Gabi will begin the call with a business update followed by Dror with an overview of the financials. We will then follow with a question- and-answer session. I’ll now hand the call over to Mr. Gabi Seligsohn, Nova’s President and CEO. Gabi, go ahead please.
Gabi Seligsohn – President and Chief Executive Officer
Thank you, Kenny, and hello, everyone and welcome to our third quarter of 2011 earnings conference call. During the third quarter, we continued to demonstrate solid financial performance with significant net income and gross margins, both within our long-term financial model. We also continued to accumulate positive cash flow of close to $6 million, bringing our overall cash position to $84 million at the end of the quarter. Our penetration efforts continued to bear fruit during the quarter, as we announced having won yet another tool selection for the 2X nanometer technology node in a leading foundry. Since the beginning of the year, we’ve seen a significant shift by our leading edge customers in the direction of the 2X nanometer technology node. Three of our foundry customers and two memory customers have taken both stand-alone and integrated metrology equipment from us to support their transition to the 2X node.
Looking at the first three quarters of the year, more than 50% of our revenues have come from this technology node and we expect that number to continue and climb as we move into 2012, given capacity insufficiencies at the highest levels, both in foundry and memory segments. During the quarter, we continued to ship more of our latest stand-alone metrology product, the Nova T600 and it is now installed at four different customer sites, solving the industry’s most complex applications. As planned, we were excited to meet our target and ship our first stand-alone metrology tool for the 3-D interconnect process to one of our leading foundry customers and are preparing to ship to a second customer in the near future. We are convinced that this new tool and technology that we have developed internally provides us with a competitive advantage and lays foundation for significant growth in the future, as more players in the industry become active in implementing and preparing for the move to 3-D packaging.
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