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Nanometrics Reports Second Quarter 2012 Financial Results

Stocks in this article: NANO

Second Quarter 2012 Summary

Revenues for the second quarter of 2012 were $53.2 million, down 4% from $55.5 million in the first quarter and down 17% from $64.4 million in the second quarter of 2011. GAAP gross margin was 46.6%, compared to 45.2% in the prior quarter and 55.7% in the year-ago period. Non-GAAP gross margin, which excludes amortization of acquired intangible assets, was 47.8%, compared to 46.3% in the prior quarter and 56.1% in the year-ago period. The improvement compared to the first quarter of 2012 was primarily due to a higher mix of high-margin upgrade service revenues.

GAAP operating income was $4.3 million, compared to $4.1 million in the prior quarter and $17.5 million in the year-ago period. Non-GAAP operating income was $5.1 million, compared to $4.9 million in the prior quarter and $17.9 million in the second quarter of 2011.

GAAP net income was $4.5 million or $0.19 per diluted share, compared to $1.7 million or $0.07 per diluted share in the prior quarter and $11.1 million or $0.47 per diluted share in the second quarter of 2011. Non-GAAP net income was $3.1 million or $0.13 per diluted share, compared to $2.9 million or $0.12 per diluted share in the prior quarter and $11.3 million or $0.48 per diluted share in the second quarter of 2011.

At June 30, 2012, Nanometrics had $95.8 million in cash, cash equivalents and marketable securities and $161.9 million in working capital. Stockholders’ equity, excluding intangible assets, was $193.8 million, or $8.36 per share based on 23.2 million shares outstanding at quarter end.

Business Outlook

Management forecasts a slowdown in industry spending, with total revenues expected to be in the range of $40 to $45 million in the third quarter of 2012. Management expects GAAP gross margin in the range of 44% to 48%, non-GAAP gross margin in the range of 46% to 49%, and operating expenses to increase between $0.4 million and $0.7 million from the second quarter. Management expects third quarter GAAP net earnings in the range of ($0.09) to $0.00 per share and non-GAAP net earnings in the range of ($0.07) to $0.02 per share.

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