Camtek Announces Second Quarter 2009 Financial Results
34% Sequential Revenue Increase From First Quarter 2009; Substantially Narrows Operating and Net Loss Compared to First Quarter 2009
MIGDAL HAEMEK, Israel, August 12 -- Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2009.
Revenues for the second quarter of 2009 increased 34% to $12.5 million, compared to $9.3 million in the first quarter of 2009. Revenues in the second quarter last year totaled $22.7 million.
Gross profit for the second quarter totaled $4.2 million, a 21% increase compared to the $3.5 million gross profit in the first quarter of 2009. Gross profit for the second quarter of 2008 totaled $8.8 million. Gross margin for the second quarter of 2009 totaled 34%, compared to 37% in the first quarter of 2009 and 38.9% in the second quarter of 2008.
Operating loss for the second quarter of 2009 totaled $2.1 million, compared to the $5.0 million operating loss in the prior quarter. Operating loss in the second quarter 2008 totaled $0.5 million.
Net loss for the second quarter of 2009 totaled $2.1 million, or $0.07 per share, compared to $5.5 million, or $0.19 per share in the prior quarter. Net loss for the second quarter last year totaled $0.5 million, or $0.02 per share.
Cash and cash equivalents at June 30, 2009, totaled $12.0 million compared to $11.4 million at the end of March 31, 2009 and $14.4 million net, at the end of December 31, 2008.
"During the second quarter we recognized a sequential increase in revenues and gross profit, while narrowing both our operating and net loss. Furthermore, we managed our cash resources, through prudent expense management, directly attributed to the deep restructuring measures implemented during the first quarter," said Rafi Amit, Camtek's CEO. "Looking ahead, despite the tough business environment we operate in, we continue to invest in R&D, in order to improve performances of our current product lines, as well as to develop new products. We estimate that revenues in the third quarter will be slightly higher than those of the second quarter."
Conference Call
Camtek will host a conference call today, August 12, at 10:30 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 second quarter 2009 results conference call".
US: 1-866-744-5399 at 10:30 am Eastern Time
Israel: 03-918-0687 at 5:30 pm Israel Time
International: +972-3-918-0687
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, 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)
June 30, December 31,
2009 2008
Unaudited Audited
U.S. Dollars
(In thousands)
Assets
Current assets
Cash and cash equivalents 12,029 15,949
Accounts receivable, net 16,417 18,156
Inventories 13,915 9,792
Due from affiliates 353 414
Other current assets 1,685 1,929
Deferred tax asset 39 39
Total current assets 44,438 46,279
Fixed assets, net 16,335 15,648
Long term inventory 10,693 21,653
Deferred tax asset 127 127
Other assets, net (*) 4,694 1,028
15,514 22,808
Total assets 76,287 84,735
Liabilities and shareholder's equity
Current liabilities
Short term loan - 1,500
Accounts payable trade 2,225 5,240
Due to affiliates 104 294
Convertible loan - current portion 1,667 1,667
Other current liabilities 11,256 11,382
Total current liabilities 15,252 20,083
Long term liabilities
Convertible loan net of current portion 1,666 1,666
Other long term liabilities (*) 3,822 -
Liability for employee severance benefits 264 271
Total liabilities 21,004 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 31,272,318 in 2009,
outstanding
29,135,108 in 2008 and 29,178,942 in 2009. 132 132
Additional paid-in capital 60,251 60,149
Retained earnings (losses) (3,202) 4,332
57,181 64,613
Treasury stock, at cost (2,092,376 shares
in 2008 and 2009) (1,898) (1,898)
Total shareholders' equity 55,283 62,715
Total liabilities and shareholders' equity 76,287 84,735
(*) The increase relates to Printar acquisition
Camtek Ltd.
Consolidated Statements of Operations
(In thousands, except share data)
Six Months ended Three Months ended Year ended
June 30, June 30, December 31,
2009 2008 2009 2008 2008
Unaudited Unaudited Unaudited Unaudited Audited
U.S. dollars U.S. dollars U.S. dollars
Revenues 21,798 43,945 12,510 22,653 75,463
Cost of revenues 14,146 25,649 8,319 13,834 47,615
Gross profit 7,652 18,296 4,191 8,819 27,848
Research and development
costs 4,896 6,340 2,309 3,345 12,801
Selling, general and
administrative
expenses 9,864 12,329 4,008 5,961 24,834
14,760 18,669 6,317 9,306 37,635
Operating loss (7,108) (373) (2,126) (487) (9,787)
Financial income
(expenses), net (281) 522 96 56 1,000
Income (loss) before income
taxes (7,389) 149 (2,030) (431) (8,787)
Income tax (145) (154) (52) (67) (770)
Net loss (7,534) (5) (2,082) (498) (9,557)
Net loss per ordinary share:
Basic (0.26) - (0.07) (0.02) (0.32)
Diluted (0.26) - (0.07) (0.02) (0.32)
Weighted average number of
ordinary shares outstanding:
Basic 29,209 30,249 29,212 30,250 29,916
Diluted 29,209 30,249 29,212 30,250 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
Web site: http://www.camtek.co.il
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.