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Nova Reports Record Fourth Quarter and Full Year 2016 Results

Dienstag, 14.02.2017 11:05 von

PR Newswire

REHOVOT, Israel, Feb. 14, 2017 /PRNewswire/ -- Nova Measuring Instruments (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today reported record financial results for the fourth quarter and full year 2016, the periods ended December 31, 2016.

Fourth Quarter 2016 Highlights:

  • Record quarterly revenue of $50.2 million, up 14% sequentially and 25% year-over-year, significantly exceeding guidance of $42 to $46 million and as preannounced on January 26, 2017
  • GAAP net income of $8.4 million, or $0.30 per diluted share, up 58% year-over-year on a per-share basis, exceeding guidance of $0.23 to $0.29 per share
  • Non-GAAP net income of $11.7 million, or $0.42 per diluted share, up 24% sequentially and 121% year-over-year on a per-share basis, exceeding guidance of $0.31 to $0.40 per share
  • Received over $10 million in XPS orders from multiple foundry customers
  • Received multiple orders from leading 3D-NAND manufacturers

Full Year 2016 Highlights:

  • Record full-year revenue of $163.9 million, up 10% year-over-year
  • GAAP net income of $9.6 million, or $0.35 per diluted share, including non-recurring expense of $12.9 million related to royalty payment to the Israeli Office of the Chief Scientist
  • Record non-GAAP net income of $30.3 million, or $1.10 per diluted share, up 44% year-over-year on a per-share basis
  • Diversified customer mix yielded four customers contributing more than 10% each to the annual product revenues

 

GAAP Results ($K)


Q4 2016

Q3 2016

Q4 2015

FY 2016

FY 2015

Revenues

$50,212

$44,060

$40,022

$163,903

$148,514

Net Income (Loss)

$8,364

$(4,778)

$5,161

$9,644

$15,725

Earnings (Loss) per Diluted Share

$0.30

$(0.18)

$0.19

$0.35

$0.57

NON-GAAP Results ($K)


Q4 2016

Q3 2016

Q4 2015

FY 2016

FY 2015

Net Income

$11,719

$9,449

$5,278

$30,321

$21,030

Earnings per Diluted Share

$0.42

$0.34

$0.19

$1.10

$0.76

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release. Non-GAAP results exclude amortization of acquired intangible assets, net adjustments of deferred tax assets, stock-based compensation expenses, acquisition related expenses, expense related to royalty buyout agreement with the Office of the Chief Scientist and inventory write-off.

Management Comments

"The fourth quarter was an outstanding conclusion to another record year, demonstrating our ability to execute our growth plans effectively while improving our customer diversification and operational model," commented Eitan Oppenhaim, President and Chief Executive Officer of Nova. "We believe that the strong end to 2016 sets us on course for another growth year in 2017, bolstered by growing demand for our entire product portfolio, combining dimensions and materials metrology solutions. The strength of our business, as evidenced by our strong guidance for the first quarter, will continue into 2017 as we continue to secure wins from multiple customers in various industry segments."

Mr. Oppenhaim continued, "Nova's broad offering, which is embraced by our diversified customer base, allows us today to address a wider range of challenges that generate more opportunities for us to grow in 2017. During our continued growth, we have leveraged our proven business model to drive record profits, as evidenced by the significant increase in full-year non-GAAP net income. We expect to continue to benefit from our efficient business model in the coming years, leading to continued profitable growth." 

 

2017 First Quarter Financial Outlook

Management provided an outlook for the first quarter, the period ending March 31, 2017. Based on current estimates, management expects:

  • $50 million to $54 million in revenue 
  • $0.31 to $0.39 in diluted GAAP EPS
  • $0.37 to $0.45 in diluted non-GAAP EPS

2016 Fourth Quarter Results

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

Gross margin for the fourth quarter of 2016 was 56%, compared sequentially with gross margin of 22% in the third quarter of 2016 (which included a non-recurring expense related to royalty buyout agreement) and compared 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 compared with $16.6 million in the third quarter of 2016 and compared with $17.3 million in the fourth quarter of 2015.

On a GAAP basis, the company reported net income of $8.4 million, or $0.30 per diluted share, in the fourth quarter of 2016. This is compared with a net loss of $4.8 million, or $0.18 per diluted share, in the third quarter of 2016. The company reported 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 acquired intangible assets, net adjustments of deferred tax assets and stock-based compensation expenses, the company reported net income of $11.7 million, or $0.42 per diluted share, in the fourth quarter of 2016. This is compared with net income of $9.4 million, or $0.34 per diluted share, in the third quarter of 2016, and compared 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 due to the timing of shipments during the quarter, and management expects the first quarter of 2017 to include higher than normal cash generation.

