Camtek Announces Sequential Growth in Revenues and Gross Profit in Third
Quarter 2009
MIGDAL HAEMEK, Israel, November 11 /PRNewswire-FirstCall/ --
- 16% Sequential Revenue Increase From Second Quarter 2009;
- 45% Sequential Increase in Gross Profit
Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial
results for the third quarter ended September 30, 2009. Main Financial
Highlights:
- Gross margin increased to 42%, up from 34% in second quarter 2009
- Operating and net loss narrowed substantially compared to prior quarter
- Cash and cash equivalents balance increase $1.8 million
during the quarter
Third Quarter Financial Results:
Revenues for the third quarter of 2009 increased 16% to $14.5 million,
compared to $12.5 million in the second quarter of 2009. Revenues in the
third quarter last year totaled $19.1 million.
Gross profit for the third quarter totaled $6.1 million, a 45% increase
compared to the $4.2 million gross profit in the second quarter of 2009.
Gross profit for the third quarter of 2008 totaled $6.5 million. Gross margin
for the third quarter of 2009 totaled 42%, compared to 34% in the second
quarter of 2009 and 34% in the third quarter of 2008. The higher gross margin
in the third quarter resulted from a more favorable product and service mix
as compared to the prior quarter. Gross margin for the third quarter of 2008
included an inventory write-off of $1.5 million compared to a $0.5 million
write-off this quarter.
Operating loss for the third quarter of 2009 narrowed substantially to
$180 thousand, compared to the $2.1 million operating loss in the prior
quarter. Operating loss in the third quarter of 2008 totaled $3.8 million.
Net loss for the third quarter of 2009 totaled $0.33 million, or $0.01
per share, compared to $2.1 million, or $0.07 per share in the prior quarter.
Net loss for the third quarter last year totaled $4.1 million, or $0.14 per
share.
Cash and cash equivalents at September 30, 2009, totaled $13.8 million
compared to $12 million at June 30, 2009. The increase in cash during the
quarter resulted primarily from a decrease in inventory levels and from
improved customer collections.
Rafi Amit, Camtek's CEO, commented on the results and the quarter: "This
quarter we continued to improve our results, as we return to generating long
term growth. In this quarter we witnessed an increase in revenues both in the
Printed Circuit Board and semiconductor optical inspection markets , driven
by increased order generation, contributing to a higher gross profit and a
narrowing of both our operating and net loss. Furthermore our prudent expense
management and more favorable product mix enabled us to further expand
margins to our historic range. Our very tight rein on expenses also enabled
us to increase our cash balance during the quarter, ending the quarter with
close to $14 million in cash. Looking ahead, as we enter the fourth quarter
and near 2010, we are cautiously optimistic, witnessing increasingly positive
indications from customers, primarily in the Asia region. We continue to
steadily invest in R&D with a view to growing and expanding our standing in
each of our primary markets, as well as to introduce new innovative products.
We estimate that revenues in the fourth quarter will be $15 to $17 million."
Conference Call
Camtek will host a conference call today, November 11, at 10:00 am EDT.
Roy Porat, General Manager Camtek Israel and Mira Rosenzweig, 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 at
least 10 minutes before the start of the call, referencing the "Camtek third
quarter 2009 results conference call".
US: +1-888-668-9141 at 10:00 am Eastern Time
Israel: +972-03-918-0650 at 5:00 pm Israel Time
International: +972-3-918-0650
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.
ABOUT CAMTEK LTD.
With headquarters in Migdal Ha'Emek Israel, Camtek Ltd., designs,
develops, manufactures, and markets automatic optical inspection systems and
related products. Camtek's automatic inspection systems are used to enhance
both production processes and yield for manufacturers in the printed circuit
board industry, the high density interconnect substrate industry and the
semiconductor manufacturing and packaging industry. This press release is
available at http://www.camtek.co.il
This press release may contain projections or other forward-looking
statements regarding future events or the future performance of the Company.
