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Nova Measuring Instruments (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, recently stated record financial results for the fourth quarter and full year 2016, the periods ended December 31, 2016.

2016 Fourth Quarter Results

Total revenues for the fourth quarter of 2016 were $50.2 million, in line with the results declared on January 26, 2017. Sequentially, this represented a boost of 14% contrast to the third quarter of 2016, and a boost of 25% relative to the fourth quarter of 2015.

Gross margin for the fourth quarter of 2016 was 56%, contrast sequentially with gross margin of 22% in the third quarter of 2016 (which included a non-recurring expense related to royalty buyout agreement) and contrast with gross margin of 52% in the fourth quarter of 2015.

Operating expenses in the fourth quarter of 2016 were $17.4 million. This is contrast with $16.6 million in the third quarter of 2016 and contrast with $17.3 million in the fourth quarter of 2015.

On a GAAP basis, the company stated net income of $8.4 million, or $0.30 per diluted share, in the fourth quarter of 2016. This is contrast with a net loss of $4.8 million, or $0.18 per diluted share, in the third quarter of 2016. The company stated net income of $5.2 million, or $0.19 per diluted share, in the fourth quarter of 2015.

On a non-GAAP basis, which excludes amortization of attained intangible assets, net adjustments of deferred tax assets and stock-based compensation expenses, the company stated net income of $11.7 million, or $0.42 per diluted share, in the fourth quarter of 2016. This is contrast with net income of $9.4 million, or $0.34 per diluted share, in the third quarter of 2016, and contrast with net income of $5.3 million, or $0.19 per diluted share, in the fourth quarter of 2015.

Cash utilization in the fourth quarter was higher than normal mainly because of the timing of shipments during the quarter, and administration anticipates the first quarter of 2017 to include higher than normal cash generation.

2016 Full Year Results

Total revenues for 2016 were $163.9 million, a boost of 10% contrast to total revenues of $148.5 million for 2015.

Gross margin in 2016 was 46%, and included $12.9 million of non-recurring expense related to royalty buyout agreement. This is contrast with gross margin of 52% in 2015.

Operating expenses in 2016 were $65.1 million, contrast with operating expenses of $65.5 million in 2015.

On a GAAP basis, which included $12.9 million of expense related to a royalty buyout agreement with the Office of the Chief Scientist, the company stated net income of $9.6 million, or $0.35 per diluted share, in 2016. This is contrast with a net income of $15.7 million, or $0.57 per diluted share, in 2015.

On a non-GAAP basis, which excludes amortization of attained intangible assets, net adjustments of deferred tax assets, stock-based compensation expenses, expense related to a royalty buyout agreement with the Office of the Chief Scientist and inventory write-off, the company stated net income of $30.3 million, or $1.10 per diluted share, in 2016. This is contrast with net income of $21.0 million, or $0.76 per diluted share, in 2015.

Total cash reserves at the end of 2016 were $91.7 million, contrast to $97.8 million at the end of 2015.

 

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