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Nova Announces 2011 Fourth Quarter And Full Year Results

REHOVOT, Israel, February 15, 2012 /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 2011 fourth quarter and full year results.

Highlights for the Fourth Quarter of 2011
  • Quarterly revenues of $19.2 million
  • Gross margin of 55%
  • Operating margin of 12%
  • GAAP Net income of $5.0 million, or $0.18 per diluted share (including $2.5 million income related to the creation of a deferred income tax asset)
  • Non-GAAP Net income of $3.0 million, or $0.11 per diluted share
  • Positive cash flow from operating activities of $3.9 million

Highlights for the Full Year of 2011
  • Record revenues of $102.8 million, up 19% year over year
  • Gross margin of 56%
  • Operating margin of 24%
  • GAAP Net income of $28.1 million, or $1.04 per diluted share (including $2.5 million income related to the creation of a deferred income tax asset)
  • Non-GAAP Net income of $27.1 million, or $1.00 per diluted share
  • Positive operating cash flow of $25.1 million
  • Total cash reserves at a record level of $87.1 million

Management Comments

"2011 was the best year in our history. It was a third consecutive year of outgrowing the industry, a year in which we crossed the $100 million revenue mark for the first time, generating a net income of more than $27 million and increasing our cash by more than $22 million", said Gabi Seligsohn, President and CEO of Nova. "Fourth quarter revenues were at the high end of our guidance, and profitability exceeded our expectations as a result of a favorable product mix and our success in controlling immediate expenses. In addition, the accounting rules required us to establish a deferred income tax asset as a result of establishing a pattern of profitability, and our fourth quarter net income included a $2.5 million tax benefit."

"We began to see a pickup in bookings early in the fourth quarter, which accelerated as the quarter progressed and we have continued to see a positive trend in the early part of the first quarter. As a result, we ended the year with a very significant improvement in our backlog compared to the end of the third quarter and have entered 2012 with improved visibility. Looking at the opportunities that lie ahead, we are planning to invest the necessary resources to continue and enable our long term growth trajectories. The focus over the last few years on aggressive product development, operational excellence and strong customer presence is what brought us to where we stand today. This focus will continue into the future as we adapt our strategy to the company size we have become, in order to support our long term growth plans."

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