Nanometrics Inc. (NANO, Financial) filed Quarterly Report for the period ended 2010-07-03.
Nanometrics Inc. has a market cap of $267.2 million; its shares were traded at around $12.36 with a P/E ratio of 12.7 and P/S ratio of 3.5. NANO is in the portfolios of Chuck Royce of Royce& Associates.
Research and development expenses increased by $3.2 million for the six month period ended July 3, 2010 over the corresponding period in 2009 primarily due to increased labor costs of $1.1 million, outside consulting fees of $0.6 million, and combination of bonus and stock- based compensation expenses totaling $1.5 million.
Selling expenses increased by $3.2 million for the six month period ended July 3, 2010 over the corresponding period of 2009 primarily due to increased labor costs of $1.5 million, increased bonuses of $0.8 million and increased travel expenses of $0.4 million
General and administrative expenses increased by $1.5 million for the six month period ended July 3, 2010 over the comparable period in 2009 primarily due mainly to stock-based compensation expenses of $1.2 million and bonuses of $0.3 million.
Amortization of intangible assets. Amortization of intangible assets increased by $0.1million to $0.4 million in the three- month period ended July 3, 2010 and by $0.1million to $0.8 million for the six-month period ended July 3, 2010 as a result of the Zygo acquisition on June 17, 2009.
We account for income taxes under the provisions of ASC 740, Accounting for Income Taxes, (formerly known as FAS 109). Our effective tax rate as of the three months ended July 3, 2010 is based on the estimated annual effective tax rate. The estimated annual effective tax rate for the year ending January 1, 2011 is currently expected to be approximately 7%. Our income tax provision (benefit) for the three-month period ended July 3, 2010 and June 27, 2009 was $1,190,000 and ($361,000), respectively. Our income tax provision (benefit) for the six-month period ended July 3, 2010 and June 27, 2009, was $1,314,000 and ($380,000), respectively. The effective income tax rate for the six-month period ended July 3, 2010 was different from the statutory United States federal income tax rate of 35% primarily due to non-deductible share-based compensation expense, state income taxes, foreign tax withholding, and subpart F income which were offset by change in valuation allowance, recording a benefit for the alternative minimum tax and net operating loss carrybacks, and federal income tax rates in excess of foreign income tax rate. The effective income tax rate for the six-month period ended June 27, 2009 was different from the statutory United States federal income tax rate of 35% primarily due to non-deductible share-based compensation expense, state income taxes, and foreign tax withholding which were offset by valuation allowance, and federal income tax rates in excess of foreign income tax rate.
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Nanometrics Inc. has a market cap of $267.2 million; its shares were traded at around $12.36 with a P/E ratio of 12.7 and P/S ratio of 3.5. NANO is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
The gross margin for our services business decreased to 40.5% and increased to 46.6% for the three and six month periods ended July 3, 2010 as compared to gross margins of 50.1% and 41.9% for the comparable periods of 2009. The factor contributing to the decrease during the second quarter of 2010 was a decline in the upgrade revenues, as upgrade revenues have a higher gross margin relative to our core service revenues while the increase for the six month period was caused by higher parts revenue. Billable services and training revenues have increased from $0.8 million and $2.4 million in the three and six month periods ended June 27, 2009, respectively, to $1.3 million and $2.8 million in the three and six month periods ended July 3, 2010, respectively. In addition, the departmental costs for our core services increased by $0.8 million for both periods, for the three and six-month periods ended July 3, 2010, from the comparable periods in 2009.Research and development expenses increased by $3.2 million for the six month period ended July 3, 2010 over the corresponding period in 2009 primarily due to increased labor costs of $1.1 million, outside consulting fees of $0.6 million, and combination of bonus and stock- based compensation expenses totaling $1.5 million.
Selling expenses increased by $3.2 million for the six month period ended July 3, 2010 over the corresponding period of 2009 primarily due to increased labor costs of $1.5 million, increased bonuses of $0.8 million and increased travel expenses of $0.4 million
General and administrative expenses increased by $1.5 million for the six month period ended July 3, 2010 over the comparable period in 2009 primarily due mainly to stock-based compensation expenses of $1.2 million and bonuses of $0.3 million.
Amortization of intangible assets. Amortization of intangible assets increased by $0.1million to $0.4 million in the three- month period ended July 3, 2010 and by $0.1million to $0.8 million for the six-month period ended July 3, 2010 as a result of the Zygo acquisition on June 17, 2009.
We account for income taxes under the provisions of ASC 740, Accounting for Income Taxes, (formerly known as FAS 109). Our effective tax rate as of the three months ended July 3, 2010 is based on the estimated annual effective tax rate. The estimated annual effective tax rate for the year ending January 1, 2011 is currently expected to be approximately 7%. Our income tax provision (benefit) for the three-month period ended July 3, 2010 and June 27, 2009 was $1,190,000 and ($361,000), respectively. Our income tax provision (benefit) for the six-month period ended July 3, 2010 and June 27, 2009, was $1,314,000 and ($380,000), respectively. The effective income tax rate for the six-month period ended July 3, 2010 was different from the statutory United States federal income tax rate of 35% primarily due to non-deductible share-based compensation expense, state income taxes, foreign tax withholding, and subpart F income which were offset by change in valuation allowance, recording a benefit for the alternative minimum tax and net operating loss carrybacks, and federal income tax rates in excess of foreign income tax rate. The effective income tax rate for the six-month period ended June 27, 2009 was different from the statutory United States federal income tax rate of 35% primarily due to non-deductible share-based compensation expense, state income taxes, and foreign tax withholding which were offset by valuation allowance, and federal income tax rates in excess of foreign income tax rate.
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