Nanometrics Incorporated (NASDAQ: NANO), a leading provider of
advanced process control systems, today announced financial results
for its first quarter ended March 30, 2019.
First Quarter 2019 Highlights:
- Strong Sequential Growth in Foundry/Logic; Outlook
Strengthens for Second Half. Revenues of $67.1 million
were at the high end of forecast, with service revenues continuing
at record levels and product revenues reflecting a balanced
contribution from memory and from the foundry, IDM and other device
markets, which grew nearly 40% sequentially to contribute 50% to
product revenues. During the quarter, the company’s outlook for
revenue growth and strong profitability in the second half
strengthened, given the expected stabilization of memory revenues,
momentum building for a stronger second half in revenues from all
other markets, and expectations for gross and operating margins
also increasing for the second half.
- Successful Introduction of Atlas® III+. The
company introduced its newest flagship automated optical critical
dimension (“OCD”) system, the Atlas III+, which has rapidly gained
traction with the world’s leading semiconductor manufacturers, with
first-quarter revenues recognized from multiple customers, across
both memory and logic applications, and in both development and
high-volume production environments. With significant enhancements
to the company’s proprietary ellipsometry and reflectometry
technologies, the Atlas III+ provides industry-leading metrology
performance with increased productivity, sensitivity and
accuracy.
- 4D Technology’s InSpec® XL Wins Prism Award.
The company’s 4D InSpec XL defect inspection gauge received the
SPIE 2019 Prism Award in the test and measurement category. The
Prism Awards for Photonics Innovation event is a leading
international competition that honors the best new photonic
products in the market. The 4D InSpec XL won the award for its
utility and importance in making instant, qualifying, 3D
measurements of surface features for manufactured parts.
- Announcement of $80 Million Stock Repurchase
Program. Through 2018, the company had completed $80
million in stock repurchases, and in March 2019 announced a new $80
million plan. Following the company generating over $100 million in
cash flow from operating activities last year, the management team
and board of directors expressed confidence in the company’s future
growth prospects, and a continued commitment to returning capital
to stockholders, through this new program.
|
GAAP Results |
|
|
|
Q1 2019 |
Q4 2018 |
Q1 2018 |
|
|
Revenues (Millions) |
$67.1 |
|
$77.0 |
|
$82.3 |
|
|
|
Gross Margin |
|
50.4% |
|
|
54.6% |
|
|
57.7% |
|
|
|
Operating Margin |
|
5.0% |
|
|
14.1% |
|
|
25.0% |
|
|
|
Net Income (Millions) |
$3.0 |
|
$12.0 |
|
$16.4 |
|
|
|
Earnings per Diluted Share |
$0.12 |
|
$0.49 |
|
$0.67 |
|
|
|
|
|
|
|
|
|
Non-GAAP Results |
|
|
|
Q1 2019 |
Q4 2018 |
Q1 2018 |
|
|
Gross Margin |
|
52.5% |
|
|
55.7% |
|
|
57.8% |
|
|
|
Operating Margin |
|
8.5% |
|
|
16.8% |
|
|
25.6% |
|
|
|
Net Income (Millions) |
$4.7 |
|
$13.0 |
|
$16.5 |
|
|
|
Earnings per Diluted Share |
$0.19 |
|
$0.53 |
|
$0.67 |
|
|
|
|
|
|
|
|
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 intangibles, acquisition-related charges,
severance costs, executive transition and search costs, gain on
sale of property, and certain discrete tax and other items.
“Our first quarter results reflect the current shifts underway
in industry spending, with strength in the foundry/logic market and
significantly curtailed investments in the memory device market,”
commented Dr. Pierre-Yves Lesaicherre, president and chief
executive officer of Nanometrics. “While first-quarter revenues
came in at the high end of our forecast, there were a few
late-quarter shifts in product and customer mix that resulted in
gross margin at the low end of our expectations. The higher-margin
business is instead forecast for the current quarter, resulting in
a snap-back in gross margin above our target model range for the
expected revenue level.
