Date: February 19, 2013
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NOVA MEASURING INSTRUMENTS LTD.
(Registrant)
By: /s/ Dror David
——————————————
Dror David
Chief Financial Officer
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Company Contact:
Dror David, Chief Financial Officer
Nova Measuring Instruments Ltd.
Tel: 972-73-229-5833
E-mail: info@novameasuring.com
http://www.novameasuring.com
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Investor Relations Contacts:
Ehud Helft / Kenny Green
CCG Investor Relations
Tel: +1-646-201-9246
E-mail: nova@ccgisrael.com
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Quarterly revenues of $22.1 million
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·
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Gross margin of 50%
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GAAP Net income of $2.5 million, or $0.09 per diluted share
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Non-GAAP Net income of $1.0 million, or $0.04 per diluted share
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Annual revenues of $96.2 million
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Gross margin of 53%
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GAAP Net income of $11.8 million, or $0.43 per diluted share
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·
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Non-GAAP Net income of $14.2 million, or $0.52 per diluted share
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As of
December 31,
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As of
December 31,
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|||||||
2012
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2011
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|||||||
CURRENT ASSETS
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||||||||
Cash and cash equivalents
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15,963 | 18,716 | ||||||
Short-term interest-bearing bank deposits
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75,039 | 66,247 | ||||||
Held to maturity securities
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-- | 1,582 | ||||||
Trade accounts receivable
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17,362 | 13,402 | ||||||
Inventories
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17,827 | 9,608 | ||||||
Deferred income tax assets
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1,850 | 2,500 | ||||||
Other current assets
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2,549 | 1,173 | ||||||
130,590 | 113,228 | |||||||
LONG-TERM ASSETS
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||||||||
Long-term interest-bearing bank deposits
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405 | 545 | ||||||
Other long-term assets
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516 | 291 | ||||||
Severance pay funds
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1,873 | 2,885 | ||||||
2,794 | 3,721 | |||||||
FIXED ASSETS, NET
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8,660 | 5,998 | ||||||
TOTAL ASSETS
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142,044 | 122,947 | ||||||
CURRENT LIABILITIES
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||||||||
Trade accounts payable
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10,819 | 8,305 | ||||||
Deferred income
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4,775 | 2,172 | ||||||
Other current liabilities
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8,444 | 8,082 | ||||||
24,038 | 18,559 | |||||||
LONG-TERM LIABILITIES
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||||||||
Liability for employee severance pay
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2,806 | 3,851 | ||||||
Deferred income
|
159 | 611 | ||||||
Other long-term liability
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270 | 20 | ||||||
3,235 | 4,482 | |||||||
SHAREHOLDERS' EQUITY
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114,771 | 99,906 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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142,044 | 122,947 |
Three months ended
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||||||||||||
December 31,
2012
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September 30,
2012
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December 31,
2011
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||||||||||
REVENUES
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||||||||||||
Products
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17,016 | 19,359 | 15,273 | |||||||||
Services
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5,082 | 5,059 | 3,919 | |||||||||
22,098 | 24,418 | 19,192 | ||||||||||
COST OF REVENUES
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||||||||||||
Products
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7,390 | 7,999 | 5,972 | |||||||||
Services
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3,644 | 3,483 | 2,693 | |||||||||
11,034 | 11,482 | 8,665 | ||||||||||
GROSS PROFIT
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11,064 | 12,936 | 10,527 | |||||||||
OPERATING EXPENSES
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||||||||||||
Research and Development expenses, net
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7,117 | 6,003 | 4,567 | |||||||||
Sales and Marketing expenses
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3,102 | 2,967 | 2,951 | |||||||||
General and Administration expenses
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1,191 | 973 | 746 | |||||||||
11,410 | 9,943 | 8,264 | ||||||||||
OPERATING PROFIT (LOSS)
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(346 | ) | 2,993 | 2,263 | ||||||||
INTEREST INCOME, NET
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337 | 283 | 207 | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES
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(9 | ) | 3,276 | 2,470 | ||||||||
INCOME TAX BENEFIT (EXPENSES)
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2,481 | (381 | ) | 2,500 | ||||||||
NET INCOME FOR THE PERIOD
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2,472 | 2,895 | 4,970 | |||||||||
Earnings per share:
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||||||||||||
Basic
