$22.4 million revenue; $1.1 million operating income on a non-GAAP basis; Gryphon demonstration center launched in Southern CaliforniaMIGDAL HAEMEK, Israel, Oct. 29, 2014 — (PRNewswire) — Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended September 30, 2014.
Highlights of the Third Quarter of 2014
- Revenues of $22.4 million;
- Non-GAAP and GAAP operating income of $1.1 million and $1.0 million, respectively, representing 5.1% and 4.6% of revenues, respectively;
- Non-GAAP net income of $0.9 million; GAAP net income of $0.6 million;
- Camtek opened a Gryphon demonstration center for potential customers, based in Orange County, California; and
- Positive market feedback for Camtek's new semiconductor product line, Eagle, focused on advanced packaging; installed first systems at major semiconductor manufacturers.
Rafi Amit, Camtek's Chairman and CEO, commented, "Strategically the third quarter was very important for us and sets the stage for 2015. We opened a demonstration center for the Gryphon, our 3D Functional InkJet Technology system for PCB solder mask applications, at which potential customers can see the system in action. This will support our efforts to capitalize on the industry interest we are seeing in this product. We remain on track and expect initial commercial Gryphon installations to begin in the fourth quarter, with revenues expected in 2015.
"Additionally, our semiconductor systems achieved qualification at leading semiconductor manufacturers, some of which we had not significantly penetrated in the past. These are large vendors that are getting ready to ramp up with their new manufacturing facilities and their capabilities. As the demand for their products picks up we expect to see the potential for getting multiple orders and selling significant quantities of tools."
Concluded Mr. Amit, "For the fourth quarter, we expect revenues of around $20.5-$22.5 million. Looking further out to 2015, we believe the tailwinds are in place for solid year-over-year growth in both revenue and profit."
Third Quarter 2014 Financial Results
Revenues for the third quarter of 2014 were $22.4 million. This is a 3% improvement compared to revenues of $21.7 million in the third quarter of 2013.
Gross profit on a GAAP basis in the quarter totaled $10.0 million (44.4% of revenues), a 3% improvement compared to $9.7 million (44.6% of revenues) in the third quarter of 2013.
Gross profit on a non-GAAP basis in the quarter was $10.0 million (44.5% of revenues), a 2% improvement compared to $9.8 million (45.0% of revenues) in the third quarter of 2013.
Operating income on a GAAP basis in the quarter was $1.0 million (4.6% of revenues), compared with an operating income of $0.6 million (2.8% of revenues) in the third quarter of 2013.
Operating income on a non-GAAP basis in the quarter was $1.1 million (5.1% of revenues) compared with non-GAAP operating income of $0.8 million (3.8% of revenues) in the third quarter of 2013.
Net income on a GAAP basis in the quarter totaled $0.6 million (2.8% of revenues) or $0.02 per share, compared to a net loss of $0.1 million or ($0.00) per share in the third quarter of 2013.
Net income on a non-GAAP basis in the quarter was $0.9 million (4.2% of revenues) or $0.03 per share, compared to non-GAAP net income of $0.5 million (2.5% of revenues) or $0.02 per share in the third quarter of 2013.
Cash, cash equivalents and short-term deposits as of September 30, 2014 were $24.2 million compared to $20.0 million as of June 30, 2014. The company generated $4.3 million in cash flow for operating activities during the third quarter of 2014.
Camtek will host a conference call today, October 29, 2014, 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: 1 888 281 1167 at 10:00 am Eastern Time
Israel: 03 918 0644 at 4:00 pm Israel Time
International: +972 3 918 0644
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) revaluation of liabilities and other expenses 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.