Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is quoted on The NASDAQ Global Select Market under the symbol “VECO.” As of February 11, 2021, there were approximately 132 stockholders of record of our common stock. Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders. We have not paid dividends on our common stock. The Board of Directors will determine future dividend policy based on our consolidated results of operations, financial condition, capital requirements, and other circumstances.
Issuer Purchases of Equity Securities
On December 11, 2017, our Board of Directors authorized a program to repurchase up to $100 million of the Company’s outstanding common stock to be completed through December 11, 2019, after completion of the previous program on October 28, 2017. During fiscal year 2018, we repurchased 1.0 million shares of our common stock for $11.3 million through our share repurchase programs. We did not purchase any shares during the fiscal years 2020 and 2019. At the end of the program, $14.3 million of the $100 million had been utilized.
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Stock Performance Graph
ASSUMES $100 INVESTED ON DEC. 31, 2015
ASSUMES DIVIDENDS REINVESTED
FISCAL YEAR ENDING DEC. 31
2015
2016
2017
2018
2019
2020
Veeco Instruments Inc.
100.00
141.78
72.23
36.04
71.43
84.44
S&P Smallcap 600
100.00
126.56
143.30
131.15
161.03
179.20
RDG MidCap Technology
100.00
104.93
110.75
96.33
115.29
158.24
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Item 6. Selected Financial Data
The information set forth below should be read in conjunction with the “Results of Operations” section included in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Year ended December 31,
2020
2019
2018
2017 (1)(2)
2016 (1)
(in thousands, except per share data)
Statement of Operations Data:
Net sales
$
454,163
$
419,349
$
542,082
$
475,686
$
331,702
Operating income (loss)
22,565
(39,578)
(415,502)
(71,868)
(120,162)
Net income (loss)
(8,391)
(78,733)
(407,088)
(51,396)
(122,027)
Basic income (loss) per common share
(0.17)
(1.66)
(8.63)
(1.16)
(3.10)
Diluted income (loss) per common share
(0.17)
(1.66)
(8.63)
(1.16)
(3.10)
(1) Effective January 1, 2018, the Company adopted the new revenue accounting standard (“ASC 606”). The results of operations for 2017 and 2016 have been recast for the new standard.
(2) During the second quarter of 2017, the Company acquired Ultratech. The results of operations of Ultratech have been included in the consolidated financial statements since that date.
December 31,
2020
2019 (1)
2018
2017 (2)
2016 (2)
(in thousands)
Balance Sheet Data:
Cash and cash equivalents
$
129,625
$
129,294
$
212,273
$
279,736
$
277,444
Short-term investments
189,771
115,252
48,189
47,780
66,787
Working capital
440,250
357,654
360,027
372,822
365,374
Total assets
898,064
818,088
900,816
1,387,475
763,988
Long-term debt (less current installments)
321,115
300,068
287,392
275,630
826
Total equity
408,374
374,512
437,775
840,093
601,704
(1) Effective January 1, 2019, the Company adopted the new lease accounting standard (“ASC 842”). The balance sheet and results of operations for prior periods have not been recast for the new standard. Refer to Note 1, “Significant Accounting Policies” for additional information.
(2) Effective January 1, 2018, the Company adopted the new revenue accounting standard (“ASC 606”). The balance sheet data for 2017 and 2016 have been recast for the new standard.
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