Veeco Announces Board of Directors Changes and Business Growth in 1Q20

Veeco Instrument posted financial results for the first quarter of 2020 ended March 31, 2020 and announced the recent adjustment of its Board of Directors.

The equipment supplier reported that its former CEO and Chairman, John Peelter has retired and is passing the role to Richard D’Amore, who has been a General Partner of North Bridge Venture Partners and served on the Veeco Board for years. Meanwhile, Mary Jane Raymond, CFO of II-VI Incorporated, joined Veeco’s Board of Directors.

Veeco’s revenue for 1Q20 grew by 5.13% YoY to US$ 104.5 million. Net loss shrink to US$0.6 million compared to a loss of US$18.6 million in 1Q19. On Non-GAAP base, Veeco registered a net income of US$ 10.9 million and operating income of US$ 12.7 million, comparing to negative numbers in 1Q19.

Veeco said it has been managing well through the COVID-19 pandemic as its employees around the world demonstrated professionalism and flexibility. “Our supply chain, manufacturing and service operations have been successful in maintaining our ability to source materials, ship products and provide support for our customers with only minor disruptions,” commented Veeco’s CEO William J. Miller.

“In the first quarter, sales were strong in our Data Storage market driven by demand in cloud computing. We improved gross margin and reduced operating expenses, driving solid Non-GAAP EPS. Furthermore, our cash balance, quality of our backlog and the cost reductions we realized over the last several quarters give me confidence in our ability to weather uncertainties we may face,” he added.

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