"Not only did we continue to break records in all our financial metrics, we also achieved all time record bookings in each of our product lines," says Gabi Seligsohn, president and CEO of Nova. "On the stand alone metrology front, the doubling of our customer base during 2010 is definitely paying off. Stand alone bookings during the first quarter reached all time record high levels, mostly as a result of repeat orders from our expanded customer base. As mentioned on several occasions, Optical CD has become an enabling technology at smaller geometries and accordingly the larger part of our orders these days come from the 2X and 3X technology nodes, supporting both the front end and back end of semiconductor manufacturing."
Total revenues for the first quarter of 2011 were $28.2 million, an increase of 76% relative to the first quarter of 2010, and an increase of 4% relative to the fourth quarter of 2010.
Gross margin for the first quarter of 2011 was 57.6%, compared with 50.8% in the first quarter of 2010 and 57% in the fourth quarter of 2010.
Operating expenses in the first quarter of 2011 were $8.4 million, compared with $5.4 million in the first quarter of 2010 and $8 million in the fourth quarter of 2010.
The company reported net income of $8.1 million, or $0.30 per diluted share, in the first quarter of 2011.
This compares to a net income of $2.7 million, or $0.11 per diluted share, in the first quarter of 2010, and a net income of $7.5 million, or $0.28 per diluted share, in the fourth quarter of 2010.
The company generated $8.4 million in cash from operating activities during the first quarter of 2011. Total cash reserves at the end of the first quarter of 2011 were $71.5 million.
