CAMTEK ANNOUNCES SECOND QUARTER 2016 RESULTS
Q2 revenues of $27.3 million- a 12% sequential increase;
Non-GAAP Operating Income of $1.9 million; Expects continued top line growth-Q3 guidance of $27.5-29m
MIGDAL HAEMEK, Israel – July 21, 2016– Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter ended June 30, 2016.
Highlights of the Second Quarter 2016
- Revenues of $27.3 million, up 7% year over year;
- Non-GAAP gross margin of 46.8%; GAAP gross margin of 46.7%
- Non-GAAP operating income of $1.9 million; GAAP operating income of $1.7 million;
- Non-GAAP net income of $1.5 million; GAAP net income of $1.3 million;
Expecting continued growth driven by Semiconductor Advance packaging applications.
Q3 revenue guidance of $27.5 to $29 million.
Rafi Amit, Camtek’s Chairman and CEO, commented, “We are very pleased with our results, reporting revenues of over $27 million, which was ahead of our guidance. We also demonstrated solid gross and operating margins, leading to our strong profitability this quarter. This was driven by our performance in the semiconductor business. Advanced packaging continues to grow and capture a larger portion of the capital expenditure made by major manufacturers. Camtek is in a very strong position to continue to capitalize on this.”
Added Mr. Amit, “For the third quarter, we expect continued revenue growth, reaching a level of between $27.5- $29 million. This is in line with our positive outlook for the rest of the year, particularly in the back-end semiconductor space. As we stated back in February, we are targeting year on year double-digit growth in our semiconductor business.”
Second Quarter 2016 Financial Results
Revenuesfor the second quarter of 2016 were $27.8 million. This compares to second quarter 2015 reven ues of $25.4 million, a growth of 7% and prior quarter revenues of $24.5 million, an increase of 12%.
Gross profit on a GAAP basis in the quarter totaled $12.7 million (46.7% of revenues), compared to $10.9 million (42.7% of revenues) in the second quarter 2015 and $10.3 million in the prior quarter (42.2% of revenues).The improved gross margin is due to the increase in revenue and favorable product mix.
Gross profit on a non-GAAP basis in the quarter totaled $12.8 million (46.8% of revenues), compared to $10.9 million (42.7% of revenues) in the second quarter 2015 and $10.3 million in the prior quarter (42.3% of revenues).
Operating profit on a GAAP basis in the quarter totaled $1.7 million (6.4% of revenues), compared to $1.1 million (4.5% of revenues) in the second quarter 2015 and an operating profit of $372 thousand in the prior quarter.
Operating profit on a non-GAAP basis in the quarter totaled $1.9 million (6.8% of revenues), compared to $1.2 million (4.5% of revenues) in the second quarter 2015 and $452 thousand in the prior quarter (1.8% of revenues).
Net income on a GAAP basis in the quarter totaled $1.3 million, or $0.04 per diluted share. This compares to net income of $647 thousand, or $0.02 per diluted share, in the second quarter 2015 and a net income of $24 thousand, or $0.00 per share, in the prior quarter.
Net income on a non-GAAP basis in the quarter totaled $1.5 million, or $0.04 per diluted share. This compares to net income of $825 thousand, or $0.03 per diluted share, in the second quarter 2015 and a net income of $194 thousand, or $0.01 per diluted share, in the prior quarter.
Cash, cash equivalents, short and long-term restricted deposits, as of June 30, 2016 were $31.8 million compared to $38.7 million as of December 31, 2015. The Company reported a negative operating cash flow of $1.6 million during the quarter.
Camtek will host a conference call today, Thursday, July 21, 2016, at 10:00 am ET.
Rafi Amit, Chairman and CEO, and Moshe Eisenberg, CFO, 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 0685 at 5:00 pm Israel Time
International: +972 3 918 0685
For those unable to participate, the teleconference will be available for replay on Camtek’s website at https://www.camtek.com beginning 24 hours after the call.