Nanometrics Inc of Milpitas, CA, USA (a supplier of process control metrology and inspection systems) says that its board of directors has authorized the repurchase of up to $50m of the company’s common stock.
“Nanometrics’ management team and board of directors firmly believe in our long-term growth prospects. We are also committed to efficient capital allocation, as demonstrated today with this significant stock repurchase authorization,” says chairman of the board Bruce C. Rhine. “We intend to utilize our healthy balance sheet and the ability to generate free cash flow, given our outlook for revenue growth, to repurchase up to $50m of the company’s common stock,” he adds. “We believe the company has the financial position to invest for future growth, as well as fund this stock repurchase program, which we believe will create further value for our stockholders.”
This $50m program is effective immediately. Share repurchases under this program may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate.
As of 30 September, Nanometrics had $140m in cash and cash equivalents and about 25.6 million shares outstanding.