Veeco Instruments (VECO) FY2016 results: revenue $332 million, down 30.5% on the year
Veeco Instruments Inc. (VECO) reported revenue of $332 million for fiscal 2016, the year ended 31 December 2016, down 30.5% on the year before. Net income was -$122 million, and diluted earnings per share $-3.11. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$332 million
-30.5% on the year
FY2009FY2016
Operating margin
-36.3%
-4.9% a year earlier
FY2009FY2016
Net income
-$122 million
FY2009FY2016
Diluted EPS
-$3.11
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
332
477
393
-30.5%
Cost of revenue
199
300
258
-33.8%
Gross profit
133
177
135
-25.0%
Gross margin
40.1%
37.2%
34.3%
Research and development
81.0
78.5
81.2
+3.1%
Selling, general and administrative
77.6
90.2
89.8
-13.9%
Operating income
-120
-23.2
-79.2
Operating margin
-36.3%
-4.9%
-20.2%
Interest expense
0.2
0.5
0.7
-52.2%
Pre-tax income
-119
-22.6
-78.4
Income tax
2.8
9.3
-11.4
-69.7%
Net income
-122
-32.0
-66.9
Net margin
-36.8%
-6.7%
-17.0%
Diluted EPS
-$3.11
-$0.80
-$1.70
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
-23.8
15.8
42.1
Capital expenditure
11.5
13.9
15.6
-17.3%
Free cash flow
-35.3
1.9
26.5
Free cash flow margin
-10.6%
0.4%
6.7%
Cash from investing
46.7
-7.1
8.1
Cash from financing
-14.6
-10.2
9.7
Depreciation and amortisation
32.6
39.9
24.6
-18.1%
Share-based compensation
15.7
18.0
18.8
-12.5%
Buybacks
13.3
8.9
n/a
+49.9%
Diluted shares, weighted
39m
40m
39m
-1.0%
Shares outstanding at period end
41m
41m
40m
+0.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
602
715
739
-15.8%
Debt
1.2
1.5
1.8
-22.1%
Other liabilities
156
175
189
-10.9%
Total liabilities and equity
759
891
929
-14.8%
Fixed assets
60.6
79.6
78.8
-23.8%
Goodwill
115
115
115
0.0%
Intangible assets
58.4
132
159
-55.7%
Investments
66.8
116
121
-42.4%
Cash and equivalents
277
269
271
+3.1%
Receivables
58.0
49.5
60.1
+17.2%
Inventory
77.1
77.5
61.5
-0.5%
Other assets
45.3
52.3
63.5
-13.5%
Total assets
759
891
929
-14.8%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.