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Veeco Q2 Revenue Grows

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Company optimistic about longer term growth prospects since acquisition of Ultratech

Veeco has announced financial results for Q2 ended June 30, 2018. Revenues were $157.8 million, compared with $112.2 million in the same period last year.

GAAP net loss was $237.6 million, or $5.02 loss per diluted share. Non-GAAP net income was $7.2 million, or $0.15 per diluted share.

“Veeco had solid Q2 performance with non-GAAP gross margin, operating income, net income and EPS at the high end of our guided ranges," commented John R. Peeler, chairman and CEO.

“Based on Ultratech’s performance relative to our prior projections, we were required to record an intangible asset impairment charge of $252 million for GAAP results. This is a non-cash charge and does not affect our liquidity, day to day operations or Non-GAAP results.

"Going forward, we remain optimistic about the longer term growth prospects of the combined company as we now have a stronger presence in attractive, growing markets and the right technology to succeed. We continue to make progress towards generating synergies through the integration of Ultratech and have initiated steps to rationalise manufacturing capacity by closing one of the Singapore manufacturing sites. We expect to complete this initiative by the end of Q1 2019 and anticipate approximately $2 million in annualised savings," Peeler concluded.

Guidance and Outlook

The following guidance is provided for Veeco’s third quarter 2018: Revenue is expected in the range of $130 million to $140 million, GAAP Net Income (loss) is expected in the range of ($12) million to ($7) million and GAAP earnings (loss) per diluted share are expected in the range of ($0.25) to ($0.15).

Non-GAAP operating income is expected in the range of $4 million to $9 million and non-GAAP earnings (loss) per diluted share are expected in the range of $0.03 to $0.13.

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