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Camtek Announces All Time Record Revenue In The Third Quarter Of 2011

MIGDAL HAEMEK, Israel, November 3, 2011 /PRNewswire/ --

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Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2011.

Main Financial Highlights of the Third Quarter
  • All-time record quarterly revenue of $29.7 million, representing a sequential quarterly increase of 3% and a year-over-year increase of 24%.
  • Non-GAAP gross margin of 45.9% for the quarter compared with non-GAAP gross margin of 45.8% in the third quarter of last year; GAAP gross margin of 45.5% for the current quarter.
  • Non-GAAP operating income of $4.2 million compared with non-GAAP operating income of $2.5 million in the third quarter of 2010. GAAP operating income reached $4.0 million in the current quarter.
  • Non-GAAP net income of $3.3 million in the quarter compared with Non-GAAP net income of $2.5 million in the third quarter of 2010; GAAP net income of $2.6 million in the current quarter.
  • Non-GAAP earnings per diluted share of $0.11; GAAP earnings per diluted share of $0.09.

Results for the three months ended September 30, 2011 on a non-GAAP basis, exclude the following items: (i) Expenses with respect to the acquisition of SELA and Printar; and (ii) share based compensation expenses. A re-conciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.

Third Quarter 2011 Financial Results

Revenues for the third quarter of 2011 increased 24% to $29.7 million, compared to $23.9 million in the third quarter of 2010. The level of revenues in the third quarter of 2011 were at an all-time high for the Company for the second quarter in a row, growing 3% sequentially, and came in slightly ahead of the top-end of the previously-announced guidance range of between $27.5-$29.5 million.

Gross profit on a GAAP basis in the quarter totaled $13.5 million (45.5% of revenues), compared with $10.9 million (45.6% of revenues) in the third quarter of 2010. Gross profit on a non-GAAP basis in the quarter totaled $13.6 million (45.9% of revenues), compared with $10.9 million (45.8% of revenues) in the third quarter of 2010.

Operating income on a GAAP basis in the quarter was $4.0 million (13.4% of revenues) compared with $2.3 million (9.7% of revenues) in the third quarter of 2010. Non-GAAP operating income was $4.2 million (14.1% of revenues) in the quarter compared with $2.5 million (10.5% of revenues) in the third quarter of 2010.

Net income on a GAAP basis in the third quarter of 2011 totaled $2.6 million, or $0.09 per diluted share, compared to $2.0 million, or $0.07 per diluted share, in the third quarter of 2010.

Net income on a non-GAAP basis in the third quarter of 2011 was $3.4 million, or $0.11 per diluted share, compared with $2.5 million, or $0.08 per diluted share, in the third quarter of 2010.

Cash and cash equivalents levels as of September 30, 2011 were $13.9 million plus an additional $5.1 million in restricted cash. This is compared with $12.3 million in cash and equivalents, plus an additional $5.1 million in restricted cash as of June 30, 2011. Following Camtek's successful appeal in an infringement dispute, a bond which Camtek had provided as part of the process was officially released on September 27, 2011, and subsequently, soon after the reporting date, the pledged restriction on the cash was released.

Management Comment

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