Just for the record--VECO's guidance for Q3 from their Q2 report. For the first 2 quarters, they made $1.88 (fully diluted) on about $416m of revenue, and have about $415m of cash and short term investments (with $102m of convertible debt). Only $84m of inventory at the end of Q2 (compared with $77m at end of Q409). They have $260m of bookings at the end of Q2 (doesn't count several contracts announced since then).
finance.yahoo.com
Guidance for the three
months ending September 30, 2010
LOW HIGH
Operating income $79,427 $93,002
Adjustments:
Amortization 1,635 1,635
Equity-based compensation 2,963 2,963
Earnings before interest,
income taxes and amortization
excluding certain
items ("EBITA") 84,025 97,600
Interest expense, net 1,678 1,678
Adjustment to add back
non-cash portion of
interest expense (769) (1) (769) (1)
Earnings excluding
certain items before
income taxes 83,116 96,691
Income tax provision
at 35% 29,091 33,842
Earnings excluding
certain items $54,025 $62,849
Earnings per diluted
share excluding certain
items $ 1.23 $ 1.43
Diluted weighted average
shares outstanding 44,000 44,000
(1) Adjustment to exclude non-cash interest expense on convertible subordinated notes.
NOTE - The above reconciliation is intended to present Veeco's operating results, excluding certain items and providing income taxes at a 35% statutory rate. This reconciliation is not in accordance with, or an alternative method for, generally accepted accounting principles in the United States, and may be different from similar measures presented by other companies. Management of the Company evaluates performance of its business units based on earnings before interest, income taxes and amortization excluding certain items ("EBITA"), which is the primary indicator used to plan and forecast future periods. The presentation of this financial measure facilitates meaningful comparison with prior periods, as management of the Company believes EBITA reports baseline performance and thus provides useful information.
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