CAMTEK LTD. ANNOUNCES RESULTS FOR Q2 2008
MIGDAL HAEMEK, Israel – August 12, 2008 – Camtek Ltd. (NASDAQ: CAMT, TASE: CAMT), today announced its results for the second quarter ended June 30, 2008.
Revenues for the second quarter of 2008 were $22.7 million, 48% above $15.3 million in the second quarter of 2007, and up 7% sequentially from $21.3 million reported in the first quarter of 2008. Gross profit margin for the second quarter of 2008 was 38.9%, compared to 40.8% for the second quarter of 2007, and 44.5% for the first quarter of 2008.
The Company reported a second quarter net loss of $0.5 million, or $0.016 per share, compared to a net loss of $3.5 million, or $0.115 per share, in the second quarter of last year, and a net income of $0.5 million, or $0.016 per diluted share, in the first quarter of 2008.
Rafi Amit, Camtek’s CEO, commented, “Our sales to the semiconductor manufacturing and packaging industries grew 27% over the previous quarter, while our revenues from the PCB market declined moderately. This is a considerable achievement given the background of on-going weakness in the capital equipment industry and the global economic uncertainty. We can attribute the growth in sales of semiconductor inspection products to the enhanced competitiveness of our new Falcon models, as well as to an apparent need for additional inspection for existing production lines to support increased volume of technologically-advanced products.”
Mr. Amit added, “As pleased as we are with our top line, our gross margin and bottom line were impacted by a number of factors beyond our control. These included increasing freight and raw material costs and the further weakening of the US dollar against the Israeli shekel. We are implementing tighter control over our expenses, while continuing our investment in research and development, and decided to raise our selling prices by 5% on average. We do not expect this raise to have a significant impact on the market demand for our products”, added Mr. Amit
Mr. Amit concluded, “Based on the concerns of a global economic slowdown and their potential effects on our industry, we opt to take a conservative approach and estimate revenues in the third quarter of 2008 between 18 and 20 million dollars.”
Camtek also announced that Ms. Mira Rosenzsweig will join Camtek’s management in September 2008. She will replace Ms. Ronit Dulberg as the company CFO after a transition period. Mr. Amit commented, “I would like to thank Ronit for her significant contribution over the past years, and to welcome Mira on board.”