- 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 first quarter ended March 31, 2012.
First Quarter Highlights
· Revenues of $55.5 million, exceeding guidance and up 23% from the fourth quarter;
· Record shipments of Atlas® flagship metrology systems for optical critical dimension (OCD) process control;
· Significantly increased shipments of our recently-launched Atlas-II system for OCD;
· Continued acceleration and expansion of 2X nm and 1X nm OCD recipes on Nanometrics systems, as our customers continue their investments to support high-volume production at these advanced technology nodes; and
· Initial placements of Nanda SPARK defect inspection tools into strategic accounts for both advanced packaging and lithography process control applications.
Income (Loss) from Operations
Net Income (Loss)
Earnings (Loss) per Diluted Share
Income from Operations
$ 2,884 (1)
Earnings per Diluted Share
$ 0.12 (1)
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.
(1) These results reflect a tax benefit of $0.7 million from certain first quarter foreign losses which will be recorded upon receipt of pending IRS approval of certain company tax elections (expected in Q2 2012). See also footnote (c) to the Reconciliation of GAAP to non-GAAP financial results.
Commenting on the company's results, president and chief executive officer Dr. Timothy J. Stultz said, "The first quarter was a solid start to 2012, with a 23% increase in revenues driven by record OCD shipments that more than offset sequential declines in some of our other business areas. Our newest OCD platform, the Atlas-II, has easily surpassed the initial revenue contribution and growth rate of any of our prior product launches, and is on track to being the most successful new product ever developed by Nanometrics. We are also encouraged by improving expectations for capital spending in 2012, particularly among Nanometrics' largest customers, and the commercial benefits of being a key supplier to the leaders in the industry."
First Quarter 2012 Summary
Revenues were $55.5 million, up 23% from $45.3 million in the fourth quarter of 2011 and down 11% from $62.1 million in the first quarter of 2011. Non-GAAP gross margin was 46.3%, compared to 46.6% in the prior quarter and 56.6% in the year-ago period. The slight decline compared to the fourth quarter of 2011 was primarily due to lower service gross margin. Non-GAAP operating income was $4.9 million, compared to $3.8 million in the prior quarter and $17.5 million in the first quarter of 2011. Non-GAAP net income was $2.9 million or $0.12 per share, compared to $2.3 million or $0.10 per share in the prior quarter and $10.8 million or $0.46 per share in the first quarter of 2011. GAAP net income was $1.7 million or $0.07 per diluted share, compared to a net loss of $0.5 million or $0.02 per share in the prior quarter and net income of $10.5 million or $0.45 per diluted share in the first quarter of 2011. At March 31, 2012, Nanometrics had $95.5 million in cash and cash equivalents and $163.9 million in working capital. Stockholders' equity, excluding intangible assets, was $189.7 million, or $8.09 per share based on 23.4 million shares outstanding at quarter end.
Management forecasts a continued strong spending environment in the second quarter of 2012, with revenues in the range of $51 to $54 million. The high demand and accelerated production rates of the Atlas-II will continue to put downward pressure on product gross margin in the second quarter. Management believes that the second quarter will be the low point for gross margin performance, with ongoing improvements in the Atlas-II cost structure taking effect and resulting in improved gross margin performance into the third quarter and beyond. For the second quarter, management expects non-GAAP gross margin in the range of 45% to 46%, GAAP gross margin in the range of 44% to 45%, operating expenses to range from flat to up $0.3 million from the first quarter, and other expenses to be $0.4 to $0.5 million. Management expects second quarter GAAP net earnings in the range of $0.05 to $0.09 per share and non-GAAP net earnings in the range of $0.05 to $0.09 per share.
For NANO Q1-2012 tables, please visit www.nanometrics.com.
Conference Call Details
A conference call to discuss first quarter 2012 results will be held today at 4:30 p.m. EDT (1:30 p.m. PDT). 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 gross profit, operating income, 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 financial results, which exclude acquisition-related expenses such as amortization of acquired intangibles and transaction costs, asset impairments, restructuring charges, legal settlements, certain discrete tax items and the impact of the timing of the approval of pending elections related to tax treatment of certain foreign subsidiaries, 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.
Forward Looking Statements
This press release contains forward-looking statements including, but not limited to, statements included in the quotation from management, statements regarding the pending approval of tax elections relating to foreign subsidiaries; and statements included in the business outlook section including statements regarding revenue, profitability and product adoption. 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, market adoption rates, changes in product mix, our ability to implement supply cost reductions, timing of or failure to obtain IRS approval of certain pending tax elections related to foreign subsidiaries, 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 December 31, 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
Investor Relations Contact:
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
FEI Company: Strong Growth Prospects Remain May 1st, 2015
Haydale Named Lead Sponsor for Cambridge Graphene Festival May 22nd, 2015
Directa Plus in Barcelona to present the innovative project GEnIuS for oil spills clean-up activities: The company has created a graphene-based product for the remediation of water contaminated by oil and hydrocarbons May 21st, 2015