UPDATE 1-Nanometrics Q4 misses mkt views; sees improved Q1 rev

(Recasts, adds analyst comment, details)

BANGALORE, Feb 15 (Reuters) - Chip inspection equipment maker Nanometrics Inc. (NANO.O) on Thursday reported fourth-quarter results below market expectations, but forecast a sequential improvement in current-quarter revenue.

Shares of the company fell more than 5 percent to $7.87 in late electronic trade after closing at $8.30 on the Nasdaq.

The results were "shocking" in terms of "how far the margins have come down, how tough the integration seems to be, as well as the revenue number being a miss," CIBC World Markets analyst Gary Hsueh said over the telephone.

Missing a customer acceptance on a tool at a critical fab site resulted in the large miss, Hsueh said.

Nanometrics' major customers include South Korea's Samsung Electronics (005930.KS) and Hynix Semiconductor Inc. (000660.KS).

Nanometrics had acquired Accent Optical Technologies Inc., a supplier of overlay and thin film metrology and process control systems, in July last year.

The Milpitas, California-based company posted a loss of 69 cents a share for the quarter ended Dec. 30, compared with 16 cents a year ago. Excluding items, the loss was 45 cents.

For the latest fourth quarter, three analysts on average expected a loss of 20 cents a share before exceptional items, according to Reuters Estimates.

The company expects a 25 percent to 35 percent sequential increase in first-quarter revenue, Chief Financial Officer Douglas McCutcheon said in a conference call later. It had posted revenue of $24.9 million for the fourth quarter.

The saving grace is its revenue outlook, Hsueh said.

"That's getting them to the point where they have some revenue to work with... to get their net income above water."

For the first quarter, analysts on average expect revenue of $30.4 million. (Reporting by John Tilak in Bangalore)