EX-99.1 3 p17416_ex99-1.txt PRESS RELEASE 07/24/03 2Q FINANCIAL RESULTS FOR RELEASE ON JULY 24, 2003 Contact: Paul Nolan, CFO Nanometrics, Inc. 408.435.9600 x122 NANOMETRICS ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2003 Milpitas, California, July 24, 2003 - Nanometrics Incorporated (NASDAQ: NANO) today reported its financial results for the second quarter ended June 30, 2003. Total net revenues for the second quarter of 2003 were $9.7 million, an increase of 4% compared to $9.4 million in the first quarter of 2003, and an increase of 16% compared to the second quarter of 2002. The increase in revenues during the second quarter of 2003 compared to the same period in 2002 resulted from increased demand for semiconductor process control metrology equipment and flat panel display metrology equipment particularly in Pacific Rim countries. The net loss in the second quarter of 2003 was $4.1 million or $0.34 per diluted share compared to a net loss of $1.7 million or $0.14 per diluted share for the same period last year. For the six months ended June 30, 2003, total net revenues were $19.1 million, an increase of 16% from the same period in 2002. The net loss for the first six months of 2003 was $13.7 million or $1.14 per diluted share compared to a net loss of $3.2 million or $0.28 per diluted share for the same period last year. The net loss for the first six months 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 $30.7 million and working capital of $61.7 million. About Nanometrics: Nanometrics Incorporated is a leading supplier of automated 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 CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except share amounts) (Unaudited)
June 30, December 31, 2003 2002 --------- --------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,746 $ 7,967 Short-term investments 25,911 28,899 Accounts receivable, net of allowances of $566 in 2003 and 2002 8,770 9,021 Inventories 22,976 25,847 Deferred income taxes 863 6,840 Prepaid expenses and other 3,073 2,803 --------- --------- Total current assets 66,339 81,377 PROPERTY, PLANT AND EQUIPMENT, NET 49,599 50,050 INTANGIBLE ASSETS 1,524 1,748 OTHER ASSETS 1,350 1,513 --------- --------- TOTAL $ 118,812 $ 134,688 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,469 $ 1,708 Accrued payroll and related expenses 1,072 1,004 Deferred revenue 168 1,396 Other current liabilities 976 1,574 Income taxes payable 6 139 Current portion of debt obligations 976 780 --------- --------- Total current liabilities 4,667 6,601 DEFERRED INCOME TAXES 863 858 DEBT OBLIGATIONS 2,747 3,123 --------- --------- Total liabilities 8,277 10,582 --------- --------- SHAREHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares authorized; 12,019,142 and 12,006,641 outstanding 99,976 99,911 Retained earnings 10,808 24,475 Accumulated translation adjustment (249) (280) --------- --------- Total shareholders' equity 110,535 124,106 --------- --------- TOTAL $ 118,812 $ 134,688 ========= =========
NANOMETRICS INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share amounts) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ------- -------- -------- -------- NET REVENUES: Product sales $ 7,865 $ 7,136 $ 15,300 $ 13,997 Service 1,869 1,256 3,784 2,420 ------- -------- -------- -------- Total net revenues 9,734 8,392 19,084 16,417 ------- -------- -------- -------- COSTS AND EXPENSES: Cost of product sales 4,828 3,029 8,487 5,821 Cost of service 1,607 1,454 3,493 2,711 Research and development 3,469 3,053 6,842 6,439 Selling 2,712 2,696 5,598 4,918 General and administrative 1,151 1,248 2,334 2,163 ------- -------- -------- -------- Total costs and expenses 13,767 11,480 26,754 22,052 ------- -------- -------- -------- LOSS FROM OPERATIONS (4,033) (3,088) (7,670) (5,635) OTHER INCOME (EXPENSE): Interest income 76 143 170 308 Interest expense (23) (25) (47) (47) Other, net (35) 210 (32) 118 ------- -------- -------- -------- Total other income, net 18 328 91 379 ------- -------- -------- -------- LOSS BEFORE INCOME TAXES (4,015) (2,760) (7,579) (5,256) PROVISION (BENEFIT) FOR INCOME TAXES 68 (1,058) 6,088 (2,007) ------- -------- -------- -------- NET LOSS (4,083) $ (1,702) $(13,667) $ (3,249) ======= ======== ======== ======== NET LOSS PER SHARE: Basic and diluted (0.34) $ (0.14) $ (1.14) $ (0.28) ======= ======== ======== ======== SHARES USED IN PER SHARE COMPUTATION: Basic and diluted 12,008 11,837 12,008 11,814 ======= ======== ======== ========