$VECO
VEECO INSTRUMENTS INC

2019 Q4 Form 10-Q Financial Statement

#000155837019009834 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $113.2M $109.0M $126.8M
YoY Change 14.38% -14.04% -1.97%
Cost Of Revenue $68.20M $66.73M $80.37M
YoY Change 7.06% -16.97% 1.99%
Gross Profit $44.97M $42.22M $46.39M
YoY Change 27.54% -8.97% -8.15%
Gross Profit Margin 39.73% 38.75% 36.59%
Selling, General & Admin $19.10M $20.96M $20.19M
YoY Change -9.91% 3.84% -32.26%
% of Gross Profit 42.47% 49.65% 43.52%
Research & Development $21.70M $22.64M $23.54M
YoY Change -13.2% -3.84% -2.31%
% of Gross Profit 48.25% 53.62% 50.76%
Depreciation & Amortization $8.600M $4.200M $4.600M
YoY Change -3.37% -8.7% -72.46%
% of Gross Profit 19.12% 9.95% 9.92%
Operating Expenses $45.40M $49.59M $50.26M
YoY Change -10.1% -1.33% -24.08%
Operating Profit -$430.0K -$7.365M -$3.873M
YoY Change -97.18% 90.16% -75.33%
Interest Expense -$4.700M $5.549M $5.602M
YoY Change 4.44% -0.95% -219.19%
% of Operating Profit
Other Income/Expense, Net -$21.00M
YoY Change
Pretax Income -$32.50M -$11.70M -$8.652M
YoY Change -77.35% 35.17% -66.98%
Income Tax $400.0K $100.0K $300.0K
% Of Pretax Income
Net Earnings -$32.87M -$11.77M -$9.000M
YoY Change -77.28% 30.74% -62.03%
Net Earnings / Revenue -29.04% -10.8% -7.1%
Basic Earnings Per Share -$0.69 -$0.25 -$0.19
Diluted Earnings Per Share -$0.69 -$0.25 -$0.19
COMMON SHARES
Basic Shares Outstanding 48.90M 47.49M 46.98M
Diluted Shares Outstanding 47.49M 46.98M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.5M $230.9M $265.6M
YoY Change -6.11% -13.05% -17.28%
Cash & Equivalents $129.3M $135.3M $214.3M
Short-Term Investments $115.3M $95.67M $52.10M
Other Short-Term Assets $27.30M $26.70M $27.20M
YoY Change 4.6% -1.84% -49.63%
Inventory $133.1M $135.2M $149.8M
Prepaid Expenses
Receivables $45.67M $72.73M $98.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $475.9M $486.3M $540.9M
YoY Change -8.5% -10.1% -10.24%
LONG-TERM ASSETS
Property, Plant & Equipment $75.71M $77.80M $80.60M
YoY Change -5.7% -3.47% -4.5%
Goodwill $181.9M $184.3M
YoY Change -1.28%
Intangibles $61.52M $72.38M
YoY Change -27.75%
Long-Term Investments
YoY Change
Other Assets $7.036M $29.17M $32.50M
YoY Change -75.85% -10.24% 16.91%
Total Long-Term Assets $342.2M $376.0M $509.7M
YoY Change -10.12% -26.23% -36.63%
TOTAL ASSETS
Total Short-Term Assets $475.9M $486.3M $540.9M
Total Long-Term Assets $342.2M $376.0M $509.7M
Total Assets $818.1M $862.3M $1.051B
YoY Change -9.18% -17.93% -25.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.28M $34.70M $65.00M
YoY Change -46.28% -46.61% 21.04%
Accrued Expenses $41.20M $40.60M $40.40M
YoY Change -11.4% 0.5% -38.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.2M $142.0M $171.7M
YoY Change -26.13% -17.28% -25.77%
LONG-TERM LIABILITIES
Long-Term Debt $300.1M $296.8M $284.4M
YoY Change 4.41% 4.36% 4.25%
Other Long-Term Liabilities $9.336M $9.180M $9.200M
YoY Change -5.75% -0.22% -16.36%
Total Long-Term Liabilities $309.4M $306.0M $293.6M
YoY Change 4.07% 4.22% 3.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.2M $142.0M $171.7M
Total Long-Term Liabilities $309.4M $306.0M $293.6M
Total Liabilities $443.6M $459.8M $472.5M
YoY Change -4.2% -2.69% -15.84%
SHAREHOLDERS EQUITY
Retained Earnings -$698.9M -$666.1M
YoY Change 12.73%
Common Stock $1.072B $1.067B
YoY Change 0.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $374.5M $402.5M $578.1M
YoY Change
Total Liabilities & Shareholders Equity $818.1M $862.3M $1.051B
YoY Change -9.18% -17.93% -25.33%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$32.87M -$11.77M -$9.000M
YoY Change -77.28% 30.74% -62.03%
Depreciation, Depletion And Amortization $8.600M $4.200M $4.600M
YoY Change -3.37% -8.7% -72.46%
Cash From Operating Activities $15.60M -$14.90M $18.00M
YoY Change 817.65% -182.78% -27.71%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$1.800M -$2.000M
YoY Change -60.87% -10.0% -72.6%
Acquisitions
YoY Change
Other Investing Activities -$19.20M -$10.20M $10.40M
YoY Change -580.0% -198.08% -23.53%
Cash From Investing Activities -$21.90M -$12.00M $8.400M
YoY Change 655.17% -242.86% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 300.0K -9.500M
YoY Change -103.16% 533.33%
NET CHANGE
Cash From Operating Activities 15.60M -14.90M 18.00M
Cash From Investing Activities -21.90M -12.00M 8.400M
Cash From Financing Activities 300.0K 300.0K -9.500M
Net Change In Cash -6.000M -26.60M 16.90M
YoY Change 400.0% -257.4% -43.1%
FREE CASH FLOW
Cash From Operating Activities $15.60M -$14.90M $18.00M
Capital Expenditures -$2.700M -$1.800M -$2.000M
Free Cash Flow $18.30M -$13.10M $20.00M
YoY Change 112.79% -165.5% -37.89%

Facts In Submission

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<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Veeco reports interim quarters on a 13-week basis ending on the last Sunday of each quarter. The fourth quarter always ends on the last day of the calendar year, December 31. The 2019 interim quarters end on March 31, June 30, and September 29, and the 2018 interim quarters ended on April 1, July 1, and September 30. These interim quarters are reported as March 31, June 30, and September 30 in Veeco’s interim consolidated financial statements.</p>
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