2014

Camtek Announces First Quarter 2012 Results Q1 Revenue- within range, expecting over 30% revenue growth in the second quarter of 2012

MIGDAL HAEMEK, Israel, May 3, 2012 /PRNewswire/ --

Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended March 31, 2012.

Highlights of the First Quarter 2012

  • Revenues of $18.2 million;
  • Non-GAAP operating loss of $0.9 million; GAAP operating loss of $1.1 million
  • Non-GAAP net loss of $0.6 million; GAAP net loss of $1.4 million;
  • Positive operating cash flow of $600 thousand in the quarter
  • Second quarter revenue guidance of $23-25 million


Roy Porat, Camtek's Chief Executive Officer, commented, "As we move into the second quarter, we are seeing that the recovery already observed in the front-end last quarter finally reached the back-end part of the semiconductor capital equipment industry. We believe that as we move through the year this recovery will eventually extend to the PCB sector, which will further contribute to our growth this year."

Continued Mr. Porat, "I am pleased with the recent strong demand from the market for our products, which gives us confidence looking ahead, and this underlies our revenue guidance for the upcoming quarter. We believe revenues for the second quarter will range between $23-25 million, representing over 30% sequential growth, accordingly we expect the business to return to profitability."

First Quarter 2012 Financial Results

Revenues for the first quarter of 2012 were $18.2 million. This is a decrease of 34% compared to $27.5 million in the first quarter of 2011 and a decrease of 14% compared with $21.1 million in the prior quarter.

Gross profit on a GAAP basis in the quarter totaled $7.6 million (42.0% of revenues). This is compared with $12.8 million (46.5% of revenues) in the first quarter of 2011 and $8.1 million (38.4% of revenues) in the prior quarter.

Gross profit on a non-GAAP basis in the quarter totaled $7.7 million (42.5% of revenues). This is compared with $12.9 million (47.0% of revenues) in the first quarter of 2011 and $8.9 million (42.1% of revenues) in the prior quarter.

Operating loss on a GAAP basis in the quarter was $1.1 million. This is compared with an operating income of $2.9 million in the first quarter of 2011 and an operating loss of $0.7 million in the prior quarter.  

On a non-GAAP basis, operating loss in the quarter was $0.9 million. This is compared with an operating income of $3.2 million in the first quarter of 2011 and an operating income of $0.1 million in the prior quarter.

Net loss on a GAAP basis in the quarter totaled $1.4 million, or $0.05 per share. This is compared with a net income of $2.4 million, or $0.08 per diluted share in the first quarter of 2011 and a net loss of 1.9 million, or $0.06 per share in the prior quarter.

On a non-GAAP basis, net loss in the quarter was $0.6 million, or loss of $0.02 per share. This is compared with a net income of $3.1 million, or $0.10 per diluted share in the first quarter of 2011 and a net loss of $0.5 million or loss of $0.02 per share in the prior quarter.

Cash and cash equivalents and short-term deposits as of March 31, 2012 were $26.0 million ($19.6 million net of bank loans) compared with $26.3 million ($19.5 million net of bank loans), as of December 31, 2011. The company generated a positive operating cash flow of $0.6 million during the first quarter of 2012.

Conference Call

Camtek will host a conference call today, May 3, 2012, at 10:00 am ET.

Roy Porat, Chief Executive Officer and Moshe Eisenberg, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.

To participate, please call one of the following telephone numbers a few minutes before the start of the call.

US: 1-888-407-2553 at 10:00 am Eastern Time
Israel: 03-918-0609 at 5:00 pm Israel Time

International: +972-3-918-0609

For those unable to participate, the teleconference will be available for replay on Camtek's website at http://www.camtek.co.il/ beginning 24 hours after the call.

ABOUT CAMTEK LTD.

Camtek Ltd. provides automated and technologically advanced solutions dedicated to enhancing production processes and increasing yields, enabling and supporting customer's latest technologies in the Semiconductors, Printed Circuit Boards (PCB) and IC Substrates industries.

Camtek addresses the specific needs of these interconnected industries with dedicated solutions based on a wide and advanced platform of technologies including intelligent imaging, image processing, adaptive ion milling (AIM) and digital material deposition (DMD). Camtek's solutions range from micro-to-nano by applying its technologies to the industries' specific requirements.

This press release is available at http://www.camtek.co.il.

This press release may contain projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, intellectual property litigation, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.

Use of non-GAAP Measures

This press release provides financial measures that exclude certain items such as : (i) amortization of acquired intangible assets and revaluation of liabilities with respect to the acquisitions of Sela and Printar; and (ii) share based compensation expenses.and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.

Consolidated Balance Sheets

(In thousands)

                                                                      December
                                                         March 31,          31,
                                                             2012         2011
                                                             U.S. Dollars (In
                                                                thousands)
    Assets
 
    Current assets
    Cash and cash equivalents                               21,668      22,185
    Short-term deposits                                      4,300       4,100
    Accounts receivable, net                                26,046      25,451
    Inventories                                             25,280      24,355
    Due from affiliates                                        389         388
    Other current assets                                     3,549       3,357
    Deferred tax asset                                         110         110
 
    Total current assets                                    81,342      79,946
 
    Fixed assets, net                                       14,467      14,577
 
    Long term inventory                                      2,608       1,954
    Deferred tax asset                                         132         132
    Other assets, net                                          304         304
    Intangible assets, net *                                 4,165       4,191
    Goodwill                                                 3,653       3,653
 
