financial news ♦ compound semiconductor ♦ news digest
Citi’s 2010 Global Technology Conference at the New York Marriott Marquis Times Square in New York City, NY. Tuesday, September 7, 2010 at 1:35 PM ET
Kaufman Bros. 13th Annual Investor Conference at the W Hotel New York in New York City, NY. Tuesday, September 14, 2010 at 8:00 AM ET
Wedbush Securities 2nd Annual Clean Technology & Industrial Growth Conference at the The Fairmont Hotel in San Francisco, CA. Wednesday, September 15, 2010 at 1:35 PM PT
The presentations will be broadcast live via webcast and will be available via
www.veeco.com . Presentation material will be posted to the Veeco website no later than 8:00 AM ET the morning of the presentation.
Veeco Instruments designs, manufactures, markets and services enabling solutions for customers in the HB-LED, solar, data storage, semiconductor, scientific research and industrial markets.
Veeco Authorizes Share Repurchases of upto $200 million
The firm says, “Our strong cash position and cash flow from operations will allow us to execute share repurchases while retaining the flexibility to continue to invest in other opportunities to grow our business.”
Veeco Instruments has announced that its Board of Directors has authorized the repurchase of up to $200 million of the Company’s common stock over the next year.
“This authorization reflects our continued confidence in and positive outlook for our business,” said John R. Peeler, Veeco’s CEO. “Our strong cash position and cash flow from operations will allow us to execute share repurchases while retaining the flexibility to continue to invest in other opportunities to grow our business. Our Board of Directors strongly believes that Veeco’s stock currently presents an attractive investment for the Company and its stockholders.”
Veeco expects repurchases to be made from time to time on the open market or in privately negotiated transactions in accordance with applicable federal securities laws.
The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions, SEC regulations, and other factors.
The repurchases will be funded using the Company’s available cash balances and cash generated from operations. Veeco says the program does not obligate it to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion.
Avago’s Q3 FY 2010 Revenues Increase by 52% over Same Quarter Last Year
Revenues for the quarter were $550 million and the cash balance at the end of the third quarter was $367 million, compared to $256 million at the end of the prior quarter. The increase in cash over the quarter is primarily due to $137 million of cash generated from operations.
Avago Technologies, a global supplier of a broad range of analog semiconductor devices with a focus on III-V based products, has reported financial results for Q3 FY 2010, ended August 1, 2010.
The firm has also provided guidance for the fourth quarter fiscal year 2010.
GAAP net revenue was $550 million, an increase of 7 % compared with the previous quarter, and up 52 % from the same quarter last year.
GAAP gross margin was $263 million, or 47.8 % of net revenue. This compares with gross margin of $141 million, or 38.8 % of net revenue in the same quarter last year.
Operating expenses were $128 million. This compares with $125 million in the prior quarter and $117 million in the same quarter the previous year.
Third quarter net income was $123 million, or $0.50 per diluted share. This compares with net income of $90 million, or $0.37 per diluted share last quarter,
August/September 2010
www.compoundsemiconductor.net 187
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