[November 03, 2009] Customers' new investment push Nova to record profit: Gabi Seligsohn: We expect to continue seeing strong financial results in the coming quarters. [Globes, Tel Aviv, Israel] Tweet (Globes (Tel Aviv) Via Acquire Media NewsEdge) Nov. 3--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 percent 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 percent of Nova's sales this year. Nova's share rose 4.3 percent on Nasdaq yesterday to $3.15, giving a market cap of $61 million. The share rose 1.7 percent by early afternoon on the TASE to NIS 11.84. To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. [ Back To TMCnet.com's Homepage ]