MILPITAS, Calif. -- Metrology supplier Nanometrics Inc. here today (March 30) said its revenues would sequentially decline 25% in the first quarter from $17.2 million in the fourth quarter of 2000. The company cut its estimates for system shipments, saying that total would decline 15% in Q1 instead an expected drop of 10%.
But Nanometrics today also adjusted its Q4 2000 results upward because of accounting changes. The company said its Q4 revenues were $17.2 million and net income totaled $3.3 million in the period, ended Dec. 31. In February, Nanometrics reported Q4 sales of $16.4 million and a net income of $2.7 million, but those figures have been increased after a review of the SEC's Staff Accounting Bulletin (SAB 101), said the company.
Nanometrics' revenues for 2000 were unchanged, but its net income for the year was revised higher to $11.2 million from $10.1 million.
In issuing its downgraded outlook, Nanometrics said revenue estimates were lowered because of a drop in new orders during the past few months. "In response to the current industry environment, the company is implementing various cost reduction measures while continuing to invest in new products and technologies," said John Heaton, president and CEO of the Milpitas company.