Consumables

Camtek Announces Fourth Quarter And Full Year 2012 Results

Friday 22. February 2013 - Full Year Revenues of $84.5 million; Full Year Non-GAAP Net Income of $4.7 million

Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter and full year ended December 31, 2012.
Highlights of the Full Year 2012
— Revenues of $84.5 million;
— Non-GAAP operating income of $5.3 million; GAAP operating loss of $0.1
million;
— Non-GAAP net income of $4.7 million; GAAP net income of $0.0 million;
— Positive operating cash flow of $4.2 million; Cash, cash equivalents and
short-term deposits of $26.0 million as of December 31, 2012.
Highlights of the Fourth Quarter 2012
— Revenues of $17.6 million;
— Non-GAAP operating loss of $0.6 million; GAAP operating loss of $5.4
million;
— Non-GAAP net loss of $0.8 million; GAAP net loss of $3.3 million;
— Positive operating cash flow of $2.9 million;
— During the fourth quarter the company recorded a non-cash impairment of
goodwill and other intangible assets in the total amount of $3.1 million
(or $0.8 million, net, taking into account financial income of $2.3
million derived from revaluation of contingent liabilities) related to
Sela and Printar/DMD as well as an inventory write-down in the amount of
$1.4 million relating to certain old Sela Xact models.
Roy Porat, Camtek’s Chief Executive Officer, commented, “All our markets at the end of 2012 became much tougher. As we guided already last quarter, we saw lower levels of revenue in the fourth quarter. Nevertheless, we continued to generate cash from operating activities and we ended 2012 with a strong cash position, amounting to $26 million. “
Continued Mr. Porat, “In the past year we strengthened our position in the backend semiconductor market, improved our capabilities through continued R&D investment and achieved some very important customer penetration into leading accounts that is expected to grow in 2013.”
Concluded Mr. Porat, “Similar to our industry peers, we see the current market situation persisting at least into the first quarter of 2013. We therefore expect first quarter 2013 revenues in the range of $16-18 million.”
Fourth Quarter 2012 Financial Results
Revenues for the fourth quarter of 2012 were $17.6 million. This is a decrease of 17% compared to $21.1 million in the fourth quarter of 2011 and a decrease of 26% compared to $23.7 million in the prior quarter. These trends are primarily attributable to the overall market conditions in the markets the company serves.
Gross profit on a GAAP basis in the quarter totaled $6.0 million (33.8% of revenues). This is compared to $8.1 million (38.4% of revenues) in the fourth quarter of 2011 and $11.4 million (48.1% of revenues) in the prior quarter.
Gross profit on a non-GAAP basis in the quarter totaled $7.6 million (42.9% of revenues). This is compared to $8.9 million (42.1% of revenues) in the fourth quarter of 2011 and $11.5 million (48.5% of revenues) in the prior quarter.
Operating loss on a GAAP basis in the quarter was $5.4 million. This is compared to an operating loss of $0.7 million in the fourth quarter of 2011 and operating income of $3.1 million (13.2% of revenues) in the prior quarter.
Operating loss on a non-GAAP basis in the quarter was $0.6 million. This is compared to non-GAAP operating income of $0.1 million (0.6% of revenues) in the fourth quarter of 2011 and operating income of $3.3 million (14.0% of revenues) in the prior quarter.
Net loss on a GAAP basis in the quarter totaled $3.3 million, or $0.11 per share. This is compared to a net loss of $1.9 million, or $0.06 per share in the fourth quarter of 2011 and net income $2.4 million (10.0% of revenues), or $0.08 per diluted share in the prior quarter.
Net loss on a non-GAAP basis, in the quarter was $0.8 million, or $0.03 per share. This is compared to a net loss of $0.5 million, or $0.02 per share in the fourth quarter of 2011 and net income of $3.1 million (13.0% of revenues) or $0.10 per share in the prior quarter.
Full Year 2012 Results Summary
Revenues for 2012 were $84.6 million, a decrease of 21% compared to $107.0 million, as reported in 2011.
Gross profit on a GAAP basis for 2012 was $37.1 million (43.8% of revenues) compared to gross profit of $47.5 million (44.3% of revenues) in 2011. Gross profit on a non-GAAP basis for 2012, was $39.0 million (46.1% of revenues), compared to $48.6 million (45.4% of revenues) in 2011.
Operating loss on a GAAP basis for 2012, was $0.1 million (0% of revenues) compared to an operating income of $9.0 million (8.4% of revenues) in 2011. Non-GAAP operating income in 2012 was $5.3 million (6.43% of revenues) compared to an operating income of $10.5 million (9.8% of revenues) in 2011.
Net income on a GAAP basis for 2012 was $0.0 million compared to a net income of $5.4 million in 2011. Net income on a non-GAAP basis for 2012 was $4.7 million, compared to a net income of $8.9 million in 2011.
Cash and cash equivalents and short-term deposits as of December 31, 2012 were $26.0 million ($19.8 million net of bank loans) compared to $25.3 million ($18.6 million net of bank loans), as of September 30, 2012 and $26.3million, ($19.5 million net of bank loans) as of December 31, 2011. The company generated a positive operating cash flow of $2.9 million during the fourth quarter of 2012. For the year, the Company generated a positive operating cash flow of $4.2 million.