CAMTEK ANNOUNCES FIRST QUARTER 2010 RESULTS
CONTINUED IMPROVEMENT IN REVENUES AND CASH GENERATION
90% year-over-year revenue increase
MIGDAL HAEMEK, Israel – May 12, 2010 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the
quarter ended March 31, 2010.
Main Financial Highlights of the First Quarter
• Revenues of $17.6 million representing a year-over-year increase of 90% and a sequential increase of 2%.
• Non-GAAP operating loss of $0.1 million compared with $5.0 million in the first quarter of 2009. GAAP operating loss
of $0.4 million.
• Cash and cash equivalents balance increased to $16.2 million; Company generated $0.8 million in operating cash flow
during the quarter.
Results for the three months ended March 31, 2010 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 2010 Financial Results
Revenues for the first quarter of 2010 increased 90% to $17.6 million, compared to $9.3 million in the first quarter of 2009.
Revenues grew 2% sequentially, representing the fourth quarter of continued sequential growth.
Gross profit on a GAAP basis for the quarter was $7.0 million (40% of revenues), compared to gross profit of $3.5 million
(37% of revenues) in the first quarter of 2009. On a non-GAAP basis, gross profit for the quarter of 2010 totaled
$7.3 million (41% of revenues), compared with $3.5 million (37% of revenues) in the first quarter of 2009.
Non-GAAP operating loss for the first quarter of 2010 was $0.1 million compared with $5.0 million in the first quarter of
2009. On a GAAP basis, the operating loss in the first quarter of 2010 was $0.4 million and in the first quarter of 2009 was
$5.0 million.
Non-GAAP net loss for the first quarter of 2010 totaled $0.3 million, or $0.01 per share, compared to a net loss of
$5.5 million, or a loss of $0.19 per share, in the first quarter of 2009. On a GAAP basis, net loss in the first quarter of
2010 was $0.9 million, or a loss of $0.03 per share, and in the first quarter of 2009 was $5.5 million, or $0.19 per share.
Cash and cash equivalents as of March 31, 2010 reached $16.2 million compared to $15.8 million at the end of the prior
quarter. The increase in cash during the quarter resulted from a positive operating cash flow of $0.8 million less
$0.4 million for cash used in capital expenditure.
Roy Porat, Camtek’s General Manager, commented, “We are happy with our first quarter results. Although results are normally
seasonally weaker in the first quarter than those of the fourth quarter, they, in fact, improved and are in line with our
strong expectations, demonstrating the solid footing underlying the recovery.”
Continued Mr. Porat, “As we move through the second quarter, we can definitely say that the markets we operate in are now all
in a high utilization mode and customers are actively expanding their capacity by investing in capital equipment. Looking
ahead, we are expecting to show continued improvements, not only from the recovery and expansion of our main markets, but
also from the additional growth of our new products, which are targeting new and potentially larger markets for Camtek.
With regard to our outlook for the second quarter, we expect revenues of between $20-$22 million and anticipate continued
growth into the second half of the year.”
Conference Call
Camtek will host a conference call today, May 12, 2010, at 10:00 am ET. Roy Porat, General Manager of Camtek 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: 1 888 281 1167 at 10:00 am Eastern Time
Israel: 03 918 0664 at 5:00 pm Israel Time
International: +972 3 918 0664
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.
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, the timely development of our new products
and their adoption by the market, increased competition in the industry, intellectual property litigation, price reductions
as well as due to risks identified in the documents filed by the Company with the SEC.
Use of Non-GAAP Measures
This press release provides financial measures for net income and basic and diluted earnings per share that exclude certain
items and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management
believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the Company’s net income and earnings per share and to compare it with historical net income and earnings per share.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.
Contacts:
| CAMTEK LTD. Mobile: +972-54-9050703Email: |
INTERNATIONAL INVESTOR RELATIONS
CCG Investor Relations |
{mosimage}
{mosimage}
{mosimage}
{mosimage}