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Camtek Announces Third Quarter 2012 Results

Use of non-GAAP Measures

This press release provides financial measures that exclude certain items such as: (i) amortization of acquired intangible assets and revaluation of liabilities with respect to the acquisitions of Sela and Printar; and (ii) share based compensation expenses. and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.

Consolidated Balance Sheets

(in thousands)
                                                 September    December 31,                 
                                                      2012            2011
                                               U.S. Dollars (in thousands)
    Current assets
    Cash and cash equivalents                        19,155        22,185
    Short-term deposits                               6,160         4,100
    Accounts receivable, net                         27,085        25,451
    Inventories                                      26,714        24,355
    Due from affiliates                                 617           388
    Other current assets                              4,321         3,357
    Deferred tax asset                                  110           110
    Total current assets                             84,162        79,946
    Fixed assets, net                                14,273        14,577
    Long term inventory                               2,711         1,954
    Deferred tax asset                                  132           132
    Other assets, net                                   304           304
    Intangible assets, net *                          4,052         4,191
    Goodwill                                          3,653         3,653
                                                     10,852        10,234
    Total assets                                    109,287       104,757
    Liabilities and shareholders' equity
    Current liabilities
    Short term bank loans                             4,160         3,000
    Accounts payable - trade                         10,967         6,773
    Long term bank loans - current portion            1,700         1,700
    Other current liabilities                        18,361        21,568
    Total current liabilities                        35,188        33,041
    Long term liabilities
    Long term bank loans                                817         2,092
    Liability for employee severance benefits           686           652
    Other long term liabilities *                     9,071         9,039
                                                     10,574        11,783
    Total liabilities                                45,762        44,824
    Commitments and contingencies
    Shareholders' equity
    Ordinary shares NIS 0.01 par value,
    authorized 100,000,000 shares,
    31,986,005 issued as September 30, 2012
    and 31,810,340 as of December 31, 2011,
    outstanding 29,893,629 as of September 30,
    2012 and 29,717,964 as of December 31l 2011         133          133
    Additional paid-in capital                       61,323       61,014
    Accumulated income                                3,967          684
                                                     65,423       61,831
    Treasury stock, at cost (2,092,376
    as of September 30, 2012
    and December 31, 2011)                          (1,898)      (1,898)
    Total shareholders' equity                       63,525       59,933
    Total liabilities and shareholders' equity      109,287      104,757

  (*)  Relates to Printar and SELA acquisitions

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