • Revenues of $484.8 million
  • GAAP net loss of $44.8 million, or $1.01 loss per share
  • Non-GAAP net income of $23.4 million, or $0.53 per diluted share

PLAINVIEW, N.Y., Feb. 12, 2018 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq:VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2017. 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 operating results is provided at the end of this press release.

U.S. Dollars in millions, except per share data
4th Quarter
Full Year
GAAP ResultsQ4 ‘17Q4 ‘16 2017
2016
Revenue$143.4$93.6$484.8$332.5
Net income (loss) ($5.6)($5.0)($44.8)($122.2)
Diluted earnings (loss) per share($0.12)($0.13)($1.01)($3.11)
4th Quarter
Full Year
Non-GAAP ResultsQ4 ‘17Q4 ‘16 2017
2016
Net income (loss)$9.1$3.8$23.4($11.3)
Operating income (loss)$10.5$3.3$31.3($8.5)
Diluted earnings (loss) per share$0.19$0.09$0.53($0.29)

"2017 was a transformational year for Veeco. We diversified our revenue base through the acquisition of Ultratech, completed a major manufacturing consolidation, and ended the year with strong bookings and historically high backlog,” commented John R. Peeler, Chairman and Chief Executive Officer. “Sales growth in the fourth quarter was driven primarily by shipment of our MOCVD and Laser Anneal systems, and we announced a large multi tool order for our EPIK® 868 from Focus Lightings for the production of high-volume light emitting diodes (LEDs).”

"Entering 2018, we expect to grow in all of our target markets, and we are seeing particularly healthy demand in Advanced Packaging, MEMS and RF Filter and Front-End Semiconductor markets,” continued Mr. Peeler.

“Lastly, as we announced on February 8, 2018, I am pleased to report that we have reached a mutually agreed settlement of the pending patent disputes with AMEC and SGL Carbon, and all legal actions related to this matter will be dismissed or withdrawn. We are back to normal operations in our MOCVD business,” concluded Mr. Peeler.

Guidance and Outlook

The following guidance is provided for Veeco’s first quarter 2018:

  • Revenue is expected in the range of $140 million to $165 million
  • Non-GAAP operating income is expected in the range of $2 million to $10 million
  • GAAP earnings (loss) per share are expected in the range of ($0.50) to ($0.32)
  • Non-GAAP earnings (loss) per share are expected in the range of ($0.04) to $0.14

Please refer to the tables at the end of this press release for further details.

Conference Call Information

A conference call reviewing these results has been scheduled for today, February 12, 2018 starting at 5:00pm ET. To join the call, dial 1-800-239-9839 (toll free) or 1-323-794-2551 and use passcode 3939388. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website beginning at 8:00pm ET this evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

About Veeco

Veeco (NASDAQ:VECO) is a leading manufacturer of innovative semiconductor process equipment. Our proven MOCVD, lithography, laser annealing, ion beam and single wafer etch & clean technologies play an integral role in producing LEDs for solid-state lighting and displays, and in the fabrication of advanced semiconductor devices. With equipment designed to maximize performance, yield and cost of ownership, Veeco holds technology leadership positions in all these served markets. To learn more about Veeco's innovative equipment and services, visit www.veeco.com.

Forward-looking Statements

To the extent that this news release discusses expectations or otherwise makes statements about the future, 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 Business Description and Management's Discussion and Analysis sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2016 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. 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 Contacts:
Investors:Media:
Anthony Bencivenga 516-677-0200 x1272David Pinto 408-325-6157
abencivenga@veeco.comdpinto@veeco.com


Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended December 31,Year ended December 31,
2017 2016 2017 2016
Net sales$143,432 $93,609 $484,756 $332,451
Cost of sales 85,095 57,601 300,438 199,593
Gross profit 58,337 36,008 184,318 132,858
Operating expenses, net:
Research and development 24,318 17,471 81,987 81,016
Selling, general, and administrative 28,675 19,412 100,250 77,642
Amortization of intangible assets 13,753 3,434 35,475 19,219
Restructuring 2,246 1,646 11,851 5,640
Acquisition costs 1,510 17,786
Asset impairment (142) 1,139 69,520
Other, net (165) (660) (392) 223
Total operating expenses, net 70,337 41,161 248,096 253,260
Operating income (loss) (12,000) (5,153) (63,778) (120,402)
Interest income (expense), net (4,753) 245 (17,122) 958
Income (loss) before income taxes (16,753) (4,908) (80,900) (119,444)
Income tax expense (benefit) (11,137) 90 (36,107) 2,766
Net income (loss)$(5,616)$(4,998)$(44,793)$(122,210)
Income (loss) per common share:
Basic$(0.12)$(0.13)$(1.01)$(3.11)
Diluted$(0.12)$(0.13)$(1.01)$(3.11)
Weighted average number of shares:
Basic 47,037 39,267 44,174 39,340
Diluted 47,037 39,267 44,174 39,340

