MIGDAL HAEMEK, Israel,
April 30, 2015 /PRNewswire/
-- Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its
financial results for the quarter ended March 31, 2015.
Highlights of the First Quarter 2015
- Revenues of $21.8 million, up 6%
sequentially;
- Non-GAAP operating income of $1.2
million; GAAP operating income of $1.1 million;
- Non-GAAP net income of $0.3
million; GAAP net income of $0.1
million;
- Q2 revenue guidance of $23 to 25
million;
- Gryphon is being evaluated by a new major PCB manufacturer;
and
- Gryphon SL machines, utilizing Camtek's 3D functional inkjet
technology, are being built in anticipation of customers'
evaluations and orders.
Rafi Amit, Camtek's Chairman
and CEO, commented, "Following a number of recent sales of our
Eagle system to new accounts, we expect increasing second quarter
revenues in our semiconductor business. We see this positive
momentum continuing into the third quarter as well, which supports
our year-over-year double-digit growth target in our semiconductor
business."
Continued Mr. Amit, "We are pleased with the progress we
have made in the Gryphon commercialization. We have started an
evaluation process at a major PCB manufacturer and we are expanding
our marketing efforts for Gryphon into the Asian market, which is
the largest market for PCB manufacturers. Our recently launched
next generation model, the Gryphon SL, enables both legend and
solder mask deposition. We believe that our customers are, and will
be, attracted by the prospect of using Gryphon for both these
processes, which are currently very time consuming. Following the
initial feedback from this launch, in anticipation of customers'
evaluations and orders, we are now building Gryphon SL
machines."
"All in all we expect a good second quarter, with a total sales
of $23-25 million," concluded Mr.
Amit.
First Quarter 2015 Financial Results
Revenues for the first quarter of 2015 were $21.8 million. This compares to first quarter
2014 revenues of $22.1 million and
fourth quarter 2014 revenues of $20.6
million.
Gross profit on a GAAP basis in the quarter totaled
$9.8 million (45.1% of revenues),
compared to $10.1 million (45.8% of
revenues) in the first quarter 2014 and $9.5
million in the fourth quarter of 2014 (45.9% of
revenues).
Gross profit on a non-GAAP basis in the quarter totaled
$9.8 million (45.2% of revenues),
compared to $10.1 million (45.9% of
revenues) in the first quarter 2014 and $9.7
million in the fourth quarter of 2014 (47.2% of
revenues).
Operating profit on a GAAP basis in the quarter totaled
$1.1 million (5.2% of revenues),
compared to $1.2 million (5.3% of
revenues) in the first quarter 2014 and $361
thousand in the fourth quarter of 2014 (1.8% of
revenues).
Operating profit on a non-GAAP basis in the quarter
totaled $1.2 million (5.5% of
revenues), compared to $1.2 million
(5.5% of revenues) in the first quarter 2014 and $702 thousand in the fourth quarter of 2014 (3.4%
of revenues).
Financial expenses on a GAAP basis in the quarter totaled
$847 thousand, compared to
$365 thousand in the first quarter
2014 and $358 thousand in the fourth
quarter of 2014.
Financial expenses on a non-GAAP basis in the quarter
totaled $624 thousand, compared to
$159 thousand in the first quarter
2014 and $358 thousand in the fourth
quarter of 2014.
Net income on a GAAP basis in the quarter totaled
$52 thousand, or $0.00 per diluted share. This compares to net
income of $639 thousand, or
$0.02 per diluted share, in the first
quarter 2014 and a net income of $68
thousand, or $0.00 per diluted
share, in the fourth quarter of 2014.
Net income on a non-GAAP basis in the quarter totaled
$336 thousand, or $0.01 per diluted share. This compares to net
income of $883 thousand, or
$0.03 per diluted share, in the first
quarter 2014 and a net income of $408
thousand, or $0.01 per diluted
share, in the fourth quarter of 2014.
Cash, cash equivalents, short and long-term restricted
deposits, as of March 31, 2015
were $21.9 million (out of which
$7.9 million are restricted deposits)
compared to $26.8 million as of
December 31, 2014. The Company
generated a negative operating cash flow of $4.2 million during the quarter, principally due
to an increase in inventory and accounts receivable.
