16 November 2012

Veeco notifies SEC of late Q3 filing as it reviews timing of revenue recognition for MOCVD systems

Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA has filed a form 12b-25 ‘Notification of Late Filing’ with the US Securities and Exchange Commission (SEC) relating to its Form 10-Q report for third-quarter 2012. The firm say that additional time is needed because it is reviewing the timing of revenue recognition for the sale of certain metal-organic chemical vapor deposition (MOCVD) systems and related upgrades.

“The accounting issues do not relate to product performance or customer acceptance of our products,” says chairman & CEO John R. Peeler. “The systems which are the subject of these transactions were delivered, accepted and paid for in full by our customers. Our review focuses on determining whether revenue was recognized in the appropriate accounting periods,” he adds. 

“I want to reassure our customers, shareholders, suppliers and employees that Veeco’s strong MOCVD market position, excellent product performance in the field, global operating strength and sound financial footing remain intact,” Peeler continues. “Veeco is handling this issue as expeditiously as possible - it is our intention to resolve this matter and file our 10-Q as soon as we can.” 

Veeco says that it is working with its independent auditor Ernst & Young LLP to address these matters. If the firm is required to change the timing of its recognition of any revenue, there could be a shift in revenue between accounting periods that could constitute material changes to results of operations and financial condition for various periods.

Tags: Veeco MOCVD

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