5.5.2016

CAMTEK ANNOUNCES FIRST QUARTER 2016 RESULTS

Q1 revenues of $24.5 million-12% increase year over year; Expects growth in Q2 - guidance of $25-27 million


MIGDAL HAEMEK, Israel – May 5, 2016– Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter ended March 31, 2016.

Highlights of the First Quarter 2016

  • Revenues of $24.5 million, up 12% year over year;
  • Non-GAAP operating income of $0.5 million; GAAP operating income of $0.4 million;
  • Non-GAAP net income of $0.2 million; GAAP net income of $0 million;
  • Q2 revenue guidance of $25 to $27 million, representing 6% sequential growth at the midpoint;

 

Rafi Amit, Camtek’s Chairman and CEO, commented, “We are pleased with our revenues in the first quarter of 2016, a 12% increase over  those of last year in what is typically the weakest quarter. Gross margin in the quarter was lower than Camtek’s usual range due to a specific turnkey deal from a PCB customer with longer-term strategic value. This order also had an impact on our overall profitability in the quarter. We expect the gross margin to return to the typical range in the second quarter. The advanced packaging market continues to grow and capture a larger portion of the capital expenditure made by major manufacturers. We remain in a strong position to capitalize on this.”

Added Mr. Amit, “For the second quarter, we expect revenue between $25- $27 million. Our end-markets remain strong and we are on track for a solid 2016.”

First Quarter 2016 Financial Results

Revenuesfor the first quarter of 2016 were $24.5 million. This compares to first quarter 2015 revenues of $21.8 million and fourth quarter 2015 revenues of $25.8 million.

Gross profit on a GAAP basis in the quarter totaled $10.3 million (42.2% of revenues), compared to $9.8 million (45.1% of revenues) in the first quarter 2015 and $10.6 million in the fourth quarter of 2015 (41.3% of revenues).

Gross profit on a non-GAAP basis in the quarter totaled $10.3 million (42.3% of revenues), compared to $9.8 million (45.2% of revenues) in the first quarter 2015 and $11.7 million in the fourth quarter of 2015 (45.4% of revenues).

Operating profit on a GAAP basis in the quarter totaled $372 thousand (1.5% of revenues), compared to $1.1 million (5.2% of revenues) in the first quarter 2015 and an operating loss of $14.1 million in the fourth quarter of 2015. Fourth quarter 2015 results included a $14.6 million one-time charge for the loss in the patent litigation process against Rudolph Technologies.

Operating profit on a non-GAAP basis in the quarter totaled $451 thousand (1.8% of revenues), compared to $1.2 million (5.5% of revenues) in the first quarter 2015 and $1.8 million in the fourth quarter of 2015 (6.8% of revenues).

Financial expenseson a GAAP basis in the quarter totaled $232 thousand, compared to $847 thousand in the first quarter 2015 and $388 thousand in the fourth quarter of 2015.

Financial expenseson a non-GAAP basis in the quarter totaled $142 thousand, compared to $624 thousand in the first quarter 2015 and $238 thousand in the fourth quarter of 2015.

Net income on a GAAP basis in the quarter totaled $24 thousand, or $0.00 per diluted share. This compares to net income of $52 thousand, or $0.00 per diluted share, in the first quarter 2015 and a net loss of $10.1 million, or $0.30 per share, in the fourth quarter of 2015. Fourth quarter 2015 results included a $14.6 million one-time charge for the loss in the patent litigation process against Rudolph Technologies.

Net income on a non-GAAP basis in the quarter totaled $193 thousand, or $0.01 per diluted share. This compares to net income of $334 thousand, or $0.01 per diluted share, in the first quarter 2015 and a net income of $2.9 million, or $0.08 per diluted share, in the fourth quarter of 2015. 

Cash, cash equivalents, short and long-term restricted deposits, as of March 31, 2016 were $33.7 million (out of which $7.9 million are restricted deposits) compared to $38.7 million as of December 31, 2015. The Company reported a negative operating cash flow of $4.6 million during the quarter, principally due to timing of collection. Due to a local tax issue, the $14.6 million judgement payment to Rudolph Technologies has not been paid yet and is expected to be paid once the court will provide his final guidance.  

Conference Call

Camtek will host a conference call today, May 5, 2016, at 9:00 am ET.

Rafi Amit, Chairman and CEO, 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:                                            1 888 668 9141          at 9:00 am Eastern Time
Israel:                                        03 918 0685        at 4:00 pm Israel Time

International:                         +972 3 918 0685

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


Contact Us

Israel

Camtek Ltd.
Ramat Gavriel Ind. Zone
P.O.Box 544 Migdal Ha'emek 2310501
Israel
Tel: +972-4-604-8100
Fax: +972-4-644-0523

Hong Kong

Asia Headquarter
Camtek Hong Kong
Unit 2107, 21/F, Greenfield Tower, Concordia Plaza,
No 1 Science Museum Road, Tsim Sha Tsui East,
Kowloon, Hong Kong.
Tel: +852-2632-7645
Fax: +852-2632-7340