 

2016 Full Year Results

Total revenues for 2016 were $163.9 million, an increase of 10% compared 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 compared with gross margin of 52% in 2015.

Operating expenses in 2016 were $65.1 million, compared 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 reported net income of $9.6 million, or $0.35 per diluted share, in 2016. This is compared 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 acquired 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 reported net income of $30.3 million, or $1.10 per diluted share, in 2016. This is compared 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, compared to $97.8 million at the end of 2015.

 

Conference Call Information

Nova will host a conference call today, February 14, 2017, at 9 a.m. Eastern Time, to discuss the financial results and future outlook. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

 

U.S. Dial-in Number: 1-888-244-2417
ISRAEL Dial-in Number: 1 80 925 8350
INTERNATIONAL Dial-in Number: 1-913-312-0966
At:
9 a.m. Eastern Time
6 a.m. Pacific Time
4 p.m. Israeli Time

Please reference conference ID 3628025

The conference call will also be webcast live from a link on Nova's website at http://ir.novameasuring.com. For those unable to participate in the conference call, there will be a replay available from a link on Nova's website at http://ir.novameasuring.com.

About Nova: Nova Measuring Instruments delivers continuous innovation by providing advanced metrology solutions for the semiconductor manufacturing industry. Deployed with the world's largest integrated-circuit manufacturers, Nova's products deliver 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, supports the development and production of the most advanced devices in today's high-end semiconductor market. Nova's technical innovation and market leadership enable customers to improve process performance, enhance products' 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 www.novameasuring.com.

Nova is traded on the NASDAQ & TASE under the symbol NVMI.

This press release provides financial measures that exclude charges for amortization of acquired intangible assets, net adjustment of deferred tax assets, stock-based compensation expenses, acquisition related expenses, expense related to royalty buyout agreement with the Office of the Chief Scientist and inventory write-off and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhances management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allows greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

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 are not limited to, 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: 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 we 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 the 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 we participate in; 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, 2015 filed with the Securities and Exchange Commission on February 29, 2016. 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.

 

NOVA MEASURING INSTRUMENTS LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands) -(Unaudited)



As of  December 31,

ASSETS


2016


2015

Current assets





Cash and cash equivalents


20,406


27,733

Short-term interest-bearing bank deposits


70,546


69,298

Trade accounts receivable


42,626


19,046

Inventories


29,260


27,683

Deferred tax assets


-


3,540

Other current assets


5,068


2,888






Total current assets


167,906


150,188






Long-term assets





Long-term interest-bearing bank deposits


750


750

   Deferred tax assets


3,020


5,735

   Severance pay funds


1,425


1,514

   Property and equipment, net


10,017


11,062

   Identifiable intangible assets, net


15,361


17,906

   Goodwill


20,114


20,114






Total long-term assets


50,687


57,081






Total assets


218,593


207,269






 LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities





Trade accounts payable


16,501


14,378

   Deferred revenues


4,072


5,828

   Deferred tax liabilities


-


956

   Other current liabilities


18,461


15,996






Total current liabilities


39,034


37,158






Long-term liabilities





   Deferred tax liabilities


1,094


5,760

   Liability for employee severance pay


2,418


2,469

   Other long-term liabilities


1,330


822






Total long-term liabilities


4,842


9,051






Shareholders' equity 


174,717


161,060






Total liabilities and shareholders' equity 


218,593


207,269








 

NOVA MEASURING INSTRUMENTS LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 (U.S. dollars in thousands, except per share data) - (Unaudited)
























Three months ended


Year ended


December 31,


December 31,


2016


2015


2016


2015









Revenues:








Products

39,806


30,581


122,439


111,178

Services

10,406


9,441


41,464


37,336

Total revenues

50,212


40,022


163,903


148,514









Cost of revenues:








Products 

15,497


12,593


48,577


47,185

Services

6,557


5,524


25,282


20,743

   Expense related to royalty buyout agreement 

-


-


12,875


-

       with the Office of the Chief Scientist 

Inventory write-off

-


-


1,889


-

   Amortization of acquired intangible assets in

-


1,051


-


3,506

       cost of products

Total cost of revenues

22,054


19,168


88,623


71,434









Gross profit 

28,158


20,854


75,280


77,080









Operating expenses:








