Nanometrics Inc of Milpitas, CA, USA (a supplier of process control metrology and inspection systems primarily for manufacturing semiconductors, high-brightness LEDs, data storage devices and solar photovoltaics) says that its board of directors has authorized the repurchase of up to $20m of the firm's common stock.
The program follows completion a week previously of the $10m repurchase program approved in November 2010, under which the firm repurchased a total of 667,000 shares at an average price of $14.92.
"Our confidence in the continued strength of the company and positive free cash flow performance led us to complete the remaining $5m of our prior stock repurchase program during May," says president & CEO Dr Timothy J. Stultz. "Given our continued outlook for strong cash generation, we believe the company has the financial position to meet our capital requirements to invest for future growth, while also minimizing shareholder dilution," he adds.
The $20m program is effective immediately and will be funded using available cash. As of end-March, Nanometrics had $95.5m in cash and cash equivalents and about 23.4 million shares outstanding. Share repurchases under the program may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate.
