CAMTEK ANNOUNCES SEQUENTIAL GROWTH
CAMTEK ANNOUNCES SEQUENTIAL GROWTH IN REVENUES AND GROSS PROFIT IN THIRD QUARTER 2009
16% sequential revenue increase from second quarter 2009;
45% sequential increase in gross profit
MIGDAL HAEMEK, Israel – November 11, 2009 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2009.
Main Financial Highlights:
• Gross margin increased to 42%, up from 34% in second quarter 2009
• Operating and net loss narrowed substantially compared to prior quarter
• Cash and cash equivalents balance increase $1.8 million during the quarter
Third Quarter Financial Results:
Revenues for the third quarter of 2009 increased 16% to $14.5 million, compared to $12.5 million in the second quarter of
2009. Revenues in the third quarter last year totaled $19.1 million.
Gross profit for the third quarter totaled $6.1 million, a 45% increase compared to the $4.2 million gross profit in the
second quarter of 2009. Gross profit for the third quarter of 2008 totaled $6.5 million. Gross margin for the third quarter
of 2009 totaled 42%, compared to 34% in the second quarter of 2009 and 34% in the third quarter of 2008. The higher gross
margin in the third quarter resulted from a more favorable product and service mix as compared to the prior quarter. Gross
margin for the third quarter of 2008 included an inventory write-off of $1.5 million compared to a $0.5 million write-off
Operating loss for the third quarter of 2009 narrowed substantially to $180 thousand, compared to the $2.1 million operating
loss in the prior quarter. Operating loss in the third quarter of 2008 totaled $3.8 million. Net loss for the third quarter of 2009 totaled $0.33 million, or $0.01 per share, compared to $2.1 million, or $0.07 per share in the prior quarter. Net loss for the third quarter last year totaled $4.1 million, or $0.14 per share.
Cash and cash equivalents at September 30, 2009, totaled $13.8 million compared to $12 million at June 30, 2009. The increase
in cash during the quarter resulted primarily from a decrease in inventory levels and from improved customer collections.
Rafi Amit, Camtek’s CEO, commented on the results and the quarter: “This quarter we continued to improve our results, as we
return to generating long term growth. In this quarter we witnessed an increase in revenues both in the Printed Circuit Board
and semiconductor optical inspection markets , driven by increased order generation, contributing to a higher gross profit
and a narrowing of both our operating and net loss. Furthermore our prudent expense management and more favorable product
mix enabled us to further expand margins to our historic range. Our very tight rein on expenses also enabled us to increase
our cash balance during the quarter, ending the quarter with close to $14 million in cash. Looking ahead, as we enter the
fourth quarter and near 2010, we are cautiously optimistic, witnessing increasingly positive indications from customers,
primarily in the Asia region. We continue to steadily invest in R&D with a view to growing and expanding our standing in
each of our primary markets, as well as to introduce new innovative products. We estimate that revenues in the fourth quarter
will be $15 to $17 million.”
Camtek will host a conference call today, November 11, at 10:00 am EDT. Roy Porat, General Manager Camtek Israel and
Mira Rosenzweig, Chief Financial Officer will host the call and will be available to answer questions after presenting the
To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call,
referencing the “Camtek third quarter 2009 results conference call”.
US: 1 888 668 9141 at 10:00 am Eastern Time
Israel: 03 918 0650 at 5:00 pm Israel Time
International: +972 3 918 0650
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.
With headquarters in Migdal Ha’Emek Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical
inspection systems and related products. Camtek’s automatic inspection systems are used to enhance both production processes and yield for manufacturers in the printed circuit board industry, the high density interconnect substrate industry and the semiconductor manufacturing and packaging industry. This press release is available at www.camtek.co.il
This press release may contain projections or other forward-looking [state]ments regarding future events or the future
performance of the Company. These [state]ments are only predictions and may change as time passes. We do not assume any
obligation to update that information. Actual events or results may differ materially from those projected, including as a
result of changing industry and market trends, reduced demand for our products, difficulties surrounding the timely
development of our new products and their adoption by the market, increased competition in the industry, price reductions,
litigation risks, as well as due to risks identified in the documents filed by the Company with the SEC.
Mira Rosenzweig, CFO
Ehud Helft / Kenny Green
GK Investor Relations
Tel: (US) 1 646 201 9246