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Nanometrics Reports First Quarter 2013 Financial Results

MILPITAS, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Nanometrics Incorporated (Nasdaq:NANO), a leading provider of advanced process control metrology and inspection systems, today announced financial results for its first quarter ended March 30, 2013.

First Quarter Highlights
  • Competitive win for advanced 3D memory applications with our industry-leading NanoDiffract ® OCD software and Atlas ® II metrology solution at a leading memory company in Asia;
  • High-volume manufacturing adoption of our UniFire ® system for advanced front-end-of-line process control at a leading foundry customer;
  • New order for a UniFire on a 450mm Lynx™ platform addressing front-end-of-line process control applications;
  • Additional penetration into the EUV infrastructure with a follow-on SPARK™ shipment for reticle inspection at a leading foundry customer; and
  • Repurchase of 333,000 shares of common stock for $5.0 million.
GAAP Results
  Q1 2013 Q4 2012  Q1 2012
Revenues  $ 24,552  $ 30,270  $ 55,492
Gross Profit  $ 10,486  $ 11,951  $ 25,066
Income (Loss) from Operations  $ (9,603)  $ (6,538)  $ 4,106
Net Income (Loss)  $ (5,582)  $ (3,647)  $ 1,703
Earnings (Loss) per Diluted Share  $ (0.24)  $ (0.16)  $ 0.07
Non-GAAP Results
  Q1 2013 Q4 2012  Q1 2012
Gross Profit  $ 11,144  $ 12,597  $ 25,703
Income (Loss) from Operations  $ (8,747)  $ (5,696)  $ 4,935
Net Income (Loss)  $ (5,032)  $ (3,112)  $ 2,884
Earnings (Loss) per Diluted Share  $ (0.22)  $ (0.13)  $ 0.12

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 Nanometrics' website. Non-GAAP results exclude the impact of amortization of acquired intangible assets and certain discrete tax items.

Commenting on the company's results, president and chief executive officer Dr. Timothy J. Stultz said, "As expected, the first quarter was challenging due to limited capital spending by our largest customers. The quarter however had some important bright spots, including competitive wins, increased traction of our UniFire and SPARK products, and adoption of our process control solutions for forthcoming technology inflection points such as 3D memory, 450mm wafer manufacturing and EUV lithography. These bright spots are evidence of continued performance toward our key strategic initiatives, which include strengthening our position with our key customers, increasing our engagements with new customers and applications, and gaining share in additional segments of process control. Looking forward, we see a significant improvement in revenues coming off a low first quarter, and continue to expect a stronger second half 2013. More importantly, the growing number of customer engagements, new applications and increasing market penetration are collectively pointing to an even higher level of business going into 2014."

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