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
December 31,December 31,
2017 2016
Assets
Current assets:
Cash and cash equivalents$279,736 $277,444
Restricted cash 847
Short-term investments 47,780 66,787
Accounts receivable, net 98,866 58,020
Inventories 120,266 77,063
Deferred cost of sales 16,060 6,160
Prepaid expenses and other current assets 33,437 16,034
Total current assets 596,992 501,508
Property, plant and equipment, net 85,058 60,646
Intangible assets, net 369,843 58,378
Goodwill 307,131 114,908
Deferred income taxes 2,953 2,045
Other assets 25,310 21,047
Total assets$1,387,287 $758,532
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$50,318 $22,607
Accrued expenses and other current liabilities 60,339 33,201
Customer deposits and deferred revenue 108,953 85,022
Income taxes payable 3,846 2,311
Current portion of long-term debt 368
Total current liabilities 223,456 143,509
Deferred income taxes 36,845 13,199
Long-term debt 275,630 826
Other liabilities 10,643 6,403
Total liabilities 546,574 163,937
Total stockholders' equity 840,713 594,595
Total liabilities and stockholders' equity$1,387,287 $758,532

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, 2017 GAAP
Share-Based
Compensation

Amortization Other
Non-GAAP
Net sales $ 143,432 $143,432
Gross profit 58,337 607 537 59,481
Gross margin 40.7% 41.5%
Research and development 24,318 (971) 23,347
Selling, general, and administrative and Other 28,510 (2,668) (196) 25,646
Net income (loss) (5,616)4,420 13,753 (3,460) 9,097
Income (loss) per common share:
Basic $ (0.12) $0.19
Diluted (0.12) 0.19
Weighted average number of shares:
Basic 47,037 47,109
Diluted 47,037 47,208
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)
Three months ended December 31, 2017
Restructuring 2,073
Acquisition related 1,510
Release of inventory fair value step-up associated with the Ultratech purchase accounting 440
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting 293
Non-cash interest expense 2,805
Non-GAAP tax adjustment * (10,581)
Total Other (3,460)
* - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments, as well as the exclusion of certain tax benefits attributed to the change in U.S. tax laws.
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 Non-GAAP Operating Income (loss), 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, 2016 GAAP
Share-based
Compensation
Amortization Other Non-GAAP
Net sales $93,609 $93,609
Gross profit 36,008 316 362 36,686
Gross margin 38.5% 39.2%
Research and development 17,471 (292) 17,179
Selling, general, and administrative and Other 18,752 (2,971) (44) 15,737
Net income (loss) (4,998)3,579 3,434 1,740 3,755
Income (loss) per common share:
Basic $(0.13) $0.09
Diluted (0.13) 0.09
Weighted average number of shares:
Basic 39,267 39,579
Diluted 39,267 39,990
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)
Three months ended December 31, 2016
Restructuring 1,646
Acquisition related 44
Asset impairment (142)
Accelerated depreciation 362
Reclassification of cumulative translation gain from subsidiary liquidation (429)
Non-GAAP tax adjustment * 259
Total Other 1,740
* - 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 Non-GAAP Operating Income (loss), 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 Non-GAAP Operating Income (loss)
(in thousands)
(unaudited)
Three months endedThree months ended
December 31, 2017 December 31, 2016
GAAP Net income (loss) $ (5,616)$ (4,998)
Share-based compensation 4,420 3,579
Amortization 13,753 3,434
Restructuring 2,073 1,646
Acquisition related 1,510 44
Release of inventory fair value step-up associated with the Ultratech purchase accounting 440 -
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting 293 -
Asset impairment - (142)
Accelerated depreciation - 362
Reclassification of cumulative translation gain from subsidiary liquidation - (429)
Interest (income) expense 4,753 (245)
Income tax expense (benefit) (11,137) 90
Non-GAAP Operating Income (loss) $ 10,489 $ 3,341
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 Non-GAAP Operating Income (loss), 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, 2017 GAAP
Share-Based
Compensation