“We entered the year on a cautious note, given the delays of
several planned memory projects by our largest customers and the
resulting significant decline in memory capital spending expected
in 2019, compared to 2018. During the first quarter, we were very
pleased to see continued momentum building for second-half sales to
the foundry, IDM and other device markets, while at the same time,
we have witnessed stabilization in our memory forecast. In
combination, the improving visibility and outlook contribute to our
expectations of a significantly stronger second half of 2019, not
just in terms of revenues, but margins and profitability as well.”
Dr. Lesaicherre concluded, “We expect gross margins within or above
our target model ranges for the remainder of the year, which
enables us to continue our R&D investments in support of new
products that will drive future growth.”
First Quarter 2019 SummaryRevenues for the
first quarter of 2019 were $67.1 million, down 12.9% from $77.0
million in the fourth quarter of 2018, and down 18.5% from $82.3
million in the first quarter of 2018. On a GAAP basis, gross
margin was 50.4%, compared to 54.6% in the prior quarter and 57.7%
in the year-ago period. Operating income was $3.3 million,
compared to $10.9 million in the prior quarter and $20.6 million in
the year-ago period. Net income was $3.0 million or $0.12 per
diluted share, compared to $12.0 million or $0.49 per diluted share
in the prior quarter and $16.4 million or $0.67 per diluted share
in the first quarter of 2018.
On a non-GAAP basis, which excludes amortization of acquired
intangible assets and acquisition-related charges gross margin was
52.5%, compared to 55.7% in the prior quarter and 57.8% in the
year-ago period. Non-GAAP operating income, which also excludes
amortization of intangible assets and acquisition-related costs
included in operating costs, executive search and transition costs,
and severance costs, was $5.7 million, compared to $13.0 million in
the prior quarter and $21.0 million in the first quarter of 2018.
Non-GAAP net income, which also adjusts for a gain on disposal of
property and certain discrete tax and other items, was $4.7 million
or $0.19 per diluted share, compared to $13.0 million or $0.53 per
diluted share in the prior quarter and $16.5 million or $0.67 per
diluted share in the first quarter of 2018.
Business OutlookManagement expects second
quarter 2019 revenues in the range of $61 to $69 million. Gross
margin is expected to be approximately 54%, plus or minus 1%, on a
GAAP basis and 55%, plus or minus 1%, on a non-GAAP basis.
Management expects second quarter operating expenses to be in the
range of $29.5 million to $30.5 million on a GAAP basis and $29.0
million to $30.0 million on a non-GAAP basis. Earnings per diluted
share are expected to be in the range of $0.09 to $0.24 on a GAAP
basis and $0.13 to $0.28 on a non-GAAP basis.
Conference Call DetailsA conference call to
discuss first quarter 2019 results will be held today at 4:30 p.m.
EDT (1:30 p.m. PDT). To participate in the conference call, the
dial-in numbers are (877) 374-4041 for domestic callers and (253)
237-1156 for international callers. The conference ID is 5877575. A
live and recorded webcast and supplemental financial information
will be made available on the investor page of the Nanometrics
website at www.nanometrics.com.
Use of Non-GAAP Financial InformationThe
non-GAAP gross profit, gross margin, operating income, operating
income margin, net income, net income per share, which exclude
certain expenses, charges and special items, and free cash flow,
were not prepared in accordance with U.S. Generally Accepted
Accounting Principles (GAAP). Management uses non-GAAP financial
results, which exclude amortization of acquired intangibles assets,
acquisition-related charges, severance costs, executive transition
and search costs, gain on disposal of property, certain discrete
tax items and other discrete adjustments, to evaluate the company’s
ongoing performance and to enable comparison to other periods that
did not include these items. The company believes the presentation
of non-GAAP results is useful to investors for analyzing ongoing
business trends, comparing performance to prior periods, and
enhancing the investor’s ability to view the company’s results from
management’s perspective; however, investors are cautioned that
other companies may calculate these measures differently than
Nanometrics does, which would limit the usefulness of these
financial measures. A table presenting a reconciliation of GAAP
results to non-GAAP results is included at the end of this press
release and is available on the investor page of the Nanometrics
website at www.nanometrics.com.
