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Nova Announces 2010 Fourth Quarter and Full Year Results

Israel February 15, 2011

    Highlights for the Fourth Quarter of 2010      - Quarterly revenues of $27.0 million, up 77% year over year     - Gross margin of 57.0%     - Record quarterly net income of $7.5 million, or $0.28 per diluted       share     - Positive cash flow from operating activities of $6.7 million       Highlights for the Full Year 2010      - Revenues of $86.6 million, up 120% year over year     - Products revenues of $71.8 million, up 142% year over year     - Gross margin of 54.7%, up from 44.7% in 2009     - Record net income of $22.2 million, or $0.86 per diluted share     - Positive operating cash flow of $25.8 million     - Doubled Stand Alone Optical CD customer base  

Management Comments

Gabi Seligsohn

$1 billion

2011 First Quarter Guidance

$27.5-$29.5 million

2010 Fourth Quarter Results

$27.0 million

Gross margin for the fourth quarter of 2010 was 57.0%, compared with 48.5% in the fourth quarter of 2009 and 55.7% in the third quarter of 2010.

$8.0 million $4.7 million $6.4 million

$7.5 million $0.28 $2.7 million $0.13 $7.3 million $0.27

$6.7 million

2010 Full Year Results

$86.6 million $39.3 million

Gross margin in 2010 was 54.7%, as compared to 44.7% in 2009.

