Nanometrics Reports Second Quarter 2016 Financial Results

 

NANOMETRICS INCORPORATED
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(In thousands except per share amounts)
 
(Unaudited)  
                   
    Three Months Ended   Six Months Ended  
    June 25,
  2016
  June 27,
  2015
  June 25,
  2016
  June 27,
  2015
 
                   
Net revenues:          
Products  $  47,445  $  38,937  $  86,659  $  77,275  
Service     8,322     9,692     16,597     21,730  
Total net revenues     55,767     48,629     103,256     99,005  
          
Costs of net revenues:         
Cost of products     21,736     19,872     39,815     39,863  
Cost of service     5,164     5,036     9,648     11,410  
Amortization of intangible assets    442     457     877     1,089  
Total costs of net revenues     27,342     25,365         50,340         52,362    
Gross profit        28,425         23,264         52,916         46,643    
                   
                   
Operating expenses:                  
Research and development        7,511         8,157         15,579         16,316    
Selling        7,823         7,029         15,072         14,145    
General and administrative        5,755         5,544         11,175         11,310    
Amortization of intangible assets        -          25         24         64    
Restructuring       -          -          -          58    
Total operating expenses       21,089         20,755         41,850         41,893    
Income from operations        7,336         2,509         11,066         4,750    
                   
Other income (expense):                  
Interest income        12         46         21         56    
Interest expense        (67 )       (83 )       (184 )       (165 )  
Other income, net        (394 )       (311 )       (169 )       393    
Total other income (expense), net        (449 )       (348 )       (332 )       284    
                   
Income before income taxes        6,887         2,161         10,734         5,034    
Provision for income taxes        856         817         1,236         1,134    
Net income   $   6,031     $   1,344     $   9,498     $   3,900    
                   
Net income per share:                  
Basic    $   0.25     $   0.06     $   0.39     $   0.16    
Diluted    $   0.24     $   0.06     $   0.38     $   0.16    
                   
Shares used in per share calculation:                  
Basic        24,524         24,020         24,416         23,943    
Diluted        24,927         24,285         24,773         24,260    
                   

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