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CAMTEK ANNOUNCES SECOND QUARTER 2013 RESULTS

Revenues of $22.3 million growing 23% sequentially; operating income of $1 million

MIGDAL HAEMEK, Israel – August 8, 2013– Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended June 30, 2013.

Highlights of the Second Quarter 2013

  • Revenues of $22.3 million – up 23% over first quarter 2013 revenues;
  • Non-GAAP operating income of $1.2 million; GAAP operating income of $1.0 million;
  • Non-GAAP net income of $1.0 million; GAAP net income of $0.3 million;
  • Positive operating cash flow of $1.1 million;

 

Roy Porat, Camtek’s Chief Executive Officer, commented, “We are very pleased with our second quarter results, with sequential revenue growth of 23% and non-GAAP operating income of $1.2 million. Camtek's revenue model balances out the industry cyclicality by offering multiple products to the two markets in which we operate. Our Xact sample preparation product made an important contribution to the growth in this quarter's revenues.”

Concluded Mr. Porat, “As we move into the second half of the year, similar to peers in our industry, we are seeing a pause with some push outs in expected orders. The general atmosphere, while cautious, remains positive, with expectations of growth in the latter part of the year and next year. Subsequently, for the third quarter we are expecting revenues sequentially slightly lower at a range between $19-21 million. Taking a broader perspective, I believe Camtek is well positioned to take advantage of the cyclical markets in which we operate, with both our legacy inspection products as well as the new products coming into play.”

Second Quarter 2013 Financial Results

Revenuesfor the second quarter of 2013 were $22.3 million. This is a 23% improvement from prior quarter revenues of $18.1 million and an 11% decrease from the second quarter of 2012.

Gross profiton a GAAP basis in the quarter totaled $9.8 million (44.0% of revenues). This is a 20% improvement compared to $8.2 million (45.4% of revenues) in the prior quarter and a 19% decrease compared to $12.1 million in the second quarter of 2012 (48.2% of revenues). Gross profit on a non-GAAP basis in the quarter totaled $9.9 million (44.4% of revenues). This is a 20% improvement compared to $8.3 million (45.8% of revenues) in the prior quarter and a 19% decrease compared to $12.2 million (48.6% of revenues) in the second quarter of 2012.

Operating incomeon a GAAP basis in the quarter was $1.0 million (4.5% of revenues). This is compared to an operating loss of $0.2 million in the prior quarter and to operating income of $3.3 million in the second quarter of 2012 (13.0% of revenues).  Operating profit on a non-GAAP basis in the quarter was $1.2 million (5.4% of revenues). This is compared to an operating income of $0.1 million (0.4% of revenues) in the prior quarter and of $3.4 million (13.8% of revenues) in the second quarter of 2012. 

Net income on a GAAP basis in the quarter totaled $0.3 million or $0.01 per diluted share. This is compared to a net loss of $0.9 million or $0.03 per share in the prior quarter and to net income of $2.3 million or $0.08 per share in the second quarter of 2012.  Net income on a non-GAAP basis in the quarter was $1.0 million or $0.03 per diluted share. This is compared to a net loss of $0.2 million or $0.01 per share in the prior quarter and net income of $3.0 million or $0.10 per share in the second quarter of 2012.

Cash, cash equivalents and short-term deposits, net of bank loansas of June 30, 2013 were $17.6 million compared to $17.3 million as of March 31, 2013. The company generated $1.1 million from operating cash flow during the second quarter of 2013. In addition, the company used cash to repay $3.1 million of bank loans.