Date: February 18, 2014
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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
www.novameasuring.com
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Investor Relations Contacts:
Hayden/ MS-IR LLC
Miri Segal
Tel: +917-607-8654
E-mail: msegal@ms-ir.com
Or
David Fore
Tel: +206-395-2711
E-mail: dave@haydenir.com
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Stand Alone driving market share gains in major foundries for Front End and Back End Etch process steps in 2X and 1X technology nodes; represented 50% of bookings in 4Q13
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Growing deliveries of Integrated and Stand Alone tools to support 16/14nm with sequential increase from 3Q13 to 4Q13
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Shipped first systems for 10nm R&D line to a large pure-play foundry
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Crossed delivery mark of 250 Metrology tools for 2Xnm and below technology nodes for all industry segments
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Ongoing evaluations at 3 memory customers for advanced V-NAND and TSV applications
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Received first orders for Fleet Management SW solution
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Quarterly revenues of $30.2 million, up 37% from $22.1 million a year ago
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Quarterly gross margin of 53%, up from 50% a year ago
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Full year 2013 revenues of $111.5 million, up 16% from $96.2 million in 2012
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Full year gross margin of 53%, similar to 2012
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Total cash reserves of $99.7 million as of December 31, 2013, and no debt
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GAAP Results ($K)
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Q4 2013 | Q3 2013 | Q4 2012 |
FY2013
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FY2012
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Revenues
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$ | 30,198 | $ | 25,771 | $ | 22,098 | $ | 111,509 | $ | 96,168 | ||||||||||
Net Income
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$ | 3,077 | $ | 2,240 | $ | 2,472 | $ | 10,515 | $ | 11,828 | ||||||||||
Earnings per Diluted Share
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$ | 0.11 | $ | 0.08 | $ | 0.09 | $ | 0.38 | $ | 0.43 | ||||||||||
NON-GAAP Results ($K)
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||||||||||||||||||||
Q4 2013 | Q3 2013 | Q4 2012 |
FY2013
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FY2012
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Net Income
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$ | 4,055 | $ | 2,724 | $ | 1,037 | $ | 14,147 | $ | 14,211 | ||||||||||
Earnings per Diluted Share
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$ | 0.15 | $ | 0.10 | $ | 0.04 | $ | 0.52 | $ | 0.52 |
As of
December 31,
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As of
December 31,
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|||||||
2013
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2012
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|||||||
CURRENT ASSETS
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||||||||
Cash and cash equivalents
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17,542 | 15,963 | ||||||
Short-term interest-bearing bank deposits
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79,552 | 75,039 | ||||||
Available for sale securities
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1,845 | -- | ||||||
Trade accounts receivable
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27,947 | 17,362 | ||||||
Inventories
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18,118 | 17,827 | ||||||
Deferred income tax assets
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137 | 1,850 | ||||||
Other current assets
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3,922 | 2,549 | ||||||
149,063 | 130,590 | |||||||
LONG-TERM ASSETS
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Long-term interest-bearing bank deposits
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750 | 405 | ||||||
Other long-term assets
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230 | 516 | ||||||
Severance pay funds
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1,852 | 1,873 | ||||||
2,832 | 2,794 | |||||||
FIXED ASSETS, NET
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10,382 | 8,660 | ||||||
TOTAL ASSETS
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162,277 | 142,044 | ||||||
CURRENT LIABILITIES
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Trade accounts payable
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15,599 | 10,819 | ||||||
Deferred income
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3,420 | 4,775 | ||||||
Other current liabilities
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11,448 | 8,444 | ||||||
30,467 | 24,038 | |||||||
LONG-TERM LIABILITIES
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Liability for employee severance pay
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2,798 | 2,806 | ||||||
Deferred income
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341 | 159 | ||||||
Other long-term liability
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7 | 270 | ||||||
3,146 | 3,235 | |||||||
SHAREHOLDERS' EQUITY
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128,664 | 114,771 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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162,277 | 142,044 |
Three months ended
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December 31,
2013
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September 30,
2013
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December 31,
2012
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REVENUES
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||||||||||||
Products
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24,739 | 19,911 | 17,016 | |||||||||
Services
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5,450 | 5,860 | 5,082 | |||||||||
30,189 | 25,771 | 22,098 | ||||||||||
COST OF REVENUES
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Products
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10,299 | 9,045 | 7,390 | |||||||||
Services
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4,018 | 3,626 | 3,644 | |||||||||
14,317 | 12,671 | 11,034 | ||||||||||
GROSS PROFIT
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15,872 | 13,100 | 11,064 | |||||||||
OPERATING EXPENSES
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Research and Development expenses, net
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7,491 | 7,021 | 7,117 | |||||||||
Sales and Marketing expenses
