MIGDAL HAEMEK, Israel, May 3, 2012 /PRNewswire/ --
Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended March 31, 2012.
Highlights of the First Quarter 2012
- Revenues of $18.2 million;
- Non-GAAP operating loss of $0.9 million; GAAP operating loss of $1.1 million
- Non-GAAP net loss of $0.6 million; GAAP net loss of $1.4 million;
- Positive operating cash flow of $600 thousand in the quarter
- Second quarter revenue guidance of $23-25 million
Roy Porat, Camtek ' s Chief Executive Officer, commented, "As we move into the second quarter, we are seeing that the recovery already observed in the front-end last quarter finally reached the back-end part of the semiconductor capital equipment industry. We believe that as we move through the year this recovery will eventually extend to the PCB sector, which will further contribute to our growth this year."Continued Mr. Porat, "I am pleased with the recent strong demand from the market for our products, which gives us confidence looking ahead, and this underlies our revenue guidance for the upcoming quarter. We believe revenues for the second quarter will range between $23-25 million, representing over 30% sequential growth, accordingly we expect the business to return to profitability." First Quarter 2012 Financial Results Revenues for the first quarter of 2012 were $18.2 million. This is a decrease of 34% compared to $27.5 million in the first quarter of 2011 and a decrease of 14% compared with $21.1 million in the prior quarter. Gross profit on a GAAP basis in the quarter totaled $7.6 million (42.0% of revenues). This is compared with $12.8 million (46.5% of revenues) in the first quarter of 2011 and $8.1 million (38.4% of revenues) in the prior quarter. Gross profit on a non-GAAP basis in the quarter totaled $7.7 million (42.5% of revenues). This is compared with $12.9 million (47.0% of revenues) in the first quarter of 2011 and $8.9 million (42.1% of revenues) in the prior quarter. Operating loss on a GAAP basis in the quarter was $1.1 million. This is compared with an operating income of $2.9 million in the first quarter of 2011 and an operating loss of $0.7 million in the prior quarter. On a non-GAAP basis, operating loss in the quarter was $0.9 million. This is compared with an operating income of $3.2 million in the first quarter of 2011 and an operating income of $0.1 million in the prior quarter. Net loss on a GAAP basis in the quarter totaled $1.4 million, or $0.05 per share. This is compared with a net income of $2.4 million, or $0.08 per diluted share in the first quarter of 2011 and a net loss of 1.9 million, or $0.06 per share in the prior quarter. On a non-GAAP basis, net loss in the quarter was $0.6 million, or loss of $0.02 per share. This is compared with a net income of $3.1 million, or $0.10 per diluted share in the first quarter of 2011 and a net loss of $0.5 million or loss of $0.02 per share in the prior quarter. Cash and cash equivalents and short-term deposits as of March 31, 2012 were $26.0 million ( $19.6 million net of bank loans) compared with $26.3 million ( $19.5 million net of bank loans), as of December 31, 2011. The company generated a positive operating cash flow of $0.6 million during the first quarter of 2012. Conference Call
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV