2013 Q1 Form 10-Q Financial Statement

#000110465913080266 Filed on November 04, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $61.78M $139.9M
YoY Change -55.84% -45.06%
Cost Of Revenue $39.23M $74.64M
YoY Change -47.44% -39.66%
Gross Profit $22.55M $65.27M
YoY Change -65.45% -50.16%
Gross Profit Margin 36.5% 46.65%
Selling, General & Admin $19.65M $19.77M
YoY Change -0.63% -13.66%
% of Gross Profit 87.12% 30.3%
Research & Development $20.74M $23.31M
YoY Change -11.02% 17.12%
% of Gross Profit 91.95% 35.71%
Depreciation & Amortization $3.927M $3.715M
YoY Change 5.71% 37.59%
% of Gross Profit 17.41% 5.69%
Operating Expenses $41.77M $44.32M
YoY Change -5.75% 1.19%
Operating Profit -$19.62M $20.95M
YoY Change -193.69% -75.97%
Interest Expense $200.0K $200.0K
YoY Change 0.0% -115.38%
% of Operating Profit 0.95%
Other Income/Expense, Net
YoY Change
Pretax Income -$19.43M $21.15M
YoY Change -191.88% -75.29%
Income Tax -$9.361M $4.687M
% Of Pretax Income 22.16%
Net Earnings -$10.10M $16.40M
YoY Change -161.59% -68.82%
Net Earnings / Revenue -16.35% 11.72%
Basic Earnings Per Share -$0.26 $0.43
Diluted Earnings Per Share -$0.26 $0.42
COMMON SHARES
Basic Shares Outstanding 38.72M shares 38.26M shares
Diluted Shares Outstanding 38.72M shares 38.86M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $585.9M $523.2M
YoY Change 11.98% -25.57%
Cash & Equivalents $223.1M $275.3M
Short-Term Investments $362.7M $247.8M
Other Short-Term Assets $45.80M $41.30M
YoY Change 10.9% -63.64%
Inventory $67.69M $103.3M
Prepaid Expenses
Receivables $42.91M $90.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $742.3M $758.1M
YoY Change -2.09% -26.53%
LONG-TERM ASSETS
Property, Plant & Equipment $96.71M $92.00M
YoY Change 5.12% 87.76%
Goodwill $55.83M
YoY Change
Intangibles $20.12M
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.44M $13.70M
YoY Change 19.96% -5.52%
Total Long-Term Assets $193.6M $186.3M
YoY Change 3.92% 42.0%
TOTAL ASSETS
Total Short-Term Assets $742.3M $758.1M
Total Long-Term Assets $193.6M $186.3M
Total Assets $935.9M $944.4M
YoY Change -0.9% -18.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.50M $38.20M
YoY Change -14.91% -1.29%
Accrued Expenses $76.13M $103.2M
YoY Change -26.23% -39.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $274.0K $300.0K
YoY Change -8.67% -99.68%
Total Short-Term Liabilities $118.8M $156.6M
YoY Change -24.12% -53.42%
LONG-TERM LIABILITIES
Long-Term Debt $2.067M $2.300M
YoY Change -10.13% -11.54%
Other Long-Term Liabilities $4.737M $400.0K
YoY Change 1084.25% 0.0%
Total Long-Term Liabilities $6.804M $2.700M
YoY Change 152.0% -10.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.8M $156.6M
Total Long-Term Liabilities $6.804M $2.700M
Total Liabilities $132.8M $164.4M
YoY Change -19.24% -51.52%
SHAREHOLDERS EQUITY
Retained Earnings $86.05M
YoY Change
Common Stock $711.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $803.1M $780.0M
YoY Change
Total Liabilities & Shareholders Equity $935.9M $944.4M
YoY Change -0.9% -18.8%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$10.10M $16.40M
YoY Change -161.59% -68.82%
Depreciation, Depletion And Amortization $3.927M $3.715M
YoY Change 5.71% 37.59%
Cash From Operating Activities $10.49M $41.64M
YoY Change -74.81% -44.41%
INVESTING ACTIVITIES
Capital Expenditures $1.619M $8.455M
YoY Change -80.85% -189.95%
Acquisitions
YoY Change
Other Investing Activities -$170.5M $25.10M
YoY Change -779.28% -177.95%
Cash From Investing Activities -$172.1M $16.61M
YoY Change -1136.04% -139.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $65.00K $60.00K
YoY Change 8.33%
Cash From Financing Activities $114.0K $473.0K
YoY Change -75.9% -119.71%
NET CHANGE
Cash From Operating Activities $10.49M $41.64M
Cash From Investing Activities -$172.1M $16.61M
Cash From Financing Activities $114.0K $473.0K
Net Change In Cash -$161.5M $58.72M
YoY Change -375.03% 90.03%
FREE CASH FLOW
Cash From Operating Activities $10.49M $41.64M
Capital Expenditures $1.619M $8.455M
Free Cash Flow $8.867M $33.18M
YoY Change -73.28% -60.64%

