MIGDAL HAEMEK, Israel,
July 21, 2016 /PRNewswire/
-- Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its
financial results for the quarter ended June
30, 2016.
Highlights of the Second Quarter 2016
- Revenues of $27.3 million, up 7%
year over year;
- Non-GAAP gross margin of 46.8%; GAAP gross margin of 46.7%
- Non-GAAP operating income of $1.9
million; GAAP operating income of $1.7 million;
- Non-GAAP net income of $1.5
million; GAAP net income of $1.3
million;
- Expecting continued growth driven by Semiconductor Advance
packaging applications.
Q3 revenue guidance of $27.5 to $29
million.
Rafi Amit, Camtek's Chairman
and CEO, commented, "We are very pleased with our results,
reporting revenues of over $27
million, which was ahead of our guidance. We also
demonstrated solid gross and operating margins, leading to our
strong profitability this quarter. This was driven by our
performance in the semiconductor business. Advanced packaging
continues to grow and capture a larger portion of the capital
expenditure made by major manufacturers. Camtek is in a very strong
position to continue to capitalize on this."
Added Mr. Amit, "For the third quarter, we expect
continued revenue growth, reaching a level of between $27.5- $29 million. This is in line with our
positive outlook for the rest of the year, particularly in the
back-end semiconductor space. As we stated back in February, we are
targeting year on year double-digit growth in our semiconductor
business."
Second Quarter 2016 Financial Results
Revenues for the second quarter of 2016 were $27.8 million. This compares to second quarter
2015 revenues of $25.4 million, a
growth of 7% and prior quarter revenues of $24.5 million, an increase of 12%.
Gross profit on a GAAP basis in the quarter totaled
$12.7 million (46.7% of revenues),
compared to $10.9 million (42.7% of
revenues) in the second quarter 2015 and $10.3 million in the prior quarter (42.2% of
revenues).The improved gross margin is due to the increase in
revenue and favorable product mix.
Gross profit on a non-GAAP basis in the quarter totaled
$12.8 million (46.8% of revenues),
compared to $10.9 million (42.7% of
revenues) in the second quarter 2015 and $10.3 million in the prior quarter (42.3% of
revenues).
Operating profit on a GAAP basis in the quarter totaled
$1.7 million (6.4% of revenues),
compared to $1.1 million (4.5% of
revenues) in the second quarter 2015 and an operating profit of
$372 thousand in the prior
quarter.
Operating profit on a non-GAAP basis in the quarter
totaled $1.9 million (6.8% of
revenues), compared to $1.2 million
(4.5% of revenues) in the second quarter 2015 and $452 thousand in the prior quarter (1.8% of
revenues).
Net income on a GAAP basis in the quarter totaled
$1.3 million, or $0.04 per diluted share. This compares to net
income of $647 thousand, or
$0.02 per diluted share, in the
second quarter 2015 and a net income of $24
thousand, or $0.00 per share,
in the prior quarter.
Net income on a non-GAAP basis in the quarter totaled
$1.5 million, or $0.04 per diluted share. This compares to net
income of $825 thousand, or
$0.03 per diluted share, in the
second quarter 2015 and a net income of $194
thousand, or $0.01 per diluted
share, in the prior quarter.
Cash, cash equivalents, short and long-term restricted
deposits, as of June 30, 2016
were $31.8 million compared to
$38.7 million as of December 31, 2015. The Company reported a
negative operating cash flow of $1.6
million during the quarter.
Conference Call
Camtek will host a conference call today, Thursday, July 21, 2016, at 10:00 am ET.
Rafi Amit, Chairman and CEO, and
Moshe Eisenberg, CFO, 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 a few minutes before the start of the call.
US:
1 888 668
9141 at
10:00 am Eastern Time
Israel: 03
918
0685 at
5:00 pm Israel Time
International:
+972 3 918 0685
For those unable to participate, the teleconference will be
available for replay on Camtek's website at http://www.camtek.com
beginning 24 hours after the call.
ABOUT CAMTEK LTD.
Camtek Ltd. provides automated and technologically advanced
solutions dedicated to enhancing production processes, increasing
products yield and reliability, enabling and supporting customers'
latest technologies in the Semiconductors, Printed Circuit Boards
(PCB) and IC Substrates industries.
Camtek addresses the specific needs of these interconnected
industries with dedicated solutions based on a wide and advanced
platform of technologies including intelligent imaging, image
processing and functional 3D inkjet printing.
This press release is available at www.camtek.com .
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, the
timely development of our new products and their adoption by the
market, increased competition in the industry, intellectual
property litigation, price reductions as well as due to risks
identified in the documents filed by the Company with the
SEC.
