Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Nanometrics Reports First Quarter Financial Results

Abstract:
Nanometrics Incorporated (Nasdaq: NANO), a leading supplier of advanced process control metrology systems used primarily in the manufacturing of semiconductors, solar photovoltaics and high-brightness LEDs, today announced financial results for its first quarter ended March 28, 2009.

Nanometrics Reports First Quarter Financial Results

Milpitas, CA | Posted on April 30th, 2009

Commenting on the first quarter results, president and chief executive officer Dr. Timothy J. Stultz said, "Severe reductions in semiconductor capital equipment spending resulted in a sharp decline in our quarterly revenues. However, our service and upgrade business, as well as our product sales into the high-brightness LEDs and solar photovoltaics markets, have showed continued strength and resilience during this unprecedented decline in memory and logic fab spending."

"While we are beginning to see signs that business is improving in the semiconductor industry, and that the first quarter may indeed be the trough quarter for capital spending, we will continue to take steps to further reduce our expenses and cost structure until such time as visibility, certainty and lead times improve," commented Dr. Stultz. "For five straight quarters we have reduced our ongoing operating expenses and driven down our cash break-even revenue level. Continued cost reduction actions taken in the first quarter of the year and those planned for the current quarter will further drive down operating expenses and our cash break-even level."

"While we are steadfast in our commitment to reduce and manage expenses, we are equally committed to our investments in new products, technologies and applications which will be the fuel for growth when spending in our industry resumes," added Dr. Stultz. "We are very encouraged by the performance of, and customer reception to, our latest product offerings, and expect to emerge from this downturn with a stronger and increased position within our served markets."

First Quarter 2009 Summary
Revenues were $10.1 million, down 51% from $20.5 million in the fourth quarter of 2008 and down 71% from $34.7 million in the first quarter of 2008. Gross margin was 28.3%, down from 42.1% for the prior quarter and 45.6% in the year-ago period, reflecting decreased factory absorption as a result of decreased sales volume. Operating expenses totaled $11.9 million, including a $0.7 million restructuring charge relating to workforce reductions in the quarter, representing a decrease of 2% from the prior quarter and 29% from the year-ago period.

The net loss was $10.6 million, or $0.58 per share. This compares to a net loss of $2.6 million, or $0.14 per share, in the fourth quarter of 2008 and a net loss of $0.7 million, or $0.04 per share, in the first quarter of 2008. The net loss for the first quarter included $0.3 million of stock-based compensation expenses and $0.7 million of restructuring charges, compared $0.9 million and $0.9 million, respectively, in the first quarter of 2008. The net loss also included a foreign currency charge of $1.3 million associated with a reclassification of our intercompany loans with Japan at the end of fiscal 2008 as well as the weakening of the Japanese yen during the quarter.

Earnings (loss) before interest, income taxes, depreciation and amortization excluding certain items such as asset impairment, restructuring and acquisition-related charges ("EBITDA") for the first quarter was ($6.9) million, compared to ($2.0) million for the fourth quarter of 2008 and $2.5 million for the first quarter of 2008.

To view Q1 2009 Tables, please visit www.nanometrics.com


Conference Call Details
A conference call to discuss the first quarter 2009 results will be held today at 4:45 p.m. EDT (1:45 p.m. PDT). To participate in the conference call, the dial-in numbers are 800-435-1398 for domestic callers and 617-614-4078 for international callers. The passcode is 18283705. A live and recorded webcast will be made available on the investor page of the Nanometrics website at www.nanometrics.com.

Use of Non-GAAP Financial Information
Financial results such as EBITDA that exclude certain charges and special items are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Management uses EBITDA, which excludes costs associated with acquisitions, asset impairments, restructuring and other special items, to evaluate the company's operating and financial results. The company believes the presentation of EBITDA is useful to investors for analyzing ongoing business trends, comparing performance to prior periods, and enhancing the investor's ability to view the company's results from management's perspective. A table presenting a reconciliation of GAAP results to EBITDA is included at the end of this press release.

