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Nanometrics Announces Financial Results for the First Quarter of 2004
Business Editors/High-Tech Writers
MILPITAS, Calif.--(BUSINESS WIRE)--April 29, 2004--Nanometrics Incorporated (Nasdaq:NANO) today reported financial results for thefirst quarter ended March 31, 2004.
Total revenues for the first quarter of 2004 were $13.7 million,an increase of 10% from $12.4 million in the fourth quarter of 2003and an increase of 46% compared to $9.4 million for the first quarterof 2003. The increase in first quarter revenues in 2004 compared tothe first quarter of 2003 resulted from stronger demand forsemiconductor process control equipment particularly in the U.S. andPacific Rim countries. The net loss in the first quarter of 2004 was$1.2 million or $.10 per diluted share, compared to a net loss of $9.6million or $.80 per diluted share for the same period last year. Thenet loss in the first quarter of 2003 includes a $6.0 million chargeto record a valuation allowance against deferred income tax assets, aspreviously reported in the first quarter of 2003. The Company´sfinancial position continues to be strong with cash and short-terminvestments totaling $24.1 million.
Nanometrics Incorporated is a leading supplier of automated andintegrated metrology equipment used for advanced integrated circuit,flat panel display and magnetic head manufacturing. The Company´scorporate office is located at 1550 Buckeye Drive, Milpitas, CA 95035,with sales and service offices worldwide. Nanometrics is traded onNASDAQ under the symbol NANO. Nanometrics´ website ishttp://www.nanometrics.com.
NANOMETRICS INCORPORATED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except share amounts) (Unaudited) March 31, December 31, 2004 2003ASSETS ----------- -----------CURRENT ASSETS: Cash and cash equivalents $ 24,075 $ 7,949 Short-term investments - 21,943 Accounts receivable, net of allowances of $584 and $576 19,517 14,522 Inventories 26,279 24,264 Prepaid expenses and other 1,386 1,015 ----------- ----------- Total current assets 71,257 69,693PROPERTY, PLANT AND EQUIPMENT, NET 49,909 49,738INTANGIBLE ASSETS 1,221 1,322OTHER ASSETS 1,027 987 ----------- ----------- TOTAL $ 123,414 $ 121,740 =========== ===========LIABILITIES AND SHAREHOLDERS´ EQUITYCURRENT LIABILITIES: Accounts payable $ 2,576 $ 2,047 Accrued payroll and related expenses 1,697 1,593 Deferred revenue 3,163 2,345 Other current liabilities 1,402 1,436 Income taxes payable 1,377 1,528 Current portion of debt obligations 1,925 1,157 ----------- ----------- Total current liabilities 12,140 10,106DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES 437 545DEBT OBLIGATIONS 2,603 2,648 ----------- ----------- Total liabilities 15,180 13,299 ----------- -----------SHAREHOLDERS´ EQUITY: Common stock, no par value; 50,000,000 shares authorized; 12,207,277 and 12,166,016 outstanding 101,484 101,099 Retained earnings 5,796 7,008 Accumulated other comprehensive income 954 334 ----------- ----------- Total shareholders´ equity 108,234 108,441 ----------- ----------- TOTAL $ 123,414 $ 121,740 =========== =========== NANOMETRICS INCORPORATED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands except per share amounts) (Unaudited) Three Months Ended March 31, 2004 2003 ----------- -----------NET REVENUES: Product sales $ 11,663 $ 7,435 Service 2,008 1,915 ----------- ----------- Total net revenues 13,671 9,350 ----------- -----------COSTS AND EXPENSES: Cost of product sales 5,403 3,659 Cost of service 1,611 1,886 Research and development 3,489 3,373 Selling 3,066 2,886 General and administrative 1,295 1,183 ----------- ----------- Total costs and expenses 14,864 12,987 ----------- -----------LOSS FROM OPERATIONS (1,193) (3,637) ----------- -----------OTHER INCOME (EXPENSE): Interest income 56 94 Interest expense (29) (24) Other, net (3) 3 ----------- -----------Total other income, net 24 73 ----------- -----------LOSS BEFORE INCOME TAXES (1,169) (3,564)PROVISION FOR INCOME TAXES 43 6,020 ----------- -----------NET LOSS $ (1,212) $ (9,584) =========== ===========NET LOSS PER SHARE: Basic and diluted $ (0.10) $ (0.80) =========== ===========SHARES USED IN PER SHARE COMPUTATION: Basic and diluted 12,189 12,007 =========== ===========
--30--NJ/sf* CONTACT: Nanometrics, Inc. Paul Nolan, 408-435-9600 ext. 122 KEYWORD: CALIFORNIA INDUSTRY KEYWORD: MANUFACTURING HARDWARE COMPUTERS/ELECTRONICSEARNINGS SOURCE: Nanometrics, Inc.
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Nanometrics WKN 898029
Nanometrics
