Fourth Quarter 2015 Highlights

• Revenues of US $106.5 million, down 6% compared with the same period last year
• GAAP net loss per share of $0.25 and Non-GAAP earnings per share of $0.01
• Non-GAAP adjusted EBITDA of $4.4 million 

Full Year 2015 Highlights

• Revenues of $477.0 million, an increase of 21% compared to 2014
• GAAP net loss per share of $0.80 and Non-GAAP earnings per share of $0.54
• Non-GAAP adjusted EBITDA of $41.7 million 

Veeco Instruments (NASDAQ: VECO) announced financial results for its fourth quarter and fiscal year ended December 31, 2015. 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.

Veeco's financial results for 4Q15 and 2015. (Veeco/LEDinside)

"We ended 2015 on a positive note, delivering solid Q4 revenue and adjusted EBITDA and exceeding the high end of our guidance range for gross margin. Q4 bookings doubled sequentially to $107 million, bolstered by record-level orders for our Precision Surface Processing ("PSP") products. PSP has enabled us to significantly expand our footprint in the RF and MEMS markets and also gain entry into the high growth Advanced Packaging space. With focus and execution, we exceeded our 2015 revenue plans for PSP which contributed to annual revenue growth of 21 percent for the company," commented John R. Peeler, Chairman and Chief Executive Officer.

"Entering 2016, we continue to face a weak macro-economic environment and challenging LED industry conditions. As a result, we expect investments for Metal Organic Chemical Vapor Deposition ("MOCVD") equipment will remain soft through the first half of this year. During this time, we continue to strengthen our product portfolio and recently introduced the TurboDisc® K475i™ MOCVD reactor to complement our industry leading EPIK™ 700 MOCVD product. We remain focused on positioning the Company for long term growth and are encouraged by our prospects," Mr. Peeler concluded.

Guidance and Outlook

• The following guidance is provided for Veeco's first quarter 2016:
• Revenue is expected to be in the range of $70 million to $80 million
• Adjusted EBITDA (loss) is expected to be in the range of ($9) million to ($5) million
• GAAP earnings (loss) per share are expected to be in the range of ($0.62) to ($0.52)
• Non-GAAP earnings (loss) per share are expected to be in the range of ($0.35) to ($0.25)

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 22, 2016 starting at 5:00pm ET. To join the call, dial 1-888-438-5491 (toll free) or 1-719-785-1765 and use passcode 4400150. The call will also be webcast live on the Veeco 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.