Veeco Instruments (VECO), a manufacturer of thin film equipment, saw its loss widen to $15.21 million or $0.39 a share for the quarter ended Jun. 30, 2014. In the last year period, the company reported a loss of $4.08 million or $0.11 a share. Non-GAAP diluted loss per share came in at $0.16 a share when analysts expected loss of $0.18 a share.
Revenue during the second-quarter went down marginally 2.37 percent to $95.12 million from $97.44 million in the last year period.
Gross margin contracted by 331 basis points over the last year period to 32.25 percent. Operating margin for the current period stood at negative 16.58 percent as compared to negative 6.99 percent for the previous year period.
The company reported operating loss of $15.77 million, compared with operating loss of $6.81 million in the previous year period.
Commenting on the guidance, the company said, 'Veeco's third quarter 2014 revenue is currently forecasted to be between $92 million and $100 million. Earnings per share is currently forecasted to be between ($0.43) to ($0.34) on a GAAP basis, and ($0.15) to ($0.07) on a non-GAAP basis.'
Cash Position
As on Jun. 30, 2014, the company's cash balance stood at $232.33 million, down 3.82 percent or $9.22 million from Jun. 30, 2013.
Working Capital
Veeco Instruments has witnessed a decline in the working capital over the last one year. The company's working capital stood at $505.62 million as at Jun. 30, 2014, down $114.56 million or 18.47 percent from $620.18 million on Jun. 30, 2013. It registered a decrease in current ratio to 4.95 as at Jun. 30, 2014 from 6 on Jun. 30, 2013.
Debt Position
Veeco Instruments has witnessed a decline in the total debt over the last one year. As on Jun. 30, 2014, total debt stood at $2.00 million, down 12.23 percent or $0.28 million, from Jun. 30, 2013. The company's total debt was 0.21 percent of total assets as on Jun. 30, 2014, compared with 0.24 percent on Jun. 30, 2013.
Shares of the company gained 28 cents or 0.79 percent to close at $35.77 on Wednesday.
