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Nova Announces 2012 Second Quarter Results

REHOVOT, Israel, July 31, 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 2012 second quarter results.

Highlights for the Second Quarter of 2012
  • Quarterly revenues of $27.1 million, up 20% over the first quarter of 2012
  • Blended gross margin of 54%
  • GAAP Net income of $3.7 million, or $0.14 per diluted share
  • Non-GAAP Net income of $5.4 million, or $0.20 per diluted share
  • Positive cash flow from operations of $4.5 million

Management Comments

"Our results during the second quarter exceeded the high end of our revenues and earnings per share guidance," said Gabi Seligsohn, President and CEO of Nova. "Our ability to outperform the industry during the quarter is attributed to our strong position in the market segments that are experiencing the highest demand, and which are facing the most challenging process yield requirements.

"The need for additional foundry capacity and yield improvement at 28nm continued to drive strong demand for our solutions. Looking ahead, we expect process control to continue to account for a higher share of overall capital expenditures as foundries are planning a move to 20nm, 14nm and beyond, with associated process complexity and yield requirements. We also believe that these manufacturing and development complexities will continue to drive foundry customers towards buying fully configured tools with significant software content.

"We are able to fully capitalize on current demand because we invested aggressively in 28nm technology three years ago and followed with good execution. We have already announced several wins for the more advanced process nodes and enjoy good traction with our recently announced products as well", Mr. Seligsohn noted. "In addition, during the past several months, we have identified additional areas in which we plan to further invest, in order to remain at the forefront of this dynamic industry. Our strong relationships and track record of execution, combined with a further ramp in research and development expenses during the second half of the year, will position us for future growth, while also remaining solidly profitable."

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