Use of non-GAAP Measures
This press release provides financial measures that exclude
certain items such as: (i) revaluation of liabilities with respect
to the acquisition of 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)
|
June
30,
|
|
December
31,
|
|
2016
|
|
2015
|
|
U.S. Dollars (In
thousands)
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
23,944
|
|
30,833
|
Short-term restricted
deposits
|
7,875
|
|
7,875
|
Trade accounts receivable,
net
|
32,900
|
|
27,003
|
Inventories
|
29,388
|
|
27,599
|
Due from affiliated
companies
|
668
|
|
559
|
Other current
assets
|
2,303
|
|
1,712
|
Deferred tax
asset
|
177
|
|
177
|
|
|
|
|
Total current
assets
|
97,255
|
|
95,758
|
|
|
|
|
Fixed assets,
net
|
13,983
|
|
13,531
|
|
|
|
|
Long term
inventory
|
2,307
|
|
1,979
|
Deferred tax
asset
|
3,835
|
|
3,955
|
Other assets,
net
|
248
|
|
248
|
Intangible assets,
net
|
865
|
|
795
|
|
|
|
|
|
7,255
|
|
6,977
|
|
|
|
|
Total
assets
|
118,493
|
|
116,266
|
|
|
|
|
Liabilities and
shareholders'
equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Trade accounts
payable
|
12,115
|
|
11,812
|
Other current
liabilities
|
31,025
|
|
30,712
|
|
|
|
|
Total current
liabilities
|
43,140
|
|
42,524
|
|
|
|
|
Long term
liabilities
|
|
|
|
Liability for employee
severance
benefits
|
866
|
|
772
|
Other long term
liabilities
|
4,775
|
|
4,768
|
|
5,641
|
|
5,540
|
|
|
|
|
Total
liabilities
|
48,781
|
|
48,064
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Ordinary shares NIS 0.01
par value, 100,000,000 shares authorized at June 30, 2016 and at
December 31,
2015;
|
|
|
|
37,440,552 issued shares at
June 30, 2016 and at December 31,
2015;
|
|
|
|
35,348,176 shares
outstanding at June 30, 2016 and at December 31,
2015
|
148
|
|
148
|
Additional paid-in
capital
|
76,235
|
|
76,034
|
Retained
earnings
|
(4,773)
|
|
(6,082)
|
|
71,610
|
|
70,100
|
Treasury stock, at cost
(2,092,376 as of June 30, 2016 and December 31,
2015)
|
(1,898)
|
|
(1,898)
|
|
|
|
|
Total shareholders'
equity
|
69,712
|
|
68,202
|
|
|
|
|
Total liabilities and
shareholders'
equity
|
118,493
|
|
116,266
|
Consolidated Statements of Operations
(in
thousands, except share data)
|
Six Months
ended
June
30,
|
|
Three
Months
ended June
30,
|
|
Year
ended December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2015
|
|
U.S.
dollars
|
|
U.S.
dollars
|
|
U.S.
dollars
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
51,738
|
|
47,162
|
|
27,280
|
|
25,412
|
|
99,275
|
Cost of
revenues
|
28,667
|
|
26,488
|
|
14,537
|
|
14,557
|
|
56,149
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
23,071
|
|
20,674
|
|
12,743
|
|
10,855
|
|
43,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
costs
|
8,083
|
|
6,954
|
|
4,101
|
|
3,554
|
|
14,860
|
Selling, general and
administrative expenses
|
12,881
|
|
11,489
|
|
6,907
|
|
6,208
|
|
23,587
|
Reorganization and
impairment
|
-
|
|
-
|
|
-
|
|
-
|
|
138
|
Loss from
litigation
|
-
|
|
-
|
|
-
|
|
-
|
|
14,600
|
|
20,964
|
|
18,443
|
|
11,008
|
|
9,762
|
|
53,185
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
2,107
|
|
2,231
|
|
1,735
|
|
1,093
|
|
(10,059)
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(367)
|
|
(1,040)
|
|
(135)
|
|
(193)
|
|
(1,877)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income
|
|
|
|
|
|
|
|
|
|
taxes
|
1,740
|
|
1,191
|
|
1,600
|
|
900
|
|
(11,936)
|
|
|
|
|
|
|
|
|
|
|
Income
tax
|
(431)
|
|
(492)
|
|
(315)
|
|
(253)
|
|
1,823
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
1,309
|
|
699
|
|
1,285
|
|
647
|
|
(10,113)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.04
|
|
0.02
|
|
0.04
|
|
0.02
|
|
(0.30)
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
0.04
|
|
0.02
|
|
0.04
|
|
0.02
|
|
(0.30)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares
|
|
|
|
|
|
|
|
|
|
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
35,348
|
|
31,518
|
|
35,348
|
|
32,530
|
|
33,352
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
35,359
|
|
31,654
|
|
35,358
|
|
32,742
|
|
33,352
|
Camtek Ltd.
