CAMTEK ANNOUNCES ALL TIME RECORD REVENUE
YEAR OVER YEARREVENUE INCREASE OF 24% TO $29.7 MILLION
MIGDAL HAEMEK, Israel – November 3, 2011 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2011.
Main Financial Highlights of the Third Quarter
All-time record quarterly revenue of $29.7 million, representing a sequential quarterly increase of 3% and a year-over-year increase of 24%.
Non-GAAP gross margin of 45.9% for the quarter compared with non-GAAP gross margin of 45.8% in the third quarter of last year; GAAP gross margin of 45.5% for the current quarter
Non-GAAP operating income of $4.2 million compared with non-GAAP operating income of $2.5 million in the third quarter of 2010. GAAP operating income reached $4.0 million in the current quarter.
Non-GAAP net income of $3.3 million in the quarter compared with Non-GAAP net income of $2.5 million in the third quarter of 2010; GAAP net income of $2.6 million in the current quarter.
Non-GAAP earnings per diluted share of $0.11; GAAP earnings per diluted share of $0.09.
Results for the three months ended September 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.
ThirdQuarter 2011 Financial Results
Revenues for the third quarter of 2011increased 24% to $29.7 million, compared to $23.9 million in the third quarterof 2010. The level of revenues in the third quarter of 2011 were at an all-timehigh for the Company for the second quarter in a row, growing 3% sequentially,and came in slightly ahead of the top-end of the previously-announced guidancerange of between $27.5-$29.5 million.
Gross profit on a GAAP basis in the quartertotaled $13.5 million (45.5% of revenues), compared with $10.9 million (45.6%of revenues) in the third quarter of 2010. Gross profit on a non-GAAP basis inthe quarter totaled $13.6 million (45.9% of revenues), compared with $10.9million (45.8% of revenues) in the third quarter of 2010.
Operatingincome on a GAAPbasis in the quarter was $4.0 million (13.4% of revenues) compared with $2.3million (9.7% of revenues) in the third quarter of 2010. Non-GAAP operating income was $4.2 million(14.1% of revenues) in the quarter compared with $2.5 million (10.5% ofrevenues) in the third quarter of 2010.
Net income on a GAAP basis in the third quarter of 2011 totaled$2.6 million, or $0.09 per diluted share, compared to $2.0 million,or $0.07 per diluted share, in the third quarter of 2010.
Net income on a non-GAAP basis in the third quarter of 2011 was $3.4million, or $0.11 perdiluted share, compared with $2.5 million, or $0.08 per diluted share, in thethird quarter of 2010.
Cash and cash equivalents levels as of September 30, 2011 were $13.9 million plusan additional $5.1 million in restricted cash. This is compared with $12.3million in cash and equivalents, plus an additional $5.1 million in restrictedcash as of June 30, 2011. Following Camtek’s successful appeal in an infringementdispute, a bond which Camtek had provided as part of the process was officiallyreleased on September 27, 2011, and subsequently, soon after the reportingdate, the pledged restriction on the cash was released.
Roy Porat, Camtek’s Chief ExecutiveOfficer, commented: “We are very pleased with our strong thirdquarter results, again reaching an all time record. In our results of thequarter, we can increasingly see the potential for the long-term growth in ourbusiness. The recent expansion of our product range from two legacy productlines, adding an additional three product lines, all of which are gainingmarket traction, is enabling us to begin realizing our significant potential.”
Mr. Porat concluded: “As we move through the fourthquarter, it is clear that the pace of business is slower and visibility in theshort-term is also very limited. Similar to our industry peers, the currentglobal macro-economic concerns are weighing on customers’ spending patterns. Atthe same time, the increasing sales and market traction of our new productswhich are in the early penetration and growth phase, are showing continued strength.This has provided us with diversification in our revenue stream away from anyone particular sector, and enabling us to better weather the current downturn.Taking these factors into account, for the fourth quarter we expect revenues inthe range of $22-24 million. This implies that we will report record full yearrevenues in excess of $107 million, representing substantial growth ofapproximately 25% over last year.”
CamtekAppoints New Chief Financial Officer
Camtek todayannounced the appointment of Moshe Eisenberg, replacing Mira Rosenzweig asChief Financial Officer of the Company.
Mr. Eisenbergbrings a wealth of financial experience in U.S. listed, publicly traded andprivate companies. Prior to joining Camtek, he served as the CFO of Exlibris,and prior to that spent 4 years asthe CFO of Scopus Video Networks, leading it from its Initial Public Offeringon Nasdaq until its acquisition by Harmonic. Prior to Scopus, Mr. Eisenbergspent 10 yearswith Gilat Satellite in various finance positions, including 5 years as CFO ofSafenet Inc., a U.S.-based subsidiary of Gilat. Mr. Eisenberg holds an MBA inFinance from Tel Aviv University and a B.Sc. in Agricultural Economics from theHebrew University of Jerusalem.
Commenting onthe appointment, Mr. Porat said, “After 3 years at Camtek, Mira has decided toleave to pursue new opportunities. During her tenure, she has been instrumentaland part of a management team which strongly grew the company, as well as successfullyintegrating two acquisitions. We thank her for all her hard work and wish hermuch success in the future. Moshe Eisenberg, who will be taking over the CFOrole, is bringing to Camtek his experience in various financial roles. We verymuch look forward to Moshe joining us, and we believe he will enable us tofurther grow our business. We welcome him to the Camtek family and wish himevery success in this new role. ”
The Company will alsohost a conference call today, starting at 10:00 am ET. RoyPorat, Chief ExecutiveOfficer, Mira Rosenzweig, outgoing Chief FinancialOfficer, and Moshe Eisenberg, incoming Chief Financial Officer, will host thecall and will be available to answer questions after presenting the results.
To participate, please call one of thefollowing 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 0610 at 4:00 pm Israel Time
International: +9723 918 0610
For those unable to participate, the teleconference will be availablefor replay on Camtek’s website at http://www.camtek.co.il beginning 24hours after the call.
ABOUT CAMTEK LTD.
Camtek Ltd provides automated andtechnologically advanced solutions dedicated to enhancing production processesand increasing yields, enabling and supporting customers’ latest technologies inthe Semiconductor and Printed Circuit Board (PCB) & IC Substratesindustries.
Camtek addresses the specific needs ofthese interconnected industries with dedicated solutions based on a wide andadvanced platform of technologies including intelligent imaging, imageprocessing, ion milling and digital material deposition. Ranging frommicro-to-nano, Camtek provides a complete solution for the whole productioncycle of all electronic devices including smartphones, tablets and othercutting edge consumer products and applications..