                                                            10,862      10,234
 
    Total assets                                           106,671     104,757
 
    Liabilities and shareholders' equity
 
    Current liabilities
    Short term bank loans                                    3,000       3,000
    Accounts payable - trade                                10,949       6,773
    Long term bank loans - current portion                   1,700       1,700
    Due to affiliates                                          435           -
    Other current liabilities                               20,659      21,568
 
    Total current liabilities                               36,743      33,041
 
    Long term liabilities
    Long term bank loans                                     1,667       2,092
    Liability for employee severance benefits                  711         652
    Other long term liabilities *                            8,871       9,039
                                                            11,249      11,783
 
    Total liabilities                                       47,992      44,824
 
    Commitments and contingencies
 
    Shareholders' equity
    Ordinary shares NIS 0.01 par value, authorized
    100,000,000 shares,
    31,819,481 issued as March 31, 2012 and 31,810,340
    as of December 31, 2011, outstanding 29,727,105
    as of March 31, 2012 and 29,717,964 as of December
    31, 2011                                                   133         133
    Additional paid-in capital                              61,117      61,014
    Retained earnings (accumulated losses)                   (673)         684
                                                            60,577      61,831
    Treasury stock, at cost (2,092,376 as of March 31,
    2012 and December 31, 2011)                            (1,898)     (1,898)
 
    Total shareholders' equity                              58,679      59,933
 
    Total liabilities and shareholders' equity             106,671     104,757
 


(*)    Relates to Printar and SELA acquisitions

Camtek Ltd.

Consolidated Statements of Operations

(in thousands, except share data)

                                        Three months ended   Year ended
 
                                               March 31,     December 31,
                                             2012       2011        2011
                                                    U.S. dollars
     Revenues                               18,178     27,470     107,028
    Cost of revenues                       10,545     14,663      59,588
 
    Gross profit                            7,633     12,807      47,440
 
    Research and development costs          3,325      3,779      14,077
    Selling, general and administrative
    expenses                                5,435      6,063      24,341
 
                                            8,760      9,842      38,418
 
    Operating income (loss)               (1,127)      2,965       9,022
 
    Financial expenses, net                 (132)      (408)     (2,900)
 
    Income (loss) before income taxes     (1,259)      2,557       6,122
 
    Income tax                               (98)      (136)       (744)
 
    Net income (loss)                     (1,357)      2,421       5,378
 
    Earnings (loss) per ordinary share:
 
    Basic                                  (0.05)       0.08        0.18
 
    Diluted                                (0.05)       0.08        0.18
 
    Weighted average number of ordinary
    shares outstanding:
 
    Basic                                  29,727     29,300      29,577
 
    Diluted                                29,727     30,112      30,009


Camtek Ltd.

Reconciliation of GAAP to Non-GAAP results

(In thousands, except share data)

                                     Three months ended    Year ended
                                          March 31,       December 31,
                                        2012     2011            2011
                                         U.S. dollars    U.S. dollars    Reported net income (loss)
    attributable to Camtek Ltd. on
    GAAP basis
                                      (1,357)   2,421           5,378
    Acquisition of Sela and Printar
    related expenses (1)                  574     563           2,377
    Inventory write -downs (2)              -       -             685
    Share-based compensation              102     109             416
    Shelf registration expenses            94       -               -
    Non-GAAP net income (loss)          (587)   3,093           8,856
 
    Non -GAAP net income (loss) per
    share , basic and diluted
                                       (0.02)    0.10            0.30
    Gross margin on GAAP basis
 
    Reported gross profit on GAAP       42.0%   46.6%            44.3%
    basis
                                        7,633  12,807          47,440
    Acquisition of Sela and Printar
    related expenses ( 1)                  75 563                 331
    Inventory write off (2)                 -       -             685
    Share-based compensation               25       -              97
    Non- GAAP gross margin              42.5%   47.0%            45.4%
    Non-GAAP gross profit               7,733  12,910          48,553
 
    Reported operating income (loss)
    attributable to Camtek Ltd. on
    GAAP basis                        (1,127)   2,965           9,022
    Acquisition of Sela and Printar
    related expenses (1)
                                          169      80             331
    Inventory write- downs (2)
                                            -       -             685
    Share-based compensation
                                          102     109             416
    Non-GAAP operating income (loss)    (858)   3,154          10,454
 


1. During the three months ended March 31, 2012 and 2011, and the twelve months ended December 31, 2011, the Company recorded acquisition expenses of $0.6 million, $0.6 million, and $2.4 million, respectively, consisting of: (1) Revaluation adjustments of $0.5 million, $0.5 million, and $2.0 million, respectively, of contingent consideration and certain future liabilities recorded at fair value. These amounts are recorded under finance expenses line item and (2) $0.08 million, $0.08 million, and $0.33 million, respectively, with respect to amortization of intangible assets acquired recorded under cost of revenues line item.


2. During the three months ended March 31, 2012 and 2011, and the twelve months ended December 31, 2011, the Company recorded inventory write down in the amount of $0 million, $0 million, and $0.7 million, respectively.


 


    
    CAMTEK LTD.
    Moshe Eisenberg, CFO
    Tel: +972-4-604-8308
    Mobile: +972-54-900-7100
    moshee@camtek.co.il

 

    INTERNATIONAL INVESTOR RELATIONS  
    CCG Investor Relations
    Ehud Helft / Kenny Green
    Tel: (US) +1-646-201-9246
    camtek@ccgisrael.com

SOURCE Camtek Ltd



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