Date: October 31, 2012
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NOVA MEASURING INSTRUMENTS LTD.
(Registrant)
By: /s/ Dror David
——————————————
Dror David
Chief Financial Officer
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Company Contact:
Dror David, Chief Financial Officer
Nova Measuring Instruments Ltd.
Tel: 972-73-229-5833
E-mail: info@nova.co.il
http://www.nova.co.il
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Investor Relations Contacts:
Ehud Helft / Kenny Green
CCG Investor Relations
Tel: +1-646-201-9246
E-mail: info@ccgisrael.com
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·
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Quarterly revenues of $24.4 million
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·
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Blended gross margin of 53%
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·
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GAAP Net income of $2.9 million, or $0.11 per diluted share
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·
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Non-GAAP Net income of $3.7 million, or $0.14 per diluted share
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·
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Positive cash flow from operations of $4.3 million
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As of
September 30,
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As of
December 31,
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|||||||
2012
|
2011
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|||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
34,972 | 18,716 | ||||||
Short-term interest-bearing bank deposits
|
56,929 | 66,247 | ||||||
Held to maturity securities
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1,554 | 1,582 | ||||||
Trade accounts receivable
|
14,901 | 13,402 | ||||||
Inventories
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19,434 | 9,608 | ||||||
Deferred income tax assets
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-- | 2,500 | ||||||
Other current assets
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2,227 | 1,173 | ||||||
130,017 | 113,228 | |||||||
LONG-TERM ASSETS
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||||||||
Long-term interest-bearing bank deposits
|
545 | 545 | ||||||
Other long-term assets
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319 | 291 | ||||||
Severance pay funds
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3,086 | 2,885 | ||||||
3,950 | 3,721 | |||||||
FIXED ASSETS, NET
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7,051 | 5,998 | ||||||
TOTAL ASSETS
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141,018 | 122,947 | ||||||
CURRENT LIABILITIES
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||||||||
Trade accounts payable
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13,209 | 8,305 | ||||||
Deferred income
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4,065 | 2,172 | ||||||
Other current liabilities
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7,912 | 8,082 | ||||||
25,186 | 18,559 | |||||||
LONG-TERM LIABILITIES
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||||||||
Liability for employee severance pay
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3,973 | 3,851 | ||||||
Deferred income
|
662 | 611 | ||||||
Other long-term liability
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8 | 20 | ||||||
4,643 | 4,482 | |||||||
SHAREHOLDERS' EQUITY
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111,189 | 99,906 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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141,018 | 122,947 |
Three months ended
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||||||||||||
September 30,
2012
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June 30,
2012
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September 30,
2011
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||||||||||
REVENUES
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||||||||||||
Products
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19,359 | 22,070 | 21,382 | |||||||||
Services
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5,059 | 4,980 | 4,438 | |||||||||
24,418 | 27,050 | 25,820 | ||||||||||
COST OF REVENUES
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||||||||||||
Products
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7,999 | 9,150 | 8,921 | |||||||||
Services
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3,483 | 3,324 | 2,782 | |||||||||
11,482 | 12,474 | 11,703 | ||||||||||
GROSS PROFIT
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12,936 | 14,576 | 14,117 | |||||||||
OPERATING EXPENSES
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||||||||||||
Research and Development expenses, net
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6,003 | 5,893 | 4,627 | |||||||||
Sales and Marketing expenses
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2,967 | 3,048 | 2,933 | |||||||||
General and Administration expenses
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973 | 972 | 809 | |||||||||
9,943 | 9,913 | 8,369 | ||||||||||
OPERATING PROFIT
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2,993 | 4,663 | 5,748 | |||||||||
INTEREST INCOME, NET
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283 | 339 | 189 | |||||||||
INCOME BEFORE INCOME TAXES
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3,276 | 5,002 | 5,937 | |||||||||
INCOME TAX EXPENSES
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381 | 1,278 | -- | |||||||||
NET INCOME FOR THE PERIOD
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2,895 | 3,724 | 5,937 | |||||||||
Earnings per share:
