EX-99 3 p16976_ex99.txt PRESS RELEASE FOR RELEASE ON APRIL 24, 2003 Contact: Paul Nolan, CFO Nanometrics, Inc. 408.435.9600 x122 NANOMETRICS ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2003 Milpitas, California, April 24, 2003 - Nanometrics Incorporated (NASDAQ: NANO) today reported financial results for the first quarter ended March 31, 2003. Total revenues for the first quarter of 2003 were $9.4 million, a decrease of 4% from $9.7 million in the fourth quarter of 2002 and an increase of 17% compared to $8.0 million for the first quarter of 2002. The increase in first quarter revenues in 2003 compared to the first quarter of 2002 resulted from stronger demand for semiconductor process control equipment particularly in the U.S. and Pacific Rim countries. The net loss in the first quarter of 2003 was $9.6 million or $.80 per diluted share, compared to a net loss of $1.5 million or $.13 per diluted share for the same period last year. The net loss for the first quarter of 2003 includes a $6.0 million charge to record a valuation allowance against deferred income tax assets. The Company's financial position continues to be strong with cash and short-term investments totaling $32.7 million. Nanometrics Incorporated is a leading supplier of automated and integrated metrology equipment used for advanced integrated circuit, flat panel display and magnetic head manufacturing. The Company's corporate office is located at 1550 Buckeye Drive, Milpitas, CA 95035, with sales and service offices worldwide. Nanometrics is traded on NASDAQ under the symbol NANO. Nanometrics' website is http://www.nanometrics.com. NANOMETRICS INCORPORATED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except share amounts) (Unaudited) March 31, December 31, ASSETS 2003 2002 --------- --------- CURRENT ASSETS: Cash and cash equivalents $ 6,822 $ 7,967 Short-term investments 25,903 28,899 Accounts receivable, net of allowances of $566 and $566 11,654 9,021 Inventories 24,358 25,847 Deferred income taxes 862 6,840 Prepaid expenses and other 2,993 2,803 --------- --------- Total current assets 72,592 81,377 PROPERTY, PLANT AND EQUIPMENT, NET 49,461 50,050 OTHER ASSETS 2,954 3,261 --------- --------- TOTAL $ 125,007 $ 134,688 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,657 $ 1,708 Accrued payroll and related expenses 1,460 1,004 Deferred revenue 1,719 1,396 Other current liabilities 1,080 1,574 Income taxes payable 141 139 Current portion of debt obligations 934 780 --------- --------- Total current liabilities 6,991 6,601 DEFERRED INCOME TAXES 862 858 DEBT OBLIGATIONS 2,936 3,123 --------- --------- Total liabilities 10,789 10,582 --------- --------- SHAREHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares authorized; 12,006,641 and 12,006,641 outstanding 99,911 99,911 Retained earnings 14,891 24,475 Accumulated other comprehensive income (584) (280) --------- --------- Total shareholders' equity 114,218 124,106 --------- --------- TOTAL $ 125,007 $ 134,688 ========= ========= NANOMETRICS INCORPORATED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands except per share amounts) (Unaudited) Three Months Ended March 31, ------------------------ 2003 2002 -------- -------- NET REVENUES: Product sales $ 7,435 $ 6,861 Service 1,915 1,164 -------- -------- Total net revenues 9,350 8,025 -------- -------- COSTS AND EXPENSES: Cost of product sales 3,659 2,792 Cost of service 1,886 1,257 Research and development 3,373 3,386 Selling 2,886 2,222 General and administrative 1,183 915 -------- -------- Total costs and expenses 12,987 10,572 -------- -------- LOSS FROM OPERATIONS (3,637) (2,547) -------- -------- OTHER INCOME (EXPENSE): Interest income 94 165 Interest expense (24) (22) Other, net 3 (92) -------- -------- Total other income, net 73 51 -------- -------- LOSS BEFORE INCOME TAXES (3,564) (2,496) PROVISION (BENEFIT) FOR INCOME TAXES 6,020 (949) -------- -------- NET LOSS $ (9,584) $ (1,547) ======== ======== NET LOSS PER SHARE: Basic and diluted $ (0.80) $ (0.13) ======== ======== SHARES USED IN PER SHARE COMPUTATION: Basic and diluted 12,007 11,790 ======== ========