About NanometricsNanometrics is a leading
provider of advanced, high-performance process control metrology
and inspection solutions used primarily in the semiconductor
manufacturing industry, as well as in the fabrication of other
solid-state devices and components in the optoelectronic, LED and
storage industries, and more recently in the industrial, aerospace
and scientific research markets. Nanometrics’ process control
solutions include automated and integrated metrology systems as
well as software and analytics that measure and monitor key
elements of device performance and yield, such as critical
dimensions, device structures, surface shape and profile, overall
topography and various thin film properties, including
three-dimensional features and film thickness, as well as the
optical, electrical and material properties of various substrates,
devices and components. Nanometrics’ solutions enable advanced
process control for device manufacturers, providing improved device
yield at reduced manufacturing cycle time, supporting the
accelerated product life cycles in the semiconductor and other
advanced markets. The company maintains its headquarters in
Milpitas, California, with sales and service offices worldwide.
Nanometrics is traded on Nasdaq Global Select Market under the
symbol NANO. Nanometrics’ website is
http://www.nanometrics.com.
Forward Looking Statements Certain statements
in this press release, including those found in Dr. Lesaicherre’s
quote, under the caption “Business Outlook,” and elsewhere
regarding expected future financial or operational performance and
expected market demand, are forward-looking statements that involve
a number of risks and uncertainties that could cause actual results
to differ materially from those described in this release.
Although Nanometrics believes that the expectations reflected in
the forward-looking statements are reasonable, actual results could
differ materially from these expectations due to a variety of
factors, including, but not limited to, unexpected: decreased
levels of industry spending; Nanometrics’ inability to gain
additional market share, increase sales, ship products as
scheduled, achieve customer acceptance of new products or
outperform the industry; decreased demand for Nanometrics’
products; shifts in the timing of customer orders and product
shipments; technology adoption rates; changes in customer and
product mix; changes in market share; changes in operating
expenses; and general economic conditions. For additional
information and considerations regarding the risks faced by
Nanometrics that could cause actual results to differ materially,
see its annual report on Form 10-K for the year ended December 29,
2018, as filed with the Securities and Exchange Commission on
February 25, 2019 including under the caption “Risk Factors,” as
well as other periodic reports filed with the SEC from time to
time. Nanometrics disclaims any obligation to update information
contained in any forward-looking statement, except as required by
law.
NANOMETRICS INCORPORATED |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
March 30, 2019 |
|
December 29, 2018 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
95,212 |
|
|
$ |
110,951 |
|
Marketable
securities |
|
|
52,851 |
|
|
|
40,841 |
|
Accounts
receivable, net |
|
|
45,252 |
|
|
|
50,854 |
|
Inventories |
|
|
63,470 |
|
|
|
61,915 |
|
Inventories-delivered systems |
