Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Nanometrics Reports Fourth Quarter and Full Year 2011 Financial Results: Q4 Revenues Exceed Guidance; Annual Sales Increase 22% to New Record of $230 Million

Abstract:
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.

Nanometrics Reports Fourth Quarter and Full Year 2011 Financial Results: Q4 Revenues Exceed Guidance; Annual Sales Increase 22% to New Record of $230 Million

Milpitas, CA | Posted on February 8th, 2012

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.

Business Outlook

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

Contacts:
Company Contact:
Ronald Kisling, CFO
408-545-6143 tel


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

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

Transparent, electrically conductive network of encapsulated silver nanowires: A novel electrode for optoelectronics August 1st, 2015

Harris & Harris Group Portfolio Company, HZO, Announces Partnerships with Dell and Motorola August 1st, 2015

Advances and Applications in Biosensing, Sensor Power, and Sensor R&D to be Covered at Sensors Global Summit August 1st, 2015

Kalam: versatility personified August 1st, 2015

Chip Technology

This could replace your silicon computer chips: A new semiconductor material made from black phosphorus may be a candidate to replace silicon in future tech July 30th, 2015

March 2016; 6th Int'l Conference on Nanostructures in Iran July 29th, 2015

Meet the high-performance single-molecule diode: Major milestone in molecular electronics scored by Berkeley Lab and Columbia University team July 29th, 2015

Short wavelength plasmons observed in nanotubes: Berkeley Lab researchers create Ludinger liquid plasmons in metallic SWNTs July 28th, 2015

Announcements

Self-assembling, biomimetic membranes may aid water filtration August 1st, 2015

Transparent, electrically conductive network of encapsulated silver nanowires: A novel electrode for optoelectronics August 1st, 2015

Harris & Harris Group Portfolio Company, HZO, Announces Partnerships with Dell and Motorola August 1st, 2015

Advances and Applications in Biosensing, Sensor Power, and Sensor R&D to be Covered at Sensors Global Summit August 1st, 2015

Tools

Heating and cooling with light leads to ultrafast DNA diagnostics July 31st, 2015

Take a trip through the brain July 30th, 2015

Publication on Atomic Force Microscopy based nanoscale IR Spectroscopy (AFM-IR) persists as a 2015 top downloaded paper July 29th, 2015

Nanometrics Announces Upcoming Investor Events July 28th, 2015

Financial Reports

Industrial Nanotech, Inc. Provides Update on PCAOB Audited Financials July 27th, 2015

Nanometrics to Announce Second Quarter Financial Results on July 23, 2015 July 2nd, 2015

Aspen Aerogels to Webcast 2015 Annual Meeting of Stockholders June 11th, 2015

Industrial Nanotech, Inc. Provides Update June 8th, 2015

Events/Classes

Advances and Applications in Biosensing, Sensor Power, and Sensor R&D to be Covered at Sensors Global Summit August 1st, 2015

Pakistani Students Who Survived Terror Attack to Attend Weeklong “NanoDiscovery Institute” at SUNY Poly CNSE in Albany July 29th, 2015

March 2016; 6th Int'l Conference on Nanostructures in Iran July 29th, 2015

Nanometrics Announces Upcoming Investor Events July 28th, 2015

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