MIGDAL HAEMEK, Israel,
May 9, 2017 /PRNewswire/
-- Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its
financial results for the quarter ended March 31, 2017.
Highlights of the First Quarter 2017
- Revenues of $30.8 million, ahead
of guidance and a 26% year-over-year increase;
- GAAP operating income of $3.9
million (12.6% margin); non-GAAP operating income of
$4.0 million (13.0% margin);
- GAAP net income of $3.3 million;
non-GAAP net income of $3.4
million;
- Strong operating cash flow of $5.9
million;
- Second quarter revenue guidance of $33-34 million represents 23% year-over-year
growth at the mid-point;
Rafi Amit, Camtek's CEO,
commented, "This is an excellent start to 2017, which
demonstrates we are executing well on our strategy and plans. Our
results mark the best quarter in our history from the revenue
standpoint, with exceptionally strong cash flow and a multi-year
high in margins. Our solid performance was driven by strength
across all our business parts, and the advanced packaging market in
particular that remains one of the fastest growing segments of the
semiconductor capital equipment space."
Added Mr. Amit, "Looking ahead, our business environment
remains very positive. The outlook for the second quarter is for
continued growth with revenues between $33-34 million. All signs point to another year
of strong performance for Camtek."
First Quarter 2017 Financial Results
Revenues for the first quarter of 2017 were $30.8 million. This compares to first quarter
2016 revenues of $24.5 million, a
growth of 26% and prior quarter revenues of $29.3 million, an increase of 5%.
Gross profit on a GAAP basis in the quarter totaled
$14.8 million (48.2% of revenues),
compared to $10.3 million (42.2% of
revenues) in the first quarter 2016 and $13.4 million in the prior quarter (45.7% of
revenues).
Gross profit on a non-GAAP basis in the quarter totaled
$14.8 million (48.2% of revenues),
compared to $10.3 million (42.3% of
revenues) in the first quarter 2016. The variance in the gross
margin is a function of the specific product and sales mix in the
quarter and was unusually high in the current quarter.
Operating profit on a GAAP basis in the quarter totaled
$3.9 million (12.6% of revenues),
compared to an operating income of $0.4
million (1.5% of revenues), in the first quarter 2016.
Operating profit on a non-GAAP basis in the quarter
totaled $4.0 million (13.0% of
revenues), compared to $0.5 million
(1.8% of revenues), in the first quarter 2016.
Net income on a GAAP basis in the quarter totaled
$3.3 million, or $0.09 per diluted share. This compares to a net
income of $24 thousand, or
$0.00 per diluted share, in the first
quarter 2016.
Net income on a non-GAAP basis in the quarter totaled
$3.4 million, or $0.10 per diluted share. This compares to net
income of $0.2 million, or
$0.01 per diluted share, in the first
quarter 2016.
Cash, cash equivalents, short and long-term restricted
deposits, as of March 31, 2017
were $24.3 million compared to
$19.7 million as of December 31, 2016. The Company reported a
positive operating cash flow of $5.9
million during the quarter.
Conference Call
Camtek will host a conference call today, May 9, 2017, at 9:00 am
ET.
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, VP, head of the Semiconductors
Division 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: 1 888 407
2553 at 9:00 am Eastern Time
Israel: 03 918
0610 at 4:00 pm Israel Time
International: +972 3 918 0610
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:(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)
|
|
December
31,
|
March
31,
|
|
2016
|
2017
|
|
U.S. Dollars (In
thousands)
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
24,277
|
19,740
|
Trade accounts
receivable, net
|
34,687
|
36,000
|
Inventories
|
29,250
|
25,448
|
Due from affiliated
companies
|
147
|
77
|
Other current
assets
|
3,470
|
2,747
|
Deferred tax
asset
|
894
|
894
|
|
|
|
Total current
assets
|
92,725
|
84,906
|
|
|
|
|
|
|
Fixed assets,
net
|
15,471
|
14,109
|
|
|
|
Long term
inventory
|
2,024
|
2,107
|
Deferred tax
asset
|
3,283
|
3,283
|
Other assets,
net
|
270
|
270
|
Intangible assets,
net
|
817
|
865
|
|
|
|
|
6,394
|
6,525
|
|
|
|
Total
assets
|
114,590
|
105,540
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Trade accounts
payable
|
15,583
|
|
12,983
|
Other current
liabilities
|
21,208
|
|
18,322
|
|
|
|
|
Total current
liabilities
|
36,791
|
|
31,305
|
|
|
|
|
Long term
liabilities
|
|
|
|
Liability for
employee severance benefits
|
1,020
|
|
870
|
|
1,020
|
|
870
|
|
|
|
|
Total
liabilities
|
37,811
|
|
32,175
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Ordinary shares NIS
0.01 par value, 100,000,000 shares authorized at March 31 2017 and
at December 31, 2016;
|
|
|
|
37,440,552 issued
shares at March 31, 2017 and at December 31, 2016;
|
|
|
|
35,348,176 shares
outstanding at March 31, 2017 and at December 31, 2016
|
148
|
|
148
|
Additional paid-in
capital
|
76,578
|
|
76,463
|
Retained earnings
(losses)
|
1,951
|
|
(1,348)
|
|
78,677
|
|
75,263
|
Treasury stock, at
cost (2,092,376 as of March 31, 2017 and December 31,
2016)
|
(1,898)
|
|
(1,898)
|
|
|
|
|
Total shareholders'
equity
|
76,779
|
|
73,365
|
|
|
|
|
Total liabilities
and shareholders' equity
|
114,590
|
|
105,540
|
Camtek
Ltd.
