Nanometrics Announces Financial Results for the Third Quarter of 2003

Nanometrics Incorporated (NASDAQ: NANO) today reported financial results for the third quarter ended September 30, 2003.

Total net revenues for the third quarter of 2003 were $10.1 million, an increase of 4% compared to the second quarter of 2003 and an increase of 18% from the third quarter of 2002. The increase in revenues during the third quarter of 2003 resulted from increased demand for semiconductor process control metrology equipment particularly in the U.S. and Pacific Rim countries. The net loss in the third quarter of 2003 was $3.0 million or $0.25 per diluted share compared to a net loss of $1.8 million or $0.15 per diluted share for the same period last year.

For the nine months ended September 30, 2003, Nanometrics' total net revenues were $29.2 million, an increase of 17% compared to $25.0 million for the same period in 2002. The net loss for the first nine months of 2003 was $16.7 million, or $1.39 per diluted share, compared to a net loss of $5.1 million or $0.43 per diluted share for the same period in 2002. The net loss for the first nine months of 2003 includes a $6.0 million charge to record a valuation allowance against deferred income tax assets. The Company's financial position continues to be strong with cash and short-term investments totaling $30.0 million and working capital of $59.9 million.

Q3 2003 consolidated balance sheet and income statement [pdf]

Contact:
Paul Nolan
Nanometrics
408.435.9600