Veeco Instruments falls after delaying 3Q report

Veeco falls after saying it will delay 3rd-quarter report because of revenue review

Associated Press

NEW YORK (AP) -- Shares of Veeco Instruments Inc. slid Thursday after the company said that it will delay the filing of its third-quarter report while it reviews the way it recognizes revenue.

The Plainview, N.Y., company makes equipment for industries including solar, lighting and data storage.

It informed the Securities and Exchange Commission that the quarterly filing will be late because it is evaluating the timing of revenue recognition on the sale of metal organic chemical vapor deposition systems and upgrades of those systems. Veeco said the review is not related to the performance of its products or their acceptance by customers.

The company said it could have to restate some of its previous quarterly results if it is required to change the timing of its revenue recognition.

Shares of Veeco fell $2.40, or 8.3 percent, to $26.68 in afternoon trading. Its shares have traded as high as $38.39 in mid-September. They traded as low as $20.35 in late December.

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