Nanometrics Announces Record Quarterly Revenue
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 23, 1998--Nanometrics
Incorporated (NASDAQ:NANO) today reported record levels of revenues
for the first quarter ended March 31, 1998. Furthermore, this was
the thirteenth consecutive quarter of increased sales reported by the
Company.
Total revenues for the first quarter of 1998 were $10.5 million, an
increase of 28% compared with $8.3 million for the first quarter of
1997. Net income in the first quarter was $0.3 million, or $.03 per
diluted share, which included pre-tax charges of $2.0 million for the
write-off of in-process research and development relating to the
Metra overlay registration product line acquired from Optical
Specialties Inc. ("OSI") and $0.35 million in non-recurring hiring
expenses for certain OSI employees during the first quarter.
Excluding these charges, net income was $1.69 million, or $.19 per
diluted share, compared to a net income of $1.3 million, or $.15 per
diluted share for the same period last year. The Company's financial
position continues to be strong with cash and equivalents and
short-term investments of $12.5 million and working capital of $28.3
million.
The Company's sales in the U.S., Japan and Taiwan have continued to
grow and have offset the recent slowness in capital equipment orders
from Korea. This growth in sales has been driven by customer demand
for the superior measurement capabilities and proven reliability of
the Company's automated film-thickness systems including its
leading-edge system designed to measure large 300mm diameter wafers.
Nanometrics Incorporated is a leading producer of automated systems
used to measure physical dimensions of integrated circuits on wafers,
as well as films on magnetic recording heads and computer displays.
All of the Company's products contain proprietary hardware and
computer software. Headquarters are located in Sunnyvale,
California, with sales and service offices worldwide.
NANOMETRICS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except share amounts)
March 31, December 31,
1998 1997
ASSETS (Unaudited)
Current assets:
Cash and equivalents $ 2,902 $ 3,656
Short-term investments 9,592 9,595
Accounts receivable, less allowance for
doubtful accounts of $412 and $413 9,829 10,225
Inventories 9,674 7,138
Deferred income taxes 2,111 2,094
Prepaid expenses and other 1,327 1,075
Total current assets 35,435 33,783
Property, plant and equipment, net 2,200 2,187
Other assets 1,069 273
Total $ 38,704 $ 36,243
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,148 $ 1,889
Accrued payroll and related expenses 984 596
Other current liabilities 2,330 1,493
Income taxes payable 1,159 565
Current portion of long-term debt 555 604
Total current liabilities 7,176 5,147
Long-term debt, net of current portion 2,441 2,568
Total liabilities 9,617 7,715
Shareholders' equity:
Common stock, no par value;
25,000,000 shares authorized;
8,608,116 and 8,521,484 outstanding 13,489 13,151
Retained earnings 16,399 16,144
Accumulated translation adjustment (801) (767)
Total shareholders' equity 29,087 28,528
Total $ 38,704 $ 36,243
NANOMETRICS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
1998 1997
Net Revenues:
Product sales $ 9,618 $ 7,301
Service 920 958
Total net revenues 10,538 8,259
Costs and expenses:
Cost of product sales 3,629 2,737
Cost of service 985 863
Research and development 1,231 674
Acquired in-process research and
development 2,036 -
Selling 1,572 1,263
General and administrative 785 636
Total costs and expenses 10,238 6,173
Income from operations 300 2,086
Other income, net 126 79
Income before provision for income taxes 426 2,165
Provision for income taxes 171 891
Net income $ 255 $ 1,274
Net income per share:
Basic $ 0.03 $ 0.15
Diluted $ 0.03 $ 0.15
Shares used in per share computation:
Basic 8,545 8,260
Diluted 8,978 8,673
CONTACT:
Nanometrics, Inc.
Paul Nolan, 408/746-1600 x122
KEYWORD: CALIFORNIA
BW1001 APR 23,1998
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