Metrology solutions developer Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) today published its financial report for the first quarter of 2010, and raised its full-year guidance. The company posted $16 million revenue, 179% more than the $5.7 million for the corresponding quarter of 2009, and 5% more than the $15.2 million for the preceding quarter.
GAAP-based net profit was $2.7 million ($0.11 per share) for the first quarter, compared with a net loss of $1.7 million for the corresponding quarter, and unchanged from the preceding quarter. Non-GAAP net profit was $2.8 million ($0.12 per share), compared with a non-GAAP net loss of $1.6 million for the corresponding quarter.
Nova raised its full-year 2010 revenue guidance to $61-$66 million, and a net profit margin of 13%-17%.
Cash flow from operations was $5 million for the corresponding quarter, boosting cash reserves to $40.7 million at the end of March.
Nova president and CEO Gabi Seligsohn said, “During the first quarter, we reached record quarterly shipment levels and again achieved solid financial performance."
He added, “Semiconductor business fundamentals continue to be strong at the high end of technology and our leading edge customers have indicated that demand is expected to continue to be robust throughout the year. Given the pace of technology transition, several customers are actively evaluating our new stand alone products, and we believe these evaluations lay the foundation for additional business growth in the future and for further improvement of our competitive position in our core markets."
Nova's share price rose 2.7% on Nasdaq yesterday to $5.69, giving a market cap of $113 million. The share price rose 2.4% in morning trading on the TASE today to NIS 21.58.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2010
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