Amortization Other Non-GAAP
Net sales $484,756 $484,756
Gross profit 184,318 2,505 10,075 196,898
Gross margin 38.0% 40.6%
Research and development 81,987 (2,957) 79,030
Selling, general, and administrative and Other 99,858 (12,851) (466) 86,541
Net income (loss) (44,793)24,396 35,475 8,368 23,446
Income (loss) per common share:
Basic $(1.01) $0.53
Diluted (1.01) 0.53
Weighted average number of shares:
Basic 44,174 44,247
Diluted 44,174 44,486
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)
For the year ended December 31, 2017
Restructuring 9,971
Acquisition related 13,583
Release of inventory fair value step-up associated with the Ultratech purchase accounting 9,664
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting 695
Asset impairment 1,139
Accelerated depreciation 180
Non-cash interest expense 10,446
Non-GAAP tax adjustment * (37,310)
Total Other 8,368
* - The 'with or without' method is utilized to determine the income tax effect of all non-GAAP adjustments, as well as the exclusion of certain tax benefits attributed to the change in U.S. tax laws and the release of FIN48 reserves.
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 Non-GAAP Operating Income (loss), 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, 2016 GAAP
Share-Based
Compensation
Amortization Other Non-GAAP
Net sales $332,451 $332,451
Gross profit 132,858 1,956 716 135,530
Gross margin 40.0% 40.8%
Research and development 81,016 (3,324) 77,692
Selling, general, and administrative and Other 77,866 (10,433) (1,537) 65,896
Net income (loss) (122,210)15,713 19,219 75,954 (11,324)
Income (loss) per common share:
Basic $(3.11) $(0.29)
Diluted (3.11) (0.29)
Weighted average number of shares:
Basic 39,340 39,340
Diluted 39,340 39,340
Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)
For the year ended December 31, 2016
Restructuring 5,640
Acquisition related 232
Asset impairment 69,520
Accelerated depreciation 716
Pension termination 1,305
Reclassification of cumulative translation gain from subsidiary liquidation (429)
Non-GAAP tax adjustment * (1,030)
Total Other 75,954
* - 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 Non-GAAP Operating Income (loss), 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 Non-GAAP Operating Income (loss)
(in thousands)
(unaudited)
Year endedYear ended
December 31, 2017 December 31, 2016
GAAP Net income (loss) $(44,793)$(122,210)
Share-based compensation 24,396 15,713
Amortization 35,475 19,219
Restructuring 9,971 5,640
Acquisition related 13,583 232
Release of inventory fair value step-up associated with the Ultratech purchase accounting 9,664 -
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting 695 -
Asset impairment 1,139 69,520
Accelerated depreciation 180 716
Pension termination - 1,305
Reclassification of cumulative translation gain from subsidiary liquidation - (429)
Interest (income) expense 17,122 (958)
Income tax expense (benefit) (36,107) 2,766
Non-GAAP Operating Income (loss) $31,325 $(8,486)
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 Non-GAAP Operating Income (loss), 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)
(unaudited)
Non-GAAP Adjustments
Guidance for the three months ending March 31, 2018
GAAP Share-based
Compensation
Amortization Other Non-GAAP
Net sales $140 $165 $140 $165
Gross profit 47 58 1 48 59
Gross margin 33% 35% 34% 36%
Net income (loss)$(23)$(15) 4 13 4 $(2)$6
Income (loss) per diluted common share$(0.50)$(0.32) $(0.04)$0.14
Weighted average number of shares 47 47 47 47
Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (Loss)
(in millions)
(unaudited)
Guidance for the three months ending March 31, 2018
GAAP Net income (loss) $(23)$(15)
Share-based compensation 4 4
Amortization 13 13
Restructuring 1 1
Acquisition related 1 1
Interest expense, net 5 5
Income tax expense (benefit) 1 1
Non-GAAP Operating Income $2 $10
Note: Amounts may not calculate precisely due to rounding.
These 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 Non-GAAP Operating Income (loss), 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.

Source:Veeco Instruments Inc.

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