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Nova Ltd. — Regulatory Filings 2004
Nov 10, 2004
6955_ffr_2004-11-10_6fb37b87-2c46-4ab4-b62a-b62a44de6bfb.zip
Regulatory Filings
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6-K 1 zk41110.htm Created by EDGAR Ease Plus (EDGAR Ease+) Project: \Backup\office\EDGAR Filing\Nova Measuring Istruments Ltd\41110\a41110.eep Control Number: 41110 Rev Number: 1 Client Name: Nova Measuring Istruments Ltd Project Name: 6-K Firm Name: Zadok-Keinan Ltd 6-K MARKER FORMAT-SHEET="Scotch Rule Top-TNR" FSL="Workstation" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation"
FORM 6-K SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
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November 10 th , 2004
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NOVA MEASURING INSTRUMENTS LTD.
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Building 22 Weitzmann Science Park, Rehovoth P.O.B 266
[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Form 20-F x Form 40-F o
[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes o No x
IfYes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) : N/A.
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Attached hereto and incorporated by way of reference herein the Registrants notice regarding 2004 Third Quarter Results
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Signatures
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Pursuant to the requirements of the Securities Exchange Act of 1934 , the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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November 10 th , 2004 Nova Measuring Instruments Ltd Nova Measuring Instruments Ltd (the Registrant) BY: /S/ Chai Toren Chai Toren Chief Financial Officer
Company Contact: Chai Toren, CFO and Vice President Finance Nova Measuring Instruments Ltd. Tel: 972-8-938-7505 E-mail: [email protected] http://www.nova.co.il Investor relations Contacts: Ehud Helft / Kenny Green GK International Investor Relations Tel: +1-866-704-6710 E-mail : [email protected] [email protected]
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Company Press Release
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Nova Measuring Instruments Announces 2004 Third Quarter Results, Continuing Trend of Growth in Revenue, Margins and Profit
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Rehovoth, Israel, November 10, 2004 Nova Measuring Instruments, Ltd. (Nasdaq: NVMI), the market leader in integrated measurement and process control for the semiconductor industry, today reported results for the third quarter of 2004.
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2004 Third Quarter Results
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Total revenues for the third quarter of 2004 were $10.7 million, a 45% increase over revenues of $7.4 million reported for the third quarter of 2003 and a 5% sequential increase over revenues of $10.2 million reported for the second quarter of 2004. Total revenues for the first 9 months of 2004 were $30.1 million, a 62% increase over revenues of $18.6 million reported for the first three quarters of 2003.
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The Company reported a gross profit of $5.1 million compared with gross profit of $3.1 million for the third quarter of 2003 and gross profit of $4.7 million for the previous quarter. This represents a sequential and year-over-year improvement in gross margins. Gross margin for the third quarter of 2004 was 47.4% compared with 41.6% for the third quarter of 2003 and 46.0% for the previous quarter.
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Research and development expenses were $2.1 million (20% of revenues) compared with $1.8 million (25% of revenues) in the third quarter of 2003, and $2.0 million (20% of revenues) in the second quarter of 2004. Sales and marketing expenses were $1.8 million (16% of revenues) as compared with $1.7 million (23% of revenues) in the third quarter of 2003, and $1.7 million (16% of revenues) in the second quarter of 2004. General and Administrative expenses remained more or less flat at US$0.6 million during the third quarter of 2004, compared with US$0.5 million in the third quarter of 2003 and US$0.6 million during the previous quarter.
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Operating income for the quarter was $0.6 million (5.6% of revenues), compared with operating loss of $0.9 million for the third quarter of 2003 and $0.4 million (3.4% of revenues) as reported in the previous quarter.
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Net income for the quarter was $0.8 million or $0.05 per share, compared with a net loss of $0.8 million, or $0.06 per share, for the third quarter of 2003 and profit of $0.5 million, or $0.03 per share, for the second quarter of 2004.
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Cash and cash equivalents, bank deposits and held to maturity securities at the end of the quarter were $30.9 million, an increase of $1.6 million compared to the previous quarter.
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Dr. Giora Dishon, President & CEO of Nova commented, The third quarter results reflect continuous improvements and growth in the company. It is the third consecutive quarter with growing net income and the 13 th quarter of continuous growth (excluding the first quarter of 2003). The company has achieved a gradual increase in net profit and 2004 year to date profit is $1.3 million or 4% of the first 9 months revenues. The continuing improvement in our financial performance has been in line with the outlook we provided at the beginning of the July quarter. For the fourth quarter of 2004, as previosuly guided, we expect revenues to remain flat sequentially. As we have explained, this is due to the current limited visibility in the semiconductor equipment market.
