FORM 6-K
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign
Private Issuer
Pursuant to Rule 13a-16
or 15d-16
of the Securities
Exchange Act of
1934
August 4th , 2005
NOVA MEASURING INSTRUMENTS LTD.
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. |
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. |
Yes o No x
| If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A. |
Attached hereto and incorporated by way of reference herein the Registrants notice regarding 2005 Second Quarter Results
Signatures
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.
August 4th , 2005 |
Nova Measuring Instruments Ltd Nova Measuring Instruments Ltd (the "Registrant") BY: /S/ Chai Toren —————————————— Chai Toren Chief Financial Officer |
| Company Contact: | Investor relations Contacts: |
| Chai Toren, CFO and Vice President Finance | Ehud Helft / Kenny Green |
| Nova Measuring Instruments Ltd. | GK International Investor Relations |
| Tel: 972-8-938-7505 | Tel: +1-866-704-6710 |
| E-mail: info@nova.co.il | E-mail : Ehud@gk-biz.com |
| http://www.nova.co.il | Kenny@gk-biz.com |
Company Press Release
NOVA MEASURING
INSTRUMENTS ANNOUNCES
2005 SECOND QUARTER
RESULTS
Rehovoth, Israel – August 4, 2005 – Nova Measuring Instruments, Ltd. (Nasdaq: NVMI), the market leader in integrated measurement and process control for the semiconductor industry, today reported its results for the second quarter of 2005.
Total revenues for the second quarter of 2005 were $7.7 million, a 65% increase over revenues of $4.6 million as reported for the first quarter of 2005, and a 25% decrease compared with revenues of $10.2 million as reported for the second quarter of 2004.
The Company reported a gross profit of $2.5 million for the second quarter of 2005 compared with gross profit of $1.0 million for the first quarter of 2005, and gross profit of $4.7 million for the second quarter of 2004. Gross margin for the second quarter of 2005 was 32% compared with 22% for the first quarter of 2005 and 46% for the second quarter of 2004.
Net loss in the second quarter of 2005 was $1.9 million or $0.12 per share, compared with a net loss of $4.1 million or $0.27 per share for the first quarter of 2005. In the second quarter of 2004, the company reported a net income of $0.5 million or $0.03 per share. At the end of the second quarter of 2005, cash and cash equivalents, bank deposits and held to maturity securities, short and long term, stood at $23.9 million, a decrease of $4.3 million compared with that of the previous quarter.
Dr. Giora Dishon, President & CEO of Nova commented, “We are pleased with the improvement in our results this quarter. We recently launched the new line of our advanced NovaScan 3090 systems. The new line includes systems for CMP, CD and Copper. The market reception has been very good, and these new systems contributed more than 20% of the system revenue this quarter. This, together with wins of large purchase orders with strategic customers during the quarter, contributed to our revenue growth. Furthermore, in the industry as a whole we are seeing signs of recovery, even though with still limited visibility. We therefore remain cautious, but optimistic.”
Dr. Dishon continued, “As our systems continue to penetrate the process segments of Copper CMP and Etch for high volume manufacturing, we expect to gain market share in subsequent quarters. Looking to the future, towards more advanced technology nodes such as 45nm, we are continuing our investment in developing the leading edge next-generation metrology systems, which we believe will support our long-term growth.”
The Company will host a conference call on the same day, August 4th, 2005, at 09:00am EST. To participate please dial in the U.S: U.S Dial-in Numbers: 1-866-276-1002 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 company’s website www.nova.co.il, before and during the call.
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
Company’s website is www.nova.co.il.
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 Nova’s 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.
(Tables to Follow)
NOVA MEASURING
INSTRUMENTS LTD.
CONSOLIDATED STATEMENT
OF OPERATIONS
(U.S. dollars in thousands, except per share data)
| Three- month period ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, 2005 |
March 31, 2005 | |||||||
| (unaudited) | ||||||||
| REVENUES | ||||||||
| Product sales | 5,603 | 3,363 | ||||||
| Services | 2,059 | 1,273 | ||||||
| 7,662 | 4,636 | |||||||
| COST OF REVENUES | ||||||||
| Product sales | 3,164 | 2,067 | ||||||
| Services | 2,014 | 1,571 | ||||||
| 5,178 | 3,638 | |||||||
| GROSS PROFIT | 2,484 | 998 | ||||||
| OPERATING EXPENSES | ||||||||
| Research & Development expenses, net | 2,114 | 2,917 | ||||||
| Sales & Marketing expenses | 1,731 | 1,710 | ||||||
| General & Administrative expenses | 758 | 711 | ||||||
| 4,603 | 5,338 | |||||||
| OPERATING LOSS | (2,119 | ) | (4,340 | ) | ||||
| INTEREST INCOME | 196 | 193 | ||||||
| LOSS FOR THE PERIOD | (1,923 | ) | (4,147 | ) | ||||
| LOSS PER SHARE | (0.12 | ) | (0.27 | ) | ||||
| Shares used in calculation of basic loss per share (in | ||||||||
| thousnads) | 15,401 | 15,339 | ||||||
NOVA MEASURING
INSTRUMENTS LTD.
