- About Us
- Career Center
- Nano-Social Network
- Nano Consulting
- My Account
Nanometrics Incorporated (NASDAQ: NANO), a leading provider of advanced process control metrology systems, today announced financial results for its fourth quarter and fiscal year ended December 31, 2011.
Fourth Quarter Highlights
- Revenues of $45.3 million, exceeding guidance;
- Introduction of the Atlas II flagship metrology system for optical critical dimension (OCD) process control;
- Milestone achievement of over 1,000 OCD recipes in production at customer sites; and
- Expansion of the company's product offering into the large and growing process control inspection market with the acquisition of Nanda Technologies.
Fiscal 2011 Highlights
Record revenues of $230 million, up 22% year-over-year;
Net cash and investments increased 47% for the year, up $31.2 million to $97.7 million at year-end; and
Continuing significant competitive wins, including several tool-of-record selections for Nanometrics automated and integrated OCD solutions for next-generation semiconductor devices, as well as multiple customer orders for UniFire systems for advanced 3-D wafer-scale packaging applications and the company's first 450mm systems, scheduled for delivery in 2012.
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release. Non-GAAP results exclude the impact of acquisitions, legal settlement, asset impairments, restructuring-related items, and certain discrete tax items.
Commenting on the company's results, president and chief executive officer Dr. Timothy J. Stultz said, "2011 was another strong year for Nanometrics, in which we again outpaced overall industry spending with record revenues of $230 million, up 22% over 2010. We are encouraged by the recent improvements in capital spending expectations for 2012, particularly among Nanometrics' largest customers. We believe that our strong customer positions, high-growth served markets and strategic deployment of capital contribute to a strong outlook for our business and continued growth and outperformance in 2012 and beyond."
Fourth Quarter 2011 Summary
Revenues were $45.3 million, down 22% from $58.3 million in the third quarter of 2011 and down 2% from $46.1 million in the fourth quarter of 2010. Gross margin was 46.6%, a decline compared to 52.9% in the prior quarter and 52.7% in the year-ago period, primarily as a result of lower factory absorption due to the reduced volume of system sales and changes in product mix. GAAP net income (loss) was ($0.5) million or ($0.02) per share, compared to $7.6 million or $0.32 per diluted share in the prior quarter and $26.1 million or $1.12 per diluted share in the fourth quarter of 2010. The GAAP net loss in the fourth quarter of 2011 included the negative impact of approximately $1.3 million in acquisition-related costs and $2.5 million for settlement of litigation with KLA-Tencor, while the prior year period reflected the favorable impact of the release of $18.2 million in income tax asset valuation allowances. Non-GAAP net income was $2.3 million or $0.10 per share, compared to $8.3 million or $0.35 per share in the prior quarter and $8.2 million or $0.35 per share in the fourth quarter of 2010.
Fiscal 2011 Summary
Revenues were a record $230.1 million, up 22% from $188.1 million in fiscal 2010. Gross margin was 53.5%, a decline compared to 54.4% in 2010, primarily due to product mix and the impact of lower factory absorption in the fourth quarter of 2011. GAAP net income was $28.7 million or $1.22 per share, compared to $55.9 million or $2.43 per share in the 2010. GAAP net income in 2011 included the negative impact of approximately $2.0 million in acquisition-related costs and $2.5 million for settlement of litigation with KLA-Tencor, while 2010 results reflected the favorable impact of the release of $18.2 million in income tax asset valuation allowances. Non-GAAP net income was $32.7 million or $1.39 per share, compared to $39.0 million or $1.70 per share in 2010.
At December 31, 2011, Nanometrics had $97.7 million in cash and cash equivalents and $160.6 million in working capital. Stockholders' equity, excluding intangible assets, was $183.6 million, or $7.92 per share based on 23.2 million shares outstanding at year end.
To view Q4-2011 financial tables, please visit www.nanometrics.com.
Due to the improvement in business conditions since last quarter, management expects revenues in the range of $52 to $55 million, gross margin in the range of 47% to 50%, and operating income margin in the range of 5% to 10% for the first quarter of 2012. The anticipated effective income tax rate for the first quarter is approximately 40%, which assumes the elimination of the research and development tax credit. Given this outlook, management expects first quarter GAAP net earnings in the range of $0.06 to $0.13 per share and non-GAAP net earnings in the range of $0.09 to $0.16 per share.
Conference Call Details
A conference call to discuss fourth quarter and fiscal year 2011 results will be held today at 4:30 p.m. EST (1:30 p.m. PST). To participate in the conference call, the dial-in numbers are (877) 374-4041 for domestic callers and (253) 237-1156 for international callers. 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 non-GAAP net income and net income per share, which exclude certain expenses, charges and special items, are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Management uses non-GAAP net income, which excludes acquisition-related expenses such as professional fees and amortization of acquired intangibles, asset impairments, restructuring charges, legal settlements and other unusual and infrequent items to evaluate the company's ongoing performance and to enable comparison to other periods which did not have these unusual and infrequent items. The company believes the presentation of non-GAAP results 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 non-GAAP results is included at the end of this press release.
About Nanometrics Incorporated
Nanometrics is a leading provider of advanced, high-performance process control metrology and inspection systems used primarily in the fabrication of semiconductors, high-brightness LEDs, data storage devices and solar photovoltaics. Nanometrics’ automated and integrated systems address numerous process control applications, including critical dimension and film thickness measurement, device topography, defect inspection, overlay registration, and analysis of various other film properties such as optical, electrical and material characteristics. The company’s process control solutions are deployed throughout the fabrication process, from front-end-of-line substrate manufacturing, to high-volume production of semiconductors and other devices, to advanced wafer-scale packaging applications. Nanometrics’ 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 Select Market under the symbol NANO. Nanometrics’ website is www.nanometrics.com.
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 and year, which remain subject to adjustment in connection with the preparation of Nanometrics’ financial statements and periodic report on Form 10-K for the year ended December 31, 2011, future revenue, profitability and cash flow. Although Nanometrics believes that the expectations reflected in the forward-looking statements are reasonable, actual results could differ materially from the expectations due to a variety of factors including economic conditions, levels of industry spending, shifts in the timing of customer orders and product shipments, slower-than-anticipated market adoption, changes in product mix and increased operating expenses. For additional information and considerations regarding the risks faced by Nanometrics, see its annual report on Form 10-K for the year ended January 1, 2011 as filed with the Securities and Exchange Commission, as well as other periodic reports filed with the SEC from time to time. Nanometrics disclaims any obligation to update information contained in any forward-looking statement.
For more information, please click here
Ronald Kisling, CFO
Headgate Partners LLC
Copyright © Nanometrics IncorporatedIf 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.
|Related News Press|
News and information
Soft decoupling of organic molecules on metal June 23rd, 2016
Arrowhead to Webcast Fiscal 2015 Year End Results December 7th, 2015
Haydale Announce Year End Results November 3rd, 2015
Call for NanoArt and Art-Science-Technology Papers June 9th, 2016
Novel gene therapy shows potential for lung repair in asthma May 18th, 2016