Monday, November 29, 2010

Nanometrics Announces $10 Million Share Repurchase Program

MILPITAS, Calif.--(BUSINESS WIRE)--Nanometrics Incorporated (Nasdaq: NANO), a leading provider of advanced process control metrology systems used primarily in the fabrication of semiconductors, high-brightness LEDs, data storage devices and solar photovoltaics, today announced that its Board of Directors has authorized the repurchase of up to $10 million of the company’s common stock from the public market or in private purchases.
   
The repurchase program is effective immediately, may be suspended or discontinued at any time, and will be funded using the company’s available cash. As of October 2, 2010, Nanometrics had $64.0 million in cash and cash equivalents and approximately 22.2 million shares outstanding.

“In the third quarter of 2010, Nanometrics completed the remainder of our prior stock repurchase program. We have achieved five consecutive quarters of positive cash flow from operations and have confidence in the continued strong financial performance and cash generation of the company,” stated Tim Stultz, president and chief executive officer. “The Board’s primary goal in this new repurchase program is to offset shareholder dilution resulting from periodic grants of incentive options and restricted stock units.”

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