CAMTEK ANNOUNCES THIRD QUARTER 2013 RESULTS
MIGDAL HAEMEK, Israel – November 7, 2013– Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended September 30, 2013.
Highlights of the Third Quarter 2013
- Revenues of $21.7 million;
- Non-GAAP operating income of $819 thousand; GAAP operating income of $600 thousand;
- Non-GAAP net income of $545 thousand; GAAP net loss of $122 thousand;
- Positive operating cash flow of $3.1 million;
- Quarter-end net cash position of $20.3 million;
Roy Porat, Camtek’s Chief Executive Officer, commented, “We are pleased with our solid third quarter results, coming in slightly ahead of our original expectations. We are especially pleased with the strong operating cash flow which strengthens our net cash position to over $20 million.”
Concluded Mr. Porat, “Looking ahead into the fourth quarter and beyond, we are seeing signs of a continually improving semiconductor industry which will benefit us. For the fourth quarter of 2013, we expect our revenues to improve to between $22-24 million. Looking towards 2014, Camtek is a leaner and stronger company, primed for improved growth and we are increasingly optimistic with regard to our future.”
Third Quarter 2013 Financial Results
Revenuesfor the third quarter of 2013 were $21.7 million. This is a 2% decrease from prior quarter revenues of $22.3 million and an 8% decrease from the third quarter 2012 revenues of $23.7 million.
Gross profiton a GAAP basis in the quarter totaled $9.7 million (44.6% of revenues). This is a 1% decrease compared to $9.8 million (44.1% of revenues) in the prior quarter and a 15% decrease compared to $11.4 million in the third quarter of 2012 (48.1% of revenues). Gross profit on a non-GAAP basis in the quarter totaled $9.8 million (45.0% of revenues). This is a 1% decrease compared to $9.9 million (44.4% of revenues) in the prior quarter and a 15% decrease compared to $11.5 million (48.5% of revenues) in the third quarter of 2012.
Operating incomeon a GAAP basis in the quarter was $600 thousand (2.8% of revenues). This is compared to an operating income of $991 thousand (4.5% of revenues) in the prior quarter and to operating income of $3.1 million in the third quarter of 2012 (13.2% of revenues). Operating profit on a non-GAAP basis in the quarter was $819 thousand (3.8% of revenues). This is compared to an operating income of $1.2 million (5.4% of revenues) in the prior quarter and of $3.3 million (14.0% of revenues) in the third quarter of 2012. The operating income was negatively affected due to the strengthening of the New Israeli Shekel versus the US dollar over the past year, which caused an increase in operating expenses of approximately $0.6 million in the third quarter of 2013 as compared with the third quarter in 2012.
Net loss on a GAAP basis in the quarter totaled $122 thousand or $0.00 per share. This is compared to a net income of $334 thousand or $0.01 per share in the prior quarter and a net income of $2.4 million or $0.08 per share in the third quarter of 2012. Net income on a non-GAAP basis in the quarter was $545 thousand or $0.02 per diluted share. This is compared to a net income of $991 thousand or $0.03 per share in the prior quarter and net income of $3.1 million or $0.10 per share in the third quarter of 2012.
Cash, cash equivalents and short-term deposits, net of bank loansas of September 30, 2013 were $20.3 million compared to $17.6 million as of June 30, 2013. The company generated $3.1 million from operating cash flow during the third quarter of 2013.
Camtek will host a conference call today, November 7, 2013, at 9:00 am ET.
Roy Porat, Chief Executive Officer 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 0610 at 4:00 pm Israel Time
International: +972 3 918 0610
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.