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Nanometrics Announces Financial Results for the First Quarter of 1999.



SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--April 22, 1999--

Nanometrics Incorporated (Nasdaq:NANO) today reported financial results for the first quarter ended March 31, 1999.

Total revenues for the first quarter of 1999 were $6.2 million, an improvement of 24% over the fourth quarter of 1998. Demand for the company's products increased primarily in Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan , Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia.  and the U.S. This improvement in shipments resulted from higher sales of the company's new products including its film measurement systems for handling 300mm wafers wafers

compressed roughage in flat plates useful for feeding to animals in transit.
, its metrology metrology

Science of measurement. Measuring a quantity means establishing its ratio to another fixed quantity of the same kind, known as the unit of that kind of quantity.
 systems for overlay (1) A preprinted, precut form placed over a screen, key or tablet for identification purposes. See keyboard template.

(2) A program segment called into memory when required.
 registration of patterns on wafers in production and its integrated film measurement module built into production equipment.

Total revenues in the first quarter, however, were down 41% compared with $10.5 million for the first quarter of 1998. The net loss in the first quarter of 1999 was $201,000 or $.02 per diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share compared to a net income of $624,000 or $.07 per diluted share for the same period last year. The company's financial position continues to be strong with cash and equivalents and short-term Short-term

Any investments with a maturity of one year or less.


short-term

1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time.
 investments of $13.9 million and working capital of $30.4 million.

Nanometrics Inc. is a leading supplier of automated au·to·mate  
v. au·to·mat·ed, au·to·mat·ing, au·to·mates

v.tr.
1. To convert to automatic operation: automate a factory.

2.
 metrology equipment used for advanced integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for , flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time  and magnetic head manufacturing. The company's corporate office is located at 310 DeGuigne Drive, Sunnyvale, CA 94086, with sales and service offices worldwide. Nanometrics is traded on NASDAQ under the symbol NANO. Nanometrics' website is http://www.nanometrics.com. -0-

                           Nanometrics Inc.
                 Consolidated Statements of Operations
           (Amounts in thousands, except per share amounts)
                              (Unaudited)

                                                  Three Months Ended
                                                       March 31,
                                                    1999       1998
NET REVENUES:
   Product sales                                  $ 5,265    $ 9,618
   Service                                            924        920
                                                  -------    -------
   Total net revenues                               6,189     10,538

COSTS AND EXPENSES:
   Cost of product sales                            2,552      3,629
   Cost of service                                  1,104        985
   Research and development                         1,016      1,231
   Acquired in-process research and development        --      1,421
   Selling                                          1,277      1,572
   General and administrative                         641        785
                                                  -------    -------
   Total costs and expenses                         6,590      9,623

INCOME (LOSS) FROM OPERATIONS                        (401)       915

TOTAL OTHER INCOME, NET                                66        126

INCOME (LOSS) BEFORE INCOME TAXES                    (335)     1,041

PROVISION (BENEFIT) FOR INCOME TAXES                 (134)       417

NET INCOME (LOSS)                                 $  (201)   $   624
                                                  =======    =======
NET INCOME (LOSS) PER SHARE:
   Basic                                          $ (0.02)   $  0.07
                                                  =======    =======
   Diluted                                        $ (0.02)   $  0.07
                                                  =======    =======

SHARES USED IN PER SHARE COMPUTATION
   Basic                                            8,701      8,545
                                                  =======    =======
   Diluted                                          8,701      8,978
                                                  =======    =======

                           Nanometrics Inc.
                      Consolidated Balance Sheets
              (Amounts in thousands except share amounts)

                                             March  31,  December 31,
                                                1999        1998
ASSETS                                      (unaudited)
Current assets:
   Cash and equivalents                      $  3,996    $  1,518
   Short-term investments                       9,897       9,913
   Accounts receivable, less allowance for
     doubtful accounts of $417 and $420         6,592       8,458
   Inventories                                 10,756      11,719
   Deferred income taxes                        1,438       1,441
   Prepaid expenses and other                   1,815       2,328
                                             --------    --------
Total current assets                           34,494      35,377

Property, plant and equipment, net              2,324       2,481
Deferred income taxes                             573         560
Other assets                                      811         887
                                             --------    --------
                                             $ 38,202    $ 39,305

LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
   Accounts payable                          $    907    $  1,395
   Accrued payroll and related expenses           617         317
   Other current liabilities                    1,562       1,720
   Current portion of debt obligations            992       1,324
                                             --------    --------
         Total current liabilities              4,078       4,756
Deferred rent                                      50          43
Debt obligations                                2,246       2,496
                                             --------    --------
         Total liabilities                      6,374       7,295

Shareholders' equity:
   Common stock, no par value;
    25,000,000 shares authorized;
    8,736,785 and 8,690,643 outstanding        14,309      14,170
   Retained earnings                           17,773      17,974
   Accumulated other comprehensive loss          (254)       (134)
                                             --------    --------
         Total shareholders' equity            31,828      32,010
                                             --------    --------
                                             $ 38,202    $ 39,305
                                             ========    ========
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Apr 22, 1999
Words:596
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