Veeco Instruments (VECO) FY2014 results: revenue $393 million, up 18.4% on the year
Veeco Instruments Inc. (VECO) reported revenue of $393 million for fiscal 2014, the year ended 31 December 2014, up 18.4% on the year before. Net income was -$67 million, and diluted earnings per share $-1.70. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$393 million
+18.4% on the year
FY2009FY2014
Operating margin
-20.2%
-21.6% a year earlier
FY2009FY2014
Net income
-$67 million
FY2009FY2014
Diluted EPS
-$1.70
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
393
332
516
+18.4%
Cost of revenue
258
229
301
+12.9%
Gross profit
135
103
215
+30.8%
Gross margin
34.3%
31.1%
41.7%
Research and development
81.2
81.4
95.2
-0.3%
Selling, general and administrative
89.8
85.5
73.1
+5.0%
Operating income
-79.2
-71.8
37.2
Operating margin
-20.2%
-21.6%
7.2%
Interest expense
0.7
0.6
1.5
+19.6%
Pre-tax income
-78.4
-71.2
38.2
Income tax
-11.4
-28.9
11.7
Effective tax rate
n/a
n/a
30.5%
Net income
-66.9
-42.3
30.9
Net margin
-17.0%
-12.7%
6.0%
Diluted EPS
-$1.70
-$1.09
$0.79
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
42.1
0.7
112
+5,686.7%
Capital expenditure
15.6
9.2
25.0
+69.9%
Free cash flow
26.5
-8.4
87.0
Free cash flow margin
6.7%
-2.5%
16.9%
Cash from investing
8.1
-168
48.3
Cash from financing
9.7
-5.8
5.6
Depreciation and amortisation
24.6
18.4
16.2
+33.4%
Share-based compensation
18.8
13.1
14.3
+43.3%
Diluted shares, weighted
39m
39m
39m
+1.4%
Shares outstanding at period end
40m
40m
39m
+1.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
739
780
811
-5.3%
Debt
1.8
2.1
2.4
-13.6%
Other liabilities
189
166
124
+13.9%
Total liabilities and equity
929
948
937
-2.0%
Fixed assets
78.8
89.1
98.3
-11.7%
Goodwill
115
91.3
55.8
+25.8%
Intangible assets
159
115
21.0
+38.9%
Investments
121
282
192
-57.2%
Cash and equivalents
271
211
385
+28.5%
Receivables
60.1
23.8
63.2
+152.2%
Inventory
61.5
59.7
59.8
+2.9%
Other assets
63.5
76.9
62.4
-17.4%
Total assets
929
948
937
-2.0%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.