Nanometrics Reports Second Quarter 2019 Financial Results
July 30 2019 - 4:05PM
Nanometrics Incorporated (NASDAQ: NANO), a leading provider of
advanced process control systems, today announced financial results
for its second quarter ended June 29, 2019.
Second Quarter 2019
Highlights:
- Revenues at high end of expectations.
Revenues of $67.6 million increased slightly quarter-over-quarter,
at the high end of expectations. Revenues were favorable to
forecast in spite of the impact of the current trade embargo
affecting sales to a customer in China, primarily as a result of a
pull-in of revenue due to the acceptance of evaluation systems in
the field that had been expected to close in the third
quarter.
- Expanded Atlas® III+ wins. In the second
quarter, the company continued to increase its penetration of key
customer accounts with its latest flagship system, winning both a
new logic customer and a new memory customer, both in high-volume
manufacturing.
- Record business from services. Service
revenues were $15.1 million, up 14% sequentially and up 27%
year-over-year. The company has increased its installed base
business significantly, due to its expanded customer footprint,
growing sales of upgrades, and stronger activity in refurbishment
of legacy systems in the field.
GAAP Results |
|
Q2 2019 |
Q1 2019 |
Q2 2018 |
Revenues
(Millions) |
$67.6 |
|
$67.1 |
|
$88.6 |
|
Gross Margin |
|
52.0% |
|
|
50.4% |
|
|
57.4% |
|
Operating
Margin |
|
5.5% |
|
|
5.0% |
|
|
23.5% |
|
Net
Income (Millions) |
$3.9 |
|
$3.0 |
|
$17.7 |
|
Earnings per Diluted Share |
$0.16 |
|
$0.12 |
|
$0.72 |
|
|
|
|
|
Non-GAAP Results |
|
Q2 2019 |
Q1 2019 |
Q2 2018 |
Gross
Margin |
|
53.5% |
|
|
52.5% |
|
|
57.5% |
|
Operating
Margin |
|
9.4% |
|
|
8.5% |
|
|
24.2% |
|
Net
Income (Millions) |
$5.3 |
|
$4.7 |
|
$17.4 |
|
Earnings per Diluted Share |
$0.21 |
|
$0.19 |
|
$0.71 |
|
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.
On June 24, 2019 Nanometrics and Rudolph
Technologies, Inc. announced that they had agreed to combine in an
all-stock merger of equals transaction. In light of this pending
merger transaction, Nanometrics will not hold a conference call to
discuss its financial results. Concurrent with this earnings
release, Nanometrics has published supplemental materials on the
Investor Relations section of Nanometrics’ website at
www.nanometrics.com.
Second Quarter 2019 SummaryRevenues for the
second quarter of 2019 were $67.6 million, up 1% from $67.1 million
in the first quarter of 2019, and down 24% from a record $88.6
million in the second quarter of 2018. On a GAAP basis, gross
margin was 52.0%, compared to 50.4% in the prior quarter and 57.4%
in the year-ago period. Operating income was $3.7 million,
compared to $3.3 million in the prior quarter and $20.8 million in
the year-ago period. Net income was $3.9 million or $0.16 per
diluted share, compared to $3.0 million or $0.12 per diluted share
in the prior quarter and $17.7 million or $0.72 per diluted share
in the second quarter of 2018.
On a non-GAAP basis, which excludes amortization
of acquired intangible assets, severance related costs and
acquisition-related charges, gross margin was 53.5%, compared to
52.5% in the prior quarter and 57.5% in the year-ago period. Gross
margin was negatively impacted by certain installation, freight and
factory costs, which were higher than forecast for the quarter.
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 $6.3 million, compared to $5.7 million in the
prior quarter and $21.4 million in the second 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 $5.3 million
or $0.21 per diluted share, compared to $4.7 million or $0.19 per
diluted share in the prior quarter and $17.4 million or $0.71 per
diluted share in the second quarter of 2018.
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 intangible 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.
