Veeco Reports First Quarter 2017 Financial Results

First Quarter 2017 Highlights:

Revenues of $94.4 million, up 21% compared with the same period last year
GAAP earnings per share of $0.03, and non-GAAP earnings per share of $0.09
Non-GAAP adjusted EBITDA of $7.3 million
Announced agreement to acquire Ultratech, Inc., a leading supplier of lithography, laser-processing and inspection systems addressing the advanced packaging, semiconductor and LED industries

Veeco Instruments Inc. has announced financial results for its first fiscal quarter ended March 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.

(Data: Veeco)

"Veeco's first quarter sales were above seasonal average and increased by more than 20% year-over-year, reflecting a recovery in LED industry conditions. We are continuing to build backlog and see a healthy sales pipeline, which supports top line growth in the second half of 2017. Our Q1 gross margin reflects, among other factors, the temporary impact of our manufacturing consolidation efforts. We now expect to complete these plans in the third quarter. We believe our consolidation efforts combined with sustained cost discipline will drive positive operating leverage, as revenues scale," commented John R. Peeler, Chairman and Chief Executive Officer.

"In addition, we are pleased with the progress we've made towards completing the Ultratech acquisition, which we expect to close in late May. Integration planning is well under way and we expect to hit the ground running on day one," Mr. Peeler concluded.

Guidance and Outlook

The following guidance is provided for Veeco's second quarter 2017:

Revenue is expected to be in the range of $85 million to $100 million
Adjusted EBITDA is expected to be in the range of $4 million to $10 million
GAAP earnings (loss) per share are expected to be in the range of ($0.14) to $0.02 and includes a pre-tax interest expense estimated to be ~$5 million associated with the 2023 Convertible Notes
Non-GAAP earnings per share are expected to be in the range of ($0.05) to $0.09 and includes a pre-tax interest expense estimated to be ~$2 million associated with the 2023 Convertible Notes

Please refer to the full press release for further details.

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