This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Camtek Announces Third Quarter 2012 Results

MIGDAL HAEMEK, Israel, November 15, 2012 /PRNewswire/ --

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

Highlights of the Third Quarter 2012

  • Revenues of $23.7 million;
  • Non-GAAP operating income of $3.3 million; GAAP operating income of $3.1 million;
  • Non-GAAP net income of $3.1 million; GAAP net income of $2.4 million;
  • Non-GAAP operating margin of 14.0% and non-GAAP net margin of 13.0%, at the highest levels since 2006; and
  • Positive operating cash flow of $3.8 million and quarter-end cash, cash equivalents and short-term deposits at $25.3 million.

Roy Porat, Camtek's Chief Executive Officer, commented, "We are very pleased with our third quarter results, showing revenues coming in as expected, with high operating and net margins - in line with our long-term target business model. We believe our current strong results are a good indication of our longer term potential, despite the recent weakness that we have seen in our end-markets."

Continued Mr. Porat, "Given the global macroeconomic concerns, our industry as a whole sees increased uncertainty ahead, particularly in the semiconductor segment and we see cautious purchase patterns from our customers. Hence, for the fourth quarter we expect revenues to come in between $15-18 million.  In order to address this, we are taking steps to reduce our cost base and breakeven point."

Third Quarter 2012 Financial Results

Revenues for the third quarter of 2012 were $23.7 million. This is a decrease of 20% compared to $29.7 million in the third quarter of 2011 and a decrease of 5% compared with $25.0 million in the prior quarter. These trends are mainly attributable to the overall market condition.

Gross profit on a GAAP basis in the quarter totaled $11.4 million (48.1% of revenues). This is compared with $13.5 million (45.5% of revenues) in the third quarter of 2011 and $12.1 million (48.2% of revenues) in the prior quarter.

Gross profit on a non-GAAP basis in the quarter totaled $11.5 million (48.5% of revenues). This is compared with $13.6 million (45.9% of revenues) in the third quarter of 2011 and $12.2 million (48.6% of revenues) in the prior quarter.

Operating income on a GAAP basis in the quarter was $3.1 million (13.2% of revenues). This is compared with operating income of $4.0 million (13.4% of revenues) in the third quarter of 2011 and operating income of $3.3 million (13.0% of revenues) in the prior quarter.  

Operating income on a non-GAAP basis in the quarter was $3.3 million (14.0% of revenues). This is compared to non-GAAP operating income of $4.1 million (14.1% of revenues) in the third quarter of 2011 and operating income of $3.4 million (13.8% of revenues) in the prior quarter.

Net income on a GAAP basis in the quarter totaled $2.4 million (10.0% of revenues), or $0.08 per diluted share. This is compared with a net income of $2.6 million (8.9% of revenues), or $0.09 per diluted share in the third quarter of 2011 and net income $2.3 million (9.1% of revenues), or $0.08 per share in the prior quarter.

Net income on a non-GAAP basis, in the quarter was $3.1 million (13.0% of revenues), or $0.10 per diluted share. This is compared with net income of $3.4 million (11.0% of revenues), or $0.09 per diluted share in the third quarter of 2011 and net income of $3.0 million (11.9% of revenues) or $0.10 per share in the prior quarter.

Cash and cash equivalents and short-term deposits as of September 30, 2012 were $25.3 million ( $18.6 million net of bank loans) compared with $21.6 million ( $15.7 million net of bank loans), as of June 30, 2012. The company reported a positive operating cash flow of $3.8 million.

Conference Call

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs