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Nova Announces 2012 Fourth Quarter And Full Year Results

REHOVOT, Israel, Feb. 19, 2013 /PRNewswire/ -- Nova Measuring Instruments Ltd. (Nasdaq: NVMI), provider of leading edge stand alone metrology and the market leader of integrated metrology solutions to the semiconductor process control market, today reported its 2012 fourth quarter and full year results.

Highlights for the Fourth Quarter of 2012

  • Quarterly revenues of $22.1 million
  • Gross margin of 50%
  • GAAP Net income of $2.5 million, or $0.09 per diluted share
  • Non-GAAP Net income of $1.0 million, or $0.04 per diluted share

Highlights for the Full Year of 2012

  • Annual revenues of $96.2 million
  • Gross margin of 53%
  • GAAP Net income of $11.8 million, or $0.43 per diluted share
  • Non-GAAP Net income of $14.2 million, or $0.52 per diluted share

Management Comments

"Results for the fourth quarter were at the high end of our revenues guidance range and we were able to capitalize on improving demand late in the quarter," commented Gabi Seligsohn, President and CEO of Nova. "Despite the weakness during most of the second half of the year, we managed to generate positive operating cash flow in 2012. We achieved this even after stepping up our investment in research and development, and we ended the year with over $90 million in cash reserves. Our ability to invest ahead of important technology transitions continues to be an important element of our long-term strategy. Past investment, followed by multiple new products and strong execution, has enabled us to significantly outperform the industry during 2012." 

"With foundry demand returning toward the end of Q4, our bookings increased and we ended the year with a significant improvement in our backlog, providing strong momentum as we enter 2013.  Demand for memory remains weak, but continues to represent future upside potential. As expected, we are benefitting from the need for additional foundry capacity and yield improvements at 28nm, augmented by plans for ramping at the 20nm technology node soon. Process control requirements will continue to increase as process nodes shrink. We believe that optical metrology will continue to account for a higher share of overall capital expenditures, increasing our available market. Continuing our close collaboration with process equipment manufacturers and end customers, we are focused on increasing our footprint within each fab, expanding our customer base, and growing in exciting new market segments such as 3D interconnect technology. Coupled with continued reinvestment in next generation projects, these are the primary elements of our strategy for achieving sustainable long term growth."

Nova will discuss the results for its fiscal year 2012, along with its outlook and guidance for the first quarter of 2013, on a conference call today, February 19, 2013, beginning at 5:00pm ET. A webcast of the call will be available at: http://ir.novameasuring.com.

2012 Fourth Quarter Results

Total revenues for the fourth quarter of 2012 were $22.1 million, an increase of 15% relative to the fourth quarter of 2011, and a decrease of 10% relative to the third quarter of 2012.

Gross margin for the fourth quarter of 2012 was 50%, compared with 55% in the fourth quarter of 2011 and 53% in the third quarter of 2012.

Operating expenses in the fourth quarter of 2012 were $11.4 million, compared with $8.3 million in the fourth quarter of 2011 and $9.9 million in the third quarter of 2012.

On a GAAP basis, the company reported net income of $2.5 million, or $0.09 per diluted share, in the fourth quarter of 2012. This compares to a net income of $5.0 million, or $0.18 per diluted share, in the fourth quarter of 2011, and a net income of $2.9 million, or $0.11 per diluted share, in the third quarter of 2012.

On a Non-GAAP basis, which excludes adjustments related to tax assets, stock based compensation expenses and loss related to equipment and inventory damage, the company reported net income of $1.0 million, or $0.04 per diluted share, in the fourth quarter of 2012. This compares to a net income of $3.0 million, or $0.11 per diluted share, in the fourth quarter of 2011, and a net income of $3.7 million, or $0.14 per diluted share, in the third quarter of 2012.

Total cash reserves at the end of the fourth quarter of 2012 were $91.4 million.

2012 Full Year Results

Total revenues for 2012 were $96.2 million, compared to total revenues of $102.8 million for 2011.

Gross margin in 2012 was 53%, compared to 56% in 2011.