Research and development expenses, net 

9,225


10,826


34,998


39,703

Sales and marketing expenses

5,814


4,474


20,736


15,768

General and administration expenses

1,702


1,606


6,835


5,856

Acquisition related expenses

-


-


-


2,655

Amortization of acquired intangible assets

636


378


2,545


1,517

Total operating expenses

17,377


17,284


65,114


65,499









Operating income

10,781


3,570


10,166


11,581

Financing income, net

190


184


1,216


643









Income before tax on income

10,971


3,754


11,382


12,224









Income tax expenses (benefit)

2,607


(1,407)


1,738


(3,501)









Net income for the period

8,364


5,161


9,644


15,725









Earnings per share:








Basic

0.31


0.19


0.35


0.58

Diluted

0.30


0.19


0.35


0.57









Shares used for calculation of earnings per share:
















Basic

27,292


27,073


27,175


27,185

Diluted

27,704


27,334


27,503


27,510

 


 

NOVA MEASURING INSTRUMENTS LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands) - (Unaudited)






Three months ended

December 31,


Year ended

December 31,


2016


2015


2016


2015


Cash flows from operating activities:









Net income for the period

8,364


5,161


9,644


15,725



Adjustments to reconcile net income to net cash
provided by (used in) operating activities:









Depreciation

731


1,288


4,271


4,597


Amortization of acquired intangible assets

636


1,429


2,545


5,023


Amortization of deferred stock-based compensation

691


765


2,735


2,673


Increase (decrease) in liability for employee

  termination benefits, net

(57)


35


38


70


Deferred tax assets, net

2,028


(2,077)


633


(5,046)


Loss on securities

-


(23)


-


(10)


Decrease (increase) in trade accounts receivable

(19,068)


4,297


(23,580)


(1,959)


Decrease (increase) in inventories

(335)


745


(1,670)


(1,949)


Decrease (increase) in other current and long term

  assets

(1,885)


872


(2,180)


370


Increase in trade accounts payable

4,127


1,469


2,123


1,604


Increase in other current liabilities and

  other long-term liabilities

3,601


683


3,037


3,329


Increase (decrease) in short and long term deferred

  revenues

(351)


(1,928)


(1,756)


1,361











Net cash provided by (used in) operating activities

(1,518)


12,716


(4,160)


25,788











Cash flow from investment activities:









Decrease (increase) in short-term interest-bearing

  bank deposits

(998)


(10,045)


(1,248)


37,991


Proceeds from short-term held for trading securities

-


2,005


-


2,005


Acquisition of subsidiary, net of acquired cash

-


-


-


(45,344)


Additions to property and equipment

(1,518)


(2,205)


(3,133)


(4,373)











Net cash used in investment activities

(2,516)


(10,245)


(4,381)


(9,721)











Cash flows from financing activities:









Purchases of treasury shares

-


-


(937)


(4,302)


Shares issued under employee stock-based plans

786


232


2,151


2,319











Net cash provided by (used in) financing activities

786


232


1,214


(1,983)











Increase (decrease) in cash and cash equivalents

(3,248)


2,703


(7,327)


14,084


Cash and cash equivalents – beginning of period

23,654


25,030


27,733


13,649


Cash and cash equivalents – end of period

20,406


27,733


20,406


27,733












 

 

 


NOVA MEASURING INSTRUMENTS LTD.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)




Three months ended


December 31,
2016


September  30,
2016


December 31,
2015

GAAP cost of revenues

22,054


34,367


19,168

  Amortization of acquired intangible assets in cost of products

-


-


(1,051)

  Expense related to royalty buyout agreement with the Office of the Chief Scientist

-


(12,875)


-

  Inventory write-off

-


(1,889)


-

  Stock-based compensation in cost of products

(88)


(79)


(94)

  Stock-based compensation in cost of services

(54)


(52)


(63)

Non-GAAP cost of revenues

21,912


19,472


17,960







GAAP gross profit

28,158


9,693


20,854

Gross profit adjustments

142


14,895


1,208

Non-GAAP gross profit

28,300


24,588


22,062

GAAP gross margin as a percentage of revenues

56%


22%


52%

Non-GAAP gross margin as a percentage of revenues

56%


56%


55%







GAAP operating expenses

17,377


16,640


17,284

  Stock-based compensation in research and development

(247)


(200)


(322)

