CAMTEK ANNOUNCES FIRST QUARTER 2014 RESULTS
Second 3D Functional Inkjet Technology System started testing at a customer site; First System on track
MIGDAL HAEMEK, Israel – May 1, 2014– Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended March 31, 2014.
Highlights of the First Quarter 2014
- Revenues of $22.1 million;
- Improved gross margins of 45.9% (non-GAAP); 45.8% on a GAAP basis;
- Non-GAAP and GAAP operating income of $1.2 million or 5.5% and 5.3% of revenues, respectively;
- Non-GAAP net income of $0.9 million; GAAP net income of $0.6 million;
- Positive cash flow from operating activities of $1.3 million;
- Second quarter revenue guidance of $22-24 million
Rafi Amit, Camtek’s Chairman and CEO, commented, “We are pleased with the results of the quarter. Revenues were in line with our expectations and we have shown improvement in gross margins and profitability across the board. This improvement is a result of our ongoing efforts towards efficient operations as well as our recent decision to focus our resources on segments we believe have better growth potential.”
Continued Mr. Amit, “The first customer-site test of our 3D Functional InkJet Technology product, which we have named the Gryphon product line, is ongoing and we are happy to report that the results have so far met our expectations. We are also pleased to announce the launch of a second customer-site test at our sister company, PCB Technologies. We believe we remain on track for commercial installations to begin in the latter half of the year.”
Concluded Mr. Amit, “So far this year is looking promising and we have expectations of double digit growth in our semiconductor inspection and metrology business. For the second quarter, we believe revenues will be between $22-24 million.”
First Quarter 2014 Financial Results
Revenuesfor the first quarter of 2014 were $22.1 million. This is a 22% improvement compared to revenues of $18.1 million in the first quarter of 2013. The revenue guidance range for the quarter was $21-23 million for the quarter.
Gross profiton a GAAP basis in the quarter totaled $10.1 million (45.8% of revenues), a 23.5% improvement compared to $8.2 million (45.4% of revenues) in the first quarter of 2013.
Gross profit on a non-GAAP basis in the quarter was $10.1 million (45.9% of revenues), a 22.5% improvement compared to $8.3 million (45.8% of revenues) in the first quarter of 2013.
Operating incomeon a GAAP basis in the quarter was $1.2 million (5.3% of revenues), compared with an operating loss of $0.2 million in the first quarter of 2013.
Operating income on a non-GAAP basis in the quarter was $1.2 million (5.5% of revenues) compared with operating income of $0.1 million in the first quarter of 2013.
Net income on a GAAP basis in the quarter totaled $0.6 million (2.9% of revenues) or $0.02 per share, compared to a net loss of $0.9 million or $0.03 per share in the first quarter of 2013.
Net income on a non-GAAP basis in the quarter was $0.9 million (4.0% of revenues) or $0.03 per share, compared to a net loss of $0.2 million or $0.01 per share in the first quarter of 2013.
Cash, cash equivalents and short-term depositsas of March 31, 2014 were $23.5 million compared to $22.5 million as of December 31, 2013. The company generated $1.3 million in positive cash flow from operating activities during the first quarter of 2014.
Camtek will host a conference call today, May 1, 2014, at 9:00 am ET.
Rafi Amit, Chairman and CEO, and Moshe Eisenberg, 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 9:00 am Eastern Time
Israel: 03 918 0609 at 4:00 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.