CAMTEK LTD.
(Registrant)
By:
/s/ Mira Rosenzweig
——————————————
Mira
Rosenzweig,
Chief Financial
Officer
|
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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Contact Details:
|
||
CAMTEK
Mira
Rosenzweig CFO
Tel:
+972-4-604-8308
Fax:
+972-4-604 8300
Mobile:
+972-54-9050703
mirar@camtek.co.il
|
INVESTOR
RELATIONS
CCG
Investor Relations
Ehud
Helft / Kenny Green
Tel:
(US) 1 646 201 9246
camtek@ccgisrael.com
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|
·
|
Sequential
revenue increase of 19% in fourth quarter and year-over-year increase in
fourth quarter of 39% to $17.2
million.
|
|
·
|
Reached
profitability on non-GAAP basis: non-GAAP operating income of $0.8 million
and non-GAAP net income of $0.5
million.
|
|
·
|
GAAP
operating loss of $3.2 million and GAAP net loss of $4
million.
|
|
·
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Cash
and cash equivalents balance increased by $2 million during the quarter,
ending the year with net cash of $15.8
million.
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US: | 1 888 668 9141 | at 10:00 am Eastern Time | |
Israel: | 03 918 0644 | at 5:00 pm Israel Time | |
International: | +972 3 918 0644 |
December
31,
|
||||||||
2009
|
2008
|
|||||||
U.S.
Dollars (In thousands)
|
||||||||
Assets
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
15,802 | 15,949 | ||||||
Accounts
receivable, net
|
18,712 | 18,156 | ||||||
Inventories
|
14,176 | 9,792 | ||||||
Due
from affiliates
|
344 | 414 | ||||||
Other
current assets
|
1,691 | 1,929 | ||||||
Deferred
tax asset
|
39 | 39 | ||||||
Total
current assets
|
50,764 | 46,279 | ||||||
Fixed
assets
|
||||||||
Cost
|
26,017 | 23,624 | ||||||
Less
- Accumulated depreciation
|
10,623 | 7,976 | ||||||
Fixed
assets, net
|
15,394 | 15,648 | ||||||
Long
term inventory
|
4,661 | 21,653 | ||||||
Deferred
tax asset
|
127 | 127 | ||||||
Other
assets, net
|
460 | 453 | ||||||
Intangible
assets (*)
|
9,017 | 575 | ||||||
14,265 | 22,808 | |||||||
Total
assets
|
80,423 | 84,735 | ||||||
Liabilities and shareholders’
equity
|
||||||||
Current
liabilities
|
||||||||
Short
term loan
|
- | 1,500 | ||||||
Accounts
payable –trade
|
4,494 | 5,240 | ||||||
Due
to affiliates
|
- | 294 | ||||||
Convertible
loan – current portion
|
1,666 | 1,667 | ||||||
Other
current liabilities
|
12,945 | 11,254 | ||||||
Total
current liabilities
|
19,105 | 19,955 | ||||||
Long
term liabilities
|
||||||||
Convertible
loan, net of current portion
|
- | 1,666 | ||||||
Liability
for employee severance benefits
|
487 | 399 | ||||||
Other
long term liabilities (*)
|
9,810 | - | ||||||
10,297 | 2,065 | |||||||
Total
liabilities
|
29,402 | 22,020 | ||||||
Shareholders’
equity
|
||||||||
Ordinary
shares NIS 0.01 par value, authorized 100,000,000 shares,
issued
31,328,119 in 2009 and 31,227,484 in 2008,
outstanding
29,235,743 in
2009 and 29,135,108 in 2008
|
132 | 132 | ||||||
Additional
paid-in capital
|
60,297 | 60,149 | ||||||
Retained
earnings (accumulated losses)
|
(7,510 | ) | 4,332 | |||||
52,919 | 64,613 | |||||||
Treasury
stock, at cost ( 2,092,376 in 2009 and in 2008)
|
(1,898 | ) | (1,898 | ) | ||||
Total
shareholders' equity
|
51,021 | 62,715 | ||||||
Total
liabilities and shareholders' equity
|
80,423 | 84,735 |
Year
ended
December
31,
|
Three
months ended
December
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
U.S.
