NEWS REVIEW
Veeco Q1 2014 results blossom
VEECO INSTRUMENTS INC has announced its fi nancial results for the fi rst quarter ended March 31st, 2014. Veeco’s fi rst quarter GAAP results include a one-time gain of $29 million from the reversal of Synos acquisition related contingency accruals since it determined that the post-closing milestones necessary to trigger such contingency payments were not expected to be achieved.
“Veeco’s fi rst quarter top and bottom line performance improved meaningfully from the fourth quarter of last year,” commented John R. Peeler, Chairman and Chief Executive Offi cer. “We delivered $91 million in revenue, up 24 percent from the fourth quarter of 2013, driven primarily by an increase in LED & Solar revenue to $71 million ($64 million in MOCVD).
First quarter 2014 Data Storage revenues were $20 million, up from $17 million in the fourth quarter of 2013. EBITA loss was $3 million, signifi cantly improved from last quarter’s loss, benefi ting from higher volume, an improvement in gross margins to 37 percent, and lower operating spending.
As forecasted, our investments in next generation products and in our growth businesses caused cash to decline modestly during the quarter. Yet our cash and investments balance remains strong at $483 million.”
Peeler continued, “Veeco’s fi rst quarter 2014 orders improved by 21 percent from the fourth quarter of 2013 to $103 million, the highest level we have reported in nearly two years. This increase was driven by a 59 percent sequential improvement in MOCVD orders to $83 million, which represents the highest amount booked since the third quarter of 2011. Orders were received from top LED customers throughout Asia and elsewhere.”
First quarter 2014 Data Storage and MBE orders each declined from the fourth quarter of 2013, to $15 million and $5 million, respectively. Veeco’s second quarter 2014 revenue is currently forecasted to be between $87 million
and $97 million. Earnings per share are currently forecasted to be between ($0.46) to ($0.36) on a GAAP basis.
Peeler commented, “After a long downturn in our MOCVD business, LED fab utilisation rates have improved to high levels at most key accounts and LED adoption is happening faster than many had expected. Our customers are also reporting better market demand for LED backlighting products. It is encouraging to see that our leading customers are beginning to place orders for capacity expansions.”
“ We currently anticipate that Veeco’s second quarter 2014 orders will be similar to or better than fi rst quarter orders. Yet, the timing and magnitude of key customer expansions could cause MOCVD orders to be lumpy and somewhat unpredictable on a quarterly basis, and we lack the visibility to see into the second half of the year.
“We continue to invest in MOCVD product and technology development to further improve our customers’ cost of ownership and manufacturing capability.”
Peeler concluded, “We are pleased to have made progress improving Veeco’s profi tability and remain focused on our strategy to turn around our performance:
1) developing and launching game- changing new products that enable cost effective LED lighting, fl exible OLED encapsulation and other emerging technologies;
2) improving customer cost of ownership as well as our gross margins; 3) driving process improvement initiatives to make us more effi cient; and 4) lowering expenses.”
June 2014
www.compoundsemiconductor.net 13
Brewer Science announce Apogee temporary wafer
bonder BREWER SCIENCE, a supplier of thin-wafer handling technology, materials, and equipment to the microelectronics industry, has unveiled the Brewer Science Apogee bonder for temporary wafer bonding applications.
The Apogee bonder supports multiple temporary bonding/ debonding technologies including thermal slide, mechanical peel, and laser release debonding. The Apogee bonder completes the Brewer Science thin wafer handling tool suite for low-volume compound semiconductor production of RF fi lters, analog power devices, LEDs, and solar devices.
Brewer Science says this collection of tools provides reduced time to market for ultrathin wafer technologies using integrated material and process solutions. The Apogee features include: Substrate size range of 50-300 mm
Dual rigid platens heat wafer stack from both sides, minimizing thermal defects
Ultrafl at self-leveling platens minimize total thickness variation TTV)
Evacuated bond chamber eliminates voids
Carrier and device are separated during pre-bond evacuation Total thickness variation
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