Veeco Q4 EPS falls-- the headline, Tuesday February 9, 5:57 pm Eastern Time.
PLAINVIEW, N.Y., Feb. 9 (Reuters) -
Veeco Instruments Inc.
Consolidated Results of Operations
(In thousands, except per share data)
Unaudited
Three Months Ended Year Ended
December 31, December 31,
1998 1997 1998 1997
Net sales $51,493 $57,776 $206,838 $216,728
Gross Profit 23,598 27,925 95,060 106,048
Research and development
expense 6,825 7,209 27,374 24,470
Selling, general and
admin. expense 10,548 12,747 41,951 41,591
Other, net (395) 24 (798) (107)
Merger and reorganization
expenses 0 0 7,500 2,250
Purchased in process
technology 0 0 0 4,200
Operating income 6,620 7,945 19,033 33,644
Interest expense, net 140 86 888 7
Income before income
taxes 6,480 7,859 18,145 33,637
Income taxes 1,945 1,683 5,444 7,610
Net income 4,535 6,176 12,701(1) $26,027(2)
Diluted net income
per common share 0.30 0.41 0.85 1.75
Pro forma diluted net
income per share excluding
one time charges 0.27(3) $0.33(3) $1.08(3) $1.66(3)
Diluted weighted average
shares outstanding 15,125 14,981 14,887 14,908
(1) Net income for the twelve months ended December 31, 1998
includes non-recurring merger and reorganization expenses of
approximately $7.5 million principally relating to the merger
with Digital Instruments, or $0.32 per share.
(2) Net income for the twelve months ended December 31, 1997
includes non-recurring merger expenses of approximately $2.25
million, or $0.09 per share, relating to the merger with Wyko
Corporation and a non-recurring in-process R&D charge of
approximately $4.2 million, or $0.17 per share, relating to the
acquisition of certain assets from Materials Research Corp.
(3) Pro forma diluted net income per share excluding
non-recurring charges, where applicable, is computed using a
fully taxed statutory rate and excludes the effects of the
applicable non-recurring charges for both 1997 and 1998.
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