Nova Measuring Instruments (Nasdaq:NVMI) today announced rising revenues and shrinking loss for the second quarter. Nova, which is controlled by Clal Industries, Inventec and Teuza (all listed on the Tel Aviv Stock Exchange), said sales grew to $5.4 million, up 34% from the first quarter and 6% more than in the parallel quarter. It cut losses to $2.9 million or 20 cents per share, 41% less than in the first quarter, when it lost $4.9 million or 34 cents per share. In the corresponding quarter of yesteryear, Nova lost $7.8 million. Excluding one-time charges of $400,000 for the declining value of investments, and stock options allocation costs of $300,000, the company's quarterly loss was $2.2 million. The company, based in Rehovot, develops, designs and produces integrated process control systems for semiconductor manufacturers.