CONSOLIDATED STATEMENT
OF OPERATIONS
(U.S. dollars in thousands, except per share data)
| Three-month period ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, 2005 |
June 30, 2004 | |||||||
| (unaudited) | ||||||||
| REVENUES | ||||||||
| Product sales | 5,603 | 7,921 | ||||||
| Services | 2,059 | 2,296 | ||||||
| 7,662 | 10,217 | |||||||
| COST OF REVENUES | ||||||||
| Product sales | 3,164 | 3,784 | ||||||
| Services | 2,014 | 1,729 | ||||||
| 5,178 | 5,513 | |||||||
| GROSS PROFIT | 2,484 | 4,704 | ||||||
| OPERATING EXPENSES | ||||||||
| Research & Development expenses, net | 2,114 | 2,045 | ||||||
| Sales & Marketing expenses | 1,731 | 1,666 | ||||||
| General & Administrative expenses | 758 | 641 | ||||||
| 4,603 | 4,352 | |||||||
| OPERATING PROFIT (LOSS) | (2,119 | ) | 352 | |||||
| INTEREST INCOME | 196 | 98 | ||||||
| PROFIT (LOSS) FOR THE PERIOD | (1,923 | ) | 450 | |||||
| EARNINGS (LOSS) PER SHARE | (0.12 | ) | 0.03 | |||||
| Shares used in calculation of basic loss per share (in | ||||||||
| thousnads) | 15,401 | 15,261 | ||||||
NOVA MEASURING
INSTRUMENTS LTD.
CONSOLIDATED STATEMENT
OF OPERATIONS
(U.S. dollars in thousands, except per share data)
| Six-month period ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, 2005 |
June 30, 2004 | |||||||
| (unaudited) | ||||||||
| REVENUES | ||||||||
| Product sales | 8,966 | 15,392 | ||||||
| Services | 3,332 | 3,997 | ||||||
| 12,298 | 19,389 | |||||||
| COST OF REVENUES | ||||||||
| Product sales | 5,231 | 7,389 | ||||||
| Services | 3,585 | 3,231 | ||||||
| 8,816 | 10,620 | |||||||
| GROSS PROFIT | 3,482 | 8,769 | ||||||
| OPERATING EXPENSES | ||||||||
| Research & Development expenses, net | 5,031 | 4,171 | ||||||
| Sales & Marketing expenses | 3,441 | 3,169 | ||||||
| General & Administrative expenses | 1,469 | 1,098 | ||||||
| 9,941 | 8,438 | |||||||
| OPERATING PROFIT (LOSS) | (6,459 | ) | 331 | |||||
| INTEREST INCOME | 389 | 188 | ||||||
| PROFIT (LOSS) FOR THE PERIOD | (6,070 | ) | 519 | |||||
| EARNINGS (LOSS) PER SHARE | (0.39 | ) | 0.03 | |||||
| Comments: | ||||||||
| 1. Employee Stock Based Compensation expenses | - | 122 | ||||||
| 2. Shares for calculation of earnings (loss) per share | ||||||||
| Basic | 15,394 | 15,243 | ||||||
| Diluted | 15,742 | 15,243 | ||||||
NOVA MEASURING
INSTRUMENTS LTD.
CONSOLIDATED BALANCE
SHEET
(U.S. dollars in
thousands)
| As of June 30, 2005 |
As of Dec. 31, 2004 | |||||||
|---|---|---|---|---|---|---|---|---|
| (unaudited) |
(audited) | |||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | 5,708 | 12,171 | ||||||
| Short-term interest-bearing bank deposits | 1,623 | 1,916 | ||||||
| Held to maturity securities | 6,337 | 5,280 | ||||||
| Trade accounts receivable (Net of $40 allowance for | ||||||||
| doubtful accounts in June 30,2005, no allowance on | ||||||||
| December 31,2004) | 5,350 | 7,461 | ||||||
| Inventories | 4,773 | 5,239 | ||||||
| Other current assets | 1,338 | 1,169 | ||||||
| 25,129 | 33,236 | |||||||
| LONG-TERM ASSETS | ||||||||
| Long-term interest-bearing bank deposits | 3,635 | 2,145 | ||||||
| Held to maturity securities | 6,647 | 9,292 | ||||||
| Other long-term assets | 378 | 382 | ||||||
| Severance pay funds | 2,091 | 2,288 | ||||||
| Fixed assets, net | 2,514 | 2,119 | ||||||
| 15,265 | 16,226 | |||||||
| 40,394 | 49,462 | |||||||
| CURRENT LIABILITIES | ||||||||
| Trade accounts payable | 3,758 | 5,016 | ||||||
| Other current liabilities | 5,074 | 6,389 | ||||||
| 8,832 | 11,405 | |||||||
| LONG-TERM LIABILITIES | ||||||||
| Liability for employee termination benefits | 2,777 | 3,075 | ||||||
| Deferred Income | 390 | 369 | ||||||
| Other long-term liability | 100 | 145 | ||||||
| 3,267 | 3,589 | |||||||
| SHAREHOLDERS' EQUITY | ||||||||
| Share capital | 46 | 46 | ||||||
| Additional paid- in capital | 73,499 | 73,333 | ||||||
| Accumulated other comprehensive income (loss) | (261 | ) | 8 | |||||
| Accumulated deficit | (44,989 | ) | (38,919 | ) | ||||
| 28,295 | 34,468 | |||||||
| 40,394 | 49,462 | |||||||