Nanometrics Announces $80 Million Share Repurchase Program
15 March 2019 - 8:45AM
Business Wire
Nanometrics Incorporated (NASDAQ: NANO), a leading provider of
advanced process control systems, today announced that its board of
directors has authorized the repurchase of up to $80 million of the
company’s common stock.
“Nanometrics’ management team and board of directors are
confident in the company’s future growth prospects and are also
committed to returning capital to our stockholders,” commented
Bruce C. Rhine, chairman of the board of Nanometrics. “We continue
to have a strong balance sheet and have generated $96 million in
free cash flows over the past year. We believe the company has the
financial position to invest for future growth, as well as fund
this $80 million stock repurchase program. Following up on the
prior $50 million plan, which was completed early in 2018, we
believe the stock repurchases will create further value for our
stockholders.”
This $80 million program is effective immediately. Share
repurchases under this program may be made through open market and
privately negotiated transactions, at times and in such amounts as
management deems appropriate.
As of December 29, 2018, Nanometrics had $152 million in cash,
cash equivalents and marketable securities, and approximately 24.4
million shares outstanding.
About Nanometrics
Nanometrics is a leading provider of advanced, high-performance
process control metrology and inspection solutions used primarily
in the semiconductor manufacturing industry, as well as in the
fabrication of other solid-state devices and components in the
optoelectronic, LED and storage industries, and more recently in
the industrial, aerospace and scientific research markets.
Nanometrics’ process control solutions include automated and
integrated metrology systems as well as software and analytics that
measure and monitor key elements of device performance and yield,
such as critical dimensions, device structures, surface shape and
profile, overall topography and various thin film properties,
including three-dimensional features and film thickness, as well as
the optical, electrical and material properties of various
substrates, devices and components. Nanometrics’ solutions enable
advanced process control for device manufacturers, providing
improved device yield at reduced manufacturing cycle time,
supporting the accelerated product life cycles in the semiconductor
and other advanced markets. The company maintains its headquarters
in Milpitas, California, with sales and service offices worldwide.
Nanometrics is traded on Nasdaq Global Select Market under the
symbol NANO. Nanometrics’ website is
http://www.nanometrics.com.
Forward Looking Statements
The statements in this press release regarding the intent of
Nanometrics with respect to the funding of its stock repurchase
program and its belief that that the stock repurchase program will
create further value for its stockholders are forward-looking
statements. Although Nanometrics believes that the expectations
reflected in the forward-looking statements are reasonable, these
plans are dependent on the company’s future financial condition and
its determinations of the continued value of a repurchase program,
changing customer demands and/or business conditions in the
semiconductor industry and the overall economy, the competitiveness
of its products and management’s ability to continue to achieve
strong financial and cash generation performance. For additional
information and considerations regarding the risks faced by
Nanometrics, see its annual report on Form 10-K for the year ended
December 29, 2018, filed with the Securities and Exchange
Commission on February 25, 2019, as well as other periodic reports
filed with the SEC from time to time. Nanometrics disclaims any
obligation to update information contained in any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20190314005909/en/
Investor Relations Contact:Claire
McAdamsHeadgate Partners
LLC530.265.9899claire@headgatepartners.com
Company Contact:Greg SwytVice
President, Finance408.545.6088ir@nanometrics.com
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