Metrology solutions developer Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) reported fourth quarter revenue to $6.2 million, a drop of 61% compared with the corresponding quarter of the previous year.
On a GAAP basis, Nova reported a $1.6 million net loss in the fourth quarter of 2008, or $0.08 per share, compared with a net loss of $700,000, or $0.04 per share, for the fourth quarter of 2007, and net loss of $2.6 million, or $0.14 per share, for the third quarter of 2008.
On a non-GAAP basis, which excludes stock-based compensation, impairment charges, investment gains, inventory write-off and inventory purchase commitments losses, the company reported net loss of $2.3 million, or $0.12 per share, for the fourth quarter. This compares with a non-GAAP net profit of $1 million, or $0.05 per diluted share, in the corresponding quarter of 2007.
Total cash reserves at the end of the fourth quarter of 2008 were $20 million.
Rehovot-based Nova develops and markets advanced integrated and stand alone metrology solutions for the semiconductor manufacturing industry.
Nova president and CEO Gabi Seligsohn said, "2008, though difficult, was a year of important accomplishments and positioning for the future."
Seligsohn said the results reflected both effects of the global economic crisis as well as negative foreign currency trends. He said the firm moved to reduce expenses as a result. He listed accomplishments such as penetrating the stand alone optical CD market while doubling customer presence during the year, "as well as continued R&D focus leading to introduction of new solutions such as the Nova T500."
Shares in Nova closed at $0.50 on Nasdaq yesterday, reflecting a market cap of $9.7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2009
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