Facts In Submission

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CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2013Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000 shares
CY2012Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000 shares
CY2013Q1 veco Common Stock Issued Shares
CommonStockIssuedShares
39304294 shares
CY2012Q4 veco Common Stock Issued Shares
CommonStockIssuedShares
39328503 shares
CY2013Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
39304294 shares
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
39328503 shares
CY2013Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3927000 USD
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3715000 USD
CY2013Q1 veco Deferred Income Tax Noncash Expense Benefit
DeferredIncomeTaxNoncashExpenseBenefit
-6215000 USD
CY2012Q1 veco Deferred Income Tax Noncash Expense Benefit
DeferredIncomeTaxNoncashExpenseBenefit
674000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2579000 USD
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3130000 USD
CY2013Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16000 USD
CY2013Q1 us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
-31000 USD
CY2012Q1 us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
-91000 USD
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-14000 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-20004000 USD
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5079000 USD
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8395000 USD
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-10599000 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6458000 USD
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2179000 USD
CY2013Q1 veco Increase Decrease In Accrued Liabilities Deferred Revenue And Other Current Liabilities
IncreaseDecreaseInAccruedLiabilitiesDeferredRevenueAndOtherCurrentLiabilities
1764000 USD
CY2012Q1 veco Increase Decrease In Accrued Liabilities Deferred Revenue And Other Current Liabilities
IncreaseDecreaseInAccruedLiabilitiesDeferredRevenueAndOtherCurrentLiabilities
-7169000 USD
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1555000 USD
CY2012Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1556000 USD
CY2013Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-2005000 USD
CY2012Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-13007000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10486000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
41635000 USD
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1619000 USD
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8455000 USD
CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
271713000 USD
CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
18503000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-172096000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
16611000 USD
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
280000 USD
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
537000 USD
CY2013Q1 veco Restricted Stock Tax Withholdings
RestrictedStockTaxWithholdings
132000 USD
CY2012Q1 veco Restricted Stock Tax Withholdings
RestrictedStockTaxWithholdings
95000 USD
CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
31000 USD
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
91000 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
65000 USD
CY2012Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
60000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
114000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
473000 USD
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
60000 USD
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1309000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-161436000 USD
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
57410000 USD
CY2013Q1 veco Transfers From Property Plant And Equipment To Inventory
TransfersFromPropertyPlantAndEquipmentToInventory
135000 USD
CY2012Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
CY2013Q1 veco Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
32811000 USD
CY2013Q1 us-gaap Cost Method Investments Aggregate Carrying Amount
CostMethodInvestmentsAggregateCarryingAmount
14500000 USD
CY2013Q2 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
800000 USD
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in;"><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Use of Estimates</font></i></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include: the best estimate of selling price for our products and services; allowance for doubtful accounts; inventory valuation; recoverability and useful lives of property, plant and equipment and identifiable intangible assets; investment valuations; fair value of derivatives; recoverability of goodwill and long lived assets; recoverability of deferred tax assets; liabilities for product warranty; accruals for contingencies; equity-based payments, including forfeitures and performance based vesting; and liabilities for tax uncertainties. Actual results could differ from those estimates.</font></p> </div>
CY2013Q1 veco Minimum Number Of Multiple Element Arrangements Examined
MinimumNumberOfMultipleElementArrangementsExamined
100 item
CY2013Q1 veco Percentage Of Retention Revenue
PercentageOfRetentionRevenue
0.10 pure
CY2013Q1 veco Weighted Average Notional Amount Of Derivatives
WeightedAverageNotionalAmountOfDerivatives
2400000 USD
CY2012Q1 veco Weighted Average Notional Amount Of Derivatives
WeightedAverageNotionalAmountOfDerivatives
2405000 USD
CY2013Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 item
CY2012 us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
1047000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
217922000 USD
CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
275332000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
16000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-43000 USD
CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
13000 USD
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
7000 USD
CY2013Q1 veco Accumulated Other Comprehensive Income Loss Before Tax1
AccumulatedOtherComprehensiveIncomeLossBeforeTax1
5049000 USD
CY2012Q4 veco Accumulated Other Comprehensive Income Loss Before Tax1
AccumulatedOtherComprehensiveIncomeLossBeforeTax1
5831000 USD
CY2013Q1 veco Accumulated Other Comprehensive Income Loss Tax
AccumulatedOtherComprehensiveIncomeLossTax
-145000 USD
CY2012Q4 veco Accumulated Other Comprehensive Income Loss Tax
AccumulatedOtherComprehensiveIncomeLossTax
-142000 USD
CY2013Q1 veco Number Of Reporting Units
NumberOfReportingUnits
4 item
CY2013Q1 us-gaap Customer Advances And Deposits Current
CustomerAdvancesAndDepositsCurrent
38400000 USD
CY2012Q4 us-gaap Customer Advances And Deposits Current
CustomerAdvancesAndDepositsCurrent
32700000 USD

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