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Nanometrics Reports Second Quarter 2012 Financial Results

Nanometrics Incorporated (NASDAQ:NANO), a leading provider of advanced process control metrology and inspection systems, today announced financial results for its second quarter ended June 30, 2012.

Second Quarter Highlights
  • Revenues of $53.2 million; improved gross margin and profitability;
  • Continued increase in foundry business contribution, to 30% of second-quarter product revenues; and
  • Multiple market-expanding wins, including IMPULSE ® integrated metrology for foundry etch, SPARK inspection for 3D advanced packaging, and UniFire ® metrology for MEMS applications.
GAAP Results
    Q2 2012   Q1 2012   Q2 2011
Revenues $ 53,181 $ 55,492 $ 64,372
Gross Profit $ 24,759 $ 25,066 $ 35,872
Income from Operations $ 4,296 $ 4,106 $ 17,485
Net Income $ 4,506 $ 1,703 $ 11,087
Earnings per Diluted Share $ 0.19 $ 0.07 $ 0.47
Non-GAAP Results
  Q2 2012 (2) Q1 2012 (1) Q2 2011
Gross Profit $ 25,396 $ 25,703 $ 36,104
Income from Operations $ 5,128 $ 4,935 $ 17,886
Net Income $ 3,079 $ 2,884 $ 11,344
Earnings per Diluted Share $ 0.13 $ 0.12 $ 0.48

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release and on the investor page of our website. Non-GAAP results exclude the impact of amortization of acquired intangible assets and certain discrete tax items.

(1) Non-GAAP results reported in Q1 reflect a tax benefit of $0.7 million related to certain first quarter foreign losses. This tax benefit was actually recorded for GAAP purposes in the second quarter of 2012 upon receipt of IRS approval of certain company tax elections. See also footnote (a) to the Reconciliation of GAAP to non-GAAP financial results.

(2) Non-GAAP results for Q2 do not include the tax benefit of $0.7 million related to certain foreign losses incurred in Q1 (described in footnote 1 above) and the impact of certain Q2 discrete tax items. The company received the IRS approval described above in Q2, therefore GAAP results for Q2 include both Q1 and Q2 benefits associated with these certain foreign losses. See also footnote (a) to the Reconciliation of GAAP to Non-GAAP financial results.

Commenting on the company’s results, president and chief executive officer Dr. Timothy J. Stultz said, “We are pleased to report another strong quarter for Nanometrics, characterized by improved gross margin, improved profitability, key competitive wins and market-expanding product adoptions. We are currently seeing a decline in spending across our customer base, however our view is that this is a near-term pause, and that investments in both technology and capacity will begin to improve in early 2013. Today, we have more engagements across more products and platforms than at any time in our history – driven by key industry initiatives in 3D transistors, 3D memory devices and 3D packaging – as well as EUV lithography and the transition to 450mm wafers. In light of this, we are optimistic about the outlook for future growth and strengthening of our business."

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