Veeco Reports Q1 Results

WOODBURY, N.Y. -- Veeco Instruments Inc. (NASDAQ: VECO - news) today announced its financial results for the first quarter ended March 31, 2002. Veeco's sales for the first quarter of 2002 were $80.1 million, a 36% decrease from the $125.4 million reported for the first quarter of 2001. Veeco incurred an operating loss of $3.3 million for the first quarter of 2002, compared to operating income of $19.6 million for the first quarter of 2001. Excluding amortization in both periods and a restructuring charge of $837,000 in the first quarter of 2002, Veeco's first quarter 2002 operating income was $1.3 million compared to $21.0 million for the first quarter of 2001. (First quarter amortization expense was $3.7 million and $1.4 million for 2002 and 2001, respectively). Veeco's first quarter 2002 net loss was $3.5 million (($0.12) per share) compared to net income of $12.9 million ($0.51 per diluted share) in the first quarter of 2001. Net loss from continuing operations for the first quarter of 2002 was $3.2 million (($0.11) per share) compared to net income from continuing operations of $13.2 million ($0.52 per diluted share) for the first quarter of 2001. Cash earnings per share for the first quarter of 2002 was $0.00 (break-even) compared with $0.56 in the first quarter of 2001. Veeco Instruments Inc.