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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.

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