Business News
Camtek Announces First Quarter 2009 Financial Results
Tuesday 19. May 2009 - Camtek Ltd. (NASDAQ: CAMT 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.”