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0.09 | 0.11 | 0.19 | |||||||||
Diluted
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0.09 | 0.11 | 0.18 | |||||||||
Shares used for calculation of earnings per share:
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||||||||||||
Basic
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26,679 | 26,646 | 26,425 | |||||||||
Diluted
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27,317 | 27,485 | 27,007 |
Year ended
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||||||||
December 31, 2012
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December 31, 2011
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|||||||
REVENUES
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||||||||
Products
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77,212 | 85,562 | ||||||
Services
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18,956 | 17,266 | ||||||
96,168 | 102,828 | |||||||
COST OF REVENUES
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||||||||
Products
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31,734 | 33,789 | ||||||
Services
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13,280 | 11,043 | ||||||
45,014 | 44,832 | |||||||
GROSS PROFIT
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51,154 | 57,996 | ||||||
OPERATING EXPENSES
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||||||||
Research & Development expenses, net
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24,594 | 18,677 | ||||||
Sales & Marketing expenses
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11,998 | 11,373 | ||||||
General & Administration expenses
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3,978 | 3,229 | ||||||
40,570 | 33,279 | |||||||
OPERATING PROFIT
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10,584 | 24,717 | ||||||
INTEREST INCOME, NET
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1,368 | 901 | ||||||
INCOME BEFORE INCOME TAXES
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11,952 | 25,618 | ||||||
INCOME TAX BENEFIT (EXPENSES)
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(124 | ) | 2,500 | |||||
NET INCOME FOR THE PERIOD
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11,828 | 28,118 | ||||||
Net income per share:
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||||||||
Basic
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0.44 | 1.07 | ||||||
Diluted
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0.43 | 1.04 | ||||||
Shares used for calculation of net income per share:
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||||||||
Basic
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26,619 | 26,232 | ||||||
Diluted
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27,277 | 26,931 |
Three months ended
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December 31,
2012
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September 30,
2012
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December 31,
2011
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||||||||||
CASH FLOW – OPERATING ACTIVITIES
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||||||||||||
Net income for the period
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2,472 | 2,895 | 4,970 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||||||
Depreciation and amortization
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858 | 771 | 541 | |||||||||
Loss related to equipment and inventory damage
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509 | - | - | |||||||||
Amortization of deferred stock-based compensation
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609 | 489 | 476 | |||||||||
Increase (decrease) in liability for employee termination benefits, net
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104 | (80 | ) | (60 | ) | |||||||
Decrease (increase) in deferred income tax assets, net
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(1,806 | ) | 349 | (2,500 | ) | |||||||
Decrease (increase) in trade accounts receivables
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(2,461 | ) | 2,619 | (1,281 | ) | |||||||
Decrease (increase) in inventories
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143 | (3,770 | ) | 954 | ||||||||
Decrease (increase) in other current and long term Assets
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250 | (64 | ) | 85 | ||||||||
Increase (decrease) in trade accounts payables and other long-term liabilities
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(2,392 | ) | (5 | ) | 332 | |||||||
Increase in other current liabilities
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414 | 485 | 625 | |||||||||
Increase (decrease) in short and long term deferred income
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207 | 572 | (287 | ) | ||||||||
Net cash provided by (used in) operating activities
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(1,093 | ) | 4,261 | 3,855 | ||||||||
CASH FLOW – INVESTMENT ACTIVITIES
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Decrease (increase) in short-term interest-bearing bank deposits
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(18,110 | ) | 11,100 | 8,044 | ||||||||
Decrease in long-term interest-bearing bank deposits
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140 | - | 86 | |||||||||
Proceeds from (investments in) short-term held to maturity securities
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1,554 | (5 | ) | (482 | ) | |||||||
Additions to fixed assets
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(1,512 | ) | (896 | ) | (632 | ) | ||||||
Net cash provided by (used in) investment activities
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(17,928 | ) | 10,199 | 7,016 | ||||||||
CASH FLOW – FINANCING ACTIVITIES
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Shares issued under employee share-based plans
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12 | 104 | 163 | |||||||||
Net cash provided by financing activities
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12 | 104 | 163 | |||||||||
Increase (decrease) in cash and cash equivalents
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(19,009 | ) | 14,564 | 11,034 | ||||||||
Cash and cash equivalents – beginning of period
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34,972 | 20,408 | 7,682 | |||||||||
