This excerpt taken from the NANO 8-K filed Aug 2, 2007.
Board Authorizes Stock Repurchase of Up to $4 Million
MILPITAS, California, August 1, 2007Nanometrics Incorporated (Nasdaq: NANO), a leading supplier of advanced metrology equipment to the semiconductor industry, today announced its financial results for the second quarter ended June 30, 2007.
Revenues for the second quarter were a record $37.3 million, up slightly compared to first quarter 2007 revenues of $37.1 million and representing a 60 percent increase over revenues of $23.4 million for the second quarter of 2006. Net loss for the second quarter of 2007 was $130,000, or $0.01 per share. This compares to a net loss of $4.6 million, or $0.26 per share, for the first quarter of 2007 and a net loss of $2.2 million, or $0.16 per share, for the second quarter of 2006.
Second quarter 2007 operating income of $0.3 million includes non-cash charges of $1.7 million for amortization of acquired intangible assets and $0.6 million for stock-based compensation expenses.
Im very pleased to be announcing Nanometrics first quarter of operating profitability in more than two years, commented Bruce C. Rhine, chief executive officer of Nanometrics. This quarter our team made profitability, cash flow and predictability our top priorities. While we ended the quarter with a net loss on a GAAP basis, we made progress towards our goals record revenues overall, record revenues in integrated metrology, a significant gross margin improvement and a $6.2 million increase in our cash balance. We also reduced general and administrative expenses by over 30% and are now running very close to our target model for total operating expenses as a percentage of revenue. In addition, our Board of Directors has authorized a stock repurchase program of up to $4 million. Id like to especially thank our team for rolling up their sleeves and completing most of the integration work from last years acquisitions. While we have turned around performance, we still have a ways to go in achieving our goals moving forward.