Nanometrics announces $80m share repurchase program

Process control metrology and inspection system provider Nanometrics Inc of Milpitas, CA, USA says that its board of directors has authorized the repurchase of up to $80m of the firm’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,” says chairman of the board Bruce C. Rhine. “We continue to have a strong balance sheet and have generated $96m in free cash flows over the past year,” he adds. “We believe the company has the financial position to invest for future growth, as well as fund this $80m stock repurchase program. Following up on the prior $50m plan, which was completed early in 2018, we believe the stock repurchases will create further value for our stockholders.”

The $80m 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 29 December, Nanometrics had $152m in cash, cash equivalents and marketable securities, and about 24.4 million shares outstanding.

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Tags: Nanometrics Metrology

Visit: www.nanometrics.com