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Nanometrics' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Before providing our comments regarding forward-looking statements, I would like to inform each of you of our 2012 Investor and Analyst Meeting scheduled for March 15 in New York. For more information regarding the event, please contact me at the email address provided on our earnings release.

Today’s conference call contains certain forward-looking statements including but not limited to statements regarding financial results for the company’s most recently completed fiscal quarter and year, which remains subject to adjustment in preparation of our periodic report on Form 10-K, future revenues, margins, earnings per share, financial performance and expansion of our served markets.

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 changes in industry spending, the continued adoption and competitiveness of our new and existing products, our ability to successfully integrate acquisitions, to realize operating efficiencies, and to achieve reduced tax rates, our ability to identify strategic acquisition targets and complete acquisition, changes in product mix, and the additional risk factors and cautionary statements set forth in the company’s Form 10-K on file for fiscal year 2010, 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 statements.

I will now turn the call over to Tim Stultz. Tim?

Tim Stultz

Thank you, Claire and thank you everyone for joining us today. 2011 was another strong year for Nanometrics. In the first half of the year, we delivered our two highest revenue quarters on record and despite the industry slowdown in the second half, we finished the year with record revenues of $230 million, up 22% over 2010’s prior record.

Importantly, our revenue growth was more than double the year-over-year increase in Wafer Fab Equipment or WFE spending, giving clear evidence of our success in outgrowing the industry in general. Solid operating income also helped drive positive cash flows throughout the year with free cash flow increasing more than 100% versus 2010.

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