  Stock-based compensation in sales and marketing

(211)


(226)


(213)

  Stock-based compensation in general and administrative

(91)


(82)


(73)

  Amortization of acquired intangible assets

(636)


(637)


(378)

Non-GAAP operating expenses

16,192


15,495


16,298

Non-GAAP operating income

12,108


9,093


5,764

GAAP operating margin as a percentage of revenues

21%


(16%)


9%

Non-GAAP operating margin as a percentage of revenues

24%


21%


14%







GAAP tax on income

2,607


(1,868)


(1,407)

  Deferred tax assets adjustments, net

(2,028)


1,813


2,077

Non-GAAP tax on income

579


(55)


670







GAAP net income (loss)

8,364


(4,778)


5,161

  Amortization of acquired intangible assets

636


637


1,429

  Expense related to royalty buyout agreement with the Office of   the Chief Scientist

-


12,875


-

  Stock-based compensation expenses

691


639


765

  Deferred tax assets adjustments, net

2,028


(1,813)


(2,077)

  Inventory write-off

-


1,889


-

Non-GAAP net income

11,719


9,449


5,278







GAAP basic earnings (loss) per share

0.31


(0.18)


0.19

Non-GAAP basic earnings per share

0.43


0.35


0.19







GAAP diluted earnings (loss) per share

0.30


(0.18)


0.19

Non-GAAP diluted earnings per share

0.42


0.34


0.19







Shares used for calculation of earnings (loss) per share:






  Basic

27,292


27,169


27,073

  Diluted

27,704


27,536


27,334

 

 

 

NOVA MEASURING INSTRUMENTS LTD.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)




Year ended December 31,


2016


2015

GAAP cost of revenues

88,623


71,434

  Amortization of acquired intangible assets in cost of products

-


(3,506)

  Expense related to royalty buyout agreement with the Office of the Chief Scientist

(12,875)


-

  Inventory write-off

(1,889)


-

  Stock-based compensation in cost of products

(342)


(373)

  Stock-based compensation in cost of services

(218)


(203)

Non-GAAP cost of revenues

73,299


67,352





GAAP gross profit

75,280


77,080

Gross profit adjustments

15,324


4,082

Non-GAAP gross profit

90,604


81,162

GAAP gross margin as a percentage of revenues

46%


52%

Non-GAAP gross margin as a percentage of revenues

55%


55%





GAAP operating expenses

65,114


65,499

  Stock-based compensation in research and development

(983)


(1,084)

  Stock-based compensation in sales and marketing

(884)


(744)

  Stock-based compensation in general and administrative

(308)


(269)

  Acquisition related expenses

-


(2,655)

  Amortization of acquired intangible assets

(2,545)


(1,517)

Non-GAAP operating expenses

60,394


59,230

Non-GAAP operating income

30,210


21,932

GAAP operating margin as a percentage of revenues

6%


8%

Non-GAAP operating margin as a percentage of revenues

18%


15%





GAAP tax on income

1,738


(3,501)

  Deferred tax assets adjustments, net

(633)


5,046

Non-GAAP tax on income

1,105


1,545





GAAP net income

9,644


15,725

  Amortization of acquired intangible assets

2,545


5,023

  Expense related to royalty buyout agreement with the Office of   the Chief Scientist

12,875


-

  Stock-based compensation expenses

2,735


2,673

  Deferred tax assets adjustments, net

633


(5,046)

  Inventory write-off

1,889


-

  Acquisition related expenses

-


2,655

Non-GAAP net income

30,321


21,030





GAAP basic earnings per share

0.35


0.58

Non-GAAP basic earnings per share

1.12


0.77





GAAP diluted earnings per share

0.35


0.57

Non-GAAP diluted earnings per share

1.10


0.76





Shares used for calculation of earnings per share:




  Basic

27,175


27,185

  Diluted

27,503


27,510

 

 

 

Company Contact:

Investor Relations Contacts:

Dror David, Chief Financial Officer

Hayden/ MS-IR LLC

Nova Measuring Instruments Ltd.

Miri Segal

Tel: +972-73-229-5760

Tel: +917-607-8654

E-mail: info@novameasuring.com  

E-mail: msegal@ms-ir.com

www.novameasuring.com

Or


Brett Maas


Tel: +646-536-7331


E-mail: brett@haydenir.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nova-reports-record-fourth-quarter-and-full-year-2016-results-300406899.html

SOURCE Nova Measuring Instruments Ltd