Feb. 18--Processor metrology solutions provider Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) sees further growth in 2014, after reporting record revenue, but lower profits for 2013, beating its guidance.
Full-year revenue rose to $111.5 million from $96.1 million for 2012. GAAP-based net profit fell to $10.5 million ($0.38 per share) in 2013 from $11.8 million in 2012, and non-GAAP net profit slipped to $14.1 million ($0.52 per share) from $14.2 million.
Cash flow from operations rose to $11 million in 2013 from $7.7 million in 2012, boosting the company's cash reserves to $99.7 million at the end of 2013, with no debt.
Fourth quarter revenue rose 37% to $30.2 million from $25.8 million for the corresponding quarter of 2012. GAAP-based net profit rose to $3.1 million ($0.11 per share) for the fourth quarter from $2.5 million for the corresponding quarter, and non-GAAP net profit quadrupled to $4.1 million ($0.15 per share) from $1 million.
"Our continuous investment in R&D to strengthen our leadership position in Optical Metrology for process control is clearly paying off and leading to increased market share in this high growth market, said Nova president and CEO Eitan Oppenhaim. "We continue to outpace the industry as we grow our placement in the foundry segment, with a presence in multiple process steps in all advanced technology nodes. Our recent market share wins, combined with a diversified and enhanced product portfolio, position us very well for a solid start in 2014. The growth of the semiconductor equipment industry is fueled by growing investments in transitioning to advanced technology nodes and complex device structures. These challenging technology transitions require additional optical metrology measurements for better process control. Nova is well positioned to benefit from these trends and to continue its growth trajectory."
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