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Nanometrics Reports Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: NANO

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.

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.
GAAP Results
    Q4 2011   Q3 2011   Q4 2010
Revenues   $45.3 million   $58.3 million   $46.1 million
Net Income (Loss)   ($0.5 million)   $7.6 million   $26.1 million
Earnings per Diluted Share   ($0.02)   $0.32   $1.12
     
Non-GAAP Results
    Q4 2011   Q3 2011   Q4 2010
Net Income   $2.3 million   $8.3 million   $8.2 million
Earnings per Diluted Share   $0.10   $0.35   $0.35
     

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.”

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