PLAINVIEW, N.Y. -- Citing a slowdown in its chip-equipment and related businesses, Veeco Instruments Inc. here today cut its workforce by 8%, or 130 employees, and lowered its forecast in the current quarter.
The company also reported sales of $133.5 million for the quarter ended June 30, an 11% increase from the $102.3 million figure posted in the like period a year ago. It also reported a net of $10 million, or $0.40 per diluted share, compared to a $14 million loss, or a deficit of $0.60, a year ago.
"Commenting on our individual markets, the semiconductor industry overall appears to be at a bottom," said Edward H. Braun, Veeco's chairman, CEO and president. "Veeco's sales success in atomic force microscopy provided sequential order growth this quarter associated with technology purchases for 0.10-micron feature sizes, 300-mm wafers, CMP and advanced etch applications," he said.
Still, Veeco has taken a series of cost reduction initiatives. These included the workforce reduction, a decrease in discretionary spending, and other steps. These actions resulted in a $1 million restructuring charge, principally related to severance costs, in the second quarter.
Veeco's current guidance for its third-quarter sales is in $100-to-$110 million range, with earnings per share between $0.30 and $0.38.