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Nova Announces 2014 Second Quarter Results

REHOVOT, Israel, July 30, 2014 /PRNewswire/ -- Nova Measuring Instruments (Nasdaq: NVMI), a leading innovator and a key provider of optical metrology solutions for advanced process control used in semiconductor manufacturing, today reported 2014 second quarter results.

Business Highlights:

  • Continued delivery to the most advanced nodes for 20/16/14nm product lines
  • Successful V2600 Through-Silicon-Via evaluation yielded first order from a leading Logic and Memory customer in Asia
  • Expanding presence with new integrated metrology wins
  • Multiple evaluations and orders for 10nm R&D lines
  • Multiple evaluations at memory customers for V-NAND applications
  • Software products gaining traction with orders for both Hybrid Metrology and Fleet Management solutions

Financial Highlights:

  • Quarterly revenues of $32.8 million, up 17% from $28.1 million a year ago
  • Revenue for the six months ended June 30, 2014 of $67.5 million, up 21% from $55.5 million in the same period a year ago
  • Quarterly gross margin of 54%, compared with 55% a year ago
  • Quarterly net income of $5.7 million, up 103% from $2.8 million a year ago
  • Net income for the six months ended June 30, 2014 of $12.1 million, up 133% from $5.2 million in the same period a year ago
  • Total cash reserves of $114.1 million as of June 30, 2014, and no debt
  • Initiated previously-announced $12 million share repurchase program

 

GAAP Results ($K)


Q2 2014

Q1 2014

Q2 2013

Revenues

$32,785

$34,660

$28,124

Net Income

$5,694

$6,398

$2,803

Earnings per Diluted Share

$0.20

$0.23

$0.10

NON-GAAP Results ($K)


Q2 2014

Q1 2014

Q2 2013

Net Income

$6,108

$6,929

$3,779

Earnings per Diluted Share

$0.22

$0.25

$0.14

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release. Non-GAAP results exclude adjustments of deferred tax assets, stock based compensation expenses, income from insurance claim and loss related to equipment and inventory damage.

Management Comments

"We posted solid results for the quarter with strong net income at the high end of our guidance, delivering on an efficient operating model that maximizes our ongoing investments and guarantees our future growth. In fact, our net income for the first six months of 2014 exceeded our net income for the entire year of 2013", commented Eitan Oppenhaim, President and CEO of Nova. "During the quarter, we continued to strengthen our position in the market segments we are serving, despite the challenging conditions that our customers are facing. We are well positioned to capitalize on their expansions as they move to the next technology nodes."

"The use of Optical Metrology is expanding rapidly as the semiconductor industry continues its technology transition to advanced 3D structures such as V-NAND and FinFET, further broadening the opportunity available to us. We are currently being evaluated in multiple projects with our broad portfolio of products, including our next generation Optical CD tools.  We expect these initiatives, along with new technology directions that we are pursuing, to have a substantial impact on our future performance."

Second Quarter 2014 Results

Total revenues for the second quarter of 2014 were $32.8 million, an increase of 17% relative to the second quarter of 2013, and a decrease of 5% relative to the first quarter of 2014.

Gross margin for the second quarter of 2014 was 54%, compared with 55% in the second quarter of 2013 and 51% in the first quarter of 2014.

Operating expenses in the second quarter of 2014 were $12.0 million, same as in the second quarter of 2013 and compared with $11.4 million in the first quarter of 2014.

On a GAAP basis, the company reported net income of $5.7 million, or $0.20 per diluted share, in the second quarter of 2014. This compares to a net income of $2.8 million, or $0.10 per diluted share, in the second quarter of 2013, and a net income of $6.4 million, or $0.23 per diluted share, in the first quarter of 2014.

On a Non-GAAP basis, which excludes deferred income tax expenses, stock based compensation expenses, income from insurance claim and loss related to equipment and inventory damage, the company reported net income of $6.1 million, or $0.22 per diluted share, in the second quarter of 2014. This compares to a net income of $3.8 million, or $0.14 per diluted share, in the second quarter of 2013, and a net income of $6.9 million, or $0.25 per diluted share, in the first quarter of 2014.

Conference Call Information

Nova will host a conference call on Wednesday, July 30, 2014 at 8:30 a.m. Eastern Time, to discuss the second quarter results and future outlook, along with its guidance for the third quarter of 2014.

To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your calls 5 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

U.S. Dial-in Number:  1-866-290-0920
ISRAEL Dial-in Number:  1809-24-6064
INTERNATIONAL Dial-in Number:  1-913-312-0422

At:

8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israeli Time

The conference call will also be webcast live from a link on Nova's website at http://ir.novameasuring.com. For those unable to participate in the conference call, there will be a replay available from a link on Nova's website at http://ir.novameasuring.com.

About Nova: Nova Measuring Instrument Ltd. delivers continuous innovation by providing advanced optical metrology solutions for the semiconductor manufacturing industry. Deployed with the world's largest integrated-circuit manufacturers, Nova's products deliver state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, supports the development and production of the most advanced devices in today's high-end semiconductor market. Nova's technical innovation and market leadership enable customers to improve process performance, enhance products' yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices around the world. Additional information may be found at www.novameasuring.com.