|
Consolidated
Statements of Operations
|
(in thousands,
except share data)
|
|
|
|
Three months
ended March
31,
|
Year ended
December 31,
|
|
2017
|
2016
|
2016
|
|
U.S.
dollars
|
|
|
|
|
Revenues
|
30,782
|
24,458
|
109,523
|
Cost of
revenues
|
15,951
|
14,130
|
60,638
|
Reorganization and
impairment
|
-
|
-
|
4,931
|
|
|
|
|
Gross
profit
|
14,831
|
10,328
|
43,954
|
|
|
|
|
|
|
|
|
Research and
development costs
|
4,352
|
3,982
|
15,896
|
Selling, general and
administrative expenses
|
6,604
|
5,974
|
25,501
|
Reorganization and
impairment
|
-
|
-
|
(4,059)
|
|
|
|
|
Total operating
expenses
|
10,956
|
9,956
|
37,338
|
|
|
|
|
Operating
income
|
3,875
|
372
|
6,616
|
|
|
|
|
Financial expenses,
net
|
(225)
|
(232)
|
(994)
|
|
|
|
|
Income before tax
expenses
|
3,650
|
140
|
5,622
|
|
|
|
|
Income tax
(expense)
|
(351)
|
(116)
|
(888)
|
|
|
|
|
Net
income
|
3,299
|
24
|
4,734
|
|
|
|
|
Earnings per
ordinary share:
|
|
|
|
|
|
|
|
Basic
|
0.09
|
0.00
|
0.13
|
|
|
|
|
Diluted
|
0.09
|
0.00
|
0.13
|
|
|
|
|
Weighted average
number of ordinary
|
|
|
|
shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
35,348
|
35,348
|
35,348
|
|
|
|
|
Diluted
|
35,475
|
31,163
|
35,376
|
|
|
Camtek
Ltd.
|
Reconciliation of
GAAP To Non-GAAP results
|
|
|
(In thousands,
except share data)
|
|
|
|
|
|
|
Three months
ended
March
31,
|
Year ended
December 31,
|
|
2017
|
2016
|
2016
|
|
U.S.
dollars
|
U.S.
dollars
|
Reported net income
(loss) attributable to Camtek Ltd. on GAAP basis
|
3,299
|
24
|
4,734
|
Effect of FIT
reorganization (1)
|
-
|
-
|
872
|
Acquisition of Sela
and Printar related expenses (2)
|
-
|
90
|
183
|
Share-based
compensation
|
114
|
79
|
429
|
Non-GAAP net
income
|
3,423
|
193
|
6,218
|
|
|
|
|
Non –GAAP net
income per share, basic and diluted
|
0.10
|
0.01
|
0.18
|
Gross margin on
GAAP basis
|
48.2%
|
42.2%
|
40.1%
|
Reported gross
profit on GAAP basis
|
14,831
|
10,328
|
43,954
|
Effect of FIT
reorganization (1)
|
-
|
-
|
4,931
|
Share-based
compensation
|
10
|
7
|
42
|
Non- GAAP gross
margin
|
48.2%
|
42.3%
|
44.7%
|
Non-GAAP gross
profit
|
14,841
|
10,335
|
48,927
|
|
|
|
|
Reported operating
income (loss)
attributable to
Camtek Ltd. on
GAAP basis
|
3,875
|
372
|
6,616
|
Effect of FIT
reorganization (1)
|
-
|
-
|
872
|
Share-based
compensation
|
114
|
79
|
429
|
Non-GAAP operating
income
|
3,989
|
451
|
7,917
|
(1) During the year ended December 31, 2016, the Company recorded
reorganization costs with regard to the FIT activities of
$0.9 million, consisting of: (1)
inventory and fixed asset write-offs of $4.9
million, recorded under cost of revenues line item; (2)
other expenses of $0.1 million,
recorded under cost of revenues line item; (3) fixed asset
write-offs of $0.7 million, recorded
under operating expenses; (4) other expenses of $0.2 million, recorded under operating expenses;
and (5) income from write-off of liabilities to OCS $5.0 million, recorded under operating
expenses
(2) During the three month period ended
March 31, 2016 and the year ended
December 31, 2016, the Company
recorded acquisition expenses of $0.1million and $0.2
million, respectively, consisting of revaluation adjustments
of contingent consideration and certain future liabilities recorded
at fair value. These amounts are recorded under finance expenses
line item.
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
|
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SOURCE Camtek Ltd