Operating expenses in 2012 were $40.6 million, compared to $33.3 million in 2011.

On a GAAP basis, the company reported net income of $11.8 million in 2012, or $0.43 per diluted share. This compares to a net income of $28.1 million, or $1.04 per diluted share, in 2011.

On a Non-GAAP basis, which excludes adjustments related to tax assets, stock based compensation expenses and loss related to equipment and inventory damage, the company reported net income $14.2 million in 2012, or $0.52 per diluted share. This compares to a net income of $27.1 million, or $1.00 per diluted share, in 2011.

During 2012, the company generated $7.7 million in cash flow from operating activities, as compared to $25.1 million cash flow generated from operating activities in 2011.

Total cash reserves at the end of 2012 were $91.4 million, compared to $87.1 million at the end of 2011.

Conference call details

To attend the conference call today, February 19, 2013, at 5:00pm ET, please dial in the US: 1 877 249 9037; or internationally +972 3 763 0145 or +1 212 444 0481.

To attend the conference call in Hebrew, on February 20, 2013, at 11:00am Israel Time, please dial +972 3 918 0609.

Both of the Nova financial results conference calls will be webcast live from a link on Nova's website at http://ir.novameasuring.com, together with a presentation to accompany the conference calls.

For those unable to participate in the conference calls, there will be replays available from the same links.

About Nova

Nova Measuring Instruments Ltd. develops, produces and markets advanced integrated and stand alone metrology solutions for the semiconductor manufacturing industry. Nova is traded on the NASDAQ & TASE under the symbol NVMI. The Company's website is www.novameasuring.com.

This press release provides financial measures that exclude non-cash charges for stock-based compensation, loss related to equipment and inventory damage as well as adjustments related to tax assets and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhances management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results.

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allows greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products, expected deliveries, transaction, expected revenues, operating results, earnings and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward looking statements. These risks and other factors include but are not limited to:  our dependency on two product lines; the highly cyclical nature of the markets we target; our inability to reduce spending during a slowdown in the semiconductor industry; our ability to respond effectively on a timely basis to rapid technological changes; our dependency on OEM suppliers; cyber security risks; risks related to open source technologies; our ability to retain our competitive position despite the ongoing consolidation in our industry; risks associated with our dependence on a single manufacturing facility; our ability to expand our manufacturing capacity or marketing efforts to support our future growth; our dependency on a small number of large customers and small number of suppliers; our dependency on our key employees; risks related to changes in our order backlog; risks related to the financial, political and environmental instabilities in Asia; risks related to our intellectual property; changes in customer demands for our products; new product offerings from our competitors; changes in or an inability to execute our business strategy; unanticipated manufacturing or supply problems; changes in tax requirements; changes in customer demand for our products; risks related to currency fluctuations; and risks related to our operations in Israel. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 28, 2012. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Measuring Instruments Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Company Contact:       

Investor Relations Contacts: 

Dror David, Chief Financial Officer  

Ehud Helft / Kenny Green

Nova Measuring Instruments Ltd.     

CCG Investor Relations

Tel: 972-73-229-5833        

Tel: +1-646-201-9246

E-mail: info@novameasuring.com   

E-mail: nova@ccgisrael.com

http://www.novameasuring.com            


(Tables to Follow)

NOVA MEASURING INSTRUMENTS LTD.

CONSOLIDATED BALANCE SHEET

(U.S. dollars in thousands)








As of
December 31,


As of
December 31,



2012


2011






CURRENT ASSETS





   Cash and cash equivalents


15,963


18,716

Short-term interest-bearing bank deposits


75,039


66,247

Held to maturity securities


--


1,582

Trade accounts receivable


17,362


13,402

Inventories


17,827


9,608

Deferred income tax assets


1,850


2,500

Other current assets


2,549


1,173



130,590


113,228

LONG-TERM ASSETS





Long-term interest-bearing bank deposits


405


545

Other long-term assets


516


291

Severance pay funds


1,873


2,885



2,794


3,721






FIXED ASSETS, NET


8,660


5,998






TOTAL ASSETS


142,044


122,947






CURRENT LIABILITIES





Trade accounts payable


10,819


8,305

Deferred income


4,775


2,172

Other current liabilities


8,444


8,082



24,038


18,559






LONG-TERM LIABILITIES





Liability for employee severance pay


2,806


3,851

Deferred income


159


611

Other long-term liability


270


20



3,235


4,482






SHAREHOLDERS' EQUITY


114,771


99,906






TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


142,044


122,947








 


NOVA MEASURING INSTRUMENTS LTD.

QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS

 (U.S. dollars in thousands, except per share data)



Three months ended



December 31,
2012

September 30,

2012

December 31,
2011










REVENUES





Products

17,016

19,359

15,273


Services

5,082

5,059

3,919



22,098

24,418

19,192







COST OF REVENUES





Products

7,390

7,999

5,972


Services

3,644

3,483

2,693



11,034

11,482

8,665







GROSS PROFIT

11,064

12,936

10,527







OPERATING EXPENSES





Research and Development expenses, net

7,117

6,003

4,567


Sales and Marketing expenses

3,102

2,967

2,951


General and Administration expenses

1,191

973

746



11,410

9,943

8,264







OPERATING PROFIT (LOSS)

(346)

2,993

2,263







INTEREST INCOME, NET

337

283

207







INCOME (LOSS) BEFORE INCOME TAXES

(9)

3,276

2,470







    INCOME TAX  BENEFIT (EXPENSES)

2,481

(381)

2,500







NET INCOME FOR THE PERIOD

2,472

2,895

4,970

















Earnings per share:





     Basic

0.09

0.11

0.19


     Diluted

0.09

0.11

0.18







Shares used for calculation of earnings per share:





     Basic

26,679

26,646

26,425


     Diluted

27,317

27,485

27,007










 

NOVA MEASURING INSTRUMENTS LTD.

ANNUAL CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except per share data)




Year ended


December 31, 2012

December 31, 2011



REVENUES



Products

77,212

85,562

Services

18,956

17,266


96,168

102,828




COST OF REVENUES



Products

31,734

33,789

Services

13,280

11,043


45,014

44,832




GROSS PROFIT

51,154

57,996




OPERATING EXPENSES



Research & Development expenses, net

24,594

18,677

Sales & Marketing expenses

11,998

11,373

General & Administration expenses

3,978

3,229


40,570

33,279




OPERATING PROFIT

10,584

24,717




    INTEREST INCOME, NET

 

1,368

901




INCOME BEFORE INCOME TAXES

 

11,952

25,618




    INCOME TAX  BENEFIT (EXPENSES)

(124)

2,500




NET INCOME FOR THE PERIOD

11,828

28,118







Net income per share:



     Basic

0.44

1.07

     Diluted

0.43

1.04







Shares used for calculation of net income per share:



     Basic

26,619

26,232

     Diluted       

27,277

26,931

 


NOVA MEASURING INSTRUMENTS LTD.

QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)




Three months ended


December 312012

September 30, 2012

December 312011

CASH FLOW – OPERATING ACTIVITIES








Net income for the period

2,472

2,895

4,970

Adjustments to reconcile net income to net cash

     provided by operating activities:








     Depreciation and amortization

858

771

541

     Loss related to equipment and inventory damage

509

-

-

     Amortization of deferred stock-based compensation

609

489

476

     Increase (decrease) in liability for employee

           termination benefits, net

 

104

 

(80)

 

(60)

     Decrease (increase) in deferred income tax assets, net

(1,806)

349

(2,500)

     Decrease (increase) in trade accounts receivables

(2,461)

2,619

(1,281)

     Decrease (increase) in inventories

143

(3,770)

954

     Decrease (increase) in other current and long term Assets

250

(64)

85

           Increase (decrease) in trade accounts payables and other
                 long-term liabilities

 

(2,392)

 

(5)

 

332

           Increase in other current liabilities

414

485

625

           Increase (decrease) in short and long term
                 deferred income

 

207

 

572

 

(287)





Net cash provided by (used in) operating activities

(1,093)