These statements are only predictions and may change as time passes. We do
not assume any obligation to update that information. Actual events or
results may differ materially from those projected, including as a result of
changing industry and market trends, reduced demand for our products,
difficulties surrounding the timely development of our new products and their
adoption by the market, increased competition in the industry, price
reductions, litigation risks, as well as due to risks identified in the
documents filed by the Company with the SEC.
Camtek Ltd.
Consolidated Balance Sheets
(In thousands)
Sep 30, December
2009 31, 2008
U.S. Dollars (In
thousands)
Assets
Current assets
Cash and cash equivalents 13,801 15,949
Accounts receivable, net 16,484 18,156
Inventories 14,334 9,792
Due from affiliates 408 414
Other current assets 1,572 1,929
Deferred tax asset 39 39
Total current assets 46,638 46,279
Fixed assets, net 15,753 15,648
Long term inventory 8,058 21,653
Deferred tax asset 127 127
Other assets, net (*) 4,802 1,028
12,987 22,808
Total assets 75,378 84,735
Liabilities and shareholder's equity
Current liabilities
Short term loan - 1,500
Accounts payable trade 3,424 5,240
Due to affiliates - 294
Convertible loan - current portion 1,666 1,667
Other current liabilities 10,967 11,382
Total current liabilities 16,057 20,083
Long term liabilities
Convertible loan net of current portion - 1,666
Other long term liabilities (*) 4,026 -
Liability for employee severance benefits 275 271
Total liabilities 20,358 22,020
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, authorized
100,000,000 shares,
issued 31,227,484 in 2008 and 31,279,027 in 2009,
outstanding
29,135,108 in 2008 and 29,186,651 in 2009. 132 132
Additional paid-in capital 60,312 60,149
Retained earnings (losses) (3,526) 4,332
56,918 64,613
Treasury stock, at cost (2,092,376 shares in 2008 and (1,898) (1,898)
2009)
Total shareholders' equity 55,020 62,715
Total liabilities and shareholders' equity 75,378 84,735
(*) The increase relates to Printar acquisition
Camtek Ltd.
Consolidated Statements of Operations
(In thousands, except share data)
Year
Nine Months Three Months ended
ended ended December
September 30, September 30, 31,
2009 2008 2009 2008 2008
U.S. dollars U.S. dollars
Revenues 36,299 63,064 14,500 19,119 75,463
Cost of revenues 22,550 38,229 8,404 12,580 47,615
Gross profit 13,749 24,835 6,096 6,539 27,848
Research and development costs 7,548 9,513 2,651 3,173 12,801
Selling, general and
administrative
expenses 13,486 19,512 3,623 7,183 24,834
21,034 29,025 6,274 10,356 37,635
Operating loss (7,285) (4,190) (178) (3,817) (9,787)
Financial income (expenses), net (353) 298 (72) (224) 1,000
Income (loss) before income
taxes (7,638) (3,892) (250) (4,041) (8,787)
Income tax (220) (200) (75) (46) (770)
Net loss (7,858) (4,092) (325) (4,087) (9,557)
Net loss per ordinary share:
Basic (0.27) (0.14) (0.01) (0.14) (0.32)
Diluted (0.27) (0.14) (0.01) (0.14) (0.32)
Weighted average number of
ordinary shares outstanding:
Basic 29,210 30,190 29,218 30,076 29,916
Diluted 29,210 30,190 29,218 30,076 29,916
Contact Details
CAMTEK
Mira Rosenzweig CFO
Tel: +972-4-604-8308
Fax: +972-4-604-8300
Mobile: +972-54-9050703
mirar@camtek.co.il
IR INTERNATIONAL
GK International IR
Ehud Helft / Kenny Green
Tel: (US) +1-646-201-9246
info@gkir.com
SOURCE Camtek Ltd
Contact Details: CAMTEK, Mira Rosenzweig CFO, Tel: +972-4-604-8308, Fax:
+972-4-604-8300, Mobile: +972-54-9050703, mirar@camtek.co.il; IR
INTERNATIONAL, GK International IR, Ehud Helft / Kenny Green, Tel: (US)
+1-646-201-9246, info@gkir.com
