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Camtek Announces Record Full Year 2011 Results

Stocks in this article: CAMT

MIGDAL HAEMEK, Israel, 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

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