CAMTEK ANNOUNCES THIRD QUARTER 2015 RESULTS
MIGDAL HAEMEK, Israel – October 29, 2015– Camtek Ltd. (NASDAQ: CAMT, TASE: CAMT), today announced its financial results for the quarter ended September 30, 2015.
Highlights of the third quarter 2015
- Revenues of $26.3 million, up 4% sequentially and 17% year-over-year driven by increased sales to the advanced packaging semiconductor market;
- Non-GAAP operating income of $1.9 million; GAAP operating income of $1.8 million;
- Non-GAAP net income of $1.2 million; GAAP net income of $1.0 million;
- Positive operating cash flow of $5.4 million; and Q4 revenue guidance of $25 to 26.5 million.
Rafi Amit, Camtek’s Chairman and CEO, commented, “Our four-year high in quarterly revenue has been driven by robust sales of Automatic Optical Inspection and Metrology systems to the semiconductor market. These sales reflect growth in the advanced packaging market segment as well as other leading segments such as CMOS Image Sensors and MEMS. Since the introduction of the Eagle product line in the second half of 2014, it has been successful in the marketplace for both new and existing customers. In the third quarter of 2015, a large portion of our semiconductor business came from Eagle sales with particularly strong demand from customers in Taiwan and China. We differentiate ourselves by working closely with industry leaders to provide tailor-made solutions for cutting edge technologies, like advanced packaging.”
Continued Mr. Amit, “With respect to the PCB market, the inspection business remains stable, and the Gryphon is in evaluation with four customers, three in the US and one in Asia. As the Gryphon progresses in its marketing phases, we have decided to integrate the two product lines serving the PCB market (inspection and digital printing) under one business unit. This move will improve the synergies between the sales force and the R&D team, as a result it will allow us to efficiently focus on improving the performances of the Gryphon based on the customers' feedback. Following implementation of market feedback, we will accelerate the process of broader market sales.”
Concluded Mr. Amit, “Looking ahead, we expect our fourth quarter revenue to remain around the same level as seen over the past two quarters. We continue to experience strong order flow, part of which we expect to ship in the first quarter of 2016. We look forward to another solid quarter, bringing our annual revenue to around the $100 million level, representing a significant step-up over that of the past years.”
Third quarter 2015 Financial Results
Revenuesfor the third quarter of 2015 were $26.3million, representing growth of 17% compared to third quarter 2014 revenues of $22.4 million.
Gross profit on a GAAP basis in the quarter totaled $11.8million (44.8% of revenues), compared to $10.0 million (44.4% of revenues) in the third quarter 2014. Gross profiton a non-GAAP basis in the quarter totaled $11.8million (44.9% of revenues), compared to $10.0 million (44.5% of revenues) in the third quarter 2014.
Operating profit on a GAAP basis in the quarter totaled $1.8million (6.8% of revenues), compared to $1.0 million (4.6% of revenues) in the third quarter 2014. Operating profiton a non-GAAP basis in the quarter totaled $1.9million (7.1% of revenues), compared to $1.1 million (5.1% of revenues) in the third quarter 2014.
Financial expenseson a GAAP basis in the quarter totaled $449 thousand, compared to $167 thousand in the third quarter 2014. Financial expenses on a non-GAAP basis in the quarter totaled $327 thousand, compared to a financial income of $60 thousand in the third quarter 2014.
Net income on a GAAP basis in the quarter totaled $1.0million, or $0.03per diluted share, compared to net income of $619 thousand, or $0.02 per diluted share, in the third quarter 2014.
Net income on a non-GAAP basis in the quarter totaled $1.2million, or $0.03per diluted share, compared to net income of $947 thousand, or $0.03 per diluted share, in the third quarter 2014. Note that the total number of issued and outstanding shares has increased following the public offering in May 2015.
Cash, cash equivalents, short and long-term restricted deposits as of September 30, 2015, were $37.1million (out of which $7.9 million are restricted deposits) compared to $32.1 million as of June 30, 2015. Operating cash flow during the quarter was $5.3million.
Camtek will host a conference call today, October 29, 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 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.