NANO Reports earnings
Tuesday February 15, 4:02 am Eastern Time
Company Press Release
Nanometrics Announces Record Sales for the Fourth
Quarter 1999
SUNNYVALE, Calif.--(BUSINESS WIRE)--Feb. 15, 2000--Nanometrics Incorporated (Nasdaq:NANO - news) today
reported financial results for the fourth quarter and year ended December 31, 1999.
Total revenues for the fourth quarter of 1999 were $12.9 million, an increase of 158% compared with $5.0 million for the
fourth quarter of 1998. The increase in fourth quarter sales in 1999 resulted from stronger demand for semiconductor process
control metrology equipment in the U.S. and Pacific Rim countries. The net income in the fourth quarter of 1999 was $1.6
million or $0.17 per diluted share compared to a net loss of $683,000 or $0.08 per diluted share for the same period last year.
For the year ended December 31, 1999, Nanometrics' revenues increased 9% to $36.4 million compared to revenues of
$33.3 million in 1998. Net income for the year ended December 31, 1999 was $2.6 million or $0.28 per diluted share,
compared to a net income of $1.8 million or $0.20 per diluted share in 1998. The Company's financial position continues to be
strong with cash and equivalents and short-term investments of $18.1 million and working capital of $36.0 million.
About Nanometrics: Nanometrics Incorporated is a leading supplier of automated metrology equipment used for advanced
integrated circuit, flat panel display and magnetic head manufacturing. The Company's corporate office is located at 310
DeGuigne Drive, Sunnyvale, CA 94086, with sales and service offices worldwide. Nanometrics is traded on the NASDAQ
National Market under the symbol NANO. Nanometrics' website is nanometrics.com.
NANOMETRICS INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except share amounts)
December 31, December 31,
ASSETS 1999 1998
CURRENT ASSETS:
Cash and cash equivalents $ 3,442 $ 1,518
Short-term investments 14,698 9,913
Accounts receivable, net of
allowances of $425 and $420 11,435 8,458
Inventories 9,460 11,719
Deferred income taxes 1,722 1,441
Prepaid expenses and other 1,196 2,328
Total current assets 41,953 35,377
PROPERTY, PLANT AND
EQUIPMENT, NET 2,998 2,481
DEFERRED INCOME TAXES 135 560
OTHER ASSETS 1,324 887
TOTAL $ 46,410 $ 39,305
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,412 $ 1,395
Accrued payroll and
related expenses 751 317
Other current liabilities 1,721 1,720
Income taxes payable 464 --
Current portion of debt
obligations 584 1,324
Total current liabilities 5,932 4,756
DEFERRED RENT 35 43
DEBT OBLIGATIONS 2,288 2,496
Total liabilities 8,255 7,295
SHAREHOLDERS' EQUITY:
Common stock, no par value;
25,000,000 shares authorized;
9,163,998 and 8,690,643
outstanding 17,277 14,170
Retained earnings 20,608 17,974
Accumulated other comprehensive
income (loss) 270 (134)
Total shareholders' equity 38,155 32,010
TOTAL $ 46,410 $ 39,305
NANOMETRICS INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
(Unaudited)
1999 1998 1999 1998
NET REVENUES:
Product sales $ 11,712 $ 4,146 $ 32,162 $ 29,718
Service 1,163 847 4,246 3,546
Total net revenues 12,875 4,993 36,408 33,264
COSTS AND EXPENSES:
Cost of product sales 5,094 2,531 14,606 13,002
Cost of service 1,263 882 4,560 3,669
Research and
development 1,449 1,026 4,658 4,206
Acquired in-
process research
and development -- -- -- 1,421
Selling 1,766 1,261 5,871 5,728
General and
administrative 878 735 2,973 2,828
Total costs and
expenses 10,450 6,435 32,668 30,854
INCOME (LOSS) FROM
OPERATIONS 2,425 (1,442) 3,740 2,410
OTHER INCOME (EXPENSE)
Interest income 178 109 661 572
Interest expense (22) (39) (85) (108)
Other, net 26 170 0 64
Total other income, net 182 240 576 528
INCOME (LOSS) BEFORE
PROVISION FOR
INCOME TAXES 2,607 (1,202) 4,316 2,938
PROVISION FOR
INCOME TAXES 976 (519) 1,682 1,108
NET INCOME (LOSS) $ 1,631 $ (683) $ 2,634 $ 1,830
NET INCOME (LOSS)
PER SHARE:
Basic $ .18 $ (.08) $ .30 $ .21
Diluted $ .17 $ (.08) $ .28 $ .20
SHARES USED IN PER
SHARE COMPUTATION:
Basic 9,033 8,686 8,829 8,635
Diluted 9,842 8,686 9,393 9,041 |