4,261

3,855





CASH FLOW – INVESTMENT ACTIVITIES








Decrease (increase) in short-term interest-bearing

     bank deposits

 

(18,110)

 

11,100

 

8,044

Decrease in long-term interest-bearing bank deposits

140

-

86

Proceeds from (investments in) short-term held to

     maturity securities

 

1,554

 

(5)

 

(482)

Additions to fixed assets

(1,512)

(896)

(632)

Net cash provided by (used in) investment activities

(17,928)

10,199

7,016





CASH FLOW – FINANCING ACTIVITIES








Shares issued under employee share-based plans

12

104

163

Net cash provided by financing activities

12

104

163





Increase (decrease) in cash and cash equivalents

(19,009)

14,564

11,034

Cash and cash equivalents – beginning of period

34,972

20,408

7,682

Cash and cash equivalents – end of period

15,963

34,972

18,716







 

NOVA MEASURING INSTRUMENTS LTD.

ANNUAL CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)




Year ended


December 31,
201
2

December 31,
201
1

CASH FLOW – OPERATING ACTIVITIES






Net income for the period

11,828

28,118

Adjustments to reconcile net income to net cash

    provided by operating activities:






     Depreciation and amortization

2,783

1,700

     Loss related to equipment and inventory damage

509

-

     Amortization of deferred stock-based compensation

1,927

1,435

     Increase (decrease) in liability for employee

           termination benefits, net

 

(27)

 

43

     Decrease (increase) in deferred income tax assets, net

694

(2,500)

           Increase in trade accounts receivables

(3,960)

(240)

     Increase in inventories

(10,513)

(1,056)

     Increase in other current and long term assets

(467)

(305)

           Increase (decrease) in trade accounts payables
                
and other long term liabilities

2,510

(1,639)

     Increase in other current liabilities

283

159

     Increase (decrease) in short and long term deferred income

2,151

(614)

Net cash provided by operating activities

7,718

25,101




CASH FLOW – INVESTMENT ACTIVITIES






Increase in short-term interest-bearing bank deposits

(8,792)

(30,685)

Decrease in long-term interest-bearing bank deposits

140

86

Proceeds from (investments in) short-term held to maturity

      securities

 

1,582

 

(1,582)

Additions to fixed assets

(3,660)

(2,307)

Net cash used in investment activities

(10,730)

(34,488)




CASH FLOW – FINANCING ACTIVITIES






Shares issued under employee share-based plans

259

2,709

Net cash provided by financing activities

259

2,709




Decrease in cash and cash equivalents

(2,753)

(6,678)

Cash and cash equivalents – beginning of period

18,716

25,394

Cash and cash equivalents – end of period

15,963

18,716

 

DISCLOSURE OF NON-GAAP NET INCOME

(U.S. dollars in thousands, except per share data)




Three months ended


December 31,

September 30,

December 31,


2012

2012

2011





GAAP Net income for the period

2,472

2,895

4,970





Non-GAAP Adjustments:




Stock based compensation expenses

609

489

476

Adjustments related to tax assets

(2,553)

349

(2,500)

Loss related to equipment and inventory damage

509

-

-





Non-GAAP Net income for the period

1,037

3,733

2,946





Non-GAAP Net income per share:




     Basic

0.04

0.14

0.11

     Diluted

0.04

0.14

0.11





Shares used for calculation of Non-GAAP net income per share:




     Basic

26,679

26,646

26,425

     Diluted

27,317

27,485

27,007






Year ended


December 31,

December 31,


2012

2011




GAAP Net income for the period

11,828

28,118




Non-GAAP Adjustments:



Stock based compensation expenses

1,927

1,435

Adjustments related to tax assets

(53)

(2,500)

Loss related to equipment and inventory damage

509

-




Non-GAAP Net income for the period

14,211

27,053




Non-GAAP Net income per share:



     Basic

0.53

1.03

     Diluted

0.52

1.00




Shares used for calculation of Non-GAAP net income per share:



     Basic

26,619

26,232

     Diluted

27,277

26,931

 

SOURCE Nova Measuring Instruments Ltd.

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