MIGDAL HAEMEK, Israel,
Oct. 29, 2015 /PRNewswire/ -- Camtek
Ltd. (NASDAQ: CAMT, TASE: CAMT), today announced its financial
results for the quarter ended September 30,
2015.
Highlights of the third quarter 2015
- Revenues of $26.3 million, up 4%
sequentially and 17% year-over-year driven by increased sales to
the advanced packaging semiconductor market;
- Non-GAAP operating income of $1.9
million; GAAP operating income of $1.8 million;
- Non-GAAP net income of $1.2
million; GAAP net income of $1.0
million;
- Positive operating cash flow of $5.4
million; and
- Q4 revenue guidance of $25 to 26.5
million.
Management Comment
Rafi Amit, Camtek's Chairman
and CEO, commented, "Our four-year high in quarterly revenue
has been driven by robust sales of Automatic Optical Inspection and
Metrology systems to the semiconductor market. These sales reflect
growth in the advanced packaging market segment as well as other
leading segments such as CMOS Image Sensors and MEMS. Since the
introduction of the Eagle product line in the second half of 2014,
it has been successful in the marketplace for both new and existing
customers. In the third quarter of 2015, a large portion of our
semiconductor business came from Eagle sales with particularly
strong demand from customers in Taiwan and China. We differentiate ourselves by working
closely with industry leaders to provide tailor-made solutions for
cutting edge technologies, like advanced packaging."
Continued Mr. Amit, "With respect to the PCB market, the
inspection business remains stable, and the Gryphon is in
evaluation with four customers, three in the US and one in
Asia. As the Gryphon progresses in
its marketing phases, we have decided to integrate the two product
lines serving the PCB market (inspection and digital printing)
under one business unit. This move will improve the synergies
between the sales force and the R&D team, as a result it will
allow us to efficiently focus on improving the performances of the
Gryphon based on the customers' feedback. Following implementation
of market feedback, we will accelerate the process of broader
market sales."
Concluded Mr. Amit, "Looking ahead, we expect our fourth
quarter revenue to remain around the same level as seen over the
past two quarters. We continue to experience strong order flow,
part of which we expect to ship in the first quarter of 2016. We
look forward to another solid quarter, bringing our annual revenue
to around the $100 million level,
representing a significant step-up over that of the past
years."
Third quarter 2015 Financial Results
Revenues for the third quarter of 2015 were $26.3 million, representing growth of 17%
compared to third quarter 2014 revenues of $22.4 million.
Gross profit on a GAAP basis in the quarter totaled
$11.8 million (44.8% of revenues),
compared to $10.0 million (44.4% of
revenues) in the third quarter 2014. Gross profit on a
non-GAAP basis in the quarter totaled $11.8
million (44.9% of revenues), compared to $10.0 million (44.5% of revenues) in the third
quarter 2014.
Operating profit on a GAAP basis in the quarter totaled
$1.8 million (6.8% of revenues),
compared to $1.0 million (4.6% of
revenues) in the third quarter 2014. Operating profit on a
non-GAAP basis in the quarter totaled $1.9
million (7.1% of revenues), compared to $1.1 million (5.1% of revenues) in the third
quarter 2014.
Financial expenses on a GAAP basis in the quarter totaled
$449 thousand, compared to
$167 thousand in the third quarter
2014. Financial expenses on a non-GAAP basis in the quarter totaled
$327 thousand, compared to a
financial income of $60 thousand in
the third quarter 2014.
Net income on a GAAP basis in the quarter totaled
$1.0 million, or $0.03 per diluted share, compared to net income
of $619 thousand, or $0.02 per diluted share, in the third quarter
2014.
Net income on a non-GAAP basis in the quarter totaled
$1.2 million, or $0.03 per diluted share, compared to net income
of $947 thousand, or $0.03 per diluted share, in the third quarter
2014. Note that the total number of issued and outstanding
shares has increased following the public offering in May 2015.
Cash, cash equivalents, short and long-term restricted
deposits as of September 30,
2015, were $37.1 million (out
of which $7.9 million are restricted
deposits) compared to $32.1 million
as of June 30, 2015. Operating cash
flow during the quarter was $5.3
million.
Conference Call
Camtek will host a conference call today, October 29, 2015, at 10:00
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 10:00 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
product yields and reliability and 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)
|
|
|
September
30,
|
December
31,
|
|
2015
|
2014
|
|
U.S. Dollars (In
thousands)
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
29,182
|
18,220
|
Short-term
deposits
|
-
|
8,607
|
Trade accounts
receivable, net
|
23,389
|
22,341
|
Inventories
|
28,027
|
24,650
|
Due from affiliated
companies
|
265
|
501
|
Other current
assets
|
2,148
|
2,382
|
Deferred tax
asset
|
858
|
858
|
|
|
|
Total current
assets
|
83,869
|
77,559
|
|
|
|
|
|
|
Fixed assets,
net
|
13,285
|
13,025
|
|
|
|
Long term
inventory
|
1,827
|
1,476
|
Long-term restricted
deposit
|
7,875
|
729
|
Deferred tax
asset
|
711
|
891
|
Other assets,
net
|
348
|
348
|
Intangible assets,
net
|
881
|
928
|
Goodwill
|
1,555
|
1,555
|
|
|
|
|
13,197
|
5,927
|
|
|
|
Total
assets
|
110,351
|
96,511
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Current
liabilities
|
|
|
Trade accounts
payable
|
7,509
|
9,490
|
Other current
liabilities
|
18,286
|
16,279
|
|
|
|
Total current
liabilities
|
25,795
|
25,769
|
|
|
|
Long term
liabilities
|
|
|
Liability for
employee severance benefits
|
846
|
860
|
Other long term
liabilities
|
4,169
|
4,150
|
|
5,015
|
5,010
|
|
|
|
Total
liabilities
|
30,810
|
30,779
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
Ordinary shares NIS
0.01 par value, authorized 100,000,000 shares,
|
|
|
37,242,880 issued as
of September 30, 2015 and 32,586,898 issued as of December 31,
2014, outstanding 35,150,504
|
|
|
as of September 30,
2015 and 30,494,522 as of December 31, 2014
|
148
|
134
|
Additional paid-in
capital
|
75,566
|
63,465
|
Retained
earnings
|
5,725
|
4,031
|
|
81,439
|
67,630
|
Treasury stock, at
cost (2,092,376 as of September 30, 2015 and December 31,
2014)
|
(1,898)
|
(1,898)
|
|
|
|
Total shareholders'
equity
|
79,541
|
65,732
|
|
|
|
Total liabilities
and shareholders' equity
|
110,351
|
96,511
|
Consolidated
Statements of Operations
|
(in thousands, except
share data)
|
|
|
|
Nine Months
ended
September
30,
|
Three
Months
ended September
30,
|
Year
ended
December
31,
|
|
2015
|
2014
|
2015
|
2014
|
2014
|
|
U.S.
