Veeco Instruments Inc. (NASDAQ:VECO) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 04:30 pm ET


Veeco Instruments Inc. (NASDAQ:VECO) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, everyone. Welcome to the Veeco Instruments Inc. Corporate Hosted Q4 and Fiscal Year 2019 Earnings Call. [Operator Instructions]

At this time, I'd like to turn the conference over to Anthony Bencivenga, Head of Investor Relations. Please go ahead, sir.

Anthony Bencivenga

Thank you and good afternoon, everyone. Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer; and John Kiernan, our Chief Financial Officer. Today's earnings release is available on the Veeco website. Please note that we have prepared a slide presentation to accompany today's webcast. We encourage you to follow along with the slides on This call is being recorded by Veeco Instruments and is copyrighted material. It cannot be recorded or rebroadcast without Veeco's expressed permission. Your participation implies consent to our recording.

To the extent that this call discusses expectations about market conditions, market acceptance and future sales of the company's products, future disclosures, future earnings expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors are discussed in the business description and management's discussion and analysis sections of the company's report on Form 10-K and Annual Report to shareholders, and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements, including those made on this call to reflect future events or circumstances after the date of such statements. During this call, management may address non-GAAP financial measures. Information regarding such non-GAAP financial measures, including reconciliation to GAAP measures of performance is available on our website.

With that, I will turn the call over to Bill for his opening remarks.

William Miller

Thank you, Anthony. Good afternoon, everyone, and thank you for joining the call. I'll be talking you through our financial results and discussing our markets. But first, I would like to provide an update on our previously announced company transformation. We characterized our transformation in two phases. The first phase, returning the company to profitability is well underway and includes reducing costs and delevering the company. As part of the delevering process, we eliminated the COO role when Sam Maheshwari announced his resignation from the company last December.

I'm excited to announce that I promoted John Kiernan to the position of Senior Vice President, Chief Financial Officer as of the beginning of the year. John has been at Veeco for 25 years, leading just about every finance function and we work together for the last 15 years. I'm happy to be partnering with John as we continue through our transformation and prepare the company for growth.Now, I'll take you through our 2019 progress and high-level financials. Then I'll turn the call over to John for more detailed financial review.

For 2019, our priorities were to innovate, penetrate markets and improve profitability. Regarding our innovation objective, we executed very well. We shipped