Conference Call
Camtek will host a conference call today, April 30, 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 5:00 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)
|
|
|
March
31,
|
December
31,
|
|
2015
|
2014
|
|
U.S. Dollars (In
thousands)
|
Assets
|
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
14,013
|
18,220
|
Short-term
deposits
|
729
|
8,607
|
Trade accounts
receivable, net
|
26,648
|
22,341
|
Inventories
|
26,988
|
24,650
|
Due from affiliated
companies
|
-
|
501
|
Other current
assets
|
2,238
|
2,382
|
Deferred tax
asset
|
858
|
858
|
|
|
|
Total current
assets
|
71,474
|
77,559
|
|
|
|
|
|
|
Fixed assets,
net
|
12,981
|
13,025
|
|
|
|
Long term
inventory
|
1,214
|
1,476
|
Long-term restricted
deposit
|
7,875
|
729
|
Deferred tax
asset
|
831
|
891
|
Other assets,
net
|
348
|
348
|
Intangible assets,
net
|
920
|
928
|
Goodwill
|
1,555
|
1,555
|
|
|
|
|
12,743
|
5,927
|
|
|
|
Total
assets
|
97,198
|
96,511
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Current
liabilities
|
|
|
Trade accounts
payable
|
9,378
|
9,490
|
Due to affiliated
companies
|
241
|
-
|
Other current
liabilities
|
16,660
|
16,279
|
|
|
|
Total current
liabilities
|
26,279
|
25,769
|
|
|
|
Long term
liabilities
|
|
|
Liability for
employee severance benefits
|
748
|
860
|
Other long term
liabilities
|
4,324
|
4,150
|
|
5,072
|
5,010
|
|
|
|
Total
liabilities
|
31,351
|
30,779
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Shareholders'
equity
|
|
|
Ordinary shares NIS
0.01 par value, 100,000,000 shares authorized at March 31 2015 and
at December 31, 2014;
|
|
|
32,586,898 issued
shares at March 31, 2015 and at December 31, 2014;
|
|
|
30,494,522 shares
outstanding at March 31, 2015 and at December 31, 2014
|
134
|
134
|
Additional paid-in
capital
|
63,528
|
63,465
|
Retained
earnings
|
4,083
|
4,031
|
|
67,745
|
67,630
|
Treasury stock, at
cost (2,092,376 as of March 31, 2015 and December 31,
2014)
|
(1,898)
|
(1,898)
|
|
|
|
Total shareholders'
equity
|
65,847
|
65,732
|
|
|
|
Total liabilities
and shareholders' equity
|
97,198
|
96,511
|
|
|
|
|
|
|
|
|
Camtek
Ltd.
|
Consolidated
Statements of Operations
|
(in thousands,
except share data)
|
|
|
Three months
ended
March
31,
|
Year
ended
December
31,
|
|
2015
|
2014
|
2014
|
|
U.S.
dollars
|
|
|
|
|
|
Revenues
|
21,750
|
22,109
|
88,313
|
Cost of
revenues
|
11,931
|
11,979
|
47,294
|
|
|
|
|
Gross
profit
|
9,819
|
10,130
|
41,019
|
|
|
|
|
|
|
|
|
Research and
development costs
|
3,400
|
3,434
|
14,406
|
Selling, general and
administrative expenses
|
5,281
|
5,526
|
21,417
|
Reorganization and
impairment
|
-
|
-
|
60
|
|
|
|
|
Total operating
expenses
|
8,681
|
8,960
|
35,883
|
|
|
|
|
Operating
income
|
1,138
|
1,170
|
5,136
|
|
|
|
|
Financial expenses,
net
|
(847)
|
(365)
|
(1,220)
|
|
|
|
|
Income before
income taxes
|
291
|
805
|
3,916
|
|
|
|
|
Income tax
|
(239)
|
(166)
|
(579)
|
|
|
|
|
Net
income
|
52
|
639
|
3,337
|
|
|
|
|
Earnings per
ordinary share:
|
|
|
|
|
|
|
|
Basic
|
0.00
|
0.02
|
0.11
|
|
|
|
|
Diluted
|
0.00
|
0.02
|
0.11
|
|
|
|
|
Weighted average
number of ordinary
|
|
|
|
shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
30,494
|
30,427
|
30,464
|
|
|
|
|
Diluted
|
30,555
|
30,534
|
30,545
|
Camtek
Ltd.
|
Reconciliation of
GAAP To Non-GAAP results
|
(In thousands,
except share data)
|
|
|
Three months
ended
March
31,
|
Year ended
December 31,
|
|
|
2015
|
2014
|
2014
|
|
U.S.
dollars
|
U.S.
dollars
|
|
|
|
|
|
|
Reported net income
attributable to Camtek Ltd. on GAAP basis
|
52
|
639
|
3,337
|
Acquisition of Sela
and Printar related expenses (1)
|
223
|
206
|
903
|
Share-based
compensation
|
60
|
39
|
309
|
Non-GAAP net
income
|
335
|
884
|
4,549
|
|
|
|
|
Non –GAAP net
income per share, basic and diluted
|
0.01
|
0.03
|
0.15
|
Gross margin on
GAAP basis
|
45.1%
|
45.8%
|
46.4%
|
Reported gross
profit on GAAP basis
|
9,819
|
10,130
|
41,019
|
Acquisition of Sela
and Printar related expenses (1)
|
-
|
-
|
264
|
Share-based
compensation
|
6
|
16
|
42
|
Non- GAAP gross
margin
|
45.2%
|
45.9%
|
46.8%
|
Non-GAAP gross
profit
|
9,825
|
10,146
|
41,325
|
|
|
|
|
Reported operating
income
attributable to
Camtek Ltd. on GAAP basis
|
1,138
|
1,170
|
5,136
|
Acquisition of Sela
and Printar related expenses (1)
|
-
|
-
|
264
|
Share-based
compensation
|
60
|
39
|
309
|
Non-GAAP operating
income (loss)
|
1,198
|
1,209
|
5,709
|
|
(1) During the three
months ended March 31, 2015 and 2014 and the twelve months ended
December 31, 2014, the Company recorded acquisition expenses of
$0.2 million, $0.2 million, and $0.9 million, respectively,
consisting of: (1) Revaluation adjustments of $0.2 million, $0.2
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;
and (2) Implication of re-organization and impairment charges of
$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-first-quarter-2015-results-300074993.html
SOURCE Camtek Ltd.