NANOMETRICS INCORPORATED |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
June 29, 2019 |
|
December 29, 2018 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
94,035 |
|
|
$ |
110,951 |
|
|
Marketable securities |
|
|
50,947 |
|
|
|
40,841 |
|
|
Accounts receivable, net |
|
|
51,602 |
|
|
|
50,854 |
|
|
Inventories |
|
|
66,630 |
|
|
|
61,915 |
|
|
Inventories-delivered systems |
|
|
1,010 |
|
|
|
180 |
|
|
Prepaid expenses and other |
|
|
7,955 |
|
|
|
6,140 |
|
|
Total current assets |
|
|
272,179 |
|
|
|
270,881 |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
52,779 |
|
|
|
47,900 |
|
|
Operating lease - right of use assets, net |
|
|
10,767 |
|
|
|
- |
|
|
Goodwill |
|
|
26,310 |
|
|
|
26,372 |
|
|
Intangible assets, net |
|
|
25,811 |
|
|
|
27,326 |
|
|
Deferred income tax assets |
|
|
2,807 |
|
|
|
2,569 |
|
|
Other assets |
|
|
446 |
|
|
|
582 |
|
|
Total assets |
|
$ |
391,099 |
|
|
$ |
375,630 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
19,459 |
|
|
$ |
16,540 |
|
|
Accrued payroll and related expenses |
|
|
10,361 |
|
|
|
21,658 |
|
|
Deferred revenue |
|
|
9,865 |
|
|
|
8,990 |
|
|
Operating lease liabilities |
|
|
2,845 |
|
|
|
- |
|
|
Other current liabilities |
|
|
7,308 |
|
|
|
9,421 |
|
|
Income taxes payable |
|
|
1,117 |
|
|
|
3,164 |
|
|
Total current liabilities |
|
|
50,955 |
|
|
|
59,773 |
|
|
|
|
|
|
|
|
Deferred revenue |
|
|
1,616 |
|
|
|
1,753 |
|
|
Income taxes payable |
|
|
1,150 |
|
|
|
871 |
|
|
Deferred tax liabilities |
|
|
163 |
|
|
|
162 |
|
|
Operating lease liabilities |
|
|
8,017 |
|
|
|
- |
|
|
Other long-term liabilities |
|
|
218 |
|
|
|
219 |
|
|
Total liabilities |
|
|
62,119 |
|
|
|
62,778 |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common stock |
|
|
25 |
|
|
|
24 |
|
|
Additional paid-in capital |
|
|
256,503 |
|
|
|
247,983 |
|
|
Retained earnings |
|
|
74,305 |
|
|
|
67,402 |
|
|
Accumulated other comprehensive loss |
|
|
(1,853 |
) |
|
|
(2,557 |
) |
|
Total stockholders’ equity |
|
|
328,980 |
|
|
|
312,852 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
391,099 |
|
|
$ |
375,630 |
|
|
|
|
|
|
|
|
NANOMETRICS INCORPORATED |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(In thousands except per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 29, 2019 |
|
June 30, 2018 |
|
June 29, 2019 |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Net revenues: |
|
|
|
|
|
|
|
|
|
Products |
|
$ |
52,541 |
|
|
$ |
76,704 |
|
|
$ |
106,396 |
|
|
$ |
147,723 |
|
|
Service |
|
|
15,079 |
|
|
|
11,900 |
|
|
|
28,324 |
|
|
|
23,194 |
|
|
Total net revenues |
|
|
67,620 |
|
|
|
88,604 |
|
|
|
134,720 |
|
|
|
170,917 |
|
|
|
|
|
|
|
|
|
|
|
|
Costs of net revenues: |
|
|
|
|
|
|
|
|
|
Cost of products |
|
|
24,294 |
|
|
|
31,235 |
|
|
|
50,193 |
|
|
|
59,828 |
|
|
Cost of service |
|
|
7,683 |
|
|
|
6,443 |
|
|
|
14,631 |
|
|
|
12,597 |
|
|
Amortization of intangible assets |
|
|
471 |
|
|
|
35 |
|
|
|
936 |
|
|
|
70 |
|
|