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Dr. Dishon added, The market is experiencing a moderate downturn and the various market research reports indicate a 5-20% decline for the semiconductor equipment sector in 2005. However, with the growing usage of Integrated Metrology, our expansion into new areas such as Copper CMP and Etch, and with maintaining over 60% market share in the integrated metrology market, we expect to continue to grow in the next year.
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The Company will host a conference call today, November 10, 2004, at 14:00 EST. To participate please dial in the U.S: 1-866-500-4964 or internationally: +972-3-925-5910 at least 5 minutes before the start of the call. A conference call presentation will be available for download on the companys website www.nova.co.il, before and during the call.
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About Nova Nova Measuring Instruments Ltd. develops, designs and produces integrated process control systems in the semiconductor manufacturing industry. Nova provides a broad range of integrated process control solutions that link between different semiconductor processes and process equipment. The Companys website is www.nova.co.il.
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This press release may contain forward-looking statements, including statements related to anticipated growth rates, manufacturing capacity and tax rate. Actual results may differ materially from those projected due to a number of risks, including 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, or changes in tax requirements. Nova 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 Novas Form F-1 filed with the Securities and Exchange Commission on April 9, 2000. 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.
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(Tables to Follow)
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NOVA MEASURING INSTRUMENTS LTD. INTERIM CONSOLIDATED STATEMENT OF OPERATIONS SEQUENTIAL COMPARISON (U.S.dollars in thousands, except per share data)
| September 30, 2004 | June 30, 2004 | |
|---|---|---|
| (unaudited) | ||
| REVENUES: | ||
| Product sales | 8,602 | 7,921 |
| Services | 2,083 | 2,296 |
| 10,685 | 10,217 | |
| COST OF REVENUES: | ||
| Product sales | 3,916 | 3,784 |
| Services | 1,702 | 1,729 |
| 5,618 | 5,513 | |
| GROSS PROFIT | 5,067 | 4,704 |
| OPERATING EXPENSES | ||
| Research & Development expenses, net | 2,124 | 2,045 |
| Sales & Marketing expenses | 1,751 | 1,666 |
| General & Administrative expenses | 591 | 641 |
| 4,466 | 4,352 | |
| OPERATING PROFIT (LOSS) | 601 | 352 |
| INTEREST INCOME | 160 | 98 |
| NET INCOME FOR THE PERIOD | 761 | 450 |
| EARNINGS PER SHARE | 0.05 | 0.03 |
| Comments: | ||
| 1. Employee Stock Based Compensation expenses | - | - |
| 2. Shares for calculation of earnings (loss) per | ||
| share | ||
| Basic and Diluted | 15,268 | 15,261 |
| 3. The adjusted results excluding Employee Stock | ||
| Based Compensation: | ||
| Gross profit | 5,067 | 4,704 |
| Operating expenses | 4,466 | 4,352 |
| Net Income | 761 | 450 |
| Earnings per share | 0.05 | 0.03 |
NOVA MEASURING INSTRUMENTS LTD. INTERIM CONSOLIDATED STATEMENT OF OPERATIONS YEAR-OVER-YEAR COMPARISON (U.S. dollars in thousands, except per share data)
| September 30, 2004 | September 30, 2003 | ||
|---|---|---|---|
| (unaudited) | |||
| REVENUES: | |||
| Product sales | 8,602 | 5,827 | |
| Services | 2,083 | 1,565 | |
| 10,685 | 7,392 | ||
| COST OF REVENUES: | |||
| Product sales | 3,916 | 2,794 | |
| Services | 1,702 | 1,526 | |
