April 12, 2006 – Nova Measuring Instruments Ltd., Rehovoth, Israel, a provider of measurement and process control systems, said its 4Q05 net loss widened to $3.5 million, vs. a loss of $1.0 million in 3Q05 and $0.3 million in 4Q04, on sales of $8.8 million, down 1% sequentially and 11% year-on-year. Net loss in 2005 was $30.1 million on 18% lower revenues of $36.8 million.
The company also finalized its restatement of 2004 results, which it announced in February, in order to fix recognition of revenues for some of its NovaScan systems, which included an option to upgrade the systems’ capabilities. Restated revenues for 2004 were reduced by about 10% to $36.8 million, with the $4.1 million expected to be recognized in 2006 as system upgrades and trade-in options are fulfilled or expire. Net loss was adjusted to $1.4 million instead of $1.5 million.
Giora Dishon, Nova president and CEO, noted that bookings in 1Q06 had increased relative to previous quarters, and predicted moderate growth in the following quarters.