Nanometrics Reports Second Quarter 2016 Financial Results

 

NANOMETRICS INCORPORATED 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In thousands) 
(Unaudited) 
        
      
    Six Months Ended  
   June 25,
2016
  June 27,
2015
 
Cash flows from operating activities:     
Net income $  9,498  $  3,900  
Reconciliation of net income to net cash from operating activities:     
Depreciation and amortization    4,305     4,555  
Stock-based compensation    3,432     2,982  
Loss on disposal of fixed assets    128     501  
Inventory write down    1,046     1,298  
Deferred income taxes    (30)    136  
Changes in fair value of contingent consideration    95     93  
Changes in assets and liabilities:     
Accounts receivable    (14,277)    (19,030) 
Inventories    6,457     (8,442) 
Inventories-delivered systems    (6,737)    339  
Prepaid expenses and other    (151)    2,735  
Accounts payable, accrued and other liabilities    (1,511)    4,283  
Deferred revenue    12,080     (579) 
Income taxes payable    (1,115)    72  
Net cash provided by (used in) operating activities    13,220     (7,157) 
       
Cash flows from investing activities:          
Sales of marketable securities       -          2,383    
Maturities of marketable securities       21,816         15,836    
Purchases of marketable securities       (12,880 )       (17,561 )  
Purchase of property, plant and equipment       (2,528 )       (1,043 )  
Net cash provided by (used in) investing activities       6,408         (385 )  
           
Cash flows from financing activities:          
Payments to Zygo Corporation related to acquisition       (315 )       (417 )  
Proceeds from sale of shares under employee stock option and purchase plans     3,466         2,500    
Taxes paid on net issuance of stock awards       (1,288 )       (1,015 )  
Repurchases of common stock       -          (1,721 )  
Net cash provided by (used in) financing activities       1,863         (653 )  
Effect of exchange rate changes on cash and cash equivalents       387         (60 )  
Net increase (decrease) in cash and cash equivalents       21,878         (8,255 )  
Cash and cash equivalents, beginning of period       38,154         34,676    
Cash and cash equivalents, end of period   $   60,032     $   26,421    
           

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