####

About Nanometrics Incorporated
Nanometrics is a leader in the design, manufacture and marketing of high-performance process control metrology systems used primarily in the manufacturing of semiconductors, solar photovoltaics and high-brightness LEDs, as well as by customers in the silicon wafer and data storage industries. Nanometrics standalone and integrated metrology systems measure various thin film properties, critical dimensions, overlay control and optical, electrical and material properties, including the structural composition of silicon, compound semiconductor and photovoltaic devices, during various steps of the manufacturing process. These systems enable device manufacturers to improve yields, increase productivity and lower their manufacturing costs. The company maintains its headquarters in Milpitas, California, with sales and service offices worldwide. Nanometrics is traded on NASDAQ Global Market under the symbol NANO.

Forward Looking Statements
This press release contains forward-looking statements including, but not limited to, statements regarding Nanometrics’ expected results for its most recently completed fiscal quarter, which remain subject to adjustment in connection with the preparation of Nanometrics’ financial statements and periodic report on Form 10-Q for the quarter ended March 28, 2009. For additional information and considerations regarding the risks faced by Nanometrics, see its annual report on Form 10-K for the year ended December 27, 2008 as filed with the Securities and Exchange Commission, as well as other periodic reports filed with the SEC from time to time. Although Nanometrics believes that the expectations reflected in the forward-looking statements are reasonable, Nanometrics cannot guarantee future results, levels of activity, performance or achievements. Nanometrics disclaims any obligation to update information contained in any forward-looking statement.

For more information, please click here

Contacts:
Investor Relations:
Claire McAdams
Headgate Partners LLC
530-265-9899 tel
530-265-9699 fax


Company Contact:
Jim Moniz, CFO
408-545-6145 tel
408.521.9370 fax

Copyright © Nanometrics Incorporated

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

3rd Iran-Proposed Nano Standard Approved by International Standard Organization November 22nd, 2014

NMTI announces breakthrough solutions for HAMR nanoantenna for next-generation ultra-high density magnetic storage November 21st, 2014

Sustainable Nanotechnologies Project November 20th, 2014

Quantum mechanical calculations reveal the hidden states of enzyme active sites November 20th, 2014

Chip Technology

Nanometrics Announces Upcoming Investor Events November 19th, 2014

A novel method for identifying the body’s ‘noisiest’ networks November 19th, 2014

Researchers create & control spin waves, lifting prospects for enhanced info processing November 17th, 2014

VDMA Electronics Production Equipment: Growth track for 2014 and 2015 confirmed: Business climate survey shows robust industry sector November 14th, 2014

Announcements

3rd Iran-Proposed Nano Standard Approved by International Standard Organization November 22nd, 2014

NMTI announces breakthrough solutions for HAMR nanoantenna for next-generation ultra-high density magnetic storage November 21st, 2014

Silver Nanoparticles Produced in Iran from Forest Plants Extract November 20th, 2014

Nano Sorbents Able to Remove Pollutions Caused by Oil Derivatives November 20th, 2014

Tools

Leica Microsystems Presents Universal Hybrid Detector for Single Molecule Detection and Imaging at SfN and ASCB: Leica HyD SMD - the Optimal Detector for Precise and Reliable SMD data November 20th, 2014

Nanometrics Announces Upcoming Investor Events November 19th, 2014

Two sensors in one: Nanoparticles that enable both MRI and fluorescent imaging could monitor cancer, other diseases November 18th, 2014

Field-emission plug-and-play solution for microwave electron guns: To simplify the electron emission mechanism involved in microwave electron guns, a team of researchers has created and demonstrated a field-emission plug-and-play solution based on ultrananocrystalline diamond November 18th, 2014

Financial Reports

Harris & Harris Group Reports Financial Statements as of September 30, 2014 November 11th, 2014

Harris & Harris Group to Host Conference Call on Third Quarter 2014 Financial Results on November 12, 2014 November 3rd, 2014

Aspen Aerogels, Inc. Schedules Third Quarter 2014 Earnings Release and Conference Call for November 6, 2014 October 17th, 2014

Nanometrics to Announce Third Quarter Financial Results on October 28, 2014 October 8th, 2014

Events/Classes

3rd Iran-Proposed Nano Standard Approved by International Standard Organization November 22nd, 2014

Sustainable Nanotechnologies Project November 20th, 2014

Leica Microsystems Presents Universal Hybrid Detector for Single Molecule Detection and Imaging at SfN and ASCB: Leica HyD SMD - the Optimal Detector for Precise and Reliable SMD data November 20th, 2014

Nanometrics Announces Upcoming Investor Events November 19th, 2014

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More












ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE