Veeco to Miss 4Q Filing Deadline
Feb 8th 2013 1:50PM
LED tool maker Veeco Instruments Inc. (NASDAQ: VECO) said today that it would miss the deadline for fourth quarter and full year 2012 revenue and earnings filings. Shares have lost more than 5% today on the news.
The company's CEO said:
Our revenue recognition accounting review is ongoing, and we hope to be able to provide an update on our progress soon. While we cannot provide revenue and earnings information at this time, fourth quarter shipments, bookings, and operating expenses are expected to come in about where we planned. … The LED industry clearly remains in an equipment digestion period. With few MOCVD deals available, we have also experienced continued competitive pricing pressure.
Veeco expects fourth quarter unit shipments to be in line with expectations, although the company took a $16 million inventory charge at the end of the fourth quarter.
The company expects market share for LED lighting to rise from about 5%, its current level, to about 30% "over the next few years." But the timing is the thing, and Veeco cannot forecast that.
Shares are down 4.9% at $29.97 in a 52-week range of $26.15 to $38.39.
Filed under: 24/7 Wall St. Wire, Earnings Warning, Semiconductor, Technology Companies Tagged: VECO