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||||||||||||
Basic
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0.11 | 0.14 | 0.23 | |||||||||
Diluted
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0.11 | 0.14 | 0.22 | |||||||||
Shares used for calculation of earnings per share:
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||||||||||||
Basic
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26,646 | 26,610 | 26,334 | |||||||||
Diluted
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27,485 | 27,299 | 27,079 |
Nine-months ended
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September 30, 2012
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September 30, 2011
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REVENUES
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||||||||
Product sales
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60,196 | 70,289 | ||||||
Services
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13,874 | 13,347 | ||||||
74,070 | 83,636 | |||||||
COST OF REVENUES
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||||||||
Product sales
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24,344 | 27,817 | ||||||
Services
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9,636 | 8,350 | ||||||
33,980 | 36,167 | |||||||
GROSS PROFIT
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40,090 | 47,469 | ||||||
OPERATING EXPENSES
|
||||||||
Research & Development expenses, net
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17,477 | 14,110 | ||||||
Sales & Marketing expenses
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8,896 | 8,422 | ||||||
General & Administration expenses
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2,787 | 2,483 | ||||||
29,160 | 25,015 | |||||||
OPERATING PROFIT
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10,930 | 22,454 | ||||||
INTEREST INCOME, NET
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1,031 | 694 | ||||||
INCOME BEFORE INCOME TAXES
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11,961 | 23,148 | ||||||
INCOME TAX EXPENSES
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2,605 | -- | ||||||
NET INCOME FOR THE PERIOD
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9,356 | 23,148 | ||||||
Net income per share:
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||||||||
Basic
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0.35 | 0.88 | ||||||
Diluted
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0.34 | 0.86 | ||||||
Shares used for calculation of net income per share:
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||||||||
Basic
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26,598 | 26,182 | ||||||
Diluted
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27,260 | 27,010 |
Three months ended
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||||||||||||
September 30,
2012
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June 30,
2012
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September 30,
2011
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CASH FLOW – OPERATING ACTIVITIES
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Net income for the period
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2,895 | 3,724 | 5,937 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||||||
Depreciation and amortization
|
771 | 577 | 420 | |||||||||
Amortization of deferred stock-based compensation
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489 | 409 | 421 | |||||||||
Decrease in liability for employee termination benefits, net
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(80 | ) | (41 | ) | (94 | ) | ||||||
Deferred income taxes
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349 | 1,241 | - | |||||||||
Decrease in trade accounts receivables
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2,619 | 971 | 7,554 | |||||||||
Decrease (increase) in inventories
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(3,770 | ) | (3,282 | ) | 1,499 | |||||||
Decrease (increase) in other current and long term assets
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(64 | ) | (122 | ) | 726 | |||||||
Increase (decrease) in trade accounts payables and other long-term liabilities
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(5 | ) | 1,170 | (3,967 | ) | |||||||
Increase (decrease) in other current liabilities
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485 | (375 | ) | (642 | ) | |||||||
Increase (decrease) in short and long term deferred income
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572 | 212 | (5,966 | ) | ||||||||
Net cash provided by operating activities
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4,261 | 4,484 | 5,888 | |||||||||
CASH FLOW – INVESTMENT ACTIVITIES
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Decrease (increase) in short-term interest-bearing bank deposits
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11,100 | ((10,150 | (9,000 | ) | ||||||||
Proceeds from (investments in) short-term held to maturity securities
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(5 | ) | 87 | 86 | ||||||||
Additions to fixed assets
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(896 | ) | (679 | ) | (460 | ) | ||||||
Net cash provided by (used in) investment activities
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10,199 | (10,742 | ) | (9,374 | ) | |||||||
CASH FLOW – FINANCING ACTIVITIES
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Shares issued under employee share-based plans
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104 | 72 | 104 | |||||||||
Net cash provided by financing activities
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104 | 72 | 104 | |||||||||
Increase (decrease) in cash and cash equivalents
