Date: October 29, 2014
|
NOVA MEASURING INSTRUMENTS LTD.
(Registrant)
By: /s/ Dror David
——————————————
Dror David
Chief Financial Officer
|
Company Contact:
Dror David, Chief Financial Officer
Nova Measuring Instruments Ltd.
Tel: +972-73-229-5833
E-mail: info@novameasuring.com
www.novameasuring.com
|
Investor Relations Contacts:
Hayden/ MS-IR LLC
Miri Segal
Tel: +917-607-8654
E-mail: msegal@ms-ir.com
Or
David Fore
Tel: +206-395-2711
E-mail: dave@haydenir.com
|
|
·
|
Quarterly revenues of $27.4 million, up 6% from $25.8 million a year ago
|
|
·
|
Quarterly gross margin of 54%, compared with 51% a year ago
|
|
·
|
Quarterly net income of $3.3 million, up 46% from $2.2 million a year ago
|
|
·
|
Increased deliveries to support growing DRAM demand
|
|
·
|
Selected by a leading logic manufacturer to support its 10nm and 7nm nodes
|
|
·
|
Increased revenue stream from new SW solutions
|
GAAP Results ($K)
|
||||||||||||
Q3 2014 | Q2 2014 | Q3 2013 | ||||||||||
Revenues
|
$ | 27,350 | $ | 32,785 | $ | 25,771 | ||||||
Net Income
|
$ | 3,269 | $ | 5,694 | $ | 2,240 | ||||||
Earnings per Diluted Share
|
$ | 0.12 | $ | 0.20 | $ | 0.08 | ||||||
NON-GAAP Results ($K)
|
||||||||||||
Q3 2014 | Q2 2014 | Q3 2013 | ||||||||||
Net Income
|
$ | 3,854 | $ | 6,108 | $ | 2,724 | ||||||
Earnings per Diluted Share
|
$ | 0.14 | $ | 0.22 | $ | 0.10 |
As of
September 30,
|
As of December 31,
|
|||||||
2014
|
2013
|
|||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
13,149 | 17,542 | ||||||
Short-term interest-bearing bank deposits
|
99,744 | 79,552 | ||||||
Available for sale securities
|
1,747 | 1,845 | ||||||
Trade accounts receivable
|
22,900 | 27,947 | ||||||
Inventories
|
17,042 | 18,118 | ||||||
Deferred income tax assets
|
221 | 137 | ||||||
Other current assets
|
2,774 | 3,922 | ||||||
157,577 | 149,063 | |||||||
LONG-TERM ASSETS
|
||||||||
Long-term interest-bearing bank deposits
|
1,000 | 750 | ||||||
Other long-term assets
|
186 | 230 | ||||||
Severance pay funds
|
1,660 | 1,852 | ||||||
2,846 | 2,832 | |||||||
FIXED ASSETS, NET
|
10,637 | 10,382 | ||||||
TOTAL ASSETS
|
171,060 | 162,277 | ||||||
CURRENT LIABILITIES
|
||||||||
Trade accounts payable
|
8,889 | 15,599 | ||||||
Deferred income
|
4,010 | 3,420 | ||||||
Other current liabilities
|
12,561 | 11,448 | ||||||
25,460 | 30,467 | |||||||
LONG-TERM LIABILITIES
|
||||||||
Liability for employee severance pay
|
2,587 | 2,798 | ||||||
Deferred income
|
175 | 341 | ||||||
Other long-term liability
|
5 | 7 | ||||||
2,767 | 3,146 | |||||||
SHAREHOLDERS' EQUITY
|
142,833 | 128,664 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
171,060 | 162,277 |
Three months ended
|
||||||||||||
September 30,
2014
|
June 30,
2014
|
September 30,
2013
|
||||||||||
REVENUES
|
||||||||||||
Products
|
20,157 | 26,015 | 19,911 | |||||||||
Services
|
7,193 | 6,770 | 5,860 | |||||||||
27,350 | 32,785 | 25,771 | ||||||||||
COST OF REVENUES
|
||||||||||||
Products
|
8,543 | 11,050 | 9,045 | |||||||||
Services
|
3,975 | 4,139 | 3,626 | |||||||||
12,518 | 15,189 | 12,671 | ||||||||||
GROSS PROFIT
|
14,832 | 17,596 | 13,100 | |||||||||
OPERATING EXPENSES
|
||||||||||||
Research and Development expenses, net
|
7,510 | 7,152 | 7,021 | |||||||||
Sales and Marketing expenses
|
2,888 | 3,505 | 2,643 | |||||||||
General and Administration expenses
|
1,096 | 1,316 | 1,256 | |||||||||
11,494 | 11,973 | 10,920 | ||||||||||
OPERATING PROFIT
|
3,338 | 5,623 | 2,180 | |||||||||