dollars
|
U.S.
dollars
|
U.S.
dollars
|
Revenues
|
73,499
|
67,713
|
26,337
|
22,443
|
88,313
|
Cost of
revenues
|
41,019
|
36,146
|
14,531
|
12,474
|
47,294
|
|
|
|
|
|
|
Gross
profit
|
32,480
|
31,567
|
11,806
|
9,969
|
41,019
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development costs
|
10,614
|
10,705
|
3,660
|
3,741
|
14,406
|
Selling, general and
administrative expenses
|
17,847
|
16,086
|
6,358
|
5,186
|
21,417
|
Reorganization and
impairment
|
-
|
-
|
-
|
-
|
60
|
|
28,461
|
26,791
|
10,018
|
8,927
|
35,883
|
|
|
|
|
|
|
Operating
income
|
4,019
|
4,776
|
1,788
|
1,042
|
5,136
|
|
|
|
|
|
|
Financial expenses,
net
|
(1,489)
|
(861)
|
(449)
|
(167)
|
(1,220)
|
|
|
|
|
|
|
Income before
income
|
|
|
|
|
|
taxes
|
2,530
|
3,915
|
1,339
|
875
|
3,916
|
|
|
|
|
|
|
Income tax
|
(836)
|
(646)
|
(344)
|
(257)
|
(579)
|
|
|
|
|
|
|
Net
income
|
1,694
|
3,269
|
995
|
618
|
3,337
|
|
|
|
|
|
|
Net income per
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.05
|
0.11
|
0.03
|
0.02
|
0.11
|
|
|
|
|
|
|
Diluted
|
0.05
|
0.11
|
0.03
|
0.02
|
0.11
|
|
|
|
|
|
|
Weighted average
number of
|
|
|
|
|
|
ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,742
|
30,457
|
35,150
|
30,476
|
30,464
|
|
|
|
|
|
|
Diluted
|
32,873
|
30,542
|
35,200
|
30,556
|
30,545
|
|
|
|
|
|
|
Camtek
Ltd.
|
Reconciliation of
GAAP To Non-GAAP results
|
(In thousands, except
share data)
|
|
|
Nine
Months ended
September
30,
|
Three Months
ended
September
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
|
1,694
|
3,269
|
995
|
618
|
3,337
|
Acquisition of Sela
and Printar related expenses (1)
|
463
|
639
|
122
|
227
|
903
|
Share-based
compensation
|
212
|
233
|
92
|
102
|
309
|
|
|
|
|
|
|
Non-GAAP net
income
|
2,369
|
4,141
|
1,209
|
947
|
4,549
|
|
|
|
|
|
|
Non –GAAP net
income per share , basic and diluted
|
0.07
|
0.14
|
0.03
|
0.03
|
0.15
|
Gross margin on
GAAP basis
|
44.2%
|
46.6%
|
44.8%
|
44.4%
|
46.4%
|
Reported gross
profit on GAAP basis
|
32,480
|
31,567
|
11,806
|
9,969
|
41,019
|
Acquisition of Sela
and Printar related expenses ( 1)
|
-
|
-
|
-
|
-
|
264
|
Share-based
compensation
|
17
|
33
|
7
|
9
|
42
|
Non- GAAP gross
margin
|
44.2%
|
46.7%
|
44.9%
|
44.5%
|
46.8%
|
Non-GAAP gross
profit
|
32,497
|
31,600
|
11,813
|
9,978
|
41,325
|
|
|
|
|
|
|
Reported operating
income attributable to Camtek Ltd. on GAAP basis
|
4,019
|
4,776
|
1,788
|
1,042
|
5,136
|
Acquisition of Sela
and Printar related expenses (1)
|
-
|
-
|
-
|
-
|
264
|
Share-based
compensation
|
212
|
233
|
92
|
102
|
309
|
Non-GAAP operating
income
|
4,231
|
5,009
|
1,880
|
1,135
|
5,709
|
(1) During the three and the nine months
ended September 30, 2015 and 2014 and
the twelve months ended December 31,
2014, the Company recorded acquisition expenses of
$0.1 million, $0.5 million, $0.2
million, $0.6 million and
$0.9 million, respectively,
consisting of: (1) Revaluation adjustments of $0.1 million, $0.6
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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/camtek-announces-third-quarter-2015-results-300168675.html
SOURCE Camtek Ltd