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Veeco mulls restructuring

Posted: 30 Oct 2008     Print Version  Bookmark and Share

Keywords:LED  Solar  Data Storage  Metrology 

Veeco Instruments Inc. posted a third quarter net loss of Rs.7.31 crore ($1.7 million), or 5 cents per share, on revenue of Rs.497.63 crore ($115.7 million).

Revenue increased 18 per cent compared with the same period of 2007 and was within Veeco's guided range of Rs.494.62 crore to Rs.507.53 crore ($115 million to $118 million), the company said.

The net loss of Rs.7.31 crore ($1.7 million) was an improvement compared to the net loss of Rs.24.52 crore ($5.7 million), or 18 cents per share, posted in the third quarter of 2007, Veeco said.

John Peeler, Veeco's CEO, said in a statement that revenue and profitability in the company's LED and Solar and Data Storage businesses increased significantly year-over-year, while the profitability of the company's Metrology business improved sequentially and year-over-year. "For the first nine months of 2008, Veeco's revenue is up 12 per cent and profitability has more than tripled from last year," Peeler said.

Veeco currently forecasts fourth quarter revenue to be between Rs.473.12 crore ($110 million) and Rs.507.53 crore ($118 million). Veeco said it is evaluating various cost cutting actions and would like incur restructuring charges in the fourth quarter.

Peeler said the company expects to revenue for 2008 to increase about 10 per cent to between Rs.1,892.47 crore ($440 million) and Rs.1,935.48 crore ($450 million) "despite the backdrop of difficult economic conditions."

Peeler said Veeco expects a likely down year for revenue in 2009 as "it appears that the global economic climate and constrained financing environment may cause a broad slowdown in capital equipment purchases by our customers, with uncertainty as to the depth and duration of the downturn."

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