VEECO Second Quarter 2010 Financial Results made new record

VEECO has stated its financial results based on GAAP for the second quarter ended June 30, 2010.

According to John R. Peeler, VEECO 's Chief Executive Officer, the second quarter revenue has made a new record of $253 million, an increase of approximately 250% from last year and 55% sequentially.

LED & Solar, Data Storage and Metrology, continue to execute extremely well, with sequential improvements in revenue and EBITA.

Their LED & Solar revenues were $186 million, with approximately $175 million in MOCVD. It shipped 81 MOCVD systems, quadrupling shipments since the third quarter of last year. LED & Solar orders were a record $260 million, up 23% sequentially. It received $251 million in MOCVD orders.

VEECO's Data Storage orders were $50 million, up 90% sequentially. Metrology orders were $37 million, their best quarterly performance in several years and up 22% sequentially on the strength of new products and improved business conditions in semiconductor and data storage markets.

EBITA was a record $68.4 million, or 27% of sales, resulting in record quarterly GAAP EPS of $1.20 per share and non-GAAP EPS of $1.01 per share.

VEECO's balance sheet performance generated approximately $67 million in cash from operations during the second quarter.

VEECO's Q2 '10 book-to-bill ratio was 1.37, with a record backlog of $597 million at the end of the quarter.

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