Nanometrics Reports Second Quarter 2016 Financial Results
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NANOMETRICS INCORPORATED | | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | |
(In thousands) | | |
(Unaudited) | | | | |
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Six Months Ended |
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June 25,
2016 |
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June 27,
2015 | | | Cash flows from operating activities: | | | | | | | Net income | | $ | 9,498 | | | $ | 3,900 | | | | Reconciliation of net income to net cash from operating activities: | | | | | | | Depreciation and amortization | | | 4,305 | | | | 4,555 | | | | Stock-based compensation | | | 3,432 | | | | 2,982 | | | | Loss on disposal of fixed assets | | | 128 | | | | 501 | | | | Inventory write down | | | 1,046 | | | | 1,298 | | | | Deferred income taxes | | | (30 | ) | | | 136 | | | | Changes in fair value of contingent consideration | | | 95 | | | | 93 | | | | Changes in assets and liabilities: | | | | | | | Accounts receivable | | | (14,277 | ) | | | (19,030 | ) | | | Inventories | | | 6,457 | | | | (8,442 | ) | | | Inventories-delivered systems | | | (6,737 | ) | | | 339 | | | | Prepaid expenses and other | | | (151 | ) | | | 2,735 | | | | Accounts payable, accrued and other liabilities | | | (1,511 | ) | | | 4,283 | | | | Deferred revenue | | | 12,080 | | | | (579 | ) | | | Income taxes payable | | | (1,115 | ) | | | 72 | | | | Net cash provided by (used in) operating activities | | | 13,220 | | | | (7,157 | ) | | | | | | | | | | Cash flows from investing activities: | | | | | | | Sales of marketable securities | | | - | | | | 2,383 | | | | Maturities of marketable securities | | | 21,816 | | | | 15,836 | | | | Purchases of marketable securities | | | (12,880 | ) | | | (17,561 | ) | | | Purchase of property, plant and equipment | | | (2,528 | ) | | | (1,043 | ) | | | Net cash provided by (used in) investing activities | | | 6,408 | | | | (385 | ) | | | | | | | | | | Cash flows from financing activities: | | | | | | | Payments to Zygo Corporation related to acquisition | | | (315 | ) | | | (417 | ) | | | Proceeds from sale of shares under employee stock option and purchase plans | | 3,466 | | | | 2,500 | | | | Taxes paid on net issuance of stock awards | | | (1,288 | ) | | | (1,015 | ) | | | Repurchases of common stock | | | - | | | | (1,721 | ) | | | Net cash provided by (used in) financing activities | | | 1,863 | | | | (653 | ) | | | Effect of exchange rate changes on cash and cash equivalents | | | 387 | | | | (60 | ) | | | Net increase (decrease) in cash and cash equivalents |
| | 21,878 | | | | (8,255 | ) |
| | Cash and cash equivalents, beginning of period | | | 38,154 | | | | 34,676 | | | | Cash and cash equivalents, end of period |
| $ | 60,032 | | | $ | 26,421 | |
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