CAMTEK ANNOUNCES ALL TIME RECORD REVENUES
YEAR OVER YEAR REVENUE INCREASE OF 38% TO $28.8 MILLION
MIGDAL HAEMEK, Israel – August 3, 2011 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2011.
Main Financial Highlights of the Second Quarter
· All time record revenues of $28.8 million, representing a sequential quarterly increase of 4.8% and a year-over-year increase of 38%.
· Non-GAAP gross margin of 45.6% for the quarter compared with non-GAAP gross margin of 43.5% in the second quarter of last year; GAAP gross margin of 45.3% for the current quarter.
· Non-GAAP operating income of $3.0 million compared with non-GAAP operating income of $1.7 million in the second quarter of 2010. GAAP operating income reached $2.8 million in the current quarter;
· Non-GAAP net income of $2.9 million in the quarter compared with Non-GAAP net income of $1.4 million in the second quarter of 2010; GAAP net income of $2.2 million was earned in the current quarter.
· Non-GAAP earnings per diluted share of $0.10; GAAP earnings per diluted share of $0.07.
Results for the three months ended June 30, 2011 on a non-GAAP basis, exclude the following items: (i) Expenses with respect to the acquisition of SELA and Printar; and (ii) share based compensation expenses. A re-conciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
Second Quarter 2011 Financial Results
Revenues for the second quarter of 2011 increased 38% to $28.8 million, compared to $20.8 million in the second quarter of 2010. The level of revenues in the second quarter of 2011 were at an all time high for the Company growing 4.8% sequentially, and came in at the top-end of the previously-announced guidance range of between $27-$29 million. The ongoing growth is a result of the continued increase in demand from customers in the quarter, as well as the penetration of new customers and increasing sales of the Company’s new products. Compared with the prior quarter, revenues from semiconductor products in the quarter decreased by approximately 5% due to the softening in these markets, while revenues from PCB products increased by approximately 19%.
Gross profit on a GAAP basis in the quarter totaled $13.0 million (45.3% of revenues), compared with $8.8 million (42.4% of revenues) in the second quarter of 2010. Gross profit on a non-GAAP basis in the quarter totaled $13.1 million (45.6% of revenues), compared with $9.1 million (43.5% of revenues) in the second quarter of 2010.
Operating income on a GAAP basis in the quarter was $2.8 million (9.7% of revenues) compared with $1.2 million (5.8% of revenues) in the second quarter of 2010. Non-GAAP operating income was $3.0 million (10.45% of revenues) in the quarter compared with $1.7 million (8.4% of revenues) in the second quarter of 2010.
Net income on a GAAP basis in the second quarter of 2011 totaled $2.2 million, or $0.07 per diluted share, compared to $460 thousand, or $0.02 per diluted share, in the second quarter of 2010.
Net income on a non-GAAP basis in the second quarter of 2011 was $2.9 million, or $0.10 per diluted share, compared with $1.4 million, or $0.05 per diluted share, in the second quarter of 2010.
Operating cash flow in the quarter amounted to a positive $1.5 million.
Cash and cash equivalents levels as of June 30, 2011 were $12.3 million with an additional amount of $5.1 million in restricted cash. This is compared with $9.2 million in cash and equivalents, and an additional $5.2 million restricted cash as at March 30, 2011. The increase in cash and cash equivalents resulted mainly from a positive cash flow during the quarter and an increase in bank loans in the amount of $2.5 million.
Roy Porat, Camtek’s Chief Executive Officer, commented: "We are continuing on from our great start to 2011 with another quarter of solid top line growth, and I am glad to present revenues of $28.8 million which is a new all time record for Camtek. We showed strong growth in our PCB business, despite some softening in our semiconductor business, the diversification across our businesses allowed us to continue with our growth in the quarter. With regard to our new products in the front-end semiconductor market, the Xact and the Gannet, we continued to see significant interest. We also qualified more tools at new customers, which is a confirmation of their technological capabilities. Looking ahead, we expect these new products to materialize the strong momentum we see in customers’ interest, and become larger contributors to our overall long-term revenue growth."
Mr. Porat concluded: “With regard to our outlook, while many of our peers in the semiconductor industry see some softening ahead, we see good order momentum and expect a sequentially more or less flat quarter with anticipated revenues of between $27.5 and $29.5 million.”
The Company will also host a conference call today, starting at 10:00 am ET. Roy Porat, Chief Executive Officer and Mira Rosenzweig, 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:
Israel: 03 918 0609 at 5:00 pm Israel TimeInternational: +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.
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