$VECO
VEECO INSTRUMENTS INC

2020 Q1 Form 10-Q Financial Statement

#000155837020005759 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $104.5M $99.37M
YoY Change 5.16% -37.33%
Cost Of Revenue $58.08M $64.66M
YoY Change -10.16% -36.55%
Gross Profit $46.42M $34.72M
YoY Change 33.71% -38.75%
Gross Profit Margin 44.42% 34.94%
Selling, General & Admin $18.30M $19.90M
YoY Change -8.03% -24.61%
% of Gross Profit 39.43% 57.33%
Research & Development $19.20M $23.34M
YoY Change -17.76% -3.95%
% of Gross Profit 41.35% 67.23%
Depreciation & Amortization $7.724M $8.796M
YoY Change -12.19% -50.31%
% of Gross Profit 16.64% 25.34%
Operating Expenses $41.85M $48.86M
YoY Change -14.34% -23.78%
Operating Profit $4.567M -$14.14M
YoY Change -132.3% 90.57%
Interest Expense $5.666M $5.445M
YoY Change 4.06% -218.37%
% of Operating Profit 124.06%
Other Income/Expense, Net
YoY Change
Pretax Income -$299.0K -$18.34M
YoY Change -98.37% 13.91%
Income Tax $300.0K $190.0K
% Of Pretax Income
Net Earnings -$567.0K -$18.53M
YoY Change -96.94% 17.28%
Net Earnings / Revenue -0.54% -18.65%
Basic Earnings Per Share -$0.01 -$0.40
Diluted Earnings Per Share -$0.01 -$0.40
COMMON SHARES
Basic Shares Outstanding 47.81M 46.85M
Diluted Shares Outstanding 47.81M 46.85M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $241.8M $236.7M
YoY Change 2.14% -23.82%
Cash & Equivalents $162.3M $170.2M
Short-Term Investments $79.43M $67.20M
Other Short-Term Assets $30.20M $28.60M
YoY Change 5.59% -9.21%
Inventory $129.6M $148.1M
Prepaid Expenses
Receivables $84.25M $85.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $500.5M $498.8M
YoY Change 0.34% -14.5%
LONG-TERM ASSETS
Property, Plant & Equipment $72.29M $90.60M
YoY Change -20.21% 9.03%
Goodwill $181.9M
YoY Change
Intangibles $57.68M
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.774M $31.00M
YoY Change -81.37% -3.43%
Total Long-Term Assets $332.4M $386.8M
YoY Change -14.07% -50.32%
TOTAL ASSETS
Total Short-Term Assets $500.5M $498.8M
Total Long-Term Assets $332.4M $386.8M
Total Assets $832.9M $885.6M
YoY Change -5.95% -34.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.36M $36.30M
YoY Change 0.16% -37.74%
Accrued Expenses $41.60M $44.00M
YoY Change -5.45% -18.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $128.5M $150.0M
YoY Change -14.33% -28.09%
LONG-TERM LIABILITIES
Long-Term Debt $303.4M $290.5M
YoY Change 4.44% 4.31%
Other Long-Term Liabilities $8.868M $17.60M
YoY Change -49.61% 72.55%
Total Long-Term Liabilities $312.3M $308.1M
YoY Change 1.35% 6.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $128.5M $150.0M
Total Long-Term Liabilities $312.3M $308.1M
Total Liabilities $455.8M $463.8M
YoY Change -1.72% -13.16%
SHAREHOLDERS EQUITY
Retained Earnings -$699.5M
YoY Change
Common Stock $1.075B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $377.1M $421.8M
YoY Change
Total Liabilities & Shareholders Equity $832.9M $885.6M
YoY Change -5.95% -34.98%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$567.0K -$18.53M
YoY Change -96.94% 17.28%
Depreciation, Depletion And Amortization $7.724M $8.796M
YoY Change -12.19% -50.31%
Cash From Operating Activities -$2.396M -$22.29M
YoY Change -89.25% 88.91%
INVESTING ACTIVITIES
Capital Expenditures $1.070M $2.180M
YoY Change -50.92% -194.78%
Acquisitions
YoY Change
Other Investing Activities $36.30M -$18.80M
YoY Change -293.09% -7.39%
Cash From Investing Activities $35.19M -$20.94M
YoY Change -268.09% -7.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 276.0K 379.0K
YoY Change -27.18% 279.0%
NET CHANGE
Cash From Operating Activities -2.396M -22.29M
Cash From Investing Activities 35.19M -20.94M
Cash From Financing Activities 276.0K 379.0K
Net Change In Cash 33.03M -42.84M
YoY Change -177.09% 24.9%
FREE CASH FLOW
Cash From Operating Activities -$2.396M -$22.29M
Capital Expenditures $1.070M $2.180M
Free Cash Flow -$3.466M -$24.47M
YoY Change -85.84% 157.59%

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 2020 interim quarters end on March 29, June 28, and September 27, and the 2019 interim quarters ended on March 31, June 30, and September 29. These interim quarters are reported as March 31, June 30, and September 30 in Veeco’s interim consolidated financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The preparation of financial statements in conformity with U.S GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and operations and the operations of the Company’s customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, manufacturing, research and development costs, reserves and allowances, fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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