|
|
349 |
|
|
|
180 |
|
Prepaid
expenses and other |
|
|
7,235 |
|
|
|
6,140 |
|
Total
current assets |
|
|
264,369 |
|
|
|
270,881 |
|
|
|
|
|
|
Property,
plant and equipment, net |
|
|
50,532 |
|
|
|
47,900 |
|
Operating
lease - right of use assets, net |
|
|
11,567 |
|
|
|
- |
|
Goodwill |
|
|
26,372 |
|
|
|
26,372 |
|
Intangible
assets, net |
|
|
26,572 |
|
|
|
27,326 |
|
Deferred
income tax assets |
|
|
2,473 |
|
|
|
2,569 |
|
Other
assets |
|
|
440 |
|
|
|
582 |
|
Total
assets |
|
$ |
382,325 |
|
|
$ |
375,630 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
18,901 |
|
|
$ |
16,540 |
|
Accrued
payroll and related expenses |
|
|
9,490 |
|
|
|
21,658 |
|
Deferred
revenue |
|
|
10,641 |
|
|
|
8,990 |
|
Operating
lease liabilities |
|
|
2,893 |
|
|
|
- |
|
Other
current liabilities |
|
|
6,859 |
|
|
|
9,421 |
|
Income taxes
payable |
|
|
1,623 |
|
|
|
3,164 |
|
Total
current liabilities |
|
|
50,407 |
|
|
|
59,773 |
|
|
|
|
|
|
Deferred
revenue |
|
|
1,505 |
|
|
|
1,753 |
|
Income taxes
payable |
|
|
1,027 |
|
|
|
871 |
|
Deferred tax
liabilities |
|
|
166 |
|
|
|
162 |
|
Operating
lease liabilities |
|
|
8,614 |
|
|
|
- |
|
Other
long-term liabilities |
|
|
220 |
|
|
|
219 |
|
Total
liabilities |
|
|
61,939 |
|
|
|
62,778 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common
stock |
|
|
25 |
|
|
|
24 |
|
Additional
paid-in capital |
|
|
251,841 |
|
|
|
247,983 |
|
Retained
earnings |
|
|
70,375 |
|
|
|
67,402 |
|
Accumulated
other comprehensive loss |
|
|
(1,855 |
) |
|
|
(2,557 |
) |
Total
stockholders’ equity |
|
|
320,386 |
|
|
|
312,852 |
|
Total
liabilities and stockholders’ equity |
|
$ |
382,325 |
|
|
$ |
375,630 |
|
|
|
|
|
|
NANOMETRICS INCORPORATED |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands except per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 30, 2019 |
|
March 31, 2018 |
|
|
|
|
|
Net revenues: |
|
|
|
|
Products |
|
$ |
53,855 |
|
|
$ |
71,019 |
|
Service |
|
|
13,245 |
|
|
|
11,294 |
|
Total net
revenues |
|
|
67,100 |
|
|
|
82,313 |
|
|
|
|
|
|
Costs of net
revenues: |
|
|
|
|
Cost of
products |
|
|
25,898 |
|
|
|
28,593 |
|
Cost of
service |
|
|
6,948 |
|
|
|
6,154 |
|
Amortization
of intangible assets |
|
|
466 |
|
|
|
35 |
|
Total costs
of net revenues |
|
|
33,312 |
|
|
|
34,782 |
|
Gross
profit |
|
|
33,788 |
|
|
|
47,531 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and
development |
|
|
12,987 |
|
|
|
10,202 |
|
Selling |
|
|
9,282 |
|
|
|
9,024 |
|
General and
administrative |
|
|
7,905 |
|
|
|
7,741 |
|
Amortization
of intangible assets |
|
|
289 |
|
|
|
- |
|
Total
operating expenses |
|
|
30,463 |
|
|
|
26,967 |
|
Income from
operations |
|
|
3,325 |
|
|
|
20,564 |
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
Interest
expense, net |
|
|
(91 |
) |
|
|
(93 |
) |
Other
income, net |
|
|
270 |
|
|
|
352 |
|
Total other
income, net |
|
|
179 |
|
|
|
259 |
|
|
|
|
|
|
Income before income
taxes |
|
|
3,504 |
|
|
|
20,823 |
|
Provision for income
taxes |
|
|
531 |
|
|
|
4,442 |
|
Net
income |
|
$ |
2,973 |
|
|
$ |
16,381 |
|
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
|
$ |
0.12 |
|
|
$ |
0.68 |
|
Diluted |
|
$ |
0.12 |
|
|
$ |
0.67 |
|
|
|
|
|
|
Shares used in per share
calculation: |
|
|
|
|
Basic |
|
|
24,474 |
|
|
|
24,063 |
|
Diluted |
|
|
24,783 |
|
|
|
24,483 |
|
|
|
|
|
|
NANOMETRICS INCORPORATED |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 30, 2019 |
|
March 31, 2018 |
