CAMTEK ANNOUNCES FOURTH QUARTER AND FULL YEAR 2016 RESULTS
Reports record full year revenues of $110 million, up 10% year-over-year
MIGDAL HAEMEK, Israel – February 9, 2017– Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter and full year ended December 31, 2016.
Highlights of the Fourth Quarter 2016
Highlights of the Full Year 2016
Rafi Amit, Camtek’s Chairman and CEO, commented, “The strength in our fourth quarter 2016 culminates a very good year for Camtek, with record full year revenues and solid improvements in our profitability margins and our bottom line. Our ongoing performance is being driven primarily by strong performance of our semiconductor business and in particular by systems for the advanced packaging market. In addition, the improvement in the operating margin is very gratifying and we expect it to continue to improve in 2017. ”
Added Mr. Amit, “Looking ahead, our business environment remains strong and we have seen a robust start to 2017. All signs point to another year of solid growth for Camtek, driven by continued double-digit growth of our semiconductor business. The first quarter, which includes the Chinese New Year, is typically the weakest one of the year. However, this year, we expect a strong first quarter with revenues at around, or possibly slightly better than, the fourth quarter levels, representing year-over-year growth of 20%.”
Fourth Quarter 2016 Financial Results
Revenuesfor the fourth quarter of 2016 were $29.3 million. This compares to fourth quarter 2015 revenues of $25.8 million, a growth of 14% and prior quarter revenues of $28.5 million, an increase of 3%.
Gross profit on a GAAP basis in the quarter totaled $13.4 million (45.7% of revenues), compared to $10.6 million (41.3 of revenues) in the fourth quarter 2015 and $7.5 million in the prior quarter (26.2% of revenues).
Gross profit on a non-GAAP basis in the quarter totaled $13.4 million (45.8% of revenues), compared to $11.7 million (45.4% of revenues) in the fourth quarter 2015 and $12.4 million in the prior quarter (43.6% of revenues).
Operating profit on a GAAP basis in the quarter totaled $2.8 million (9.7% of revenues), compared to an operating loss of $14.1 million (-54.6% of revenues), in the fourth quarter 2015 and an operating profit of $1.7 million (5.8% of revenues) in the prior quarter.
Operating profit on a non-GAAP basis in the quarter totaled $3.0 million (10.1% of revenues), compared to $1.8 million (6.8% of revenues) in the fourth quarter 2015 and $2.7 million in the prior quarter (9.3% of revenues).
Net income on a GAAP basis in the quarter totaled $2.3 million, or $0.07 per diluted share. This compares to net loss of $11.8 million, or $0.34 per diluted share, in the fourth quarter 2015 and a net profit of $1.1million, or $0.03 per diluted share, in the prior quarter.
Net income on a non-GAAP basis in the quarter totaled $2.5 million, or $0.07 per diluted share. This compares to net income of $2.9 million, or $0.08 per diluted share, in the fourth quarter 2015 and a net income of $2.1 million, or $0.06 per diluted share, in the prior quarter.
Full Year 2016 Results Summary
Revenuesfor 2016 were $109.5 million. This compares to revenues of $99.3 million in 2015, a growth of 10%.
Gross profit on a GAAP basis totaled $44.0 million (40.1% of revenues), compared to $43.1 million (43.4% of revenues) in 2015.
Gross profit on a non-GAAP totaled $48.9 million (44.7% of revenues), compared to $44.2 million (44.5% of revenues) in 2015. The gross profit on a GAAP basis excludes the $4.9 million effect of the FIT re-organization including the write-off of inventory and other one-time expenses.
Operating income on a GAAP basis totaled $6.6 million (6.0% of revenues), compared to a loss of $10.1 million (-10.1% of revenues) in 2015.
Operating profit on a non-GAAP basis totaled $7.9 million (7.2% of revenues), compared to $6.0 million (6.0% of revenues) in 2015. The operating profit excluded a one-time net expense of $0.9 million due the reorganization of the FIT activity. This one-time expense includes a $5.6 million inventory and fixed asset write-off, other expenses of $0.3 million, partially offset by income of $5.0 million related to a write-off of liabilities to the Office of the Chief Scientist in Israel.
Net income on a GAAP basis totaled $4.7 million, or $0.13 per diluted share. This compares to a net loss of $10.1 million, or $0.30 per diluted share, in 2015.
Net income on a non-GAAP basis totaled $6.2 million, or $0.18 per diluted share. This compares to net income of $5.2 million, or $0.16 per diluted share, in 2015.
Cash, cash equivalents, short and long-term restricted deposits, as of December 31, 2016 were $19.7 million compared to $30.8 million as of December 31, 2015. The reduction was primarily due a $14.6 million payment made to Rudolph for IP litigation.
The Company reported a positive operating cash flow of $0.4 million during the quarter.
Camtek will host a conference call today, Wednesday, February 8, 2017, at 9:30 am ET.
Rafi Amit, Chairman and CEO, and Moshe Eisenberg, CFO, 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 9:30 am Eastern Time
Israel: 03 918 0609 at 4:30 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.com beginning 24 hours after the call.
Ramat Gavriel Ind. Zone
P.O.Box 544 Migdal Ha'emek 23150
Hong KongAsia Headquarter
Camtek Hong Kong
Unit 2107, 21/F, Greenfield Tower, Concordia Plaza,
No 1 Science Museum Road, Tsim Sha Tsui East,
Kowloon, Hong Kong.