LONDON Nanometrics Inc., a supplier of integrated and standalone metrology equipment, said Wednesday (Oct. 5) that revenues for the fiscal third quarter ended October 1, 2005 would be below the previously provided range of guidance.
That guidance had predicted that third quarter sales would be between 10 percent and 20 percent below second quarter revenues, or between $15.0 million and $16.9 million. Nanometrics (Milpitas, Calif.) said it now expects revenues for the third quarter to be approximately $14.0 million.
“While we are disappointed not to achieve our stated revenue goals for the third quarter, we are encouraged when we analyze the causes of the shortfall and the prospects for the upcoming fourth quarter,” said executive vice president, finance and administration and chief financial officer, Douglas McCutcheon, in a statement.
“While we did see some shipments push out to the fourth quarter, the substantial portion of the shortfall related to units that had shipped and were undergoing installation during the third quarter, but which had not yet obtained final acceptance, a necessary requirement for revenue recognition. We expect much of this revenue will be recognized in the company’s fourth quarter ending December 31, 2005,” McCutcheon said.