MIGDAL HAEMEK, Israel,
Aug. 3, 2015 /PRNewswire/ -- Camtek
Ltd. (NASDAQ and TASE: CAMT), today announced its financial results
for the quarter ended June 30,
2015.
Highlights of the Second Quarter 2015
- Revenues of $25.4 million, up 17%
sequentially and 10% year-over-year driven by sales in the advanced
packaging semiconductor market;
- Non-GAAP operating income of $1.2
million; GAAP operating income of $1.1 million;
- Non-GAAP net income of $0.8
million; GAAP net income of $0.6
million;
- Continued growth expected into Q3: guidance of $25.5 to 27 million;
Management Comment
Rafi Amit, Camtek's Chairman
and CEO, commented, "We continue to see strength in our
semiconductor sales, with important strategic orders of our system
supporting advanced packaging and CMOS image sensor (CIS)
applications into new and existing customers. These sales are
driving the growth in our semiconductor business."
Continued Mr. Amit, "We are very pleased with the
on-going feedback received from customers who are evaluating the
Gryphon system. We recently launched a demo center in China to allow our Taiwanese and Chinese
customers the opportunity to see in operation the next generation
model, the Gryphon SL, which enables both legend and solder mask
deposition. The Gryphon is a brand new and disruptive technology
for the PCB industry, designed to replace current solder mask and
legend deposition; as such, the sales process for Gryphon is
extended and is taking longer than our normal sale cycle. In the
coming months, we expect to install a number of additional systems
at customers' sites in Asia and in
the US. We believe that we will start recognizing revenues from the
Gryphon in 2016."
"Our third quarter revenue guidance is $25.5-27 million. We are expecting Q3 to be
stronger than Q2, based on the success at our existing customers
and the penetration of new accounts, coupled with growth of our
market segments. We are on track for a strong year for our
semiconductor sales in 2015 with expected double digit
year-over-year growth." concluded Mr. Amit.
Second quarter 2015 Financial Results
Revenues for the second quarter of 2015 were $25.4 million. This compares to second quarter
2014 revenues of $23.1 million and
first quarter 2015 revenues of $21.8
million.
Gross profit on a GAAP basis in the quarter totaled
$10.9 million (42.7% of revenues),
compared to $11.5 million (49.5% of
revenues) in the second quarter 2014 and $9.8 million in the first quarter of 2015 (45.1%
of revenues). The gross margin in the second quarter of last year
was particularly high due to a specific high-margin sale in that
quarter. In the second quarter of 2015, the gross margin was below
the normal range due to less favorable product mix sold in the
quarter.
Gross profit on a non-GAAP basis in the quarter totaled
$10.9 million (43.7% of revenues),
compared to $11.5 million (49.5% of
revenues) in the second quarter 2014 and $9.8 million in the first quarter of 2015 (45.2%
of revenues).
Operating profit on a GAAP basis in the quarter totaled
$1.1 million (4.3% of revenues),
compared to $2.6 million (11.1% of
revenues) in the second quarter 2014 and $1.1 million in the first quarter of 2015 (5.2%
of revenues). General and administrative expenses were particularly
high in the quarter due to some additional legal expenses which
were incurred in in connection with ongoing patent litigation.
Operating profit on a non-GAAP basis in the quarter
totaled $1.2 million (4.5% of
revenues), compared to $2.6 million
(11.5% of revenues) in the second quarter 2014 and $1.2 million in the first quarter of 2015 (5.5%
of revenues).
Financial expenses on a GAAP basis in the quarter totaled
$193 thousand, compared to
$330 thousand in the second quarter
2014 and $847 thousand in the first
quarter of 2015.
Financial expenses on a non-GAAP basis in the quarter
totaled $75 thousand, compared to
$124 thousand in the second quarter
2014 and $627 thousand in the first
quarter of 2015.
Net income on a GAAP basis in the quarter totaled
$647 thousand, or $0.02 per diluted share. This compares to net
income of $2.0 million, or
$0.07 per diluted share, in the
second quarter 2014 and a net income of $52
thousand, or $0.00 per diluted
share, in the first quarter of 2015.
Net income on a non-GAAP basis in the quarter totaled
$825 thousand, or $0.03 per diluted share. This compares to net
income of $2.3 million, or
$0.08 per diluted share, in the
second quarter 2014 and a net income of $335
thousand, or $0.01 per diluted
share, in the first quarter of 2015.
