XML 90 R21.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Selected Quarterly Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2013
Selected Quarterly Financial Information (unaudited) |
Selected Quarterly Financial Information (unaudited) | 14. Selected Quarterly Financial Information (unaudited) The following table presents selected unaudited financial data for each fiscal quarter of 2013 and 2012. Although unaudited, this information has been prepared on a basis consistent with our audited Consolidated Financial Statements and, in the opinion of our management, reflects all adjustments (consisting only of normal recurring adjustments) that we consider necessary for a fair presentation of this information in accordance with accounting principles generally accepted in the United States. Such quarterly results are not necessarily indicative of future results of operations.
|  | Fiscal 2013 (unaudited) |  | Fiscal 2012 (unaudited) |
(in thousands, except per share data) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Net sales |  | $ | 61,781 |  | $ | 97,435 |  | $ | 99,324 |  | $ | 73,209 |  | $ | 139,909 |  | $ | 136,547 |  | $ | 132,715 |  | $ | 106,849 |
Gross profit |  | 22,552 |  | 34,640 |  | 30,308 |  | 15,642 |  | 65,268 |  | 61,254 |  | 49,884 |  | 38,727 |
Income (loss) from continuing operations, net of income taxes |  | (10,071 | ) | (4,081 | ) | (6,026 | ) | (22,085 | ) | 16,462 |  | 11,011 |  | 7,698 |  | (8,642 | )
Income (loss) from discontinued operations, net of income taxes |  | — |  | — |  | — |  | — |  | (50 | ) | 807 |  | 4,055 |  | (413 | )
Net income (loss) |  | $ | (10,071 | ) | $ | (4,081 | ) | $ | (6,026 | ) | $ | (22,085 | ) | $ | 16,412 |  | $ | 11,818 |  | $ | 11,753 |  | $ | (9,055 | )
Income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (0.26 | ) | $ | (0.11 | ) | $ | (0.16 | ) | $ | (0.57 | ) | $ | 0.43 |  | $ | 0.29 |  | $ | 0.20 |  | $ | (0.22 | )
Discontinued operations |  | — |  | — |  | — |  | — |  | — |  | 0.02 |  | 0.10 |  | (0.01 | )
Income (loss) |  | $ | (0.26 | ) | $ | (0.11 | ) | $ | (0.16 | ) | $ | (0.57 | ) | $ | 0.43 |  | $ | 0.31 |  | $ | 0.30 |  | $ | (0.23 | )
Diluted : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (0.26 | ) | $ | (0.11 | ) | $ | (0.16 | ) | $ | (0.57 | ) | $ | 0.42 |  | $ | 0.28 |  | $ | 0.20 |  | $ | (0.22 | )
Discontinued operations |  | — |  | — |  | — |  | — |  | — |  | 0.02 |  | 0.10 |  | (0.01 | )
Income (loss) |  | $ | (0.26 | ) | $ | (0.11 | ) | $ | (0.16 | ) | $ | (0.57 | ) | $ | 0.42 |  | $ | 0.30 |  | $ | 0.30 |  | $ | (0.23 | )
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 38,716 |  | 38,764 |  | 38,841 |  | 38,904 |  | 38,261 |  | 38,370 |  | 38,577 |  | 38,698 |
Diluted |  | 38,716 |  | 38,764 |  | 38,841 |  | 38,904 |  | 38,863 |  | 38,988 |  | 39,169 |  | 38,698 |
A variety of factors influence the level of our net sales in a particular quarter including economic conditions in the LED, solar, data storage and semiconductor industries, the timing of significant orders, shipment delays, specific feature requests by customers, the introduction of new products by us and our competitors, production and quality problems, changes in material costs, disruption in sources of supply, seasonal patterns of capital spending by customers, interpretation and application of accounting principles, and other factors, many of which are beyond our control. In addition, we derive a substantial portion of our revenues from the sale of products with a selling price of up to $8.0 million. As a result, the timing of recognition of revenue from a single transaction could have a significant impact on our net sales and operating results in any given quarter. Synos Acquisition On October 1, 2013 (“the Acquisition Date”), Veeco acquired 100% of the outstanding common shares and voting interest of Synos. The results of Synos’ operations have been included in the consolidated financial statements since that date. Synos is an early stage manufacturer of fast array scanning atomic layer deposition (“FAST-ALD”) tools for OLED and other applications. As a result of the acquisition, the Company has entered the FAST-ALD market which is complimentary to the Company’s MOCVD LED offerings. Metrology Divestiture On August 15, 2010, we signed a definitive agreement to sell our Metrology business to Bruker comprising our entire Metrology reporting segment for $229.4 million. Accordingly, Metrology’s operating results are accounted for as discontinued operations in determining the consolidated results of operations. The sale transaction closed on October 7, 2010, except for assets located in China due to local restrictions. Total proceeds, which included a working capital adjustment of $1 million, totaled $230.4 million of which $7.2 million relates to the assets in China. As part of our agreement with Bruker, $22.9 million of proceeds was held in escrow and was restricted from use for one year following the closing date of the transaction to secure certain specified losses arising out of breaches of representations, warranties and covenants we made in the stock purchase agreement and related documents. The restriction relating to the escrowed proceeds was released on October 6, 2011. As part of the sale we incurred transaction costs, which consisted of investment banking fees and legal fees, totaling $5.2 million. During the fourth quarter of 2010, we recognized a pre-tax gain on disposal of $156.3 million and a pre-tax deferred gain of $5.4 million related to the assets in China. We recognized into income the pre-tax deferred gain of $5.4 million during the third quarter of 2012 related to the completion of the sale of the assets in China to Bruker. Other Quarterly Items During the fourth quarter of 2013, we recorded asset impairment charges in LED & Solar of $0.9 million related to certain tools previously used in our laboratories carried in property, plant and equipment which we are holding for sale and $0.3 million related to another asset carried in other assets. During the fourth quarter of 2012, we recorded an asset impairment charge of $1.3 million related to a particular asset in our Data Storage segment. During 2012, we took measures to improve profitability, including a reduction in discretionary expenses, realignment of our senior management team and consolidation of certain sales, business and administrative functions. As a result of these actions, we recorded a $3.8 million restructuring charge consisting of $3.0 million in personnel severance and related costs, $0.4 million in equity compensation and related costs and $0.4 million in other severance costs resulting from a headcount reduction of 52 employees. We recorded $2.0 million of these charges in the third quarter of 2012 and $1.8 million of these charges in the fourth quarter of 2012 with the balance recorded in the first quarter of 2012. As a result of the delay in filing our Form 10-Q for September 30, 2012 (“Q3 10-Q”), we were required to evaluate the impact of events and circumstances occurring through the date of the filing of the Q3 10-Q. After considering declines in systems shipments and parts usage occurring though the date of the filing of the Q3 10-Q, we determined that an increase in our reserve for slow moving and obsolete inventory was warranted and resulted in us recording a total charge of $7.2 million to cost of sales in the third quarter of 2012. The evaluation resulted in relatively lower provisions for inventory reserves over the first three quarters of 2013. We recorded a $1.8 million charge to cost of sales for inventory write downs in the fourth quarter of 2012 that related to a terminated program. The effect on the comparative statements above was to reduce gross profit for September 30, 2012 compared to all other periods presented. Out of Period Adjustment We identified net cumulative errors which overstated cumulative net income from continuing operations through December 31, 2011 by $0.6 million and net cumulative errors that understated net income from continuing operations in the six month period ended June 30, 2012 by $1.1 million. As a result, in the third quarter of 2012, we recorded adjustments to correct all prior periods resulting in an increase in income from continuing operations of $0.5 million.

X
- Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration