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Camtek Announces First Quarter 2012 Results

Stocks in this article: CAMT

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.

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