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Camtek Announces Sequential Growth in Revenues and Gross Profit in Third Quarter 2009

Posted on: Wednesday, 11 November 2009, 07:04 CST

MIGDAL HAEMEK, Israel, November 11 /PRNewswire-FirstCall/ --

- 16% Sequential Revenue Increase From Second Quarter 2009;

- 45% Sequential Increase in Gross Profit

Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2009.

Main Financial Highlights: - Gross margin increased to 42%, up from 34% in second quarter 2009 - Operating and net loss narrowed substantially compared to prior quarter - Cash and cash equivalents balance increase $1.8 million during the quarter

Third Quarter Financial Results:

Revenues for the third quarter of 2009 increased 16% to $14.5 million, compared to $12.5 million in the second quarter of 2009. Revenues in the third quarter last year totaled $19.1 million.

Gross profit for the third quarter totaled $6.1 million, a 45% increase compared to the $4.2 million gross profit in the second quarter of 2009. Gross profit for the third quarter of 2008 totaled $6.5 million. Gross margin for the third quarter of 2009 totaled 42%, compared to 34% in the second quarter of 2009 and 34% in the third quarter of 2008. The higher gross margin in the third quarter resulted from a more favorable product and service mix as compared to the prior quarter. Gross margin for the third quarter of 2008 included an inventory write-off of $1.5 million compared to a $0.5 million write-off this quarter.

Operating loss for the third quarter of 2009 narrowed substantially to $180 thousand, compared to the $2.1 million operating loss in the prior quarter. Operating loss in the third quarter of 2008 totaled $3.8 million.

Net loss for the third quarter of 2009 totaled $0.33 million, or $0.01 per share, compared to $2.1 million, or $0.07 per share in the prior quarter. Net loss for the third quarter last year totaled $4.1 million, or $0.14 per share.

Cash and cash equivalents at September 30, 2009, totaled $13.8 million compared to $12 million at June 30, 2009. The increase in cash during the quarter resulted primarily from a decrease in inventory levels and from improved customer collections.

Rafi Amit, Camtek's CEO, commented on the results and the quarter: "This quarter we continued to improve our results, as we return to generating long term growth. In this quarter we witnessed an increase in revenues both in the Printed Circuit Board and semiconductor optical inspection markets , driven by increased order generation, contributing to a higher gross profit and a narrowing of both our operating and net loss. Furthermore our prudent expense management and more favorable product mix enabled us to further expand margins to our historic range. Our very tight rein on expenses also enabled us to increase our cash balance during the quarter, ending the quarter with close to $14 million in cash. Looking ahead, as we enter the fourth quarter and near 2010, we are cautiously optimistic, witnessing increasingly positive indications from customers, primarily in the Asia region. We continue to steadily invest in R&D with a view to growing and expanding our standing in each of our primary markets, as well as to introduce new innovative products. We estimate that revenues in the fourth quarter will be $15 to $17 million."

Conference Call

Camtek will host a conference call today, November 11, at 10:00 am EDT. Roy Porat, General Manager Camtek Israel and Mira Rosenzweig, Chief Financial Officer will host the call and will be available to answer questions after presenting the results.

To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call, referencing the "Camtek third quarter 2009 results conference call".

US: +1-888-668-9141 at 10:00 am Eastern Time Israel: +972-03-918-0650 at 5:00 pm Israel Time International: +972-3-918-0650

For those unable to participate, the teleconference will be available for replay on Camtek's website at http://www.camtek.co.il/ beginning 24 hours after the call.

ABOUT CAMTEK LTD.

With headquarters in Migdal Ha'Emek Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical inspection systems and related products. Camtek's automatic inspection systems are used to enhance both production processes and yield for manufacturers in the printed circuit board industry, the high density interconnect substrate industry and the semiconductor manufacturing and packaging industry. This press release is available at http://www.camtek.co.il

This press release may contain projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, difficulties surrounding the timely development of our new products and their adoption by the market, increased competition in the industry, price reductions, litigation risks, as well as due to risks identified in the documents filed by the Company with the SEC.

Camtek Ltd. Consolidated Balance Sheets (In thousands) Sep 30, December 2009 31, 2008 U.S. Dollars (In thousands) Assets Current assets Cash and cash equivalents 13,801 15,949 Accounts receivable, net 16,484 18,156 Inventories 14,334 9,792 Due from affiliates 408 414 Other current assets 1,572 1,929 Deferred tax asset 39 39 Total current assets 46,638 46,279 Fixed assets, net 15,753 15,648 Long term inventory 8,058 21,653 Deferred tax asset 127 127 Other assets, net (*) 4,802 1,028 12,987 22,808 Total assets 75,378 84,735 Liabilities and shareholder's equity Current liabilities Short term loan - 1,500 Accounts payable trade 3,424 5,240 Due to affiliates - 294 Convertible loan - current portion 1,666 1,667 Other current liabilities 10,967 11,382 Total current liabilities 16,057 20,083 Long term liabilities Convertible loan net of current portion - 1,666 Other long term liabilities (*) 4,026 - Liability for employee severance benefits 275 271 Total liabilities 20,358 22,020 Commitments and contingencies Shareholders' equity Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares, issued 31,227,484 in 2008 and 31,279,027 in 2009, outstanding 29,135,108 in 2008 and 29,186,651 in 2009. 132 132 Additional paid-in capital 60,312 60,149 Retained earnings (losses) (3,526) 4,332 56,918 64,613 Treasury stock, at cost (2,092,376 shares in 2008 and (1,898) (1,898) 2009) Total shareholders' equity 55,020 62,715 Total liabilities and shareholders' equity 75,378 84,735 (*) The increase relates to Printar acquisition Camtek Ltd. Consolidated Statements of Operations (In thousands, except share data) Year Nine Months Three Months ended ended ended December September 30, September 30, 31, 2009 2008 2009 2008 2008 U.S. dollars U.S. dollars Revenues 36,299 63,064 14,500 19,119 75,463 Cost of revenues 22,550 38,229 8,404 12,580 47,615 Gross profit 13,749 24,835 6,096 6,539 27,848 Research and development costs 7,548 9,513 2,651 3,173 12,801 Selling, general and administrative expenses 13,486 19,512 3,623 7,183 24,834 21,034 29,025 6,274 10,356 37,635 Operating loss (7,285) (4,190) (178) (3,817) (9,787) Financial income (expenses), net (353) 298 (72) (224) 1,000 Income (loss) before income taxes (7,638) (3,892) (250) (4,041) (8,787) Income tax (220) (200) (75) (46) (770) Net loss (7,858) (4,092) (325) (4,087) (9,557) Net loss per ordinary share: Basic (0.27) (0.14) (0.01) (0.14) (0.32) Diluted (0.27) (0.14) (0.01) (0.14) (0.32) Weighted average number of ordinary shares outstanding: Basic 29,210 30,190 29,218 30,076 29,916 Diluted 29,210 30,190 29,218 30,076 29,916 Contact Details CAMTEK Mira Rosenzweig CFO Tel: +972-4-604-8308 Fax: +972-4-604-8300 Mobile: +972-54-9050703 mirar@camtek.co.il IR INTERNATIONAL GK International IR Ehud Helft / Kenny Green Tel: (US) +1-646-201-9246 info@gkir.com

SOURCE Camtek Ltd

Source: PR Newswire

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