CAMTEK LTD.
(Registrant)
By: /s/ Mira Rosenzweig
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Mira Rosenzweig,
Chief Financial Officer
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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: Info@camtek.co.il Web site: http://www.camtek.co.il
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CAMTEK LTD.
Mira Rosenzweig, CFO
Tel: +972-4-604-8308
Mobile: +972-54-9050703
mirar@camtek.co.il
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INTERNATIONAL INVESTOR RELATIONS
CCG Investor Relations
Ehud Helft / Kenny Green
Tel: (US) 1 646 201 9246
camtek@ccgisrael.com
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Revenues of $17.6 million representing a year-over-year increase of 90% and a sequential increase of 2%.
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Non-GAAP operating loss of $0.1 million compared with $5.0 million in the first quarter of 2009. GAAP operating loss of $0.4 million.
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Cash and cash equivalents balance increased to $16.2 million; Company generated $0.8 million in operating cash flow during the quarter.
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US:
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1 888 281 1167
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at 10:00 am Eastern Time
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Israel:
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03 918 0664
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at 5:00 pm Israel Time
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International:
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+972 3 918 0664
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March 31,
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December 31,
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2010
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2009
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U.S. Dollars (In thousands)
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Assets
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Current assets
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Cash and cash equivalents
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16,224 | 15,802 | ||||||
Accounts receivable, net
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20,527 | 18,712 | ||||||
Inventories
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14,308 | 14,176 | ||||||
Due from affiliates
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381 | 344 | ||||||
Other current assets
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1,774 | 1,691 | ||||||
Deferred tax asset
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68 | 68 | ||||||
Total current assets
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53,282 | 50,793 | ||||||
Fixed assets, net
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15,228 | 15,394 | ||||||
Long term inventory
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4,311 | 4,661 | ||||||
Deferred tax asset
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98 | 98 | ||||||
Other assets, net
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460 | 460 | ||||||
Intangible assets *
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4,341 | 4,356 | ||||||
Goodwill
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3,653 | 3,653 | ||||||
12,863 | 13,228 | |||||||
Total assets
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81,373 | 79,415 | ||||||
Liabilities and shareholders’ equity
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Current liabilities
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Accounts payable – trade
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5,928 | 4,494 | ||||||
Convertible loan – current portion
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1,666 | 1,666 | ||||||
Other current liabilities
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14,200 | 12,945 | ||||||
Total current liabilities
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21,794 | 19,105 | ||||||
Long term liabilities
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Liability for employee severance benefits
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520 | 487 | ||||||
Other long term liabilities
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8,941 | 8,802 | ||||||
9,461 | 9,289 | |||||||
Total liabilities
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31,255 | 28,394 | ||||||
Commitments and contingencies
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Shareholders’ equity
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Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares,
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issued 31,334,423 in 2010 and 31,328,119 in 2009, outstanding
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29,242,047 in 2010 and 29,235,743 in 2009
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132 | 132 | ||||||
Additional paid-in capital
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60,338 | 60,297 | ||||||
Retained earnings (accumulated losses)
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(8,454 | ) | (7,510 | ) | ||||
52,016 | 52,919 | |||||||
Treasury stock, at cost ( 2,092,376 in 2010 and 2009)
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(1,898 | ) | (1,898 | ) | ||||
Total shareholders' equity
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50,118 | 51,021 | ||||||
Total liabilities and shareholders' equity
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81,373 | 79,415 |
Three months ended
March 31,
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Year ended
December 31,
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2010
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2009
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2009
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U.S. dollars
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Revenues
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17,627 | 9,288 | 53,521 | |||||||||
Cost of revenues
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10,612 | 5,827 | 36,039 | |||||||||
Gross profit
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7,015 | 3,461 | 17,482 | |||||||||
Research and development costs
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3,086 | 2,587 | 10,319 | |||||||||
Selling, general and administrative expenses
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4,341 | 5,856 | 17,667 | |||||||||
7,427 | 8,443 | 27,986 | ||||||||||
Operating loss
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(412 | ) | (4,982 | ) | (10,504 | ) | ||||||
Financial expenses, net
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(432 | ) | (377 | ) | (952 | ) | ||||||
Loss before income taxes
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(844 | ) | (5,359 | ) | (11,456 | ) | ||||||
Income tax
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(100 | ) | (93 | ) | (386 | ) | ||||||
Net loss
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(944 | ) | (5,452 | ) | (11,842 | ) | ||||||
Net loss per ordinary share:
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Basic
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(0.03 | ) | (0.19 | ) | (0.40 | ) | ||||||
Diluted
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(0.03 | ) | (0.19 | ) | (0.40 | ) | ||||||
Weighted average number of ordinary
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shares outstanding:
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Basic
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29,242 | 29,207 | 29,218 | |||||||||
Diluted
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29,242 | 29,207 | 29,218 |
Three months ended
March 31,
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Year ended
December 31,
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2010
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2009
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2009
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U.S. dollars
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U.S. dollars
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Reported net loss attributable to Camtek Ltd. on GAAP basis
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(944 | ) | (5,452 | ) | (11,842 | ) | ||||||
Acquisition of Sela and Printar related expenses (1) | 647 | - | 1,264 | |||||||||
Inventory write -downs (2) | - | - | 3,213 | |||||||||
Share-based compensation
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41 | 40 | 148 | |||||||||
Write off of other assets
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- | - | 102 | |||||||||
Non-GAAP net loss
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(256 | ) | (5,412 | ) | (7,117 | ) | ||||||
Non –GAAP net loss per share , basic and diluted
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(0.01 | ) | (0.19 | ) | (0.24 | ) | ||||||
Gross margin on GAAP basis
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40 | % | 37 | % | 33 | % | ||||||
Reported gross profit on GAAP basis
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7,015 | 3,461 | 17,482 | |||||||||
Acquisition of Sela and Printar related expenses ( 1)
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280 | - | 396 | |||||||||
Inventory write off (2)
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- | - | 3,213 | |||||||||
Non GAAP gross margin
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41 | % | 37 | % | 39 | % | ||||||
Non-GAAP gross profit
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7,295 | 3,461 | 21,093 | |||||||||
Reported Operating loss attributable to Camtek Ltd. on GAAP basis
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(412 | ) | (4,982 | ) | (10,504 | ) | ||||||
Acquisition of Sela and Printar related expenses (1)
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280 | - | 678 | |||||||||
Inventory write off (2)
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- | - | 3,213 | |||||||||
Share-based compensation
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41 | 40 | 148 | |||||||||
Write off of other assets
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- | - | 102 | |||||||||
Non-GAAP Operating loss
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(91 | ) | (4,942 | ) | (6,363 | ) |
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(1)
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During the three months ended March 31, 2010 and the twelve months ended December 31, 2009, the Company recorded acquisition expenses of $0.65 million and $1.3 million, respectively, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.2 million and $0.4 million, respectively . These amounts are recorded under cost of revenues line item. (2) Revaluation adjustments of $0.4 million and $0.6 million, respectively, of contingent consideration and certain future liabilities recorded at fair value. These amounts are recorded under finance expenses line item and (3) $0.05 and $0.1 million amortization of intangible assets acquired recorded under cost of revenues line item.
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(2)
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During the year ended December 31, 2009 the company recorded inventory write downs in the amount of $2.6 million due to a strategic decision by the Company to discontinue certain old products and an additional amount of $0.6 million, from a write down of software purchased from a former single source supplier which has been replaced by internally developed software.
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