Nova Measuring Instruments Ltd. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year 2014
Oct 29 14
Nova Measuring Instruments Ltd. reported consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenues of $27,350,000 against $25,771,000 a year ago. Net income was $3,269,000 against $2,240,000 a year ago. Earnings per basic and diluted share were $0.12 against $0.08 a year ago. On a non-GAAP basis, which excludes adjustments of deferred tax assets and stock based compensation expenses, the company reported net income of $3,854,000 or $0.14 per diluted share. This compares to a net income of $2,724,000 or $0.10 per diluted share, in the third quarter of 2013. Operating profit was $3,338,000 compared to $2,180,000 a year ago. Income before income taxes was $3,358,000 compared to $2,437,000 a year ago. Net cash provided by operating activities was $6,339,000 compared to $3,255,000 a year ago. Additions to fixed assets were $1,788,000 compared to $761,000 a year ago.
For the nine months period, the company reported revenues of $94,795,000 compared to $81,320,000 a year ago. Operating profit was $15,313,000 compared to $8,430,000 a year ago. Income before income taxes was $15,710,000 compared to $9,063,000 a year ago. Net income was $15,361,000 or $0.55 per diluted share compared to $7,438,000 or $0.27 per basic and diluted share a year ago. Net cash provided by operating activities was $21,280,000 compared to $9,532,000 a year ago. Additions to fixed assets were $3,541,000 compared to $2,145,000 a year ago. Non-GAAP net income was $16,891,000 or $0.60 per diluted share compared to $10,092,000 or $0.37 per basic and diluted share a year ago.
For the fourth quarter of 2014, revenues will be in the range of $24 million to $26.5 million, diluted EPS on a GAAP basis will be at the range of $0.05 to $0.10 and on the non-GAAP basis, EPS will be at the range of $0.01 to $0.06 per share. For the fourth quarter of 2014, guidance assumes blended gross margins of approximately 50%, lower than usual mainly due to the expected reduction in the revenue stream.
For the year 2014 to be yet record revenue for the company with annual revenue in the range of $119 million to $121 million, demonstrating continued profitable growth over the last three years. Blended gross margin expect to be within its target model of 52% to 55%. The company expects to generate over 20 million in free cash flow for the year 2014.
Nova Measuring Instruments Ltd. Presents at 17th Annual Needham Growth Conference, Jan-13-2015 02:10 PM
Oct 2 14
Nova Measuring Instruments Ltd. Presents at 17th Annual Needham Growth Conference, Jan-13-2015 02:10 PM. Venue: New York Palace Hotel, 455 Madison Avenue, New York, New York, United States. Speakers: Dror David, Chief Financial Officer, Eitan Oppenhaim, Chief Executive Officer and President.