Nova Announces 2011 Second Quarter Results
finance.yahoo.com
"Second quarter results continued to demonstrate strong financial performance," said Gabi Seligsohn, President and CEO of Nova. "We set all-time records in revenues and earnings, with margins well above our long-term targets, and we generated significant operating cash flow."
"During recent quarters we utilized our significant operating leverage and made investments into the development of new products and capabilities. Last month we were pleased to announce two new ground breaking products for the Optical CD metrology market. These products, which are already shipping to leading customers, position us well to further strengthen our position and expand our footprint in this market. Furthermore, we are progressing well with our plan to penetrate the 3D interconnect market and have recently concluded the development of the first phase of this product. We have already received excellent customer feedback to the tool capabilities and expect to ship initial evaluation units during the second half of this year".
"Industry-wide, the pace of business began to slow somewhat in the second quarter, after extremely aggressive capital spending early in the first half of the year. Given the continued strong end market demand, we believe this is a mid cycle correction related to absorption and inventory realignment, which should result in lower revenues during the second half of 2011".
"Looking forward, we expect the continuous growth in consumer demand for high-performance mobile devices to continue to drive spending, and we believe we are particularly well-positioned to benefit from the resumption of the uptrend. We have recently introduced innovative new products that will be crucial to our foundry and memory customers as they strive to enable smaller footprints and lower power consumption via advanced nodes and complex structures below 22nm." |
