Newsroom

CAMTEK ANNOUNCES FIRST QUARTER 2015 RESULTS

Q1 revenues of $21.8 million; Non-GAAP operating income of $1.2m; Q2 revenue guidance of $23-25m 

MIGDAL HAEMEK, Israel – April 30, 2015– Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended March 31, 2015.

Highlights of the First Quarter 2015

  • Revenues of $21.8 million, up 6% sequentially;
  • Non-GAAP operating income of $1.2 million; GAAP operating income of $1.1 million;
  • Non-GAAP net income of $0.3 million; GAAP net income of $0.1 million;
  • Q2 revenue guidance of $23 to 25 million;
  • Gryphon is being evaluated by a new major PCB manufacturer; and
  • Gryphon SL machines, utilizing Camtek’s 3D functional inkjet technology, are being built in anticipation of customers' evaluations and orders.

 

Rafi Amit, Camtek’s Chairman and CEO, commented, “Following a number of recent sales of our Eagle system to new accounts, we expect increasing second quarter revenues in our semiconductor business. We see this positive momentum continuing into the third quarter as well, which supports our year-over-year double-digit growth target in our semiconductor business.”

 

Continued Mr. Amit, “We are pleased with the progress we have made in the Gryphon commercialization. We have started an evaluation process at a major PCB manufacturer and we are expanding our marketing efforts for Gryphon into the Asian market, which is the largest market for PCB manufacturers. Our recently launched next generation model, the Gryphon SL, enables both legend and solder mask deposition. We believe that our customers are, and will be, attracted by the prospect of using Gryphon for both these processes, which are currently very time consuming. Following the initial feedback from this launch, in anticipation of customers' evaluations and orders, we are now building Gryphon SL machines."

"All in all we expect a good second quarter, with a total sales of $23-25 million." concluded Mr. Amit.

First Quarter 2015 Financial Results

Revenuesfor the first quarter of 2015 were $21.8 million. This compares to first quarter 2014 revenues of $22.1 million and fourth quarter 2014 revenues of $20.6 million.

Gross profit on a GAAP basis in the quarter totaled $9.8 million (45.1% of revenues), compared to $10.1 million (45.8% of revenues) in the first quarter 2014 and $9.5 million in the fourth quarter of 2014 (45.9% of revenues).

Gross profit on a non-GAAP basis in the quarter totaled $9.8 million (45.2% of revenues), compared to $10.1 million (45.9% of revenues) in the first quarter 2014 and $9.7 million in the fourth quarter of 2014 (47.2% of revenues).

Operating profit on a GAAP basis in the quarter totaled $1.1 million (5.2% of revenues), compared to $1.2 million (5.3% of revenues) in the first quarter 2014 and $361 thousand in the fourth quarter of 2014 (1.8% of revenues).

Operating profit on a non-GAAP basis in the quarter totaled $1.2 million (5.5% of revenues), compared to $1.2 million (5.5% of revenues) in the first quarter 2014 and $702 thousand in the fourth quarter of 2014 (3.4% of revenues).

Financial expenseson a GAAP basis in the quarter totaled $847 thousand, compared to $365 thousand in the first quarter 2014 and $358 thousand in the fourth quarter of 2014.

Financial expenseson a non-GAAP basis in the quarter totaled $624 thousand, compared to $159 thousand in the first quarter 2014 and $358 thousand in the fourth quarter of 2014.

Net income on a GAAP basis in the quarter totaled $52 thousand, or $0.00 per diluted share. This compares to net income of $639 thousand, or $0.02 per diluted share, in the first quarter 2014 and a net income of $68 thousand, or $0.00 per diluted share, in the fourth quarter of 2014. 

Net income on a non-GAAP basis in the quarter totaled $336 thousand, or $0.01 per diluted share. This compares to net income of $883 thousand, or $0.03 per diluted share, in the first quarter 2014 and a net income of $408 thousand, or $0.01 per diluted share, in the fourth quarter of 2014. 

Cash, cash equivalents, short and long-term restricted deposits, as of March 31, 2015 were $21.9 million (out of which $7.9 million are restricted deposits) compared to $26.8 million as of December 31, 2014. The Company generated a negative operating cash flow of $4.2 million during the quarter, principally due to an increase in inventory and accounts receivable.

Conference Call

Camtek will host a conference call today, April 30, 2015, at 10:00 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 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.