Cash, cash equivalents, short and long-term restricted
deposits, as of June 30, 2015
were $32.1 million (out of which
$7.9 million are restricted deposits)
compared to $21.9 million as of
March 31, 2015. During the second
quarter, the Company raised net cash in the amount of $12 million in a secondary public offering.
Operating cash flow during the quarter was negative $2.0 million. This was as a result of investment
in working capital to support the expected growth in sales.
Conference Call
Camtek will host a conference call today, August 3, 2015, at 9:00 am
ET.
Rafi Amit, Chairman and CEO, and
Moshe Eisenberg, 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 a few minutes before the
start of the call.
US:
1 888 668
9141 at
9:00 am Eastern Time
Israel:
03 918 0609
at 4:00 pm Israel Time
International: +972
3 918 0609
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.
Camtek Ltd. provides automated and technologically advanced
solutions dedicated to enhancing production processes, increasing
products yield and reliability, enabling and supporting customer's
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.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, 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) amortization of acquired intangible
assets and revaluation of liabilities with respect to the
acquisitions of Sela and 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,
|
|
2015
|
2014
|
|
U.S. Dollars (In
thousands)
|
Assets
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
24,235
|
18,220
|
Short-term
deposits
|
-
|
8,607
|
Trade accounts
receivable, net
|
30,092
|
22,341
|
Inventories
|
28,387
|
24,650
|
Due from affiliated
companies
|
343
|
501
|
Other current
assets
|
3,204
|
2,382
|
Deferred tax
asset
|
858
|
858
|
|
|
|
Total current
assets
|
87,119
|
77,559
|
|
|
|
Fixed assets,
net
|
12,731
|
13,025
|
|
|
|
Long term
inventory
|
1,870
|
1,476
|
Long-term restricted
deposit
|
7,875
|
729
|
Deferred tax
asset
|
771
|
891
|
Other assets,
net
|
348
|
348
|
Intangible assets,
net
|
903
|
928
|
Goodwill
|
1,555
|
1,555
|
|
|
|
|
13,322
|
5,927
|
|
|
|
Total
assets
|
113,172
|
96,511
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
Current
liabilities
|
|
|
Trade accounts
payable
|
12,661
|
9,490
|
Other current
liabilities
|
17,216
|
16,279
|
|
|
|
Total current
liabilities
|
29,877
|
25,769
|
|
|
|
Long term
liabilities
|
|
|
Liability for
employee severance benefits
|
779
|
860
|
Other long term
liabilities
|
4,044
|
4,150
|
|
4,823
|
5,010
|
|
|
|
Total
liabilities
|
34,700
|
30,779
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
Ordinary shares NIS
0.01 par value, authorized 100,000,000 shares,
|
|
|
37,242,880 issued as
of June 30, 2015 and 32,586,898 issued as of December 31, 2014,
outstanding 35,150,504
|
|
|
as of June 30, 2015
and 30,494,522 as of December 31, 2014
|
148
|
134
|
Additional paid-in
capital
|
75,492
|
63,465
|
Retained
earnings
|
4,730
|
4,031
|
|
80,370
|
67,630
|
Treasury stock, at
cost (2,092,376 as of June 30, 2015 and December 31,
2014)
|
(1,898)
|
(1,898)
|
|
|
|
Total shareholders'
equity
|
78,472
|
65,732
|
|
|
|
Total liabilities
and shareholders' equity
|
113,172
|
96,511
|
Consolidated
Statements of Operations
|
|
|
|
|
(in thousands,
except share data)
|
|
|
|
|
|
|
|
|
Six Months
ended
June
30,
|
Three
Months
ended June
30,
|
Year
ended
December
31,
|
|
2015
|
2014
|
2015
|
2014
|
2014
|
|
U.S.
dollars
|
U.S.
dollars
|
U.S.
