Veeco (VECO) to Cut Investments in ALD Tech Development; Sees Q3 Revenue at High-End of Outlook
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Veeco Announces Reduction in ALD Technology Investments and Guides Third Quarter 2016 Revenue to High End of Guidance Range
October 5, 2016 8:00 AM EDTPLAINVIEW, NY -- (Marketwired) -- 10/05/16 --
Significantly reducing future investments in Atomic Layer Deposition ("ALD") technology developmentALD cost reductions expected to result in annualized savings of approximately $10 millionExpecting to record pre-tax charges of between $56 and $62 million in Q3 2016, the vast majority of which are non-cash impairment chargesExpecting Q3 2016 revenue to be at the high end of previously announced guidance range of $70 million to $85 millionVeeco Instruments Inc. (NASDAQ: VECO) today announced additional cost reduction initiatives with the decision to significantly reduce future investments... More
