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Nanometrics Incorporated (NASDAQ: NANO), a leading provider of advanced process control metrology and inspection systems, today announced that its Board of Directors has authorized the repurchase of up to $20 million of the company's common stock.
This program follows last week's completion of the $10 million repurchase program approved in November 2010. The company repurchased a total of 667,000 shares at an average price of $14.92 under this program.
"Our confidence in the continued strength of the company and positive free cash flow performance led us to complete the remaining $5 million of our prior stock repurchase program during May 2012," commented Dr. Timothy J. Stultz, president and chief executive officer. "We are pleased to reaffirm our confidence with this new $20 million authorization. Given our continued outlook for strong cash generation, we believe the company has the financial position to meet our capital requirements to invest for future growth, while also minimizing shareholder dilution."
This $20 million program is effective immediately and will be funded using the company's available cash. Share repurchases under this program may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate.
As of March 31, 2012, Nanometrics had $95.5 million in cash and cash equivalents and approximately 23.4 million shares outstanding.
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 Statement
This press release contains forward-looking statements including, but not limited to, statements regarding future financial performance. 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 levels of industry spending, shifts in the timing of customer orders and product shipments, market adoption rates, changes in product mix, and our ability to implement supply cost reductions, and maintain operating expenses. For additional information and considerations regarding the risks faced by Nanometrics, see its annual report on Form 10-K for fiscal year 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.
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