REHOVOT, ISRAEL-Nova Measuring Instruments Ltd., provider of stand alone metrology and the integrated metrology solutions to the semiconductor process control market, has reported its 2011 fourth quarter and full year results.

Highlights for the Fourth Quarter of 2011 include:

Quarterly revenues of $19.2 million

Gross margin of 55%

Operating margin of 12%

GAAP Net income of $5.0 million, or $0.18 per diluted share (including $2.5 million income related to the creation of a deferred income tax asset)

Non-GAAP Net income of $3.0 million, or $0.11 per diluted share

Positive cash flow from operating activities of $3.9 million

Highlights for the full year of 2011 include:

Record revenues of $102.8 million, up 19% year over year

Gross margin of 56%

Operating margin of 24%

GAAP Net income of $28.1 million, or $1.04 per diluted share (including $2.5 million income related to the creation of a deferred income tax asset)

Non-GAAP Net income of $27.1 million, or $1.00 per diluted share

Positive operating cash flow of $25.1 million

Total cash reserves at a record level of $87.1 million

"2011 was the best year in our history,” says Nova President and CEO Gabi Seligsohn. “It was a third-consecutive year of outgrowing the industry, a year in which we crossed the $100 million revenue mark for the first time, generating a net income of more than $27 million and increasing our cash by more than $22 million.”