Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) today published its financial report for the third quarter of 2009. The metrology solutions developer for the semiconductor industry posted record increased revenue and record profits, and expects the trends to continue.
Nova posted $11.4 million revenue for the third quarter, 29% more than for the corresponding quarter of 2008.
GAAP-based net profit was $1.7 million ($0.08 per share) for the third quarter, compared with a net loss of $2.6 million for the corresponding quarter. Non-GAAP net profit was a record $1.9 million ($0.09 per share) for the third quarter, compared with a net loss of $1.7 million for the corresponding quarter.
Nova had a cash flow of $1.9 million in the third quarter, bringing its cash reserves to $16.1 million at the end of September.
Nova president and CEO Gabi Seligsohn said, "The business we're in is very surprising, and the ability to look forward by one quarter or one and a half quarters is limited. Caution is therefore warranted. We're now in the second stage of emergence from the recession, and after the first stage we saw conversions and upgrades of existing machinery. Now comes the second wave of new investment, and we expect to continue seeing strong financial results in the coming quarters."
Rehovot-based Nova's customers include are mostly Asian foundries. They include Korea's Samsung Electronics Co. Ltd. (KSX: 5930), Micron Technology Inc. (NYSE: MU), Micron-Intel Corporation (Nasdaq: INTC) joint venture IM Flash Technologies LLC, and Nova's largest customer Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM; TAIEX: 2330) (TSMC), which has been responsible for about 40% of Nova's sales this year.
Nova's share rose 4.3% on Nasdaq yesterday to $3.15, giving a market cap of $61 million. The share rose 1.7% by early afternoon on the TASE to NIS 11.84.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2009
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