Nova is traded on the NASDAQ & TASE under the symbol NVMI.

This press release provides financial measures that exclude non-cash charges for stock-based compensation expenses, deferred income taxes expenses, income from insurance claim and loss related to equipment and inventory damage 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; our dependency on a small number of large customers and small number of suppliers; 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 PEM; risks related to exclusivity obligations and non-limited liability that may be included in our commercial agreements and arrangements; our ability to retain our competitive position despite the ongoing consolidation in our industry; risks related to our dependence on a single manufacturing facility; risks related to the extremely competitive market we are operation in;  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; new product offerings from our competitors; 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, 2013 filed with the Securities and Exchange Commission on February 28, 2014. 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

Hayden/ MS-IR LLC







Nova Measuring Instruments Ltd.

Miri Segal







Tel: +972-73-229-5833

Tel: +917-607-8654







E-mail: [email protected]

E-mail: [email protected]







www.novameasuring.com

Or








David Fore








Tel: +206-395-2711








E-mail: [email protected]
















(Tables to Follow)

 


NOVA MEASURING INSTRUMENTS LTD.
CONSOLIDATED BALANCE SHEET
(U.S. dollars in thousands)



As of
June 30,


As of
December 31,



2014


2013






CURRENT ASSETS





Cash and cash equivalents


19,899


17,542

Short-term interest-bearing bank deposits


91,536


79,552

Available for sale securities


1,873


1,845

Trade accounts receivable


26,104


27,947

Inventories


18,790


18,118

Deferred income tax assets


186


137

Other current assets


3,996


3,922



162,384


149,063

LONG-TERM ASSETS





Long-term interest-bearing bank deposits


750


750

Other long-term assets


208


230

Severance pay funds


1,773


1,852



2,731


2,832






FIXED ASSETS, NET


10,261


10,382






TOTAL ASSETS


175,376


162,277






CURRENT LIABILITIES





Trade accounts payable


12,095


15,599

Deferred income


5,670


3,420

Other current liabilities


11,839


11,448



29,604


30,467






LONG-TERM LIABILITIES





Liability for employee severance pay


2,776


2,798

Deferred income


421


341

Other long-term liability


6


7



3,203


3,146






SHAREHOLDERS' EQUITY


142,569


128,664






TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


175,376


162,277

 

NOVA MEASURING INSTRUMENTS LTD.
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)








Three months ended


June 30,
2014


March 31,
2014


June 30,
 2013













REVENUES






Products

26,015


28,776


22,419

Services

6,770


5,884


5,705


32,785


34,660


28,124







COST OF REVENUES






Products

11,050


12,797


9,342

Services

4,139


4,140


3,449


15,189


16,937


12,791







GROSS PROFIT

17,596


17,723


15,333







OPERATING EXPENSES






Research and Development expenses, net

7,152


6,901


7,567

Sales and Marketing expenses

3,505


3,406


2,968

General and Administration expenses

1,316


1,064


1,472


11,973


11,371


12,007







OPERATING PROFIT

5,623


6,352


3,326







INTEREST INCOME, NET

202


175


246







INCOME BEFORE INCOME TAXES

5,825


6,527


3,572







    INCOME TAX EXPENSES

131


129


769







NET INCOME FOR THE PERIOD

5,694


6,398


2,803



















Earnings per share:






       Basic

0.21


0.23


0.10

       Diluted

0.20


0.23


0.10







Shares used for calculation of earnings per share:






       Basic

27,592


27,432


27,121

       Diluted

28,138


27,890


27,419

 


NOVA MEASURING INSTRUMENTS LTD.
YEAR TO DATE CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)






Six months ended


June 30, 2014


June 30, 2013





REVENUES




Product

54,791


44,760

Services

12,654


10,789


67,445


55,549





COST OF REVENUES




Product sales

23,847


18,421

Services

8,279


7,029


32,126


25,450





GROSS PROFIT

35,319


30,099





OPERATING EXPENSES




Research and Development expenses, net

14,053


15,066

Sales and Marketing expenses

6,911


6,192

General and Administration expenses

2,380


2,591


23,344


23,849





OPERATING PROFIT

11,975


6,250





    INTEREST INCOME, NET

377


376





INCOME BEFORE INCOME TAXES

12,352


6,626





    INCOME TAX  EXPENSES

260


1,428





NET INCOME FOR THE PERIOD

12,092


5,198









Net income per share:




       Basic

0.44


0.19

       Diluted

0.43


0.19









Shares used for calculation of net income per share:




       Basic   

27,512


26,988

       Diluted 

27,983


27,278

 

NOVA MEASURING INSTRUMENTS LTD.
QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)



Three months ended


June 30,
2014


March 31,
2014


June 30,
2013







CASH FLOW – OPERATING ACTIVITIES












   Net income for the period

5,694


6,398


2,803

 

