Camtek Ltd. — Interim / Quarterly Report 2012

Sep 24, 2012

6-K 1 zk97614.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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

For the Month of September 2012

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)

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  Form 40-F 

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  No 

SIGNATURE

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.

CAMTEK LTD.

(Registrant) By: /s/ Moshe Eisenberg —————————————— Moshe Eisenberg, Chief Financial Officer

Dated: September 24, 2012

CAMTEK LTD. INTERNATIONAL INVESTOR Moshe Eisenberg, CFO RELATIONS Tel: +972 4 604 8308 CCG Investor Relations Mobile: +972 54 900 7100 Ehud Helft / Kenny Green moshee@camtek.co.il Tel: (US) 1 646 201 9246 camtek@ccgisrael.com

FOR IMMEDIATE RELEASE

CAMTEK APPOINTS MR. MOSHE BARUCH AS VP TECHNOLOGIES AND DR. BOAZ NITZAN AS VP DMD PRODUCT LINE

---

MIGDAL HAEMEK, Israel – September 24, 2012 – Camtek Ltd. (NASDAQ and TASE: CAMT) (“Camtek”), announced today the appointment of Mr. Moshe Baruch as VP Technologies and Dr. Boaz Nitzan as VP of the DMD (Digital Material Deposition) product line.

Mr. Moshe Baruch joins Camtek after 14 years with publically listed semiconductor capital equipment company, KLA-Tencor, where he held various research and development positions and served as the head of R&D of KLA-Tencor Israel for the past six years. Prior to that, Moshe held several R&D leadership positions at large Israeli-based companies, developing multi-disciplinary products for the defense industry, including Rafael, Elta, and Tadiran.

Dr. Boaz Nitzan holds Ph.D. in Physical Chemistry and brings over 13 years of executive level management with vast experience in the Printing Industry in companies such as Scitex Vision, Aprion Digital and Scitex. Prior to joining Camtek, Dr. Nitzan held several executive positions, leading cross-functional research and development of novel technology products. He served as CEO at AMS Technologies, Vice President of R&D and Production at BPT - Bio Prior Technology and Vice President R&D at Power Paper.

Mr. Roy Porat, Camtek’s Chief Executive Officer, commented , “Camtek’s new product segments, intended to support Camtek's growth and penetration into new markets, present many challenges in terms of dedicated technologies, thus requiring highly focused expertise and managerial experience. We are very happy to have Mr. Baruch and Dr. Nitzan on board with their remarkable proven abilities and experience, and believe that they will each make a tremendous contribution to Camtek in their new positions.”

ABOUT CAMTEK LTD.

Camtek Ltd. provides automated and technologically advanced solutions dedicated to enhancing production processes and increasing yields, 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, adaptive ion milling (AIM) and digital material deposition (DMD). Camtek's solutions range from micro-to-nano by applying its technologies to the industries' specific requirements.

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.

Consolidated Balance Sheets

(In thousands)AssetsCurrent assetsCash and cash equivalentsShort-term depositsAccounts receivable, netInventoriesDue from affiliatesOther current assetsDeferred tax assetTotal current assetsFixed assets, netLong term inventoryDeferred tax assetOther assets, netIntangible assets, net *GoodwillTotal assetsLiabilities and shareholders’ equityCurrent liabilitiesShort term bank loansAccounts payable – tradeLong term bank loans – current portionDue to affiliatesOther current liabilitiesTotal current liabilitiesLong term liabilitiesLong term bank loansLiability for employee severance benefitsOther long term liabilities *Total liabilitiesCommitments and contingenciesShareholders’ equityOrdinary shares NIS 0.01 par value, authorized 100,000,000 shares,31,986,005 issued as June 30, 2012 and 31,810,340 as of December31, 2011, outstanding 29,893,629as of June 30, 2012 and 29,717,964 as of December 31, 2011Additional paid-in capitalAccumulated incomeTreasury stock, at cost (2,092,376 as of June 30, 2012 and December31, 2011)Total shareholders' equityTotal liabilities and shareholders' equity	June 30,December 31,20122011U.S. Dollars(In thousands)13,83322,1857,8004,10031,11524,45125,79424,3553313883,9833,35711011082,96679,946 14,47214,5772,7001,9541321323043043,9864,1913,6533,65310,77510,234108,213104,7573,0003,00011,4296,7731,7001,700196-20,22821,56836,55333,0411,2422,0926456528,7289,03910,61511,78347,16844,82413313361,21761,0141,59368462,94361,831(1,898)(1,898)61,04559,933108,213104,757	June 30,December 31,20122011U.S. Dollars(In thousands)13,83322,1857,8004,10031,11524,45125,79424,3553313883,9833,35711011082,96679,946 14,47214,5772,7001,9541321323043043,9864,1913,6533,65310,77510,234108,213104,7573,0003,00011,4296,7731,7001,700196-20,22821,56836,55333,0411,2422,0926456528,7289,03910,61511,78347,16844,82413313361,21761,0141,59368462,94361,831(1,898)(1,898)61,04559,933108,213104,757
		22,1854,10024,45124,3553883,357110
		79,946
		14,577
		1,9541323044,1913,653
		10,234
		104,757
		3,0006,7731,700-21,568
		33,0412,0926529,039
		11,783
		44,824
		13361,014684
		61,831(1,898)
		59,933
		104,757

• (*) Relates to Printar and SELA acquisitions

Camtek Ltd.

