CAMTEK ANNOUNCES STRONG GROWTH IN FIRST QUARTER 2011 RESULTS
SEQUENTIAL QUARTERLY REVENUE INCREASE OF 8% AND YEAR OVER YEAR INCREASE OF 56%
MIGDAL HAEMEK, Israel – April 28, 2011 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended March 31, 2011.
· Revenues of $27.5 million, representing a sequential quarterly increase of 8% and a year-over-year increase of 56%.
· Non-GAAP gross margin of 47.0% for the quarter compared with 41.0% in the first quarter of last year; GAAP gross margin of 46.6% for the current quarter.
· Both non-GAAP operating income and net income of $3.1 million in the quarter; GAAP operating income of $3.0 million and GAAP net income of $2.4 million.
· Non-GAAP earnings per diluted share of $0.10; GAAP earnings per diluted share of $0.08.
Results for the three months ended March 31, 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.
First Quarter 2011 Financial Results
Revenues for the first quarter of 2011 increased 56% to $27.5 million, compared to $17.6 million in the first quarter of 2010. Revenues grew 8% sequentially, and came in slightly above the formerly issued guidance range of between $25-27 million. The ongoing growth is as a result of the continued increase in demand from customers as well as the penetration into new customers and increasing sales of the Company’s new products.
Gross profit on a GAAP basis in the quarter totaled $12.8 million (46.6% of revenues), compared with $7.0 million (40% of revenues) in the first quarter of 2010. Gross profit on a non-GAAP basis in the quarter totaled $12.9 million (47.0% of revenues), compared with $7.3 million (41% of revenues) in the first quarter of 2010.
Operating income on a GAAP basis in the quarter was $3.0 million (10.8% of revenues) compared with an operating loss of $0.4 million in the first quarter of 2010. Non-GAAP operating income was $3.1 million (11.5% of revenues) in the quarter compared with an operating loss of $0.1 million in the first quarter of 2010.
Net income on a GAAP basis in the first quarter of 2011 totaled $2.4 million, or $0.08 per diluted share, compared to a net loss of $0.9 million, or a loss of $0.03 per diluted share in the first quarter of 2010.
Net income on a non-GAAP basis in the first quarter of 2011 was $3.1 million, or $0.10 per diluted share, compared with a net loss of $0.3 million, or $0.01 per diluted share in the first quarter of 2010.
Cash and cash equivalents levels as of March 31, 2011 were $9.2 million with an additional amount of $5.2 million in restricted cash compared with $9.6 million and $5.2 million restricted cash at December 31, 2010.
Management Comment
Roy Porat, Camtek’s Chief Executive Officer, commented: "We are very pleased with our strong results and it is a great start for 2011. This quarter’s success was the result of our continuous efforts in reshaping our business that started eight quarters ago and has resulted in gradual growth since then. The growth has cemented our sound position in our legacy inspection businesses in the back-end semiconductor and PCB industries. We are also now moving from proving feasibility to actually establishing a position with our new front-end semiconductor inspection and sample preparation product lines."
Mr. Porat concluded: "For the second quarter of 2011, we anticipate flat to moderate growth with revenues of between $27-29 million."
Conference Call
Camtek will host a conference call today, April 28, 2011, 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.
US: 1 888 668 9141 at 10:00 am Eastern Time
Israel: 03 918 0609 at 5:00 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.co.il beginning 24 hours after the call.
ABOUT CAMTEK LTD.
Camtek Ltd provides automated solutions dedicated for enhancing production processes and yield, enabling our customers new technologies in two industries; Semiconductors, Printed Circuit Board (PCB) & IC Substrates.
Camtek addresses the specific needs of these industries with dedicated solutions based on a wide and advanced platform of technologies including intelligent imaging, image processing, ion milling and digital material deposition. Camtek’s solutions range from micro-to-nano by applying its technologies to the industry-specific requirements.
This press release is available at www.camtek.co.il.