Total costs of net revenues |
|
|
32,448 |
|
|
|
37,713 |
|
|
|
65,760 |
|
|
|
72,495 |
|
|
Gross profit |
|
|
35,172 |
|
|
|
50,891 |
|
|
|
68,960 |
|
|
|
98,422 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
14,098 |
|
|
|
12,491 |
|
|
|
27,085 |
|
|
|
22,693 |
|
|
Selling |
|
|
8,244 |
|
|
|
10,151 |
|
|
|
17,526 |
|
|
|
19,175 |
|
|
General and administrative |
|
|
7,885 |
|
|
|
7,465 |
|
|
|
15,790 |
|
|
|
15,206 |
|
|
Merger expenses |
|
|
907 |
|
|
|
- |
|
|
|
907 |
|
|
|
- |
|
|
Amortization of intangible assets |
|
|
289 |
|
|
|
- |
|
|
|
578 |
|
|
|
- |
|
|
Total operating expenses |
|
|
31,423 |
|
|
|
30,107 |
|
|
|
61,886 |
|
|
|
57,074 |
|
|
Income from operations |
|
|
3,749 |
|
|
|
20,784 |
|
|
|
7,074 |
|
|
|
41,348 |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(15 |
) |
|
|
(48 |
) |
|
|
(106 |
) |
|
|
(141 |
) |
|
Other income (expense), net |
|
|
828 |
|
|
|
(166 |
) |
|
|
1,098 |
|
|
|
186 |
|
|
Total other income (expense), net |
|
|
813 |
|
|
|
(214 |
) |
|
|
992 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
4,562 |
|
|
|
20,570 |
|
|
|
8,066 |
|
|
|
41,393 |
|
|
Provision for income taxes |
|
|
632 |
|
|
|
2,895 |
|
|
|
1,163 |
|
|
|
7,337 |
|
|
Net income |
|
$ |
3,930 |
|
|
$ |
17,675 |
|
|
$ |
6,903 |
|
|
$ |
34,056 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.16 |
|
|
$ |
0.74 |
|
|
$ |
0.28 |
|
|
$ |
1.42 |
|
|
Diluted |
|
$ |
0.16 |
|
|
$ |
0.72 |
|
|
$ |
0.28 |
|
|
$ |
1.39 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,525 |
|
|
|
23,953 |
|
|
|
24,530 |
|
|
|
24,008 |
|
|
Diluted |
|
|
24,843 |
|
|
|
24,442 |
|
|
|
24,850 |
|
|
|
24,488 |
|
|
|
|
|
|
|
|
|
|
|
|
NANOMETRICS INCORPORATED |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 29, 2019 |
|
June 30, 2018 |
|
Cash flows from operating
activities: |
|
|
|
|
|
Net income |
|
$ |
6,903 |
|
|
$ |
34,056 |
|
|
Reconciliation of net income to net cash from operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
5,061 |
|
|
|
3,326 |
|
|
Stock-based compensation |
|
|
6,314 |
|
|
|
5,017 |
|
|
Disposal of fixed assets |
|
|
(861 |
) |
|
|
51 |
|
|
Inventory write-down |
|
|
2,922 |
|
|
|
269 |
|
|
Deferred income taxes |
|
|
- |
|
|
|
4,320 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
473 |
|
|
|
7,193 |
|
|
Inventories |
|
|
(8,290 |
) |
|
|
(1,722 |
) |
|
Inventories-delivered systems |
|
|
(830 |
) |
|
|
(322 |
) |
|
Prepaid expenses and other |
|
|
(1,974 |
) |
|
|
(3,422 |
) |
|
Operating lease - right of use assets |
|
|
1,077 |
|
|
|
- |
|
|
Accounts payable, accrued and other liabilities |
|
|
(10,941 |
) |
|
|
7,204 |
|
|
Deferred revenue |
|
|
738 |
|
|
|
2,464 |
|
|
Operating lease liabilities |
|
|
(888 |
) |
|
|
- |
|
|
Income taxes payable |
|
|
(2,007 |
) |
|
|
537 |
|
|
Net cash provided by (used in) operating activities |
|
|
(2,303 |
) |
|
|
58,971 |
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
Payment for acquisition of certain assets |
|
|
- |
|
|
|
(2,000 |