INTEREST INCOME, NET
|
20 | 202 | 257 | |||||||||
INCOME BEFORE INCOME TAXES
|
3,358 | 5,825 | 2,437 | |||||||||
INCOME TAX EXPENSES
|
89 | 131 | 197 | |||||||||
NET INCOME FOR THE PERIOD
|
3,269 | 5,694 | 2,240 | |||||||||
Earnings per share:
|
||||||||||||
Basic
|
0.12 | 0.21 | 0.08 | |||||||||
Diluted
|
0.12 | 0.20 | 0.08 | |||||||||
Shares used for calculation of earnings per share:
|
||||||||||||
Basic
|
27,496 | 27,592 | 27,237 | |||||||||
Diluted
|
27,780 | 28,138 | 27,503 |
Nine months ended
|
||||||||
September 30, 2014
|
September 30, 2013
|
|||||||
REVENUES
|
||||||||
Product
|
74,948 | 64,671 | ||||||
Services
|
19,847 | 16,649 | ||||||
94,795 | 81,320 | |||||||
COST OF REVENUES
|
||||||||
Product sales
|
32,390 | 27,466 | ||||||
Services
|
12,254 | 10,655 | ||||||
44,644 | 38,121 | |||||||
GROSS PROFIT
|
50,151 | 43,199 | ||||||
OPERATING EXPENSES
|
||||||||
Research and Development expenses, net
|
21,563 | 22,087 | ||||||
Sales and Marketing expenses
|
9,799 | 8,835 | ||||||
General and Administration expenses
|
3,476 | 3,847 | ||||||
34,838 | 34,769 | |||||||
OPERATING PROFIT
|
15,313 | 8,430 | ||||||
INTEREST INCOME, NET
|
397 | 633 | ||||||
INCOME BEFORE INCOME TAXES
|
15,710 | 9,063 | ||||||
INCOME TAX EXPENSES
|
349 | 1,625 | ||||||
NET INCOME FOR THE PERIOD
|
15,361 | 7,438 | ||||||
Net income per share:
|
||||||||
Basic
|
0.56 | 0.27 | ||||||
Diluted
|
0.55 | 0.27 | ||||||
Shares used for calculation of net income per share:
|
||||||||
Basic
|
27,506 | 27,071 | ||||||
Diluted
|
27,920 | 27,343 |
Three months ended
|
||||||||||||
September 30,
2014
|
June 30,
2014
|
September 30,
2013
|
||||||||||
CASH FLOW – OPERATING ACTIVITIES
|
||||||||||||
Net income for the period
|
3,269 | 5,694 | 2,240 | |||||||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
1,072 | 972 | 907 | |||||||||
Amortization of deferred stock-based compensation
|
620 | 472 | 368 | |||||||||
Increase (decrease) in liability for employee
termination benefits, net
|
(77 | ) | 74 | (1 | ) | |||||||
Deferred income taxes
|
(35 | ) | (58 | ) | 116 | |||||||
Decrease (increase) in trade accounts receivables
|
3,330 | (3,898 | ) | (1,112 | ) | |||||||
Decrease in inventories
|
1,963 | 688 | 144 | |||||||||
Decrease (increase) in other current and long term
assets
|
1,254 | 257 | (1,064 | ) | ||||||||
Increase (decrease) in trade accounts payables
and other long-term liabilities
|
(3,207 | ) | (2,456 | ) | 250 | |||||||
Increase (decrease) in other current liabilities
|
56 | (787 | ) | 614 | ||||||||
Increase (decrease) in short and long term
deferred income
|
(1,906 | ) | 1,247 | 793 | ||||||||
Net cash provided by operating activities
|
6,339 | 2,205 | 3,255 | |||||||||
CASH FLOW – INVESTMENT ACTIVITIES
|
||||||||||||
Increase in short-term interest-bearing bank deposits
|
(8,458 | ) | (1,943 | ) | (4,548 | ) | ||||||
Decrease (increase) in short-term available for sale
securities
|
18 | (19 | ) | - | ||||||||
Additions to fixed assets
|
(1,788 | ) | (1,228 | ) | (761 | ) | ||||||
Net cash used in investment activities
|
(10,228 | ) | (3,190 | ) | (5,309 | ) | ||||||
CASH FLOW – FINANCING ACTIVITIES
|
||||||||||||
Purchases of treasury shares
|
(3,173 | ) | (1,103 | ) | - | |||||||
Shares issued under employee share-based plans
|
312 | 961 | 12 | |||||||||
Net cash provided by (used in) financing activities
|
(2,861 | ) | (142 | ) | 12 | |||||||
Decrease in cash and cash equivalents
|
