Exhibit 99.1
FOR RELEASE ON APRIL 29, 2005
Contact: Paul Nolan, CFO
Nanometrics, Inc.
408.435.9600 x122
NANOMETRICS ANNOUNCES RECORD SALES FOR THE FIRST QUARTER OF 2005
Milpitas, California, April 29, 2005 - Nanometrics Incorporated (NASDAQ: NANO)
today reported financial results for the first quarter ended April 2, 2005.
Total revenues for the first quarter of 2005 were $23.5 million, an increase of
14% from $20.6 million in the fourth quarter of 2004 and an increase of 72%
compared to $13.7 million for the first quarter of 2004. The increase in first
quarter revenues in 2005 compared to the first quarter of 2004 resulted from
stronger demand for its metrology equipment used for semiconductor process
control, particularly in the U.S. and Pacific Rim countries. Net income in the
first quarter of 2005 was $2.6 million or $0.19 per diluted share, compared to a
net loss of $1.2 million or a loss of $0.10 per diluted share for the same
period last year.
General and administrative expenses for the first quarter of 2005 were higher by
$0.7 million than in the first quarter of 2004 primarily as a result of higher
regulatory compliance expenses in 2005. Service costs were also higher in the
quarter as headcount, installations and shipments increased. The Company's
financial position continues to be strong with cash and short-term investments
totaling $31.1 million.
About Nanometrics: Nanometrics Incorporated is a leading supplier of advanced
integrated and standalone metrology equipment used in the semiconductor
industry. 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. An earnings conference call will be held on April
29, 2005 at 8:00 A.M. Pacific Time. To participate in the earnings conference
call, the dial-in numbers are 800-706-7749 in the United States or 617-614-3474
for international calls. The passcode is 86651487.
NANOMETRICS INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except share amounts)
April 2,
2005 January 1,
(Unaudited) 2005
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 12,296 $ 15,949
Short-term investments 18,852 17,919
Accounts receivable, net of allowances
of $598 and $603 27,598 22,222
Inventories 25,422 25,494
Prepaid expenses and other 2,669 944
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Total current assets 86,837 82,528
PROPERTY, PLANT AND EQUIPMENT, NET 48,245 49,035
INTANGIBLE ASSETS 848 924
OTHER ASSETS 1,464 1,282
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TOTAL $137,394 $133,769
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,275 $ 3,146
Accrued payroll and related expenses 2,326 2,206
Deferred revenue 4,256 2,742
Other current liabilities 2,564 1,840
Income taxes payable 1,346 1,515
Current portion of debt obligations 792 1,164
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Total current liabilities 14,559 12,613
DEFERRED INCOME TAXES AND
OTHER LONG-TERM LIABILITIES 354 930
DEBT OBLIGATIONS 1,851 2,070
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Total liabilities 16,764 15,613
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SHAREHOLDERS' EQUITY:
Common stock, no par value;
50,000,000 shares authorized;
12,584,877 and 12,566,636 outstanding 104,323 104,191
Retained earnings 14,636 12,034
Accumulated other comprehensive income 1,671 1,931
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Total shareholders' equity 120,630 118,156
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TOTAL $137,394 $133,769
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NANOMETRICS INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share amounts)
(Unaudited)
Three Months Ended
-------------------------
April 2, April 3,
2005 2004
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NET REVENUES:
Product sales $ 21,166 $ 11,663
Service 2,325 2,008
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Total net revenues 23,491 13,671
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COSTS AND EXPENSES:
Cost of product sales 9,750 5,403
Cost of service 2,573 1,611
Research and development 3,179 3,489
Selling 3,145 3,066
General and administrative 1,998 1,295
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Total costs and expenses 20,645 14,864
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INCOME (LOSS) FROM OPERATIONS 2,846 (1,193)
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OTHER INCOME (EXPENSE):
Interest income 130 56
Interest expense (18) (29)
Other, net (270) (3)
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Total other income (expense), net (158) 24
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INCOME (LOSS) BEFORE INCOME TAXES 2,688 (1,169)
PROVISION FOR INCOME TAXES (83) (43)
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NET INCOME (LOSS) $ 2,605 $ (1,212)
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NET INCOME (LOSS) PER SHARE:
Basic $ 0.21 $ (0.10)
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Diluted $ 0.19 $ (0.10)
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SHARES USED IN PER SHARE COMPUTATION:
Basic 12,575 12,189
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Diluted 13,455 12,189
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