| 5,618 | 4,320 | ||
| GROSS PROFIT | 5,067 | 3,072 | |
| OPERATING EXPENSES | |||
| Research & Development expenses, net | 2,124 | 1,813 | |
| Sales & Marketing expenses | 1,751 | 1,727 | |
| General & Administrative expenses | 591 | 466 | |
| 4,466 | 4,006 | ||
| OPERATING PROFIT (LOSS) | 601 | (934 | ) |
| INTEREST INCOME | 160 | 87 | |
| NET INCOME (LOSS) FOR THE PERIOD | 761 | (847 | ) |
| EARNINGS (LOSS) PER SHARE | 0.05 | (0.06 | ) |
| Comments: | |||
| 1.Employee Stock Based Compensation expenses | - | 134 | |
| 2.Shares for calculation of earnings (loss) per | |||
| share Basic and Diluted | 15,268 | 14,988 | |
| 3.The adjusted results excluding employee | |||
| Stock Based Compensation: | |||
| Gross profit | 5,067 | 3,088 | |
| Operating expenses | 4,466 | 3,888 | |
| Net Income (Loss) | 761 | (713 | ) |
| Earnings (Loss) per share | 0.05 | (0.05 | ) |
NOVA MEASURING INSTRUMENTS LTD. INTERIM CONSOLIDATED STATEMENT OF OPERATIONS (U.S. dollars in thousands, except per share data)
| September 30, 2004 | September 30, 2003 | ||
|---|---|---|---|
| (unaudited) | |||
| REVENUES: | |||
| Product sales | 23,994 | 14,644 | |
| Services | 6,080 | 3,954 | |
| 30,074 | 18,598 | ||
| COST OF REVENUES: | |||
| Product sales | 11,305 | 7,129 | |
| Services | 4,933 | 4,458 | |
| 16,238 | 11,587 | ||
| GROSS PROFIT | 13,836 | 7,011 | |
| RATING EXPENSES | |||
| Research & Development expenses, net | 6,295 | 5,570 | |
| Sales & Marketing expenses | 4,920 | 5,018 | |
| General & Administrative expenses | 1,689 | 1,540 | |
| 12,904 | 12,128 | ||
| OPERATING PROFIT (LOSS) | 932 | (5,117 | ) |
| INTEREST INCOME | 348 | 328 | |
| NET INCOME (LOSS) FOR THE PERIOD | 1,280 | (4,789 | ) |
| EARNINGS (LOSS) PER SHARE | 0.08 | (0.32 | ) |
| Comments: | |||
| 1. Employee Stock Based Compensation expenses | - | 407 | |
| 2. Shares for calculation of earnings (loss) | |||
| per share Basic and Diluted | 15,251 | 14,953 | |
| 3. The adjusted results excluding employee | |||
| Stock Based Compensation: | |||
| Gross profit | 13,836 | 7,060 | |
| Operating expenses | 12,904 | 11,770 | |
| Net Income (Loss) | 1,280 | (4,382 | ) |
| Earnings (Loss) per share | 0.08 | (0.29 | ) |
NOVA MEASURING INSTRUMENTS LTD. CONSOLIDATED BALANCE SHEET (U.S. dollars in thousands)
| 2004 | ||||
| (unaudited) | ||||
| CURRENT ASSETS | ||||
| Cash and cash equivalents | 14,499 | 26,634 | ||
| Short-term interest-bearing bank deposits | 2,033 | 711 | ||
| Held to maturity securities | 3,499 | 4,296 | ||
| Trade accounts receivable | 8,106 | 5,804 | ||
| Inventories | 4,467 | 4,152 | ||
| Other current assets | 1,290 | 1,244 | ||
| 33,894 | 42,841 | |||
| LONG-TERM ASSETS | ||||
| Long-term interest-bearing bank deposits | 501 | 1,386 | ||
| Held to maturity securities | 10,416 | - | ||
| Other long- term assets | 298 | 242 | ||
| Severance pay funds | 2,190 | 2,024 | ||
| Fixed assets, net | 1,521 | 1,425 | ||
| 14,926 | 5,077 | |||
| 48,820 | 47,918 | |||
| CURRENT LIABILITIES | ||||
| Trade accounts payable | 5,053 | 5,389 | ||
| Other current liabilities | 6,145 | 7,102 | ||
| 11,198 | 12,491 | |||
| LONG-TERM LIABILITIES | ||||
| Liability for employee termination benefits | 2,975 | 2,653 | ||
| Deferred Income | 355 | 263 | ||
| Other long-term liability | 143 | 175 | ||
| 3,473 | 3,091 | |||
| SHAREHOLDERS' EQUITY | ||||
| Share capital | 46 | 46 | ||
| Additional paid-in capital | 73,216 | 72,785 | ||
| Deferred stock-based compensation | - | (122 | ) | |
| Accumulated other comprehensive income (loss) | (7 | ) | 13 | |
| Accumulated deficit | (39,106 | ) | (40,386 | ) |
| 34,149 | 32,336 | |||
| 48,820 | 47,918 |