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Camtek Announces Second Quarter 2012 Results

MIGDAL HAEMEK, Israel, August 1, 2012 /PRNewswire/ --

Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended June 30, 2012.

Highlights of the Second Quarter 2012

  • Revenues of $25.0 million, a 38% growth over the prior quarter and at the top end of previously issued guidance
  • Gross margin of 48.2% versus 42.0% in the prior quarter
  • Non-GAAP operating income of $3.4 million; GAAP operating income of $3.3 million
  • Non-GAAP net income of $3.0 million; GAAP net income of $2.3 million
  • Third quarter revenue guidance of $23-25 million

Roy Porat, Camtek ' s Chief Executive Officer, commented, "We are pleased with our second quarter results, showing a solid improvement and meeting the top end of our expectations. We saw improvements, particularly in our semiconductor inspection business, and our gross margin was especially strong in the quarter due to this favorable product mix. We believe that this margin profile is a good indication of our long-term model."

Continued Mr. Porat, "Given the global macroeconomic concerns which have surfaced recently, our industry as a whole sees increased uncertainty ahead. We expect revenues for the third quarter between $23-25 million."

Second Quarter 2012 Financial Results

Revenues for the second quarter of 2012 were $25.0 million. This is a decrease of 13% compared to $28.8 million in the second quarter of 2011 and an increase of 38% compared with $18.2 million in the prior quarter.  The sequential growth in the revenues was driven by the sales of our semiconductors inspection products.

Gross profit on a GAAP basis in the quarter totaled $12.1 million (48.2% of revenues). This is compared with $13.0 million (45.3% of revenues) in the second quarter of 2011 and $7.6 million (42% of revenues) in the prior quarter.

Gross profit on a non-GAAP basis in the quarter totaled $12.2 million (48.6% of revenues). This is compared with $13.1 million (45.6% of revenues) in the second quarter of 2011 and $7.7 million (42.5% of revenues) in the prior quarter.

Operating income on a GAAP basis in the quarter was $3.3 million (13.0% of revenues). This is compared with an operating income of $2.8 million (9.7% of revenues) in the second quarter of 2011 and an operating loss of $1.1 million in the prior quarter.  

Operating income on a non-GAAP basis, in the quarter was $3.4 million (13.8% of revenues). This is compared to non-GAAP operating income of $3.0 million (10.4% of revenues) in the second quarter of 2011 and an operating loss of $0.9 million in the prior quarter.

Operating income and net income in the quarter included a one-time income of approximately $1 million related to a settlement with a former service provider of the company.

Net income on a GAAP basis in the quarter totaled $2.3 million, or $0.08 per diluted share. This is compared with a net income of $2.2 million, or $0.07 per diluted share in the second quarter of 2011 and a net loss of 1.4 million, or $0.05 per diluted share in the prior quarter.

Net income on a non-GAAP basis, in the quarter was $3.0 million, or $0.10 per diluted share. This is compared with a net income of $2.9 million, or $0.10 per diluted share in the second quarter of 2011 and a net loss of $0.6 million or $0.02 per diluted share in the prior quarter.

Cash and cash equivalents and short-term deposits as of June 30, 2012 were $21.6 million ( $15.7 million net of bank loans) compared with $26.0 million ( $19.6 million net of bank loans), as of March 31, 2012. As a result of an increase in its business during the second quarter of 2012, the company reported a negative operating cash flow of $3.1 million.

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