   Adjustments to reconcile net income to net cash

      provided by operating activities:












      Depreciation and amortization

972


902


846

      Loss related to inventory damage

-


-


148

      Amortization of deferred stock-based compensation

472


522


624

      Increase (decrease)  in liability for employee

         termination benefits, net

 

74


 

(26)


 

66

      Deferred income taxes

(58)


9


713

      Decrease (increase) in trade accounts receivables

(3,898)


5,741


(712)

      Decrease(increase) in inventories

688


(1,360)


583

      Decrease (increase)  in other current and long term 

         assets

257


(717)


841

      Decrease in trade accounts payables

         and other long-term liabilities

 

(2,456)


 

(1,049)


 

(147)

      Increase (decrease) in other current liabilities

(787)


1,233


(504)

      Increase (decrease) in short and long term

         deferred income

1,247


1,083


(1,793)

   Net cash provided by operating activities

2,205


12,736


3,468







CASH FLOW – INVESTMENT ACTIVITIES












   Increase in short-term interest-bearing bank deposits

(1,943)


(10,041)


(6,317)

   Investment in short-term available for sale securities

(19)


1


-

   Proceeds from insurance claim

-


-


219

   Additions to fixed assets

(1,228)


(525)


(1,042)

   Net cash used in investment activities

(3,190)


(10,565)


(7,140)







CASH FLOW – FINANCING ACTIVITIES












   Purchases of treasury shares

(1,103)


-


-

   Shares issued under employee share-based plans

961


1,313


599

   Net cash provided by (used in) financing activities

(142)


1,313


599







   Increase (decrease) in cash and cash equivalents

(1,127)


3,484


(3,073)

   Cash and cash equivalents – beginning of period

21,026


17,542


20,872

   Cash and cash equivalents – end of period

19,899


21,026


17,799

 

NOVA MEASURING INSTRUMENTS LTD.
YEAR TO DATE CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)



Six months ended


June 30, 2014


June 30, 2013

CASH FLOW – OPERATING ACTIVITIES








     Net income for the period

12,092


5,198





     Adjustments to reconcile net income to net cash 
         
provided by operating activities:








         Depreciation and amortization

1,874


1,670

         Loss related to equipment and inventory damage

-


148

         Amortization of deferred stock-based compensation

994


1,209

         Increase in liability for employee termination benefits, net

48


55

         Deferred income taxes

(49)


1,322

         Decrease (increase) in trade accounts receivables

1,843


(2,355)

         Decrease (increase) in inventories

(672)


23

         Decrease (increase) in other current and long term assets

(460)


121

         Decrease in trade accounts payables and
             other long term liabilities

(3,505)


(222)

         Increase in other current liabilities

446


840

         Increase (decrease) in short and long term deferred income

2,330


(1,732)

     Net cash provided by operating activities

14,941


6,277





CASH FLOW – INVESTMENT ACTIVITIES








     Increase in short-term interest-bearing bank deposits

(11,984)


(4,332)

     Investment in short-term available for sale securities

(18)


-

     Proceeds from insurance claim

-


219

     Additions to fixed assets

(1,753)


(1,384)

     Net cash used in investment activities

(13,755)


(5,497)





CASH FLOW – FINANCING ACTIVITIES








     Purchases of treasury shares

(1,103)


-

     Shares issued under employee share-based plans

2,274


1,056

     Net cash provided by financing activities

1,171


1,056





     Increase in cash and cash equivalents

2,357


1,836

     Cash and cash equivalents – beginning of period

17,542


15,963

     Cash and cash equivalents – end of period

19,899


17,799

 

DISCLOSURE OF NON-GAAP NET INCOME

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



Three months ended


June 30,


March 31,


June 30,


2014


2014


2013







GAAP Net income for the period

5,694


6,398


2,803







Non-GAAP Adjustments:






Stock based compensation expenses

472


522


624

Deferred Income taxes expenses (income)

(58)


9


713

Income from insurance claim

-


-


(509)

Loss related to equipment and inventory damage

-


-


148







Non-GAAP Net income for the period

6,108


6,929


3,779







Non-GAAP Net income per share:






       Basic

0.22


0.25


0.14

       Diluted

0.22


0.25


0.14







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






       Basic

27,592


27,432


27,121

       Diluted

28,138


27,890


27,419
















Six months ended




June 30,


June 30,




2014


2013







GAAP Net income for the period



12,092


5,198







Non-GAAP Adjustments:






Stock based compensation expenses



994


1,209

Deferred income taxes expenses (income)



(49)


1,322

Income from insurance claim



-


(509)

Loss related to equipment and inventory damage



-


148







Non-GAAP Net income for the period



13,037


7,368







Non-GAAP Net income per share:






       Basic



0.47


0.27

       Diluted



0.47


0.27







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






       Basic



27,512


26,988

       Diluted



27,983


27,278

 

SOURCE Nova Measuring Instruments Ltd.

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