Veeco Instruments (VECO) FY2013 results: revenue $332 million, down 35.7% on the year
Veeco Instruments Inc. (VECO) reported revenue of $332 million for fiscal 2013, the year ended 31 December 2013, down 35.7% on the year before. Net income was -$42 million, and diluted earnings per share $-1.09. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$332 million
-35.7% on the year
FY2009FY2013
Operating margin
-21.6%
7.2% a year earlier
FY2009FY2013
Net income
-$42 million
FY2009FY2013
Diluted EPS
-$1.09
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
332
516
979
-35.7%
Cost of revenue
229
301
505
-24.0%
Gross profit
103
215
474
-52.1%
Gross margin
31.1%
41.7%
48.4%
Research and development
81.4
95.2
96.6
-14.4%
Selling, general and administrative
85.5
73.1
95.1
+16.9%
Operating income
-71.8
37.2
276
Operating margin
-21.6%
7.2%
28.2%
Interest expense
0.6
1.5
4.6
-60.2%
Pre-tax income
-71.2
38.2
272
Income tax
-28.9
11.7
81.6
Effective tax rate
n/a
30.5%
30.0%
Net income
-42.3
30.9
128
Net margin
-12.7%
6.0%
13.1%
Diluted EPS
-$1.09
$0.79
$3.11
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
0.7
112
115
-99.4%
Capital expenditure
9.2
25.0
60.4
-63.3%
Free cash flow
-8.4
87.0
55.1
Free cash flow margin
-2.5%
16.9%
5.6%
Cash from investing
-168
48.3
106
Cash from financing
-5.8
5.6
-250
Depreciation and amortisation
18.4
16.2
12.9
+13.8%
Share-based compensation
13.1
14.3
12.8
-8.0%
Buybacks
n/a
n/a
162
Diluted shares, weighted
39m
39m
41m
-0.6%
Shares outstanding at period end
40m
39m
39m
+0.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
780
811
761
-3.8%
Debt
2.1
2.4
2.7
-11.2%
Other liabilities
166
124
173
+33.9%
Total liabilities and equity
948
937
936
+1.1%
Fixed assets
89.1
98.3
86.1
-9.3%
Goodwill
91.3
55.8
55.8
+63.6%
Intangible assets
115
21.0
25.9
+446.9%
Investments
282
192
274
+46.5%
Cash and equivalents
211
385
218
-45.2%
Receivables
23.8
63.2
95.0
-62.3%
Inventory
59.7
59.8
113
-0.1%
Other assets
76.9
62.4
68.3
+23.1%
Total assets
948
937
936
+1.1%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.