(6,750 | ) | (1,127 | ) | (2,042 | ) | ||||||
Cash and cash equivalents – beginning of period
|
19,899 | 21,026 | 17,799 | |||||||||
Cash and cash equivalents – end of period
|
13,149 | 19,899 | 15,757 |
Nine months ended
|
||||||||
September 30, 2014
|
September 30, 2013
|
|||||||
CASH FLOW – OPERATING ACTIVITIES
|
||||||||
Net income for the period
|
15,361 | 7,438 | ||||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,946 | 2,577 | ||||||
Loss related to equipment and inventory damage
|
- | 148 | ||||||
Amortization of deferred stock-based compensation
|
1,614 | 1,577 | ||||||
Increase (decrease) in liability for employee termination
benefits, net
|
(29 | ) | 54 | |||||
Deferred income taxes
|
(84 | ) | 1,438 | |||||
Decrease (increase) in trade accounts receivables
|
5,173 | (3,467 | ) | |||||
Decrease in inventories
|
1,291 | 167 | ||||||
Decrease (increase) in other current and long term assets
|
794 | (943 | ) | |||||
Increase (decrease) in trade accounts payables and
other long term liabilities
|
(6,712 | ) | 28 | |||||
Increase in other current liabilities
|
502 | 1,454 | ||||||
Increase (decrease) in short and long term deferred income
|
424 | (939 | ) | |||||
Net cash provided by operating activities
|
21,280 | 9,532 | ||||||
CASH FLOW – INVESTMENT ACTIVITIES
|
||||||||
Increase in short-term and long-term interest-bearing
bank deposits
|
(20,442 | ) | (8,880 | ) | ||||
Proceeds from insurance claim
|
- | 219 | ||||||
Additions to fixed assets
|
(3,541 | ) | (2,145 | ) | ||||
Net cash used in investment activities
|
(23,983 | ) | (10,806 | ) | ||||
CASH FLOW – FINANCING ACTIVITIES
|
||||||||
Purchases of treasury shares
|
(4,276 | ) | - | |||||
Shares issued under employee share-based plans
|
2,586 | 1,068 | ||||||
Net cash provided by (used in) financing activities
|
(1,690 | ) | 1,068 | |||||
Decrease in cash and cash equivalents
|
(4,393 | ) | (206 | ) | ||||
Cash and cash equivalents – beginning of period
|
17,542 | 15,963 | ||||||
Cash and cash equivalents – end of period
|
13,149 | 15,757 |
Three months ended
|
||||||||||||
September 30,
|
June 30,
|
September 30,
|
||||||||||
2014
|
2014
|
2013
|
||||||||||
GAAP Net income for the period
|
3,269 | 5,694 | 2,240 | |||||||||
Non-GAAP Adjustments:
|
||||||||||||
Stock based compensation expenses
|
620 | 472 | 368 | |||||||||
Deferred income taxes
|
(35 | ) | (58 | ) | 116 | |||||||
Non-GAAP Net income for the period
|
3,854 | 6,108 | 2,724 | |||||||||
Non-GAAP Net income per share:
|
||||||||||||
Basic
|
0.14 | 0.22 | 0.10 | |||||||||
Diluted
|
0.14 | 0.22 | 0.10 | |||||||||
Shares used for calculation of Non-GAAP net income per share:
|
||||||||||||
Basic
|
27,496 | 27,592 | 27,237 | |||||||||
Diluted
|
27,780 | 28,138 | 27,503 |
Nine months ended
|
||||||||
September 30,
|
September 30,
|
|||||||
2014
|
2013
|
|||||||
GAAP Net income for the period
|
15,361 | 7,438 | ||||||
Non-GAAP Adjustments:
|
||||||||
Stock based compensation expenses
|
1,614 | 1,577 | ||||||
Deferred income taxes
|
(84 | ) | 1,438 | |||||
Income from insurance claim
|
- | (509 | ) | |||||
Loss related to equipment and inventory damage
|
- | 148 | ||||||
Non-GAAP Net income for the period
|
16,891 | 10,092 | ||||||
Non-GAAP Net income per share:
|
||||||||
Basic
|
0.61 | 0.37 | ||||||
Diluted
|
0.60 | 0.37 | ||||||
Shares used for calculation of Non-GAAP net income per share:
|
||||||||
Basic
|
27,506 | 27,071 | ||||||
Diluted
|
27,920 | 27,343 |