) |
|
Sales of marketable securities |
|
|
1,627 |
|
|
|
18,507 |
|
|
Maturities of marketable securities |
|
|
24,700 |
|
|
|
17,345 |
|
|
Purchases of marketable securities |
|
|
(36,093 |
) |
|
|
(16,320 |
) |
|
Purchases of property, plant and equipment |
|
|
(8,314 |
) |
|
|
(1,761 |
) |
|
Proceeds from sale of property, plant and equipment |
|
|
896 |
|
|
|
- |
|
|
Net cash provided by (used in) investing activities |
|
|
(17,184 |
) |
|
|
15,771 |
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
Proceeds from sale of shares under employee stock option and
purchase plans |
|
4,535 |
|
|
|
2,709 |
|
|
Taxes paid on net issuance of stock awards |
|
|
(2,328 |
) |
|
|
(2,731 |
) |
|
Repurchases of common stock under share repurchase plans |
|
|
- |
|
|
|
(22,987 |
) |
|
Net cash provided by (used in) financing activities |
|
|
2,207 |
|
|
|
(23,009 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
364 |
|
|
|
(431 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
(16,916 |
) |
|
|
51,302 |
|
|
Cash and cash equivalents, beginning of period |
|
|
110,951 |
|
|
|
34,899 |
|
|
Cash and cash equivalents, end of period |
|
$ |
94,035 |
|
|
$ |
86,201 |
|
|
|
|
|
|
|
|
NANOMETRICS INCORPORATED |
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
June 29, 2019 |
|
March 31, 2019 |
|
June 30, 2018 |
Reconciliation of GAAP
gross profit and gross margin to non-GAAP gross profit and gross
margin |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit and gross margin, respectively |
|
$ |
35,172 |
|
|
52.0 |
% |
|
$ |
33,788 |
|
|
50.4 |
% |
|
$ |
50,891 |
|
|
57.4 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Severance included in cost of revenues |
|
|
162 |
|
|
0.2 |
% |
|
|
- |
|
|
0.0 |
% |
|
|
21 |
|
|
0.0 |
% |
Acquisition & merger related charges |
|
|
375 |
|
|
0.6 |
% |
|
|
957 |
|
|
1.4 |
% |
|
|
- |
|
|
0.0 |
% |
Amortization of intangible assets |
|
|
471 |
|
|
0.7 |
% |
|
|
466 |
|
|
0.7 |
% |
|
|
35 |
|
|
0.0 |
% |
Total non-GAAP adjustments to gross profit |
|
|
1,008 |
|
|
1.5 |
% |
|
|
1,423 |
|
|
2.1 |
% |
|
|
56 |
|
|
0.1 |
% |
Non-GAAP gross profit and gross margin,
respectively |
|
$ |
36,180 |
|
|
53.5 |
% |
|
$ |
35,211 |
|
|
52.5 |
% |
|
$ |
50,947 |
|
|
57.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating expenses to non-GAAP
operating expenses |
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses |
|
$ |
31,423 |
|
|
46.5 |
% |
|
$ |
30,463 |
|
|
45.4 |
% |
|
$ |
30,107 |
|
|
34.0 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets included in operating
expenses |
|
|
(289 |
) |
|
-0.4 |
% |
|
|
(289 |
) |
|
-0.4 |
% |
|
|
- |
|
|
- |
|
Acquisition & merger related charges |
|
|
(1,015 |
) |
|
-1.5 |
% |
|
|
(164 |
) |
|
-0.3 |
% |
|
|
- |
|
|
- |
|
Severance included in operating expenses |
|
|
(128 |
) |
|
-0.2 |
% |
|
|
(260 |
) |
|
-0.4 |
% |
|
|
- |
|
|
- |
|
Executive transition |
|
|
(151 |
) |
|
-0.2 |
% |
|
|
(190 |
) |
|
-0.3 |
% |
|
|
(236 |
