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Camtek Announces Third Quarter 2012 Results

Consolidated Statements of Operations

(in thousands, except share data)
   
                                Nine Months      Three Months     Year ended
                                   ended             ended         
                               September 30,     September 30,   December 31  
                               2012     2011      2012    2011          2011
                                      
                         
                                      (all figures in  U.S. dollars)  
 
   
    Revenues                 66,928   85,924    23,717  29,676      107,028              
    Cost of revenues         35,815   46,582    12,309  16,167       59,588
 
    Gross profit             31,113   39,342    11,408  13,509       47,440
 
    Research and
    development costs         9,894   10,888     3,249   3,528       14,077
    Selling, general and
    administrative          *15,950   18,715     5,027   6,016       24,341
    Expenses
                             25,844   29,603     8,276   9,544       38,418
 
    Operating income          5,269    9,739     3,132   3,965        9,022
    Financial expenses,
    net                     (1,574)  (1,811)     (588)  (1,034)     (2,900)
 
    Income before income
    taxes                     3,695    7,928     2,544    2,931       6,122
 
    Income tax                (412)    (667)     (170)    (297)       (744)
 
    Net income                3,283    7,261     2,374    2,634       5,378
 
    Net income per
    ordinary share:
 
    Basic                      0.11     0.25      0.08     0.09        0.18
 
    Diluted                    0.11     0.24      0.08     0.09        0.18
 
    Weighted average number
    of ordinary shares
    outstanding:
 
    Basic                    29,834   29,561    29,893    29,705     29,577
 
    Diluted                  30,024   30,012    30,008    29,998     30,009

  (*)   Including income of approximately 1 million dollars related to a settlement with a former service provider of the company.

Camtek Ltd.

Reconciliation of GAAP to Non-GAAP results

(In thousands, except share data)
   
                                 Nine Months                       Year ended
                                    ended
                                               Three Months ended   December
                                September 30,     September 30,        31,
                                 2012    2011    2012      2011       2011
                                                                      U.S.
                                U.S. dollars      U.S. dollars       dollars
 
   
    Reported net income attributable
    to Camtek Ltd. on GAAP basis
                                       3,283  7,261  2,374  2,634   5,378
    Acquisition of Sela and Printar
    related expenses (1)               1,781  1,732    611    594   2,377
    Inventory write -downs (2)             -      -      -      -     685
    Share-based compensation             308    361    103    126     416
    Shelf registration expenses           94      -      -      -       -
    Non-GAAP net income                5,466  9,354  3,088  3,354   8,856
 
    Non -GAAP net income per share ,
    basic and diluted                          0.31          0.11
                                        0.18          0.10           0.30
    Gross margin on GAAP basis
 
    Reported gross profit on GAAP      46.5%  45.8%  48.1%  45.5%   44.3%
    basis
                                      31,113 39,342 11,408 13,509  47,440
    Acquisition of Sela and Printar
    related expenses ( 1)                225    239     75     79     331
    Inventory write -downs (2)             -      -      -      -     685
    Share-based compensation              75     82     25     29      97
    Non- GAAP gross margin             46.9%  46.2%  48.5%  45.9%   45.4%
    Non-GAAP gross profit             31,413 39,663 11,508 13,617  48,553
 
    Reported operating income
    attributable to Camtek Ltd. on                                  9,022
    GAAP basis                         5,269  9,739  3,132  3,965
    Acquisition of Sela and Printar
    related expenses (1)                 225    239     75     79     331
 
    Inventory write-downs (2)              -      -      -      -     685
 
    Share-based compensation             308    361    103    126     416
 
    Shelf registration expenses           94      -      -      -       -
    Non-GAAP operating income          5,896 10,339  3,310  4,170  10,454

(1) During the three and nine months ended September 30, 2012 and 2011 and the twelve months ended December 31, 2011, the Company recorded acquisition expenses of $0.6 million, $1.8 million, $0.6 million, $1.7 million and $2.4 million, respectively, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0 million, $0 million, $0.01 million, $0.02 million and $0.02 million, respectively. These amounts are recorded under cost of revenues line item. (2) Revaluation adjustments of $0.5 million, $1.6 million, $0.5 million, $1.5 million and $2.0 million, respectively, of contingent consideration and certain future liabilities recorded at fair value. These amounts are recorded under finance expenses line item and (3) $0.07 million, $0.23 million, $0.07 million, $0.22 million and $0.3 million, respectively, with respect to amortization of intangible assets acquired recorded under cost of revenues line item.
   
(2) During the three months and nine months ended September 30, 2012 and 2011, and the twelve months ended December 31, 2011, the Company recorded inventory write down in the amount of $0 million, $0 million, $0 million, $0 million, and $0.7 million, respectively.

CAMTEK LTD. Moshe Eisenberg, CFO Tel: +972-4-604-8308 Mobile: +972-54-900-7100 moshee@camtek.co.il INTERNATIONAL INVESTOR RELATIONS   CCG Investor Relations Ehud Helft / Kenny Green Tel: (US) +1-646-201-9246 camtek@ccgisrael.com

SOURCE Camtek Ltd

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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