Cash and cash equivalents – end of period
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15,963 | 34,972 | 18,716 |
Year ended
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December 31, 2012
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December 31, 2011
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CASH FLOW – OPERATING ACTIVITIES
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Net income for the period
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11,828 | 28,118 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation and amortization
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2,783 | 1,700 | ||||||
Loss related to equipment and inventory damage
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509 | - | ||||||
Amortization of deferred stock-based compensation
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1,927 | 1,435 | ||||||
Increase (decrease) in liability for employee termination benefits, net
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(27 | ) | 43 | |||||
Decrease (increase) in deferred income tax assets, net
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694 | (2,500 | ) | |||||
Increase in trade accounts receivables
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(3,960 | ) | (240 | ) | ||||
Increase in inventories
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(10,513 | ) | (1,056 | ) | ||||
Increase in other current and long term assets
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(467 | ) | (305 | ) | ||||
Increase (decrease) in trade accounts payables and other long term liabilities
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2,510 | (1,639 | ) | |||||
Increase in other current liabilities
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283 | 159 | ||||||
Increase (decrease) in short and long term deferred income
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2,151 | (614 | ) | |||||
Net cash provided by operating activities
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7,718 | 25,101 | ||||||
CASH FLOW – INVESTMENT ACTIVITIES
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||||||||
Increase in short-term interest-bearing bank deposits
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(8,792 | ) | (30,685 | ) | ||||
Decrease in long-term interest-bearing bank deposits
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140 | 86 | ||||||
Proceeds from (investments in) short-term held to maturity securities
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1,582 | (1,582 | ) | |||||
Additions to fixed assets
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(3,660 | ) | (2,307 | ) | ||||
Net cash used in investment activities
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(10,730 | ) | (34,488 | ) | ||||
CASH FLOW – FINANCING ACTIVITIES
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Shares issued under employee share-based plans
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259 | 2,709 | ||||||
Net cash provided by financing activities
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259 | 2,709 | ||||||
Decrease in cash and cash equivalents
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(2,753 | ) | (6,678 | ) | ||||
Cash and cash equivalents – beginning of period
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18,716 | 25,394 | ||||||
Cash and cash equivalents – end of period
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15,963 | 18,716 |
Three months ended
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||||||||||||
December 31,
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September 30,
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December 31,
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||||||||||
2012
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2012
|
2011
|
||||||||||
GAAP Net income for the period
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2,472 | 2,895 | 4,970 | |||||||||
Non-GAAP Adjustments:
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Stock based compensation expenses
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609 | 489 | 476 | |||||||||
Adjustments related to tax assets
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(2,553 | ) | 349 | (2,500 | ) | |||||||
Loss related to equipment and inventory damage
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509 | - | - | |||||||||
Non-GAAP Net income for the period
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1,037 | 3,733 | 2,946 | |||||||||
Non-GAAP Net income per share:
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||||||||||||
Basic
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0.04 | 0.14 | 0.11 | |||||||||
Diluted
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0.04 | 0.14 | 0.11 | |||||||||
Shares used for calculation of Non-GAAP net income per share:
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||||||||||||
Basic
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26,679 | 26,646 | 26,425 | |||||||||
Diluted
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27,317 | 27,485 | 27,007 |
Year ended
|
||||||||
December 31,
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December 31,
|
|||||||
2012
|
2011
|
|||||||
GAAP Net income for the period
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11,828 | 28,118 | ||||||
Non-GAAP Adjustments:
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||||||||
Stock based compensation expenses
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1,927 | 1,435 | ||||||
Adjustments related to tax assets
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(53 | ) | (2,500 | ) | ||||
Loss related to equipment and inventory damage
|
509 | - | ||||||
Non-GAAP Net income for the period
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14,211 | 27,053 | ||||||
Non-GAAP Net income per share:
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||||||||
Basic
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0.53 | 1.03 | ||||||
Diluted
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0.52 | 1.00 | ||||||
Shares used for calculation of Non-GAAP net income per share:
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||||||||
Basic
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26,619 | 26,232 | ||||||
Diluted
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27,277 | 26,931 |