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CAMTEK ANNOUNCES FOURTH QUARTER & FULL YEAR 2014 RESULTS

Q4 revenues of $20.6 million; Non-GAAP operating income of $0.7m; Expects revenue of $21.5-23m in Q1

MIGDAL HAEMEK, Israel – February 13, 2014– Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the full year and quarter ended December 31, 2014.

Highlights of the Full Year 2014

  • Revenues of $88.3 million;
  • Non-GAAP operating income of $5.7 million; GAAP operating income of $5.1million;
  • Non-GAAP net income of $4.6 million; GAAP net income of $3.3 million;
  • Positive operating cash flow of $5.3 million; Net cash and equivalents of $26.8 million as of December 31, 2014.

 

Highlights of the Fourth Quarter 2014

  • Revenues of $20.6 million;
  • Non-GAAP operating income of $700 thousand; GAAP operating income of $361 thousand;
  • Non-GAAP net income of $408 thousand; GAAP net income of $68 thousand;
  • Positive operating cash flow of $2.9 million.

 

Rafi Amit, Camtek’s Chairman and CEO, commented, “I see 2014 as the year in which we put all the pieces in place and began executing on our strategy for accelerated growth in 2015. As we recently reported, we have started commercially marketing the Gryphon,our 3D Functional InkJet Technology product and received our first conditional purchase order for this product.

“In 2014, our semiconductor business saw organic growth of approximately 20% year over year. As we move into 2015, we are seeing increased traction for our Eagle product, focused on the advanced packaging market. We continue to achieve qualification at leading semiconductor manufacturers to which we had not significantly penetrated in the past. We see the potential in 2015 for multiple orders of tools from these customers.”

Concluded Mr. Amit, “Looking ahead into 2015, we expect double-digit revenue growth in our semiconductor business, driven by increased capex spending by many of our customers. We also believe that we will see the initial contribution to revenue from the Gryphon in 2015. We expect to increase sales and marketing efforts somewhat to capture the opportunities that we believe the Gryphon will open up for us. We are very excited with this breakthrough technology, and we are confident that it will eventually become the standard adopted by the PCB industry. Our guidance for the first quarter of 2015 is $21.5-$23 million, which represents a sequential growth of 5-10%.”

Fourth Quarter 2014 Financial Results

Revenues for the fourth quarter of 2014 were $20.6 million. This compares to prior quarter revenues of $22.4 million and fourth quarter 2013 revenues of $23.3 million.

Gross profit on a GAAP basis in the quarter totaled $9.5 million (45.6% of revenues). This is a 6% decrease compared to $10.0 million (44.4% of revenues) in the prior quarter and a 40% increase compared to $6.7 million in the fourth quarter of 2013 (28.7% of revenues).

Gross profiton a non-GAAP basis in the quarter totaled $9.7 million (47.2% of revenues). This is a 3% decrease compared to $10.0 million (44.5% of revenues) in the prior quarter and a 6% decrease compared to $10.6 million (45.6% of revenues) in the fourth quarter of 2013.

Operating incomeon a GAAP basis in the quarter was $360 thousand (1.8% of revenues). This compares to an operating income of $1 million (4.6% of revenues) in the prior quarter and to an operating loss of $304 thousand in the fourth quarter of 2013.  

Operating incomeon a non-GAAP basis in the quarter was $700 thousand (3.4% of revenues). This compares to with operating income of $1.1 million (5.1% of revenues) in the prior quarter and an operating income of $1.1 million (4.7% of revenues) in the fourth quarter of 2013.

Net income on a GAAP basis in the quarter totaled $68 thousand, or $0.00 per diluted share. This compares to net income of $619 thousand, or $0.02 per diluted share, in the prior quarter and a net income of $660 thousand, or $0.02 per diluted share, in the fourth quarter of 2013. 

Net incomeon a non-GAAP basis in the quarter was $408 thousand, or $0.01 per diluted share. This compares to a net income of $948 thousand, or $0.03 per diluted share, in the prior quarter and net income of $778 thousand, or $0.03 per diluted share, in the fourth quarter of 2013.

  

Full Year 2014 Results Summary

Revenues for 2014 were $88.3 million, an increase of 3% compared to $85.4 million, as reported in 2013.

Gross profit on a GAAP basis for 2014   was $41.1 million (46.5% of revenues) compared to gross profit of $34.3 million (40.3% of revenues) in 2013. Gross profit on a non-GAAP basis for 2014, was $41.3 million (46.8% of revenues), compared to $38.6 million (45.2% of revenues) in 2013.

Operating incomeon a GAAP basis for 2013, was $5.1 million (5.8% of revenues) compared to an operating income of $1.1 million in 2013. Non-GAAP operating income in 2014 was $5.7 million (6.5% of revenues) compared to an operating income of $3.2 million (3.7% of revenues) in 2013.

Net incomeon a GAAP basis for 2014 was $3.4 million, or $0.11 per diluted share, compared to a net income of $7 thousand in 2013, or $0.00 per diluted share.  Net income on a non-GAAP basis for 2014 was $4.6 million, or $0.15 per diluted share, compared to a net income of $2.1 million in 2013 or $0.07 per diluted share.

Cash, cash equivalents and short-term deposits, net of bank loansas of December 31, 2014 were $26.8 million compared to $22.5 million as of December 31, 2013. The Company generated $2.9 million from operating cash flow during the fourth quarter of 2014. For the year, the Company generated a positive operating cash flow of $5.3 million.

Conference Call

Camtek will host a conference call today, February 12, 2014, at 9:00 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 9:00 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.