REHOVOT, Israel, August 1 /PRNewswire-FirstCall/ -- Nova Measuring
Instruments Ltd. (NASDAQ:NVMI), provider of leading edge stand
alone metrology and the market leader of integrated metrology
solutions to the semiconductor process control market, today
reported its results for the second quarter of 2007. Total revenues
increased 29% to $14.8 million, compared to $11.4 million reported
for the second quarter of 2006. Revenues increased 11% sequentially
compared to $13.4 million reported for the first quarter of 2007.
Gross margin for the second quarter of 2007 was 46% compared with
43% for the second quarter of 2006 and 44% for the first quarter of
2007. Total operating expenses were $5.9 million for the second
quarter of 2007, compared with $5.4 million in the second quarter
of 2006, and $6.6 million in the first quarter of 2007. Net profit
for the second quarter of 2007 was $1.1 million, $0.06 basic profit
per share and $0.05 diluted profit per share, compared with a net
loss of $0.4 million, or $0.02 per share, for the second quarter of
2006, and compared with a net loss of $0.6 million, or $0.04 per
share, for the first quarter of 2007. The second quarter net
results included $0.4 million of share based compensation expenses
and amortization of intangible assets. Cash reserves at the end of
the second quarter of 2007 were $20.4 million, a decrease of $0.7
million compared to the end of first quarter of 2007. This decrease
is related to final payments of intelectual property litigation
costs which were settled back in April this year. "We are pleased
to report that, within 12 months of the management reorganization,
our initiatives have resulted in significant revenue growth and a
long-awaited return to profitability," said Gabi Seligsohn,
President and CEO. "In addition to continued market share gains and
penetration of new market segments, the impact of our cost
reduction programs, and the contribution of high-margin software
sales have also helped us achieve this goal. We have succeeded in
significantly lowering our breakeven point, and will contiune to
focus on profitability going forward." The Company will host a
conference call today, August 1, 2007, at 10:00am EST. To
participate please dial in the U.S: +1-866-860-9642; UK:
+44(0)-800-032-3367; or internationally: +972-3-918-0687 at least 5
minutes before the start of the call. A recording of the call will
be avialble on Nova's website, within 24 hours following the end of
the call. About Nova Nova Measuring Instruments Ltd. develops,
produces and markets advanced integrated and stand alone metrology
solutions for the semiconductor manufacturing industry. Nova is
traded on the NASDAQ & TASE under the symbol NVMI. The
Company's website is http://www.nova.co.il/. This press release
contains forward-looking statements within the meaning of safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 relating to future events or our future performance, such
as statements regarding trends, demand for our products, expected
deliveries, transaction, expected revenues, operating results,
earnings and profitability. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied in those forward-looking statements. These risks and other
factors include but are not limited to: our dependency on a single
integrated process control product line; the highly cyclical nature
of the markets we target; our inability to reduce spending during a
slowdown in the semiconductor industry; our ability to respond
effectively on a timely basis to rapid technological changes; risks
associated with our dependence on a single manufacturing facility;
our ability to expand our manufacturing capacity or marketing
efforts to support our future growth; our dependency on a small
number of large customers and small number of suppliers; risks
related to our intellectual property; changes in customer demands
for our products; new product offerings from our competitors;
changes in or an inability to execute our business strategy;
unanticipated manufacturing or supply problems; changes in tax
requirements; changes in customer demand for our products and risks
related to our operations in Israel. We cannot guarantee future
results, levels of activity, performance or achievements. The
matters discussed in this press release also involve risks and
uncertainties summarized under the heading ``Risk Factors' in
Nova's Annual Report on Form 20-F for the year ended December 31,
2006 filed with the Securities and Exchange Commission on May 11,
2007. These factors are updated from time to time through the
filing of reports and registration statements with the Securities
and Exchange Commission. Nova Measuring Instruments Ltd. does not
assume any obligation to update the forward-looking information
contained in this press release. NOVA MEASURING INSTRUMENTS LTD.