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3,128 | 2,643 | 3,102 | |||||||||
General and Administration expenses
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1,350 | 1,256 | 1,191 | |||||||||
11,969 | 10,920 | 11,410 | ||||||||||
OPERATING PROFIT (LOSS)
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3,903 | 2,180 | (346 | ) | ||||||||
INTEREST INCOME, NET
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60 | 257 | 337 | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES
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3,963 | 2,437 | (9 | ) | ||||||||
INCOME TAX BENEFIT (EXPENSES)
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(886 | ) | (197 | ) | 2,481 | |||||||
NET INCOME FOR THE PERIOD
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3,077 | 2,240 | 2,472 | |||||||||
Earnings per share:
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Basic
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0.11 | 0.08 | 0.09 | |||||||||
Diluted
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0.11 | 0.08 | 0.09 | |||||||||
Shares used for calculation of earnings per share:
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||||||||||||
Basic
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27,268 | 27,237 | 26,679 | |||||||||
Diluted
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27,548 | 27,503 | 27,317 |
Year ended
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December 31, 2013
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December 31, 2012
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REVENUES
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Products
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89,410 | 77,212 | ||||||
Services
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22,099 | 18,956 | ||||||
111,509 | 96,168 | |||||||
COST OF REVENUES
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Products
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37,765 | 31,734 | ||||||
Services
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14,673 | 13,280 | ||||||
52,438 | 45,014 | |||||||
GROSS PROFIT
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59,071 | 51,154 | ||||||
OPERATING EXPENSES
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Research & Development expenses, net
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29,578 | 24,594 | ||||||
Sales & Marketing expenses
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11,963 | 11,998 | ||||||
General & Administration expenses
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5,197 | 3,978 | ||||||
46,738 | 40,570 | |||||||
OPERATING PROFIT
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12,333 | 10,584 | ||||||
INTEREST INCOME, NET
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693 | 1,368 | ||||||
INCOME BEFORE INCOME TAXES
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13,026 | 11,952 | ||||||
INCOME TAX EXPENSES
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2,511 | 124 | ||||||
NET INCOME FOR THE YEAR
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10,515 | 11,828 | ||||||
Net income per share:
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Basic
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0.39 | 0.44 | ||||||
Diluted
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0.38 | 0.43 | ||||||
Shares used for calculation of net income per share:
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||||||||
Basic
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27,091 | 26,619 | ||||||
Diluted
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27,373 | 27,277 |
Three months ended
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December 31,
2013
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September 30,
2013
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December 31,
2012
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CASH FLOW – OPERATING ACTIVITIES
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Net income for the period
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3,077 | 2,240 | 2,472 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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945 | 907 | 858 | |||||||||
Loss related to equipment and inventory damage
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- | - | 509 | |||||||||
Amortization of deferred stock-based compensation
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518 | 368 | 609 | |||||||||
Increase (decrease) in liability for employee termination benefits, net
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(37 | ) | (1 | ) | 104 | |||||||
Deferred income taxes
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460 | 116 | (1,806 | ) | ||||||||
Increase in trade accounts receivables
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(7,118 | ) | (1,112 | ) | (2,461 | ) | ||||||
Decrease (increase) in inventories
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(1,950 | ) | 144 | 143 | ||||||||
Decrease (increase) in other current and long term Assets
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(291 | ) | (1,064 | ) | 250 | |||||||
Increase (decrease) in trade accounts payables and other long-term liabilities
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4,489 | 250 | (2,392 | ) | ||||||||
Increase in other current liabilities
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1,600 | 614 | 414 | |||||||||
Increase (decrease) in short and long term deferred income
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(234 | ) | 793 | 207 | ||||||||
Net cash provided by (used in) operating activities
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1,459 | 3,255 | (1,093 | ) | ||||||||
CASH FLOW – INVESTMENT ACTIVITIES
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Decrease (increase) in short-term interest-bearing bank deposits
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4,367 | (4,548 | ) | (18,110 | ) | |||||||
Decrease (increase) in long-term interest-bearing bank deposits
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(345 | ) | - | 140 | ||||||||
Investment in short-term available for sale securities
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(1,845 | ) | - | - | ||||||||
Proceeds from short-term held to maturity securities
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- | - | 1,554 | |||||||||
Additions to fixed assets
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(1,974 | ) | (761 | ) | (1,512 | ) | ||||||
Net cash provided by (used in) investment activities | 203 | (5,309 | ) | (17,928 | ) | |||||||
CASH FLOW – FINANCING ACTIVITIES
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Shares issued under employee share-based plans
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123 | 12 | 12 | |||||||||
Net cash provided by financing activities
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123 | 12 | 12 | |||||||||
