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John R. Peeler becomes Chairman of Veeco
The restructuring also includes the retirement from the Board of Joel A. Elftmann, after 18 years of service, whose term had expired
Edward H. Braun, formerly Chairman of Veeco Instruments’ Board, has transitioned his Chairman role to John R. Peeler, Chief Executive Officer.
Peeler will now hold the title of Chairman and Chief Executive Officer. Braun will remain an active member of Veeco’s Board of Directors.
According to Braun, age 72, “Since John became Veeco’s CEO nearly five years ago, his leadership and vision have transitioned the Company from an industry player to an industry leader. John and his team have delivered world-class products, gained market leadership in their core technologies, and delivered strong results. I am proud of the entire Veeco team and look forward to continuing to serve on the Board and sharing in the Company’s future growth and accomplishments.”
Veeco’s Board now consists of seven members, including Lead Director Roger D. McDaniel.
Peeler concludes, “I would like to take this opportunity to thank Ed for his stewardship of the Company and for his continued valuable participation on our Board as Chairman of our Strategy Committee. He will continue to be a trusted partner and an important sounding-board for me, the entire Veeco Board, and our leadership team. I would also like to wish Joel all the best and thank him for his many years of dedicated service to the Company.”
Veeco revenues slump 40.1% but firm is still making a profit
The III-V compound semiconductor, nitride LED and solar equipment manufacturer says it is experiencing growth in its Data Storage and MBE businesses, and services across all its technologies
Veeco Instruments has announced its financial results for its “continuing operations” in the first quarter ended March 31, 2012.
John R. Peeler, Veeco’s Chief Executive Officer, comments, “We are executing well during the downturn in MOCVD demand. Veeco’s first quarter revenue reached the top of our guidance at $140 million. Adjusted EBITA and non-GAAP earnings per share were $25 million and $0.49, respectively, on strong performance on the gross margin line and good expense management.”
Veeco generated about $42 million in cash flow from operations, ending the quarter with $524 million in cash and short term investments. First quarter LED & Solar revenues were $96 million, including $82 million in MOCVD and $14 million in MBE. Data Storage revenues were $44 million.
“As anticipated, we experienced a weak bookings environment in Q1, with total orders of
June 2012
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