Camtek Announces Second Quarter 2014 Results

$23.2 million Revenue; $2.7 million Operating Income on a Non GAAP basis; On track with the 3D Inkjet product

MIGDAL HAEMEK, Israel, July 29, 2014 — (PRNewswire) —  Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended June 30, 2014.

Highlights of the Second Quarter of 2014

  • Revenues of $23.2 million;
  • Non-GAAP and GAAP Gross margins of $11.5 million, representing 49.5% of revenues;
  • Non-GAAP and GAAP operating income of $2.7 million and $2.6 million, respectively, representing 11.5% and 11.1% of revenues, respectively; and
  • Non-GAAP net income of $2.3 million; GAAP net income of $2.0 million.

Rafi Amit, Camtek's Chairman and CEO, commented, "We are pleased with the results and the progress we have made during the second quarter."

Continued Mr. Amit, "Our new product strategy is progressing well. With regard to the commercialization process of our 3D Functional Ink-Jet Technology product, Gryphon, our two beta sites have been ongoing for a few months and so far, we are happy with the results. The more we run the machine in a production environment, as well as meeting with potential customers, the more confident we become in our belief that Ink-Jet technology for solder-mask will be the dominant technology in the PCB industry for years to come. We remain on track and expect initial commercial Gryphon installations at customers to begin in the fourth quarter, with revenues expected in 2015. Our other recently launched next-generation semiconductor inspection and metrology platform for the advanced packaging market, Eagle, is also gaining strong traction especially among leading OSATs.  We look forward to unleashing and realizing the potential within our new products and expect them to increasingly contribute to our future revenues."

Concluded Mr. Amit, "Our existing business continues to show solid performance, and overall Camtek is on track for a good year. In the third quarter, we expect revenues to remain around the same level as that of the second quarter."

Second quarter 2014 Financial Results

Revenues for the second quarter of 2014 were $23.2 million. This is a 4% improvement compared to revenues of $22.3 million in the second quarter of 2013.

Gross profit on a GAAP basis in the quarter totaled $11.5 million (49.5% of revenues), a 17% improvement compared to $9.8 million (44.0% of revenues) in the second quarter of 2013. The improved gross margin is mainly due to a favorable revenue mix in the quarter.

Gross profit on a non-GAAP basis in the quarter was $11.5 million (49.5% of revenues), a 16% improvement compared to $9.9 million (44.4% of revenues) in the second quarter of 2013.

Operating income on a GAAP basis in the quarter was $2.6 million (11.1% of revenues), compared with an operating income of $1.0 million (4.5% of revenues) in the second quarter of 2013.

Operating income on a non-GAAP basis in the quarter was $2.7 million (11.5% of revenues) compared with non-GAAP operating income of $1.2 million (5.4% of revenues) in the second quarter of 2013.

Net income on a GAAP basis in the quarter totaled $2.0 million (8.7% of revenues) or $0.07 per share, compared to a net income of $0.3 million (1.5% of revenues) or $0.01 per share in the second quarter of 2013.

Net income on a non-GAAP basis in the quarter was $2.3 million (10.0% of revenues) or $0.08 per share, compared to non-GAAP net income of $1.0 million (4.5% of revenues) or $0.03 per share in the second quarter of 2013.

Cash, cash equivalents and short-term deposits as of June 30, 2014 were $20.0 million compared to $22.5 million as of December 31, 2013. The company used $3.0 million in cash flow for operating activities during the second quarter of 2014 mainly as a result of collection timing.

Conference Call

Camtek will host a conference call today, July 29, 2014, 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.

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