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in
thousands, except per share data) Q2-2007 Q1-2007 Q2-2006 REVENUES
Product sales 12,128 10,443 9,141 Services 2,682 2,924 2,302 14,810
13,367 11,443 COST OF REVENUES Product sales 5,522 4,868 4,335
Services 2,547 2,666 2,160 8,069 7,534 6,495 GROSS PROFIT 6,741
5,833 4,948 OPERATING EXPENSES Research & Development expenses,
net 2,203 2,333 2,010 Sales & Marketing expenses 2,528 2,198
2,043 General & Administration expenses 1,159 2,112 1,382 5,890
6,643 5,435 OPERATING PROFIT (LOSS) 851 (810) (487) INTEREST
INCOME, NET 220 169 128 NET PROFIT (LOSS) 1,071 (641) (359) Basic
profit (loss) per share 0.06 (0.04) (0.02) Diluted profit (loss)
per share 0.05 (0.04) (0.02) Shares used for calculation of basic
profit (loss) per share 18,904 17,239 15,481 Shares used for
calculation of diluted profit (loss) per share 19,652 17,239 15,481
NOVA MEASURING INSTRUMENTS LTD. YEAR TO DATE CONSOLIDATED
STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except per
share data) Six-months ended June 30, 2007 June 30, 2006 REVENUES
Product sales 22,571 16,938 Services 5,606 4,787 28,177 21,725 COST
OF REVENUES Product sales 10,390 7,991 Services 5,213 4,017 15,603
12,008 GROSS PROFIT 12,574 9,717 OPERATING EXPENSES Research &
Development expenses, net 4,536 4,307 Sales & Marketing
expenses 4,726 3,715 General & Administrative expenses 3,271
2,430 12,533 10,452 OPERATING PROFIT (LOSS) 41 (735) INTEREST
INCOME, NET 389 335 NET PROFIT (LOSS) 430 (400) Basic profit (loss)
per share 0.02 (0.03) Diluted profit (loss) per share 0.02 (0.03)
Shares used for calculation of basic profit (loss) per share 18,072
15,475 Shares used for calculation of diluted profit (loss) per
share 18,784 15,475 NOVA MEASURING INSTRUMENTS LTD. CONSOLIDATED
BALANCE SHEET (U.S. dollars in thousands) As of As of December 31,
June 30, 2007 2006 CURRENT ASSETS Cash and cash equivalents 6,254
4,176 Short-term interest-bearing bank deposits 117 466 Short-term
investments 7,177 2,400 Held to maturity securities 2,662 3,265
Trade accounts receivable 8,729 10,252 Inventories 9,055 8,968
Other current assets 2,070 1,917 36,064 31,444 LONG-TERM ASSETS
Long-term interest-bearing bank deposits 2,167 3,172 Held to
maturity securities 1,979 1,704 Other Long-term assets 164 222
Severance pay funds 2,156 2,249 6,466 7,347 FIXED ASSETS, NET 2,886
2,601 INTANGIBLE ASSETS, NET 2,811 3,027 Total assets 48,227 44,419
CURRENT LIABILITIES Trade accounts payable 5,094 6,424 Deferred
income 1,752 3,048 Other current liabilities 6,358 6,099 13,204
15,571 LONG-TERM LIABILITIES Liability for employee severance pay
3,081 3,224 Deferred income 990 979 Other long-term liability 70 70
4,141 4,273 SHAREHOLDERS' EQUITY 30,882 24,575 Total liabilities
and shareholders' equity 48,227 44,419 Company Contact: Dror David,
Chief Financial Officer Nova Measuring Instruments Ltd. Tel:
+972-8-938-7505 E-mail: http://www.nova.co.il/ Investor relations
Contacts: Ehud Helft / Kenny Green GK Investor Relations Tel:
+1-646-201-9246 E-mail: DATASOURCE: Nova Measuring Instruments Ltd
CONTACT: Company Contact: ror David, Chief Financial Officer, Nova
Measuring Instruments Ltd., Tel: +972-8-938-7505, E-mail: ;
Investor relations Contacts: Ehud Helft / Kenny Green, GK Investor
Relations, Tel: +1-646-201-9246, E-mail:
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