) |
|
-0.3 |
% |
Executive search |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(339 |
) |
|
-0.4 |
% |
Total non-GAAP adjustments to operating expenses |
|
|
(1,583 |
) |
|
-2.3 |
% |
|
|
(903 |
) |
|
-1.4 |
% |
|
|
(575 |
) |
|
-0.7 |
% |
Non-GAAP operating expenses |
|
$ |
29,840 |
|
|
44.1 |
% |
|
$ |
29,560 |
|
|
44.0 |
% |
|
$ |
29,532 |
|
|
33.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
operating income to non-GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income and
operating margin, respectively |
|
$ |
3,749 |
|
|
5.5 |
% |
|
$ |
3,325 |
|
|
5.0 |
% |
|
$ |
20,784 |
|
|
23.5 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
. |
|
|
|
|
|
|
Non-GAAP adjustments to gross profit |
|
|
1,008 |
|
|
1.5 |
% |
|
|
1,423 |
|
|
2.1 |
% |
|
|
56 |
|
|
0.1 |
% |
Non-GAAP adjustments to operating expenses |
|
|
1,583 |
|
|
2.3 |
% |
|
|
903 |
|
|
1.3 |
% |
|
|
575 |
|
|
0.6 |
% |
Total non-GAAP adjustments to operating income |
|
|
2,591 |
|
|
3.8 |
% |
|
|
2,326 |
|
|
3.5 |
% |
|
|
631 |
|
|
0.7 |
% |
Non-GAAP operating income and operating margin,
respectively |
|
$ |
6,340 |
|
|
9.4 |
% |
|
$ |
5,651 |
|
|
8.5 |
% |
|
$ |
21,415 |
|
|
24.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
net income to non-GAAP net income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
3,930 |
|
|
|
|
$ |
2,973 |
|
|
|
|
$ |
17,675 |
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Total non-GAAP adjustments to non-GAAP operating
income |
|
|
2,591 |
|
|
|
|
|
2,326 |
|
|
|
|
|
631 |
|
|
|
Gain on Disposal of Property |
|
|
(837 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
Discrete tax items and tax effect of non-GAAP
adjustments |
|
|
(367 |
) |
|
|
|
|
(612 |
) |
|
|
|
|
(912 |
) |
|
|
Non-GAAP net income |
|
$ |
5,318 |
|
|
|
|
$ |
4,687 |
|
|
|
|
$ |
17,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per diluted
share |
|
$ |
0.16 |
|
|
|
|
$ |
0.12 |
|
|
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
diluted share |
|
$ |
0.21 |
|
|
|
|
$ |
0.19 |
|
|
|
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted net
income per share calculation |
|
|
24,843 |
|
|
|
|
|
24,783 |
|
|
|
|
|
24,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
June 29, 2019 |
|
March 31, 2019 |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by operating activities
to free cash flow |
|
|
|
|
|
|
|
|
|
|
GAAP net cash provided by operating activities |
|
$ |
(1,447 |
) |
|
|
|
$ |
(856 |
) |
|
|
|
$ |
26,257 |
|
|
|
Purchase of property and equipment |
|
|
(4,182 |
) |
|
|
|
|
(4,132 |
) |
|
|
|
|
(442 |
) |
|
|
Free cash flow |
|
$ |
(5,629 |
) |
|
|
|
$ |
(4,988 |
) |
|
|
|
$ |
25,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact: |
|
Company Contact: |
Claire McAdams |
|
Greg Swyt |
Headgate Partners LLC |
|
Vice President, Finance |
530.265.9899 |
|
408.545.6088 |
claire@headgatepartners.com |
|
ir@nanometrics.com |
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