Increase (decrease) in cash and cash equivalents
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1,785 | (2,042 | ) | (19,009 | ) | |||||||
Cash and cash equivalents – beginning of period
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15,757 | 17,799 | 34,972 | |||||||||
Cash and cash equivalents – end of period
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17,542 | 15,757 | 15,963 |
Year ended
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December 31, 2013
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December 31, 2012
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CASH FLOW – OPERATING ACTIVITIES
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Net income for the year
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10,515 | 11,828 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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3,522 | 2,783 | ||||||
Loss related to equipment and inventory damage
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148 | 509 | ||||||
Amortization of deferred stock-based compensation
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2,095 | 1,927 | ||||||
Increase (decrease) in liability for employee termination benefits, net
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17 | (27 | ) | |||||
Deferred income taxes
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1,898 | 694 | ||||||
Increase in trade accounts receivables
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(10,585 | ) | (3,960 | ) | ||||
Increase in inventories
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(1,783 | ) | (10,513 | ) | ||||
Increase in other current and long term assets
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(1,234 | ) | (467 | ) | ||||
Increase in trade accounts payables and other long term liabilities
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4,517 | 2,510 | ||||||
Increase in other current liabilities
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3,054 | 283 | ||||||
Increase (decrease) in short and long term deferred income
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(1,173 | ) | 2,151 | |||||
Net cash provided by operating activities
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10,991 | 7,718 | ||||||
CASH FLOW – INVESTMENT ACTIVITIES
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Increase in short-term interest-bearing bank deposits
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(4,513 | ) | (8,792 | ) | ||||
Decrease (increase) in long-term interest-bearing bank deposits
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(345 | ) | 140 | |||||
Investment in short-term available for sale securities
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(1,845 | ) | - | |||||
Proceeds from short-term held to maturity securities
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- | 1,582 | ||||||
Reimbursement from insurance claim
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219 | - | ||||||
Additions to fixed assets
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(4,119 | ) | (3,660 | ) | ||||
Net cash used in investment activities
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(10,603 | ) | (10,730 | ) | ||||
CASH FLOW – FINANCING ACTIVITIES
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Shares issued under employee share-based plans
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1,191 | 259 | ||||||
Net cash provided by financing activities
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1,191 | 259 | ||||||
Increase (decrease) in cash and cash equivalents
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1,579 | (2,753 | ) | |||||
Cash and cash equivalents – beginning of period
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15,963 | 18,716 | ||||||
Cash and cash equivalents – end of period
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17,542 | 15,963 |
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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||||||||||
2013
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2013
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2012
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GAAP Net income for the period
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3,077 | 2,240 | 2,472 | |||||||||
Non-GAAP Adjustments:
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Stock based compensation expenses
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518 | 368 | 609 | |||||||||
Deferred income tax expenses (benefit)
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460 | 116 | (2,553 | ) | ||||||||
Loss related to equipment and inventory damage
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- | - | 509 | |||||||||
Non-GAAP Net income for the period
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4,055 | 2,724 | 1,037 | |||||||||
Non-GAAP Net income per share:
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Basic
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0.15 | 0.10 | 0.04 | |||||||||
Diluted
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0.15 | 0.10 | 0.04 | |||||||||
Shares used for calculation of Non-GAAP net income per share:
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Basic
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27,268 | 27,237 | 26,679 | |||||||||
Diluted
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27,548 | 27,503 | 27,317 |
Year ended
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December 31,
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December 31,
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|||||||
2013
|
2012
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GAAP Net income for the year
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10,515 | 11,828 | ||||||
Non-GAAP Adjustments:
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Stock based compensation expenses
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2,095 | 1,927 | ||||||
Deferred income taxes expenses (income)
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1,898 | (53 | ) | |||||
Income from insurance claim
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(509 | ) | - | |||||
Loss related to equipment and inventory damage
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148 | 509 | ||||||
Non-GAAP Net income for the year
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14,147 | 14,211 | ||||||
Non-GAAP Net income per share:
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||||||||
Basic
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0.52 | 0.53 | ||||||
Diluted
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0.52 | 0.52 | ||||||
Shares used for calculation of Non-GAAP net income per share:
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||||||||
Basic
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27,091 | 26,619 | ||||||
Diluted
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27,373 | 27,277 |