Reconciliation of GAAP To Non-GAAP
results
(In thousands, except share data)
|
Six Months
ended June
30,
|
|
Three Months ended June
30,
|
|
Year
ended
December
31,
|
|
2016
|
2015
|
|
2016
|
2015
|
|
2015
|
|
U.S.
dollars
|
|
U.S.
dollars
|
|
U.S.
dollars
|
Reported net income
(loss) attributable to Camtek Ltd. on GAAP
basis
|
1,309
|
|
699
|
|
1,285
|
|
647
|
|
(10,113)
|
Acquisition of Sela and
Printar related expenses
(1)
|
183
|
|
341
|
|
93
|
|
118
|
|
751
|
Inventory write-downs
(2)
|
-
|
|
-
|
|
-
|
|
-
|
|
1,041
|
Share-based
compensation
|
201
|
|
120
|
|
122
|
|
60
|
|
270
|
Loss from litigation, net
of tax (3)
|
-
|
|
-
|
|
-
|
|
-
|
|
13,286
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
1,693
|
|
1,160
|
|
1,500
|
|
825
|
|
5,235
|
|
|
|
|
|
|
|
|
|
|
Non –GAAP net income
per share , basic and
diluted
|
0.05
|
|
0.04
|
|
0.04
|
|
0.03
|
|
0.16
|
Gross margin on GAAP
basis
|
44.6%
|
|
43.8%
|
|
46.7%
|
|
42.7%
|
|
43.4%
|
Reported gross profit on
GAAP basis
|
23,071
|
|
20,674
|
|
12,743
|
|
10,855
|
|
43,126
|
Inventory write-downs
(2)
|
-
|
|
-
|
|
-
|
|
-
|
|
1,041
|
Share-based
compensation
|
23
|
|
10
|
|
16
|
|
5
|
|
24
|
Non- GAAP gross
margin
|
23,094
|
|
20,684
|
|
12,759
|
|
10,860
|
|
44.5%
|
Non-GAAP gross
profit
|
44.6%
|
|
43.9%
|
|
46.8%
|
|
42.7%
|
|
44,191
|
|
|
|
|
|
|
|
|
|
|
Reported operating income
attributable to Camtek Ltd. on GAAP
basis
|
2,107
|
|
2,231
|
|
1,735
|
|
1,093
|
|
(10,059)
|
Acquisition of Sela and
Printar related expenses
(1)
|
-
|
|
-
|
|
-
|
|
-
|
|
138
|
Inventory write-downs
(2)
|
-
|
|
-
|
|
-
|
|
-
|
|
1,041
|
Share-based
compensation
|
201
|
|
120
|
|
122
|
|
60
|
|
271
|
Loss from litigation
(3)
|
-
|
|
-
|
|
-
|
|
-
|
|
14,600
|
Non-GAAP operating
income
|
2,308
|
|
2,351
|
|
1,857
|
|
1,153
|
|
5,991
|
(1) During the three and the six months
ended June 30, 2016 and 2015 and the
twelve months ended December 31,
2015, the Company recorded acquisition expenses of
$0.1 million, $0.2 million, $0.1
million, $0.3 million and
$0.8 million, respectively,
consisting of: (1) Revaluation adjustments of $0.1 million, $0.2
million, $0.1 million,
$0.3 million and $0.6 million, respectively, of contingent
consideration and certain future liabilities recorded at fair
value. These amounts are recorded under finance expenses line item;
(2) Implication of re-organization and impairment charges of
$0, $0,
$0, $0
and $0.1 million, respectively.
(2) During the year ended December 31, 2015, the Company recorded inventory
write downs in the amount of $1.0
million, recorded under cost of revenues line item.
(3) During the year ended December 31, 2015, the Company recorded a
provision of $14.6 million
($13.3 million net of tax) in
conjunction with the final court ruling on February 3, 2016 in Camtek's appeal in the patent
infringement case of Rudolph Technologies Inc. regarding the Falcon
system.
CAMTEK
LTD.
Moshe Eisenberg,
CFO
Tel:
+972-4-604-8308
Mobile:
+972-54-900-7100
moshee@camtek.com
|
INTERNATIONAL INVESTOR
RELATIONS
GK Investor
Relations
Ehud Helft / Gavriel
Frohwein
Tel: (US)
+1-646-688-3559
camtek@gkir.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/camtek-announces-second-quarter-2016-results-300302025.html
SOURCE Camtek Ltd