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
2,973 |
|
|
$ |
16,381 |
|
Reconciliation of net income to net cash from operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
2,406 |
|
|
|
1,724 |
|
Stock-based compensation |
|
|
3,114 |
|
|
|
2,338 |
|
Disposal
of fixed assets |
|
|
2 |
|
|
|
45 |
|
Inventory
write down |
|
|
1,747 |
|
|
|
95 |
|
Deferred
income taxes |
|
|
4 |
|
|
|
2,062 |
|
Changes
in assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
|
6,604 |
|
|
|
8,035 |
|
Inventories |
|
|
(2,864 |
) |
|
|
315 |
|
Inventories-delivered systems |
|
|
(169 |
) |
|
|
41 |
|
Prepaid
expenses and other |
|
|
(1,189 |
) |
|
|
(454 |
) |
Operating
lease - right of use assets |
|
|
148 |
|
|
|
- |
|
Accounts
payable, accrued and other liabilities |
|
|
(13,656 |
) |
|
|
(1,474 |
) |
Deferred
revenue |
|
|
1,403 |
|
|
|
2,172 |
|
Operating
lease liabilities |
|
|
(90 |
) |
|
|
- |
|
Income
taxes payable |
|
|
(1,289 |
) |
|
|
1,434 |
|
Net cash
provided by (used) in operating activities |
|
|
(856 |
) |
|
|
32,714 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Payment
for acquisition of certain assets |
|
|
- |
|
|
|
(1,000 |
) |
Sales of
marketable securities |
|
|
739 |
|
|
|
17,435 |
|
Maturities of marketable securities |
|
|
11,450 |
|
|
|
6,500 |
|
Purchases
of marketable securities |
|
|
(24,021 |
) |
|
|
- |
|
Purchase
of property, plant and equipment |
|
|
(4,132 |
) |
|
|
(1,319 |
) |
Net cash
provided by (used) in investing activities |
|
|
(15,964 |
) |
|
|
21,616 |
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from sale of shares under employee stock option and
purchase plans |
|
1,548 |
|
|
|
545 |
|
Taxes
paid on net issuance of stock awards |
|
|
(803 |
) |
|
|
(476 |
) |
Repurchases of common stock under share repurchase plans |
|
|
- |
|
|
|
(22,987 |
) |
Net cash
provided by (used in) financing activities |
|
|
745 |
|
|
|
(22,918 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
|
336 |
|
|
|
(399 |
) |
Net increase (decrease)
in cash and cash equivalents |
|
|
(15,739 |
) |
|
|
31,013 |
|
Cash and cash
equivalents, beginning of period |
|
|
110,951 |
|
|
|
34,899 |
|
Cash and cash
equivalents, end of period |
|
$ |
95,212 |
|
|
$ |
65,912 |
|
|
|
|
|
|
NANOMETRICS INCORPORATED |
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 30, 2019 |
|
December 29, 2018 |
|
March 31, 2018 |
Reconciliation of
GAAP gross profit and gross margin to non-GAAP gross profit and
gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit and
gross margin, respectively |
|
$ |
33,788 |
|
|
50.4 |
% |
|
$ |
42,038 |
|
|
54.6 |
% |
|
$ |
47,531 |
|
|
57.7 |
% |
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related charges |
|
|
957 |
|
|
1.4 |
% |
|
|
668 |
|
|
0.9 |
% |
|
|
- |
|
|
0.0 |
% |
Amortization of intangible assets |
|
|
466 |
|
|
0.7 |
% |
|
|
179 |
|
|
0.2 |
% |
|
|
35 |
|
|
0.0 |
% |
Total
non-GAAP adjustments to gross profit |
|
|
1,423 |
|
|
2.1 |
% |
|
|
847 |
|
|
1.1 |
% |
|
|
35 |
|
|
0.0 |
% |
Non-GAAP
gross profit and gross margin, respectively |
|
$ |
35,211 |
|
|
52.5 |
% |
|
$ |
42,885 |
|
|
55.7 |
% |
|
$ |
47,566 |
|
|
57.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating expenses to non-GAAP
operating expenses |
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Expenses |
|
$ |
30,463 |
|
|
45.4 |
% |
|
$ |
31,170 |
|
|
40.5 |
% |
|
$ |
26,967 |
|
|
32.8 |
% |