$25.6 million $15.1 million

$22.2 million $0.86 $2.6 million $0.13

$25.8 million $1.8 million

$61.6 million $42.6 million

February 15, 2011 9:30am ET http://www.nova.co.il

About Nova

http://www.nova.co.il

Israel December 31,2009 March 26, 2010

                                (Tables to Follow)                             NOVA MEASURING INSTRUMENTS LTD.                             CONSOLIDATED BALANCE SHEE                            (U.S. dollars in thousands)                                                  As of December 31,                                                    2010         2009      CURRENT ASSETS     Cash and cash equivalents                    25,394        9,861     Short-term interest-bearing bank deposits    35,562        8,607     Trade accounts receivable                    13,162       11,545     Inventories                                  10,849        3,949     Other current assets                          1,736        1,728                                                  86,703       35,690     LONG-TERM ASSETS     Long-term interest-bearing bank deposits        631          561     Other Long-term assets                          163          142     Severance pay funds                           2,786        2,368                                                   3,580        3,071      FIXED ASSETS, NET                             3,094        2,163      TOTAL ASSETS                                 93,377       40,924      CURRENT LIABILITIES     Trade accounts payable                        9,956        3,715     Deferred income                               3,397        1,671     Other current liabilities                     7,908        5,237                                                  21,261       10,623      LONG-TERM LIABILITIES     Liability for employee severance pay          3,709        3,168     Deferred income                                  --          183     Other long-term liability                        23           35                                                   3,732        3,386      SHAREHOLDERS' EQUITY                         68,384       26,915      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   93,377       40,924                            NOVA MEASURING INSTRUMENTS LTD.                   QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS                 (U.S. dollars in thousands, except per share data)                                               Three months ended                                    December 31,  September 30,   December 31,                                         2010           2010          2009        REVENUES     Products                            22,650        20,350         12,646     Services                             4,339         3,860          2,594                                         26,989        24,210         15,240      COST OF REVENUES     Product sales                        8,842         8,182          5,399     Services                             2,765         2,542          2,445                                         11,607        10,724          7,844      GROSS PROFIT                        15,382        13,486          7,396      OPERATING EXPENSES     Research and Development     expenses, net                        4,280         2,783          2,049     Sales and Marketing expenses         2,885         2,810          2,025     General and Administration     expenses                               843           795            659                                          8,008         6,388          4,733      OPERATING PROFIT                     7,374         7,098          2,663      Finance income, net                    119           176             31      NET INCOME FOR THE PERIOD            7,493         7,274          2,694      Earnings per share:     Basic                                 0.30          0.29           0.14     Diluted                               0.28          0.27           0.13      Shares used for calculation of     earnings per share:     Basic                               25,248        25,008         19,717     Diluted                             26,762        26,478         21,173                             NOVA MEASURING INSTRUMENTS LTD.                 YEAR TO DATE CONSOLIDATED STATEMENTS OF OPERATIONS                 (U.S. dollars in thousands, except per share data)                                                         Year ended December 31,                                                           2010         2009      REVENUES     Products                                             71,790       29,639     Services                                             14,830        9,679                                                          86,620       39,318      COST OF REVENUES     Product sales                                        29,056       12,732     Services                                             10,148        8,999                                                          39,204       21,731      GROSS PROFIT                                         47,416       17,587      OPERATING EXPENSES     Research and Development expenses, net               12,445        6,865     Sales and Marketing expenses                         10,133        6,014     General and Administration expenses                   2,968        2,240                                                          25,546       15,119      OPERATING PROFIT                                     21,870        2,468      Finance income, net                                     305          163      NET INCOME FOR THE YEAR                              22,175        2,631      Earnings per share:     Basic                                                  0.91         0.14     Diluted                                                0.86         0.13      Shares used for calculation of earnings per     share:     Basic                                                24,448       19,473     Diluted                                              25,692       20,089                             NOVA MEASURING INSTRUMENTS LTD.                   QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS                             (U.S. dollars in thousands)                                                    Three months ended                                        December 31,September 30, December 31,                                             2010         2010         2009     CASH FLOW - OPERATING ACTIVITIES      Net income for the period                7,493      7,274       2,694      Adjustments to reconcile net income to     net cash provided by operating     activities:      Depreciation and amortization              259        354         347     Amortization of deferred stock-based     compensation                               257        215         118     Decrease in liability for employee     termination benefits, net                  (35)       (10)       (187)     Increase in trade accounts receivables    (639)    (1,670)     (5,943)     Decrease (increase) in inventories      (1,339)    (2,065)        749     Decrease (increase) in other current and     long term assets                         1,620       (776)       (555)     Increase in trade accounts payables     and other long-term liabilities          1,313      2,095       2,198     Increase in other current liabilities      978      1,738       1,769     Increase (decrease) in short and long     term deferred income                    (3,220)       746         913      Net cash provided by operating     activities                               6,687      7,901       2,103      CASH FLOW - INVESTMENT ACTIVITIES      Decrease (increase) in short-term     interest-bearing bank deposits           7,666     (3,934)     (8,560)     Investments in long-term     interest-bearing bank deposits             (61)        --         (36)     Additions to fixed assets                 (400)      (453)       (303)     Net cash provided by (used in)     investment activities                    7,205     (4,387)     (8,899)      CASH FLOW - FINANCING ACTIVITIES      Shares issued under employee share-based     plans                                      525        625       1,111     Net cash provided by financing     activities                                 525        625       1,111     Increase (decrease) in cash and cash     equivalents                             14,417      4,139      (5,685)     Cash and cash equivalents - beginning of     period                                  10,977      6,838      15,546     Cash and cash equivalents - end of     period                                  25,394     10,977       9,861                            NOVA MEASURING INSTRUMENTS LTD.                 YEAR TO DATE CONSOLIDATED STATEMENTS OF CASH FLOWS                             (U.S. dollars in thousands)                                                            Year ended December                                                                  31,                                                            2010        2009     CASH FLOW - OPERATING ACTIVITIES      Net income for the year                              22,175       2,631      Adjustments to reconcile net income to net cash     provided by (used in) operating activities:      Depreciation and amortization                         1,260       1,254     Amortization of deferred stock-based compensation       710         454     Increase (decrease) in liability for employee     Termination benefits, net                               108        (159)     Increase in trade accounts receivables               (1,617)     (8,762)     Decrease (increase) in inventories                   (7,526)      2,695     Decrease (increase) in other current and long term     assets                                                  197        (421)     Increase in trade accounts payables and other     long term liabilities                                 6,242         234     Increase in other current liabilities                 2,740       1,169     Increase (decrease) in short and long term     deferred income                                       1,543        (882)     Net cash provided by (used in) operating     activities                                           25,832      (1,787)      CASH FLOW - INVESTMENT ACTIVITIES      Increase in short-term interest-bearing bank     deposits                                            (26,955)     (8,510)     Investments in long-term interest-bearing bank     deposits and long-term investments                      (70)        (17)     Additions to fixed assets                            (1,565)       (403)     Net cash used in investment activities              (28,590)     (8,930)      CASH FLOW - FINANCING ACTIVITIES      Shares issued in a public offering                   16,968          --     Shares issued under employee share-based plans        1,323       1,253     Net cash provided by financing activities            18,291       1,253      Increase (decrease) in cash and cash equivalents     15,533      (9,464)     Cash and cash equivalents - beginning of year         9,861      19,325     Cash and cash equivalents - end of year              25,394       9,861        Company Contact:                            Investor relations Contacts:     Dror David, Chief Financial Officer         Ehud Helft / Kenny Green     Nova Measuring Instruments Ltd.             CCG Investor Relations     Tel: +972-8-938-7505                        Tel: +1-646-201-9246     E-mail: [email protected]                     E-mail: [email protected]     http://www.nova.co.il   

SOURCE Nova Measuring Instruments Ltd

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