29 November 2010

Nanometrics launches $10m share repurchase program

Nanometrics Inc of Milpitas, CA, USA, a supplier of process control metrology systems primarily for manufacturing semiconductors, high-brightness LEDs, data storage devices and solar photovoltaics, says that its board of directors has authorized the repurchase of up to $10m of the firm’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 firm's available cash. As of 2 October, Nanometrics had $64m in cash and cash equivalents and about 22.2 million shares outstanding.

“In the third quarter of 2010, Nanometrics completed the remainder of our prior [$4m] stock repurchase program,” notes president & CEO Tim Stultz. “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,” he adds. “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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