2Q profits for Plainview's Veeco fall 80%
Veeco's Maxbright LED-making machine. The company said net income fell to $11 million during April, May and June, 2012. Credit: Veeco Instruments Inc.
The Plainview-based company, which makes equipment used to produce LED lighting for a variety of products including flat-panel TVs and cellphones, said it had $136.5 million in sales during April, May and June, down 49 percent from the previous year. Net income fell to $11 million.
The company has expected sales to be down significantly this year after climbing to nearly $1 billion in 2011. That boom stemmed primarily from China, where government subsidies caused LED manufactures to build aggressively. But the Chinese market for LED equipment became saturated, and demand dropped sharply.
Veeco's earnings per share dropped 79 percent to 28 cents a share, from $1.31 a year earlier.
The company's chairman and chief executive, John R. Peeler, said Veeco was performing well given its adversity. "Veeco continues to deliver solid results in a soft market," he said.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