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14,564 | (6,186 | ) | (3,382 | ) | |||||||
Cash and cash equivalents – beginning of period
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20,408 | 26,594 | 11,064 | |||||||||
Cash and cash equivalents – end of period
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34,972 | 20,408 | 7,682 |
Nine-months ended
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September 30, 2012
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September 30, 2011
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CASH FLOW – OPERATING ACTIVITIES
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Net income for the period
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9,356 | 23,148 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation and amortization
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1,925 | 1,159 | ||||||
Amortization of deferred stock-based compensation
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1,318 | 959 | ||||||
Increase (decrease) in liability for employee termination benefits, net
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(131 | ) | 103 | |||||
Deferred income taxes
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2,500 | -- | ||||||
Increase in trade accounts receivables
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(1,499 | ) | 1,041 | |||||
Increase in inventories
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(10,656 | ) | (2,010 | ) | ||||
Increase in other current and long term assets
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(717 | ) | (390 | ) | ||||
Increase (decrease) in trade accounts payables and other long term liabilities
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4,902 | (1,971 | ) | |||||
Decrease in other current liabilities
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(131 | ) | (466 | ) | ||||
Increase (decrease) in short and long term deferred income
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1,944 | (327 | ) | |||||
Net cash provided by operating activities
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8,811 | 21,246 | ||||||
CASH FLOW – INVESTMENT ACTIVITIES
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||||||||
Decrease (increase) in short-term interest-bearing bank deposits
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9,318 | (38,729 | ) | |||||
Proceeds from (investments in) short-term held to maturity securities
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28 | (1,100 | ) | |||||
Additions to fixed assets
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(2,148 | ) | (1,675 | ) | ||||
Net cash used in investment activities
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7,198 | (41,504 | ) | |||||
CASH FLOW – FINANCING ACTIVITIES
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Shares issued under employee share-based plans
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247 | 2,546 | ||||||
Net cash provided by financing activities
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247 | 2,546 | ||||||
Increase (decrease) in cash and cash equivalents
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16,256 | (17,712 | ) | |||||
Cash and cash equivalents – beginning of period
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18,716 | 25,394 | ||||||
Cash and cash equivalents – end of period
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34,972 | 7,682 |
Three months ended
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||||||||||||
September 30,
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June 30,
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September 30,
|
||||||||||
2012
|
2012
|
2011
|
||||||||||
GAAP Net income for the period
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2,895 | 3,724 | 5,937 | |||||||||
Non-GAAP Adjustments:
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||||||||||||
Stock based compensation expenses
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489 | 409 | 421 | |||||||||
Deferred income taxes expenses
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349 | 1,241 | -- | |||||||||
Non-GAAP Net income for the period
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3,733 | 5,374 | 6,358 | |||||||||
Non-GAAP Net income per share:
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||||||||||||
Basic
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0.14 | 0.20 | 0.24 | |||||||||
Diluted
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0.14 | 0.20 | 0.23 | |||||||||
Shares used for calculation of Non-GAAP net income per share:
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||||||||||||
Basic
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26,646 | 26,610 | 26,334 | |||||||||
Diluted
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27,485 | 27,299 | 27,079 |
Nine-months ended
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||||||||
September 30,
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September 30,
|
|||||||
2012
|
2011
|
|||||||
GAAP Net income for the period
|
9,356 | 23,148 | ||||||
Non-GAAP Adjustments:
|
||||||||
Stock based compensation expenses
|
1,318 | 959 | ||||||
Deferred income taxes expenses
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2,500 | -- | ||||||
Non-GAAP Net income for the period
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13,174 | 24,107 | ||||||
Non-GAAP Net income per share:
|
||||||||
Basic
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0.50 | 0.92 | ||||||
Diluted
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0.49 | 0.89 | ||||||
Shares used for calculation of Non-GAAP net income per share:
|
||||||||
Basic
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26,598 | 26,182 | ||||||
Diluted
|
27,260 | 27,010 |