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Camtek Ltd. — Interim / Quarterly Report 2009
May 19, 2009
6712_rns_2009-05-19_88f63776-a146-4847-8fea-7481f0918c39.pdf
Interim / Quarterly Report
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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: [email protected] Web site: http://www.camtek.co.il
19-5-09
CAMTEK ANNOUNCES FIRST QUARTER 2009 FINANCIAL RESULTS
MIGDAL HAEMEK, Israel – May 19, 2009 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2009.
Revenues for the first quarter of 2009 amounted to $9.3 million, compared to $21.3 million in the first quarter of 2008 and $12.4 million in the fourth quarter of 2008. Camtek’s revenues continue to be affected by the global recession.
Gross profit margin for the first quarter of 2009 was 37%, compared to 44.5% in the first quarter of 2008 and 24% in the fourth quarter of 2008.
Operating loss for the first quarter of 2009 amounted to $5.0 million compared to an operating income of $0.1 million in the first quarter of 2008 and an operating loss of $5.6 million in the fourth quarter of 2008.
Net loss for the first quarter of 2009 amounted to $5.5 million, or $0.19 per share, compared to a net income of $0.5 million, or $0.02 per share, in the first quarter of 2008 and a net loss of $5.5 million, or $0.19 per share in the fourth quarter of 2008. Net loss for the quarter was influenced by the considerably lower revenues and legal expenses in a sum of approximately $2.0 million.
Net, cash and cash equivalents at March 31, 2009, totaled $11.4 million, compared to $14.4 million at the end of December 31, 2008.
“The efficiency measures implemented both in previous and during the current quarter enabled us to reduce operating expenses this quarter, with savings becoming more evident in the coming quarters. These savings were offset by an approximately $2 million of legal expenses recorded this quarter. While we are only half way through the second quarter, we estimate that revenues in the second quarter will be higher than those of the first quarter. ” said Rafi Amit, Camtek’s CEO . “We are operating in a highly volatile environment with our markets continuing to be deeply impacted by the global crisis. However, we believe that Camtek, with its leading product portfolio, strong customer base and leaner expense structure, will emerge stronger and more profitable company.”
Conference Call
Camtek will host a conference call today, May 19, at 10:00 am EDT. Roy Porat, General Manager Camtek Israel and Mira Rosenzweig, 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 at least 10 minutes before the start of the call, referencing the “Camtek first quarter 2009 results conference call”.
US: 1 888 723 3163 at 10:00 am Eastern Time Israel: 03 918 0691 at 5:00 pm Israel Time International: +972 3 918 0691
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.
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
Contact Details
CAMTEK Mira Rosenzweig CFO Tel: +972-4-604-8308 Fax: +972-4-604 8300 Mobile: +972-54-9050703 [email protected]
IR INTERNATIONAL
GK International IR Ehud Helft / Kenny Green Tel: (US) 1 646 201 9246 [email protected]
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 SEC.
Camtek Ltd.
Consolidated Balance Sheets
| (In thousands) Assets Current assets Cash and cash equivalents Accounts receivable, Inventories Due from affiliates Other current assets Deferred tax asset Total current assets Fixed assets, net Long term inventory Deferred tax asset Other assets, net Total assets Liabilities and shareholder’s equity Current liabilities Short term loan Accounts payable –trade Due to affiliates Convertible loan – current portion Other current liabilities Total current liabilities Long term liabilities Convertible loan , net of current portion Liability for employee severance benefits Total liabilities Commitments and contingencies Shareholders’ equity Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares, issued 31,227,484 in 2008 and 2009, outstanding 29,135,108 in 2008 and 2009. Additional paid-in capital Retained earnings Treasury stock, at cost (2,092,376 shares in 2008 and 2009) Total shareholders' equity Total liabilities and shareholders' equity |
March 31, December 31, 2009 2008 U.S. Dollars(In thousands) 11,444 15,949 15,839 18,156 11,614 9,792 356 414 1,657 1,929 39 39 40,949 46,279 15,507 15,648 17,826 21,653 127 127 1,012 1,028 18,965 22,808 75,421 84,735 - 1,500 2,746 5,240 163 294 1,667 1,667 11,629 11,382 16,205 20,083 1,666 1,666 247 271 18,118 22,020 132 132 60,189 60,149 (1,120) 4,332 59,201 64,613 (1,898) (1,898) 57,303 62,715 75,421 84,735 |
March 31, December 31, 2009 2008 U.S. Dollars(In thousands) 11,444 15,949 15,839 18,156 11,614 9,792 356 414 1,657 1,929 39 39 40,949 46,279 15,507 15,648 17,826 21,653 127 127 1,012 1,028 18,965 22,808 75,421 84,735 - 1,500 2,746 5,240 163 294 1,667 1,667 11,629 11,382 16,205 20,083 1,666 1,666 247 271 18,118 22,020 132 132 60,189 60,149 (1,120) 4,332 59,201 64,613 (1,898) (1,898) 57,303 62,715 75,421 84,735 |
|---|---|---|
| 15,949 18,156 9,792 414 1,929 39 |
||
| 46,279 | ||
| 15,648 | ||
| 21,653 127 1,028 |
||
| 22,808 | ||
| 84,735 | ||
| 1,500 5,240 294 1,667 11,382 |
||
| 20,083 1,666 271 |
||
| 22,020 | ||
| 132 60,149 4,332 |
||
| 64,613 (1,898) |
||
| 62,715 | ||
| 84,735 |
Camtek Ltd.
Consolidated Statements of Operations
(in thousands, except share data)
| Revenues Cost of revenues Gross profit Research and development costs Selling, general and administrative expenses Operating income (loss) Financial income (expenses), net Income (loss) before income taxes Income tax Net income (loss) Net income (loss) per ordinary share: Basic Diluted Weighted average number of ordinary shares outstanding: Basic Diluted |
Three months ended March 31, 2009 2008 U.S. dollars 9,288 21,292 5,827 11,815 3,461 9,477 2,587 2,995 5,856 6,368 8,443 9,363 (4,982) 114 (377) 466 (5,359) 580 (93) (87) (5,452) 493 (0.19) 0.02 (0.19) 0.02 29,207 30,231 29,207 30,247 |
Year ended December 31, |
|---|---|---|
| 2008 | ||
| 9,288 5,827 3,461 2,587 5,856 8,443 (4,982) (377) (5,359) (93) (5,452) (0.19) (0.19) 29,207 29,207 |
75,463 47,615 |
|
| 27,848 | ||
| 12,801 24,834 |
||
| 37,635 (9,787) |
||
| 1,000 | ||
| (8,787) | ||
| (770) | ||
| (9,557) | ||
| (0.32) | ||
| (0.32) | ||
| 29,916 | ||
| 29,916 |