CAMTEK ANNOUNCES FIRST QUARTER 2012 RESULTS
Q1 Revenue- within range, expecting over30% revenue growth in the second quarter of 2012
MIGDALHAEMEK, Israel – May 3, 2012 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced itsfinancial results for the quarter ended March 31, 2012.
Highlightsof the First Quarter 2012
· Revenues of $18.2 million;
· Non-GAAP operating loss of $0.9 million; GAAPoperating loss of $1.1 million
· Non-GAAP net loss of $0.6 million; GAAP netloss of $1.4 million;
· Positive operating cash flow of $600 thousand inthe quarter
· Second quarter revenue guidance of $23-25 million
RoyPorat, Camtek’s Chief Executive Officer, commented, “As we moveinto the second quarter, we are seeing that the recovery already observed inthe front-end last quarter finally reached the back-end part of thesemiconductor capital equipment industry. We believe that as we move throughthe year this recovery will eventually extend to the PCB sector, which willfurther contribute to our growth this year.”
ContinuedMr. Porat, “Iam pleased with the recent strong demand from the market for our products,which gives us confidence looking ahead, and this underlies our revenueguidance for the upcoming quarter. We believe revenues for the second quarter willrange between $23-25 million, representing over 30% sequential growth,accordingly we expect the business to return to profitability.”
FirstQuarter 2012 Financial Results
Revenues for the firstquarter of 2012 were $18.2 million. This is a decrease of 34% compared to $27.5million in the first quarter of 2011 and a decrease of 14% compared with $21.1million in the prior quarter.
Grossprofit ona GAAP basis in the quarter totaled $7.6 million (42.0% of revenues). This is comparedwith $12.8 million (46.5% of revenues) in the first quarter of 2011 and $8.1 million(38.4% of revenues) in the prior quarter.
Grossprofit on a non-GAAP basis in the quarter totaled $7.7 million (42.5% ofrevenues). This is compared with $12.9 million (47.0% of revenues) in the firstquarter of 2011 and $8.9 million (42.1% of revenues) in the prior quarter.
Operatingloss ona GAAP basis in the quarter was $1.1 million. This is compared with anoperating income of $2.9 million in the first quarter of 2011 and an operatingloss of $0.7 million in the prior quarter.
On anon-GAAP basis, operating loss in the quarter was $0.9 million. This iscompared with an operating income of $3.2 million in the first quarter of 2011and an operating income of $0.1 million in the prior quarter.
Net losson aGAAP basis in the quarter totaled $1.4 million, or $0.05 per share. This iscompared with a net income of $2.4 million, or $0.08 per diluted share in the firstquarter of 2011 and a net loss of 1.9 million, or $0.06 per share in the priorquarter.
On anon-GAAP basis, net loss in the quarter was $0.6 million, or loss of $0.02 pershare. This is compared with a net income of $3.1 million, or $0.10 per dilutedshare in the first quarter of 2011 and a net loss of $0.5 million or loss of$0.02 per share in the prior quarter.
Cash and cash equivalents and short-termdeposits as of March 31, 2012 were $26.0 million ($19.6million net of bank loans) compared with $26.3 million ($19.5 million net ofbank loans), as of December 31, 2011. The company generated a positiveoperating cash flow of $0.6 million during the first quarter of 2012
Camtekwill host a conference call today, May 3, 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: 1 888 407 2553 at 10:00 am EasternTime
Israel: 03918 0609 at 5:00 pm Israel Time
International: +972 3 918 0609
For thoseunable to participate, the teleconference will be available for replay onCamtek’s website at http://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.