Veeco Instruments (VECO) FY2012 results: revenue $516 million, down 47.3% on the year
Veeco Instruments Inc. (VECO) reported revenue of $516 million for fiscal 2012, the year ended 31 December 2012, down 47.3% on the year before. Net income was $31 million, down 75.8%, and diluted earnings per share $0.79. The figures are the company's own, from the 10-K it filed with the SEC on 4 November 2013.
Revenue
$516 million
-47.3% on the year
FY2009FY2012
Operating margin
7.2%
28.2% a year earlier
FY2009FY2012
Net income
$31 million
-75.8% on the year
FY2009FY2012
Diluted EPS
$0.79
-74.6% on the year
FY2009FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
516
979
931
-47.3%
Cost of revenue
301
505
481
-40.4%
Gross profit
215
474
449
-54.6%
Gross margin
41.7%
48.4%
48.3%
Research and development
95.2
96.6
56.9
-1.5%
Selling, general and administrative
73.1
95.1
87.2
-23.2%
Operating income
37.2
276
303
-86.5%
Operating margin
7.2%
28.2%
32.6%
Interest expense
1.5
4.6
8.2
-67.3%
Pre-tax income
38.2
272
297
-86.0%
Income tax
11.7
81.6
19.5
-85.7%
Effective tax rate
30.5%
30.0%
6.6%
Net income
30.9
128
362
-75.8%
Net margin
6.0%
13.1%
38.9%
Diluted EPS
$0.79
$3.11
$8.51
-74.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
112
115
194
-3.0%
Capital expenditure
25.0
60.4
10.7
-58.6%
Free cash flow
87.0
55.1
183
+57.9%
Free cash flow margin
16.9%
5.6%
19.7%
Cash from investing
48.3
106
-122
-54.5%
Cash from financing
5.6
-250
25.5
Depreciation and amortisation
16.2
12.9
10.8
+25.6%
Share-based compensation
14.3
12.8
8.8
+11.4%
Buybacks
n/a
162
38.1
Diluted shares, weighted
39m
41m
43m
-5.1%
Shares outstanding at period end
39m
39m
40m
+1.4%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
811
761
763
+6.7%
Debt
2.4
2.7
104
-9.3%
Other liabilities
124
173
282
-28.5%
Total liabilities and equity
937
936
1,148
+0.1%
Fixed assets
98.3
86.1
42.3
+14.2%
Goodwill
55.8
55.8
52.0
0.0%
Intangible assets
21.0
25.9
16.9
-19.0%
Investments
192
274
394
-29.7%
Cash and equivalents
385
218
245
+76.5%
Receivables
63.2
95.0
151
-33.5%
Inventory
59.8
113
108
-47.3%
Other assets
62.4
68.3
138
-8.6%
Total assets
937
936
1,148
+0.1%
10-K for the year ended 31 December 2012, filed 4 November 2013: the filing.