Nanometrics Incorporated (Nasdaq:NANO), a leading provider of advanced process control metrology systems used primarily in the fabrication of semiconductors, high-brightness LEDs, data storage devices and solar photovoltaics, announced financial results for its fiscal third quarter ended October 2, 2010.
Highlights for the third quarter include:
* Record revenues of $53.9 million;
* Record earnings of $12.3 million;
* Continued positive cash flow added $9.1 million in cash to the balance sheet;
* Increased revenue contribution from overlay and integrated metrology products, and from the data storage and foundry markets; and
* Completion of the remainder of our $4 million stock repurchase program.
Third Quarter 2010 Summary
Revenues were $53.9 million, up 6% from $50.8 million in the second quarter of 2010 and up 109% from $25.8 million in the third quarter of 2009. Gross margin was 54.5%, compared to 55.1% in the second quarter and 54.0% in the year-ago period. Our operating margin was 25.6%, compared to 25.4% in the second quarter and 5.8% in the year-ago period.
Net income was $12.3 million, or $0.53 per diluted share, compared to $11.6 million, or $0.51 per diluted share, in the second quarter of 2010 and $1.6 million, or $0.08 per diluted share, in the third quarter of 2009.
At October 2, 2010, Nanometrics had $64.0 million in cash and cash equivalents and $115.7 million in working capital. Stockholdersâ€™ equity, excluding intangible assets, was $6.15 per share based on 22.2 million shares outstanding at quarter end.