Veeco Instruments Inc. (VECO) saw its loss narrow to $5 million, or $0.13 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.79 million, or $0.25 a share. On the other hand, adjusted net income for the quarter stood at $3.76 million, or $0.09 a share compared with $0.57 million or $0.01 a share, a year ago.
Revenue during the quarter dropped 12.14 percent to $93.61 million from $106.54 million in the previous year period. Gross margin for the quarter expanded 206 basis points over the previous year period to 38.47 percent. Operating margin for the quarter stood at negative 5.50 percent as compared to a negative 9.35 percent for the previous year period.
Operating loss for the quarter was $5.15 million, compared with an operating loss of $9.96 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $6.19 million compared with $4.44 million in the prior year period. At the same time, adjusted EBITDA margin improved 244 basis points in the quarter to 6.61 percent from 4.17 percent in the last year period.
"Veeco's fourth quarter financial results marked a strong finish to a challenging year. Revenues increased by 9% and adjusted EBITDA more than doubled sequentially over the prior quarter. We improved gross margins for the third consecutive year, delivering on our objective to achieve gross margins of 40% or better. Our performance demonstrates solid operational execution and underscores our focus on improving through-cycle profitability," commented John R. Peeler, chairman and chief executive officer.
For the first-quarter, Veeco Instruments Inc. projects revenue to be in the range of $85 million to $100 million. It forecasts diluted loss per share to be in the range of $0.28 to $0.12 for the same period.
Working capital declines
Veeco Instruments Inc. has witnessed a decline in the working capital over the last year. It stood at $358 million as at Dec. 31, 2016, down 5.77 percent or $21.90 million from $379.90 million on Dec. 31, 2015. Current ratio was at 3.49 as on Dec. 31, 2016, up from 3.34 on Dec. 31, 2015.
Debt comes down
Veeco Instruments Inc. has recorded a decline in total debt over the last one year. It stood at $1.19 million as on Dec. 31, 2016, down 22.11 percent or $0.34 million from $1.53 million on Dec. 31, 2015. Total debt was 0.16 percent of total assets as on Dec. 31, 2016, compared with 0.17 percent on Dec. 31, 2015.
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