Camtek Ltd. — Interim / Quarterly Report 2007

Nov 19, 2007

6-K 1 zk74481.htm Created by EDGAR Ease Plus (EDGAR Ease+) Project: \Backup\office\EDGAR Filing\Camtek Ltd\74481\a74481.eep Control Number: 74481 Rev Number: 1 Client Name: Camtek Ltd Project Name: 6-K Firm Name: Zadok-Keinan Ltd 6-K MARKER FORMAT-SHEET="Scotch Rule Top-TNR" FSL="Workstation" MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

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FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934

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For the Month of November 2007

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CAMTEK LTD. (Translation of Registrant’s Name into English)

Ramat Gavriel Industrial Zone P.O. Box 544 Migdal Haemek 23150 ISRAEL (Address of Principal Corporate Offices)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934.

Yes o No x

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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CAMTEK LTD. (Registrant) By: /s/ Ronit Dulberg —————————————— Ronit Dulberg, Chief Financial Officer

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Dated: November,14, 2007

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Camtek Ltd. P.O.Box 544, Ramat Gabriel Industrial Park Migdal Ha'Emek 23150, ISRAEL Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523 E-Mail: Info@camtek.co.il Web site: http://www.camtek.co.il

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November 13, 2007

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Gold Version

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CAMTEK LTD. ANNOUNCES RESULTS FOR THIRD QUARTER OF 2007

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Revenues $20.2 million 32% sequential improvement

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Returned to profitability positive operating cash flow

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MIGDAL HAEMEK, Israel, November 14, 2007 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), announced today its financial results for the third quarter ended September 30, 2007.

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Revenues for the third quarter of 2007 were $20.2 million, 23% below the $26.3 million reported in the third quarter of 2006, and sequentially 32% above the $15.3 million reported in the second quarter of 2007. These revenues are slightly above the guidance range of $17-20 million provided for the third quarter.

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Gross profit margin for the third quarter of 2007 was 37.6%, compared to 53.2% for the third quarter of 2006, and 40.8% for the second quarter of 2007.

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The Company reported third quarter net income of $85 thousand, or $0 per diluted share, compared to a net income of $4.2 million, or $0.14 per diluted share, in the third quarter of last year, and a loss of $3.5 million, or ($0.11) per basic share, in the second quarter of 2007.

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“I am pleased with our third quarter results as we achieved our revenues and cost structure goals, despite the softness in the semiconductor industry,“commented Rafi Amit, Camtek’s CEO. “Sales to the PCB industry were strong, indicating both an increasing level of activity and the success of our new 3G AOI product lines to this market. While the softness in demand in the semiconductor sector continued throughout the third quarter, we did see an increase in incoming orders during the third quarter which we expect to recognize in the fourth quarter.”

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Mr. Amit continued, “In the third quarter we have realized the full contribution of the cost reduction measures we have implemented throughout the year. We recorded positive operating cash flows of $2.9M, as well as positive operating and net income. We continue to monitor our expenses carefully while maintaining our ability to support the expected increasing demand for our equipment when the market picks up. We expect a slight sequential increase in fourth quarter revenues.”

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Camtek will hold a conference call today, Wednesday November 14, at 9 a.m. EST, 4 p.m. Israel time. Rafi Amit, CEO, and Ronit Dulberg, CFO, will host the call and will be available to answer questions.

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To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call, referencing the “Camtek third quarter 2007 results conference call”.

US toll free:	1 888 935 4575	at 9:00 a.m. Eastern Time
Israel toll free:	1 809 246 002	at 4:00 p.m. Israel Time
International:	+1 718 354 1387

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The conference will also be webcast live from a link in Camtek’s website www.camtek.co.il . For those unable to participate, the teleconference will be available for replay on Camtek’s website beginning 2 hours after the call.

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About Camtek Ltd.

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With headquarters in Migdal Ha’Emek Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical inspection systems and related products. Camtek’s automatic inspection systems are used to enhance both production processes and yield for manufacturers in the printed circuit board industry, the high density interconnect substrate industry and the semiconductor manufacturing and packaging industry. This press release is available at www.camtek.co.il.

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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, price reductions as well as due to risks identified in the documents filed by the Company with the Securities and Exchange Commission.

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CONTACT INFORMATION

CAMTEK:	IR INTERNATIONAL
Ronit Dulberg, CFO	Ehud Helft / Kenny Green
Tel: +972-4-604-8308	GK Investor Relations
Fax: +972-4-6048300	Tel: (US) 1 646 201 9246
Mobile: +972-54-905-0776	info@gkir.com
ronitd@camtek.co.il

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Camtek Ltd. Consolidated Balance Sheets
(in thousands, except share data)

2007		2006
U.S. Dollars
ASSETS
CURRENT ASSETS
Cash and cash equivalents	15,271		23,358
Marketable securities	3,566		2,099
Accounts receivable, net	24,123		29,434
Inventories	35,174		41,414
Due from affiliates	208		180
Other current assets	2,371		2,372
Deferred tax	65		65
Total current assets	80,778		98,922
Fixed assets, net	14,671		10,729
Deferred tax	376		369
Other assets	931		786
	1,307		1,155
Total assets	96,756		110,806
LIABILITIES
CURRENT LIABILITIES
Accounts payable -trade	7,030		11,801
Due to affiliates	517		814
Other current liabilities	11,184		12,831
Total current liabilities	18,731		25,446
Convertible loan	5,000		5,000
Liability for employee severance benefits	257		222
Total liabilities	23,988		30,668
SHAREHOLDERS' EQUITY
Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares,
issued 31,145,634 in 2007 and 31,085,174 in 2006, outstanding
30,134,015 in 2007 and 30,073,555 in 2006.	132		132
Additional paid-in capital	59,768		59,420
Accumulated other comprehensive loss
Unrealized loss on marketable securities	1		(1	)
Retained earnings	13,860		21,580
	73,761		81,131
Treasury stock, at cost (1,011,619 shares in 2007 and 2006)	(993	)	(993	)
Total shareholders' equity	72,768		80,138
Total liabilities and shareholders' equity	96,756		110,806

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Camtek Ltd. Consolidated Statements of Operations
(in thousands, except share data)

2007		2006	2007	2006	2006
U.S. dollars			U.S. dollars		U.S. dollars
Revenues	49,941		79,049	20,165	26,293	100,055
Cost of revenues	30,099		36,776	12,576	12,299	48,442
Gross profit	19,842		42,273	7,589	13,994	51,613
Research and development costs	9,148		8,169	2,353	3,275	11,831
Selling, general and
administrative expenses	18,021		19,730	5,020	6,207	27,850
	27,169		27,899	7,373	9,482	39,681
Operating income (loss)	(7,327	)	14,374	216	4,512	11,932
Financial expenses, net	194		173	15	199	288
Income (loss) before income taxes	(7,521	)	14,201	201	4,313	11,644
Income tax	199		374	116	104	41
Net income (loss)	(7,720	)	13,827	85	4,209	11,603
Net income (loss) per
ordinary share:
Basic	(0.26	)	0.48	0.00	0.14	0.40
Diluted	(0.26	)	0.47	0.00	0.14	0.39
Weighted average number of
ordinary shares outstanding:
Basic	30,229		28,823	30,246	30,111	29,176
Diluted	30,229		30,200	30,246	31,327	29,553

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