February 21, 2012 /PRNewswire/ --
Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the full year and fourth quarter ended
December 31, 2011.
Highlights of the Full Year 2011
- Revenues of $107 million;
- Non-GAAP net income of $8.8 million; GAAP net income of $5.4 million;
- Non-GAAP operating income of $10.5 million; GAAP operating income of $9.0 million
- Positive operating cash flow of $9.8 million in the year
Highlights of the Fourth Quarter 2011
- Revenues of $21.1 million;
- Non-GAAP operating income of $0.1 million; GAAP operating loss of $0.7 million
- Non-GAAP net loss of $0.5 million; GAAP net loss of $1.9 million;
- Positive operating cash flow of $8.2 million in the quarter
Results for the three-month period and full year ended
December 31, 2011
on a non-GAAP basis, exclude the following items: (i) amortization of acquired intangible assets and revaluation of liabilities with respect to the acquisitions of Sela and Printar; (ii) share based compensation expenses; (iii) write off of inventory primarily related to a discontinued product lines. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
Roy Porat, Camtek
s Chief Executive Officer, commented:
"We are very pleased with our overall performance in 2011, presenting an all time record year on the top line. We maintained a strong market position in our two core product lines and saw growing market acceptance of our new growth engines."
Continued Mr. Porat
, "Like our industry, our business has softened at the end of 2011 and the beginning of 2012. For the first quarter, we believe revenues will range between
$17 and $19 million
. Looking ahead, we are well positioned for resuming our growth once more positive market conditions return."
Fourth Quarter 2011 Financial Results