CAMTEK ANNOUNCES RECORD FULL YEAR 2011 RESULTS
22%year over year growth in revenue, strong annual operating cash flow of $9.8 million
MIGDALHAEMEK, Israel – February 21, 2012 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced itsfinancial results for the full year and fourth quarter ended December 31, 2011.
Highlightsof the Full Year 2011
· Revenues of $107 million;
· Non-GAAP net income of $8.8 million; GAAP netincome of $5.4 million;
· Non-GAAP operating income of $10.5 million;GAAP operating income of $9.0 million
· Positive operating cash flow of $9.8 million inthe year
Highlightsof the Fourth Quarter 2011
· Revenues of $21.1 million;
· Non-GAAP operating income of $0.1 million; GAAPoperating loss of $0.7 million
· Non-GAAP net loss of $0.5 million; GAAP netloss of $1.9 million;
· Positive operating cash flow of $8.2 million inthe quarter
RoyPorat, Camtek’s Chief Executive Officer, commented, “We are verypleased with our overall performance in 2011, presenting an all time recordyear on the top line. We maintained a strong market position in our two coreproduct lines and saw growing market acceptance of our new growth engines.”
Continued Mr. Porat, “Like our industry, our business has softened atthe end of 2011 and the beginning of 2012. For the first quarter, we believerevenues will range between $17 and $19 million. Looking ahead, we are wellpositioned for resuming our growth once more positive market conditions return.”
FourthQuarter 2011 Financial Results
Revenues for the fourthquarter of 2011 were $21.1 million, a decrease of 17% compared to $25.4 millionin the fourth quarter of 2010.
Grossprofit ona GAAP basis in the quarter totaled $8.1 million (38.5% of revenues), comparedwith $11.7 million (46.0% of revenues) in the fourth quarter of 2010. Grossprofit on a non-GAAP basis in the quarter totaled $8.9 million (42.1% ofrevenues), compared with $12.0 million (47.0% of revenues) in the fourthquarter of 2010.
Operatingloss ona GAAP basis in the quarter was $0.7 million compared with an operating incomeof $1.8 million (6.9% of revenues) in the fourth quarter of 2010. Non-GAAP operating income in the quarter was$0.1 million (0.5% of revenues) compared with an operating income of $2.1million (8.4% of revenues) in the fourth quarter of 2010.
Net losson aGAAP basis in the quarter totaled $1.8 million, or $0.06 per diluted share,compared to a net income of $1.3 million, or $0.04 per share in the fourthquarter of 2010. On a non-GAAP basis, net loss in the quarter was $0.5 million,or loss of $0.02 per share, compared with a net income of $1.9 million, or $0.06per diluted share in the fourth quarter of 2010.
FullYear 2011 Results Summary
Revenues for 2011 were$107.0 million, an increase of 22% compared to $87.8 million, as reported in 2010.
Grossprofit ona GAAP basis for 2011 was $47.5 million (44.3% of revenues) compared to grossprofit of $38.4 million (43.7% of revenues) in 2010. Gross profit on a non-GAAPbasis for 2011, was $48.6 million (45.4% of revenues), compared to $38.7million (44.1% of revenues) in 2010.
Operatingincome ona GAAP basis for 2011, was $9.0 million (8.4% of revenues) compared to anoperating income of $4.9 million (5.5% of revenues) in 2010. Non-GAAP operatingincome in 2011 was $10.5 million (9.8% of revenues) compared to an operating incomeof $5.7 million (8.4% of revenues) in 2010.
Netincome ona GAAP basis for 2011 was $5.4 million compared to a net income of $2.8 millionin 2010. Net income on a non-GAAP basisfor 2011 was $8.8 million, compared to a net income of $4.4 million in 2010.
Cashand cash equivalents and short-term deposits as of December 31, 2011 were $26.3 million ($19.5million net of bank loans) compared with $14.8 million ($12.2 million net ofbank loans), which included $5.2 million in restricted deposits, as of December31, 2010. The company generated a positive operating cash flow of $8.2 millionduring the fourth quarter of 2011. For the year, the Company generated apositive operating cash flow of $9.8 million.
Camtekwill host a conference call today, February 21, 2012, at 10:00 am ET.
RoyPorat, Chief Executive Officer and Moshe Eisenberg, Chief Financial Officer,will host the call and will be available to answer questions after presentingthe results.
Toparticipate, please call one of the following telephone numbers a few minutesbefore the start of the call.
US: 1 866 860 9642 at 10:00 am EasternTime
Israel: 03918 0685 at 5:00 pm Israel Time
International: +972 3 918 0685
For those unable to participate, theteleconference will be available for replay on Camtek’s website athttp://www.camtek.co.il/ beginning 24 hours after the call.
Camtek Ltd.provides automated and technologically advanced solutions dedicated toenhancing production processes and increasing yields, enabling and supportingcustomer’s latest technologies in the Semiconductors, Printed Circuit Boards(PCB) and IC Substrates industries.
Camtek addresses the specific needs of theseinterconnected industries with dedicated solutions based on a wide and advancedplatform of technologies including intelligent imaging, image processing,adaptive ion milling (AIM) and digital material deposition (DMD). Camtek’ssolutions range from micro-to-nano by applying its technologies to theindustries’ specific requirements.