dollars
|
U.S.
dollars
|
|||||||||||||||
Revenues
|
53,521 | 75,463 | 17,222 | 12,399 | ||||||||||||
Cost
of revenues
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36,039 | 47,615 | 13,489 | 9,386 | ||||||||||||
Gross
profit
|
17,482 | 27,848 | 3,733 | 3,013 | ||||||||||||
Research
and development costs
|
10,319 | 12,801 | 2,771 | 3,288 | ||||||||||||
Selling,
general and administrative expenses
|
17,667 | 24,834 | 4,181 | 5,322 | ||||||||||||
27,986 | 37,635 | 6,952 | 8,610 | |||||||||||||
Operating
loss
|
(10,504 | ) | (9,787 | ) | (3,219 | ) | (5,597 | ) | ||||||||
Financial
income (expenses), net
|
(952 | ) | 1,000 | (599 | ) | 702 | ||||||||||
Loss
before income taxes
|
(11,456 | ) | (8,787 | ) | (3,818 | ) | (4,895 | ) | ||||||||
Income
tax
|
(386 | ) | (770 | ) | (166 | ) | (570 | ) | ||||||||
Net
loss
|
(11,842 | ) | (9,557 | ) | (3,984 | ) | (5,465 | ) | ||||||||
Net
loss per ordinary share:
|
||||||||||||||||
Basic
|
(0.40 | ) | (0.32 | ) | (0.14 | ) | (0.18 | ) | ||||||||
Diluted
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(0.40 | ) | (0.32 | ) | (0.14 | ) | (0.18 | ) | ||||||||
Weighted
average number of ordinary shares outstanding:
|
||||||||||||||||
Basic
|
29,218 | 29,916 | 29,234 | 30,212 | ||||||||||||
Diluted
|
29,218 | 29,916 | 29,234 | 30,212 |
Year
ended
December
31,
|
Three
months ended
December
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
U.S.
dollars
|
U.S.
dollars
|
|||||||||||||||
Reported
net loss attributable to Camtek Ltd. on GAAP basis
|
(11,842 | ) | (9,557 | ) | (3,984 | ) | (5,465 | ) | ||||||||
Acquisition
of Sela and Printar related expenses(1)
|
1,264 | - | 1,164 | - | ||||||||||||
Inventory
write -downs (2)
|
3,213 | - | 3,213 | - | ||||||||||||
Share-based compensation
|
148 | 271 | - | 67 | ||||||||||||
Write
off of Other assets
|
102 | - | 102 | - | ||||||||||||
Non-GAAP
net (loss) income
|
(7,117 | ) | (9,286 | ) | 495 | (5,397 | ) | |||||||||
Gross
margin on GAAP basis
|
33 | % | 37 | % | 22 | % | 24 | % | ||||||||
Reported
gross profit on GAAP basis
|
17,482 | 27,848 | 3,733 | 3,013 | ||||||||||||
Inventory
write off (2)
|
3,213 | - | 3,213 | - | ||||||||||||
Non
GAAP gross margin
|
39 | % | 37 | % | 43 | % | 24 | % | ||||||||
Non-GAAP
gross profit
|
21,093 | 27,848 | 7,343 | 3,013 | ||||||||||||
Reported
Operating loss attributable to Camtek Ltd. on GAAP basis
|
(10,504 | ) | (9,787 | ) | (3,219 | ) | (5,597 | ) | ||||||||
Acquisition of Sela and Printar related expenses(1)
|
678 | - | 678 | - | ||||||||||||
Inventory write off (2)
|
3,213 | - | 3,213 | - | ||||||||||||
Share-based compensation
|
148 | 271 | - | 67 | ||||||||||||
Write
off of Other assets
|
102 | - | 102 | - | ||||||||||||
Non-GAAP
Operating (loss) income
|
(6,363 | ) | (9,516 | ) | 774 | (5,530 | ) |