REHOVO, Israel, November 1, 2018 /PRNewswire/ --
Nova (NASDAQ: NVMI), announced
today that its Board of Directors has approved a $25 million share repurchase program, to
commence following the expiration of the current quarterly
black-out period.
Share repurchases, if any, will be funded with available cash.
Repurchases of the Company's ordinary shares will be made through
open market purchases at prevailing market prices. The timing,
volume and nature of share repurchases are subject to market prices
and conditions, applicable securities laws and other factors, and
are at the discretion of the Company's board of directors. Share
repurchases may be commenced, suspended or discontinued at any
time.
"Following a record revenue quarter, in which we continued to
grow our cash reserves and strengthened our expectation for a sixth
year of consecutive annual growth, we have decided to establish a
share repurchase program to reflect our confidence in the company's
long term resiliency and progress," said Eitan Oppenhaim, President
and CEO of Nova. "Consistent with our profitable expansion, Nova
will continue to leverage its strong cash flow and solid balance
sheet to invest in disruptive new technologies, pursue merger and
acquisition activities and enhance shareholders' value."
About Nova:
Nova is a leading innovator and key provider of metrology
solutions for advanced process control used in semiconductor
manufacturing. Nova delivers continuous innovation by providing
state-of-the-art high-performance metrology solutions for effective
process control throughout the semiconductor fabrication lifecycle.
Nova's product portfolio, which combines high-precision hardware
and cutting-edge software, provides its customers with deep insight
into the development and production of the most advanced
semiconductor devices. Nova's unique capability to deliver
innovative X-ray and Optical solutions enable its customers to
improve performance, enhance product yields and accelerate time to
market. Nova acts as a partner to semiconductor manufacturers from
its offices around the world. Additional information may be found
at http://www.novami.com.
Nova is traded on NASDAQ & TASE under the symbol NVMI.
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, but not limited
to, the share repurchase program, anticipated growth opportunities
and projections about our business and its future revenues,
expenses 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. Factors that may
affect our results, performance, circumstances or achievements
include, but are not limited to, the following: change in
our share repurchase program by our board of directors or
management, including changes in the value of shares to be
repurchased or the timing of such repurchases, and unanticipated
material payment obligations incurred by our company that decrease
our willingness or ability to repurchase shares at the anticipated
level and timing, or at all, our dependency on three product lines;
our dependency on a small number of large customers and small
number of suppliers; the highly cyclical and competitive nature of
the markets we target and operate in; 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; our ability to recognize the benefits of
ReVera acquisition and risks that the acquisition may disrupt
current plans and operations and impact relationships with
customers, distributors and suppliers; our dependency on PEMs;
risks related to exclusivity obligations and non-limited liability
that may be included in our commercial agreements and arrangements;
our ability to retain our competitive position despite the ongoing
consolidation in our industry; risks related to our dependence on
our manufacturing facilities; risks related to changes in our order
backlog; risks related to efforts to complete and integrate current
and/or future acquisitions; risks related to worldwide financial
instabilities; risks related to our intellectual property; new
product offerings from our competitors; unanticipated manufacturing
or supply problems; risks related to government programs in which
we participate; risks related to taxation; changes in customer
demand for our products; risks related to currency fluctuations,
risks related to acquisitions we may pursue 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, 2017 filed with the Securities and
Exchange Commission on February 28,
2018. 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.
Company Contact:
Dror
David, Chief Financial Officer
Nova Measuring Instruments Ltd.
Tel: +972-73-229-5760
E-mail: info@novameasuring.com
http://www.novami.com
Investor Relations Contact:
Miri Segal
MS-IR LLC
Tel: +917-607-8654
E-mail: msegal@ms-ir.com
SOURCE Nova