| NANOMETRICS INCORPORATED | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| (In thousands) | |||||||||
| (Unaudited) | |||||||||
| Six Months Ended | |||||||||
|
June 25,
2016 |
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 | |||||
Nanometrics Reports Second Quarter 2016 Financial Results
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