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets included in operating
expenses |
|
|
(289 |
) |
|
-0.4 |
% |
|
|
(96 |
) |
|
-0.1 |
% |
|
|
- |
|
|
- |
|
Acquisition-related charges included in operating expenses |
|
|
(164 |
) |
|
-0.3 |
% |
|
|
(903 |
) |
|
-1.2 |
% |
|
|
- |
|
|
- |
|
Severance
included in operating expenses |
|
|
(260 |
) |
|
-0.4 |
% |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Executive
transition |
|
|
(190 |
) |
|
-0.3 |
% |
|
|
(240 |
) |
|
-0.3 |
% |
|
|
(376 |
) |
|
-0.5 |
% |
Executive
search |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(46 |
) |
|
-0.1 |
% |
Total
non-GAAP adjustments to operating expenses |
|
|
(903 |
) |
|
-1.4 |
% |
|
|
(1,240 |
) |
|
-1.6 |
% |
|
|
(422 |
) |
|
-0.6 |
% |
Non-GAAP
operating expenses |
|
$ |
29,560 |
|
|
44.0 |
% |
|
$ |
29,931 |
|
|
38.9 |
% |
|
$ |
26,545 |
|
|
32.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating income
to non-GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
and operating margin, respectively |
|
$ |
3,325 |
|
|
5.0 |
% |
|
$ |
10,868 |
|
|
14.1 |
% |
|
$ |
20,564 |
|
|
25.0 |
% |
Non-GAAP
adjustments: |
|
|
|
|
|
. |
|
|
|
|
|
|
Non-GAAP
adjustments to gross profit |
|
|
1,423 |
|
|
2.1 |
% |
|
|
847 |
|
|
1.1 |
% |
|
|
35 |
|
|
0.0 |
% |
Non-GAAP
adjustments to operating expenses |
|
|
903 |
|
|
1.3 |
% |
|
|
1,240 |
|
|
1.6 |
% |
|
|
422 |
|
|
0.5 |
% |
Total
non-GAAP adjustments to operating income |
|
|
2,326 |
|
|
3.5 |
% |
|
|
2,087 |
|
|
2.7 |
% |
|
|
457 |
|
|
0.6 |
% |
Non-GAAP
operating income and operating margin, respectively |
|
$ |
5,651 |
|
|
8.5 |
% |
|
$ |
12,954 |
|
|
16.8 |
% |
|
$ |
21,021 |
|
|
25.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income to
non-GAAP net income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
2,973 |
|
|
|
|
$ |
12,024 |
|
|
|
|
$ |
16,381 |
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-GAAP adjustments to non-GAAP operating income |
|
|
2,326 |
|
|
|
|
|
2,086 |
|
|
|
|
|
457 |
|
|
|
Gain on
Disposal of Property |
|
|
- |
|
|
|
|
|
(874 |
) |
|
|
|
|
- |
|
|
|
Other
Discrete Items |
|
|
- |
|
|
|
|
|
89 |
|
|
|
|
|
- |
|
|
|
Discrete
tax items and tax effect of non-GAAP adjustments |
|
|
(612 |
) |
|
|
|
|
(279 |
) |
|
|
|
|
(344 |
) |
|
|
Non-GAAP
net income |
|
$ |
4,687 |
|
|
|
|
$ |
13,047 |
|
|
|
|
$ |
16,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
diluted share |
|
$ |
0.12 |
|
|
|
|
$ |
0.49 |
|
|
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
diluted share |
|
$ |
0.19 |
|
|
|
|
$ |
0.53 |
|
|
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted
net income per share calculation |
|
|
24,783 |
|
|
|
|
|
24,481 |
|
|
|
|
|
24,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 30, 2019 |
|
December 29, 2018 |
|
March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash
provided by operating activities to free cash flow |
|
|
|
|
|
|
|
|
|
|
GAAP net cash provided
by operating activities |
|
$ |
(856 |
) |
|
|
|
$ |
19,928 |
|
|
|
|
$ |
32,714 |
|
|
|
Purchase
of property and equipment |
|
|
(4,132 |
) |
|
|
|
|
(4,544 |
) |
|
|
|
|
(1,319 |
) |
|
|
Free cash
flow |
|
$ |
(4,988 |
) |
|
|
|
$ |
15,384 |
|
|
|
|
$ |
31,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact:
Claire McAdams
Headgate Partners LLC
530.265.9899
claire@headgatepartners.com
Company Contact:
Greg Swyt
Vice President, Finance
408.545.6088
ir@nanometrics.com
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