“The first quarter of 2011 marked an excellent start to the year," Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) president and CEO Gabi Seligsohn said in response to the tripling net profit growth of the metrology solutions developer. “Not only did we continue to break records in all our financial metrics, we also achieved all time record bookings in each of our product lines."
Nova's revenue rose 76% to $28.2 million for the first quarter from $16 million for the corresponding quarter of 2010. Net profit rose to $8.1 million ($0.30 per share) from $2.7 million for the corresponding quarter.
Cash flow from operations was $8.4 million for the first quarter, and cash reserves were $71.5 million at the end of March.
In its guidance, Nova expects revenue to increase to $28.5-31 million, with net profit margin of 27-30%.
Nova's share price fell 4.4% on Nasdaq yesterday to $9.22, giving a market cap of $215 million, but rose 3.4% by midday on the TASE today to NIS 33.35.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2011
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