Consolidated Statements of Operations

(in thousands, except share data)RevenuesCost of revenuesGross profitResearch and development costsSelling, general and administrativeexpensesOperating incomeFinancial expenses, netIncome before incometaxesIncome taxNet incomeNet income per ordinary share:BasicDilutedWeighted average number ofordinary shares outstanding:BasicDiluted	Six Months endedJune 30,20122011U.S. dollars43,21156,24823,50630,41519,70525,8336,6457,36010,92312,70717,56820,0672,1375,766(986)(769)1,1514,997(242)*(370)9094,6270.030.160.030.1529,80329,48730,00330,017	Three Months endedJune 30,20122011U.S. dollars25,03328,77812,96115,75212,07213,0263,3203,5815,4886,6448,80810,2253,2642,801(854)(361)2,4102,440(144)*(234)2,2662,2060.080.070.080.0729,88129,64130,01329,973	Year endedDecember 31,
			2011
			U.S. dollars
	43,21123,50619,7056,64510,92317,5682,137(986)1,151(242)*9090.030.0329,80330,003	25,03312,96112,0723,3205,4888,8083,264(854)2,410(144)*2,2660.080.0829,88130,013	107,02859,588
			47,440
			14,07724,341
			38,4189,022
			(2,900)
			6,122
			(744)
			5,378
			0.18
			0.18
			29,577
			30,009

(*) Including income of approximately 1 million dollars related to a settlement with a former service provider of the company.

Camtek Ltd.

Reconciliation of GAAP to Non-GAAP results

(In thousands, except share data)

Reported net income attributable toCamtek Ltd. on GAAP basisAcquisition of Sela and Printar relatedexpenses (1)Inventory write –downs (2)Share-based compensationShelf registration expensesNon-GAAP net incomeNon –GAAP net income per share ,basic and dilutedGross margin on GAAP basisReported gross profit on GAAP basisAcquisition of Sela and Printar relatedexpenses ( 1)Inventory write –downs (2)Share-based compensationNon- GAAP gross marginNon-GAAP gross profitReported operating income attributableto Camtek Ltd. on GAAP basisAcquisition of Sela and Printar relatedexpenses (1)Inventory write-downs (2)Share-based compensationShelf registration expensesNon-GAAP operating income	Six Months endedJune 30,20122011U.S. dollars9094,6271,1701,138--20523594-2,3786,0000.080.2045.6%19,70545.9%25,833150160--505446.2%46.3%19,90526,0472,1375,766150-20594160-235-2,5866,161	Three Months endedJune 30,20122011U.S. dollars2,2662,206596575--103126--2,9652,9070.100.1048.2%12,07245.3%13,0267580--252948.6%45.6%12,17213,1353,2642,80175-103-80-126-3,4423,007	Year endedDecember 31,
			2011
			U.S. dollars
	9091,170-205942,3780.0845.6%19,705150-5046.2%19,9052,137150-205942,586	2,266596-103-2,9650.1048.2%12,07275-2548.6%12,1723,26475-103-3,442	5,3782,377685416-8,856
			0.3044.3%47,4403316859745.4%48,553
			9,022331685416-10,454

(1) During the three and six months ended June 30, 2012 and 2011 and the twelve months ended December 31, 2011, the Company recorded acquisition expenses of $0.6 million, $1.2 million,

$0.6 million, $1.1 million and $2.4 million, respectively, consisting of: (1) inventory writtenup to fair value in purchase accounting charges of $0 million, $0 million, $0.01 million, $0.02 million and $0.02 million, respectively. These amounts are recorded under cost of revenues line item. (2) Revaluation adjustments of $0.5 million, $1.0 million, $0.5 million, $1.0 million and $2.0 million, respectively, of contingent consideration and certain future liabilities recorded at fair value. These amounts are recorded under finance expenses line item and (3) $0.07 million, $0.15 million, $0.07 million, $0.14 million and $0.3 million, respectively, with respect to amortization of intangible assets acquired recorded under cost of revenues line item.

• (2) During the three months and six months ended June 30, 2012 and 2011, and the twelve months ended December 31, 2011, the Company recorded inventory write down in the amount of $0 million, $0 million, $0 million, $0 million, and $0.7 million, respectively.