John R. Peeler, Veeco’s Chief Executive Officer, commented, “From a revenue and loss perspective, the second quarter remained challenging, but was within our guidance range and was an improvement from the first quarter of 2009. Veeco is on-track with cost and workforce reduction plans and outsourced manufacturing initiatives. We exited our Camarillo, CA saw and lapper manufacturing site and increased Asian sourcing. Due to solid performance in accounts receivable, inventory management and other operating items, Veeco’s cash balance at the end of the second quarter was $98 million, an increase of $5 million over the prior quarter.”
Mr. Peeler continued, “Veeco’s second quarter orders were $99 million, up 86% sequentially from the $53 million reported in the first quarter. LED & Solar orders were $57 million (58% of total) doubling sequentially as LED manufacturers ramp production for TV and laptop backlighting applications. Veeco received several large orders for our TurboDisc® metal organic chemical vapor deposition (MOCVD) systems from key Korean and Taiwanese LED manufacturers. Data Storage orders improved 147% sequentially to $19 million (19% of total), with hard drive customers resuming both technology and capacity purchases. Second quarter orders included four NEXUS® CVD Systems, which help our customers achieve higher areal densities. While data storage order rates are still depressed when compared with historical levels for this business, the Q2 pick-up, combined with significant improvements to our cost structure, allows us to forecast a return to profitability for this business in the third quarter. Metrology orders were $23 million (23% of total), up 38% sequentially due to new product traction, particularly for our Dimension® Icon™ and BioScope™ Catalyst™ AFMs, and some improvement in scientific research spending.”
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