dollars
|
Revenues
|
47,162
|
45,270
|
25,412
|
23,161
|
88,313
|
Cost of
revenues
|
26,488
|
23,672
|
14,557
|
11,693
|
47,294
|
|
|
|
|
|
|
Gross
profit
|
20,674
|
21,598
|
10,855
|
11,468
|
41,019
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development costs
|
6,954
|
6,964
|
3,554
|
3,530
|
14,406
|
Selling, general and
administrative expenses
|
11,489
|
10,900
|
6,208
|
5,374
|
21,417
|
Reorganization and
impairment
|
-
|
-
|
-
|
-
|
60
|
|
18,443
|
17,864
|
9,762
|
8,904
|
35,883
|
|
|
|
|
|
|
Operating
income
|
2,231
|
3,734
|
1,093
|
2,564
|
5,136
|
|
|
|
|
|
|
Financial expenses,
net
|
(1,040)
|
(694)
|
(193)
|
(329)
|
(1,220)
|
|
|
|
|
|
|
Income before
income
|
|
|
|
|
|
taxes
|
1,191
|
3,040
|
900
|
2,235
|
3,916
|
|
|
|
|
|
|
Income tax
|
(492)
|
(389)
|
(253)
|
(223)
|
(579)
|
|
|
|
|
|
|
Net
income
|
699
|
2,651
|
647
|
2,012
|
3,337
|
|
|
|
|
|
|
Net income per
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.02
|
0.09
|
0.02
|
0.07
|
0.11
|
|
|
|
|
|
|
Diluted
|
0.02
|
0.09
|
0.02
|
0.07
|
0.11
|
|
|
|
|
|
|
Weighted average
number of
|
|
|
|
|
|
ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
31,518
|
30,447
|
32,530
|
30,467
|
30,464
|
|
|
|
|
|
|
Diluted
|
31.654
|
30,534
|
32,742
|
30,534
|
30,545
|
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,
|
|
2015
|
2014
|
2015
|
2014
|
2014
|
|
U.S.
dollars
|
U.S.
dollars
|
U.S.
dollars
|
|
|
|
|
|
|
Reported net income
(loss)
attributable to Camtek Ltd.
on
GAAP basis
|
699
|
2,651
|
647
|
2,012
|
3,337
|
Acquisition of Sela
and Printar related
expenses (1)
|
341
|
412
|
118
|
206
|
903
|
Share-based
compensation
|
120
|
131
|
60
|
92
|
309
|
|
|
|
|
|
|
Non-GAAP net
income
|
1,160
|
3,194
|
825
|
2,310
|
4,549
|
|
|
|
|
|
|
Non –GAAP net
income per share,
basic and diluted
|
0.04
|
0.10
|
0.03
|
0.08
|
0.15
|
Gross margin on
GAAP basis
|
43.8%
|
47.7%
|
42.7%
|
49.5%
|
46.4%
|
Reported gross
profit on GAAP basis
|
20,674
|
21,598
|
10,855
|
11,468
|
41,019
|
Acquisition of Sela
and Printar related
expenses (1)
|
-
|
-
|
-
|
-
|
264
|
Share-based
compensation
|
10
|
24
|
5
|
8
|
42
|
Non- GAAP gross
margin
|
20,684
|
47.7%
|
10,860
|
49.5%
|
46.8%
|
Non-GAAP gross
profit
|
43.9%
|
21,622
|
42.7%
|
11,476
|
41,325
|
|
|
|
|
|
|
Reported operating
income attributable
to Camtek Ltd. on GAAP basis
|
2,231
|
3,734
|
1,093
|
2,564
|
5,136
|
Acquisition of Sela
and Printar related
expenses (1)
|
-
|
-
|
-
|
-
|
264
|
Share-based
compensation
|
120
|
123
|
60
|
84
|
309
|
Non-GAAP operating
income
|
2,351
|
3,857
|
1,153
|
2,648
|
5,709
|
During the three and the six months ended June 30, 2015 and 2014 and the twelve months
ended December 31, 2014, the Company
recorded acquisition expenses of $0.1
million, $0.3 million,
$0.2 million, $0.4 million and $0.9
million, respectively, consisting of: (1) Revaluation
adjustments of $0.1 million,
$0.3 million, $0.2 million, $0.4
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 $0.3 million, respectively.
CAMTEK
LTD.
|
INTERNATIONAL
INVESTOR RELATIONS
|
Moshe Eisenberg,
CFO
|
GK Investor
Relations
|
Tel: +972 4 604
8308
|
Ehud Helft / Gavriel
Frohwein
|
Mobile: +972 54 900
7100
|
Tel: (US) 1 646 688
3559
|
moshee@camtek.co.il
|
camtek@gkir.com
|
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visit:http://www.prnewswire.com/news-releases/camtek-announces-second-quarter-2015-results-300122375.html
SOURCE Camtek Ltd.