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07.11.2016 13:10
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Camtek Announces Third Quarter 2016 Results
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PR Newswire
MIGDAL HAEMEK, Israel, Nov. 7, 2016
MIGDAL HAEMEK, Israel, Nov. 7, 2016 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter ended September 30, 2016.
Highlights of the Third Quarter 2016
- Revenues of $28.5 million, 4% sequential increase;
- GAAP operating income of $1.7 million, representing 5.8% operating margins; Non-GAAP operating income of $2.7 million, representing 9.5% operating margins;
- GAAP operating profit includes a one-time net expense of $0.9 million due the reorganization of the FIT activity;
- GAAP net income of $1.1 million; Non-GAAP net income of $2.1 million;
- Expecting continued growth driven by semiconductor advance packaging applications:
- Fourth quarter revenue guidance of $28.5 million to $29.5 million, bringing full year 2016 revenues to a record $109 million in the mid-point of the guidance.
Rafi Amit, Camtek's Chairman and CEO, commented, "We are very pleased with the results of this quarter and our revenue guidance forecasts that 2016 will end as a record year for us. Our ongoing revenue growth was once again driven by solid performance in our semiconductor business. Approximately 40% of the systems shipped this quarter will be used in the advanced packaging market. As this market segment remains strong, we continue our penetration to the advanced packaging 2D inspection with new customers for Fan-out applications using our unique inspection capabilities."
Added Mr. Amit, "We are also pleased with our improvement in profitability which was mainly due to lower operating expenses. Furthermore, following the reorganization of our digital printing activity in August, we expect to see additional operating expense savings ahead. We therefore look forward to demonstrating increased profitability margins for Camtek in the quarters ahead."
Third Quarter 2016 Financial Results
Revenues for the third quarter of 2016 were $28.5 million. This compares to third quarter 2015 revenues of $26.3 million, a growth of 8% and prior quarter revenues of $27.3 million, an increase of 4%.
Gross profit on a GAAP basis in the quarter totaled $7.5 million (26.2% of revenues), compared to $11.8 million (44.8% of revenues) in the third quarter 2015 and $12.7 million in the prior quarter (46.7% of revenues). The gross profit on a GAAP basis includes the $4.9 million effect of the FIT re-organization including the write-off of inventory and other one-time expenses.
Gross profit on a non-GAAP basis in the quarter totaled $12.4 million (43.6% of revenues), compared to $11.8 million (44.9% of revenues) in the third quarter 2015 and $12.8 million in the prior quarter (46.8% of revenues).
Operating profit on a GAAP basis in the quarter totaled $1.7 million (5.8% of revenues), compared to $1.8 million (6.8% of revenues) in the third quarter 2015 and an operating profit of $1.7 million (6.4% of revenues) in the prior quarter. The operating profit included a one-time net expense of $0.9 million due the reorganization of the FIT activity. This one-time expense includes a $5.6 million inventory and fixed asset write-off, other expenses of $0.3 million, partially offset by income of $5.0 million related to a write-off of liabilities to the Office of the Chief Scientist in Israel.
Operating profit on a non-GAAP basis in the quarter, which excludes the above-mentioned one-time expenses, totaled $2.7 million (9.3% of revenues), compared to $1.9 million (7.1% of revenues) in the third quarter 2015 and $1.9 million in the prior quarter (6.8% of revenues).
Net income on a GAAP basis in the quarter totaled $1.1 million, or $0.03 per diluted share. This compares to net income of $1.0 million, or $0.03 per diluted share, in the third quarter 2015 and a net income of $1.3 million, or $0.04 per diluted share, in the prior quarter.
Net income on a non-GAAP basis in the quarter totaled $2.1 million, or $0.06 per diluted share. This compares to net income of $1.2 million, or $0.03 per diluted share, in the third quarter 2015 and a net income of $1.5 million, or $0.04 per diluted share, in the prior quarter.
Cash, cash equivalents, short and long-term restricted deposits, as of September 30, 2016 were $19.7 million compared to $38.7 million as of December 31, 2015. The Company reported a positive operating cash flow of $3.0 million during the quarter (excluding the $14.6 million payment to Rudolph for the IP litigation).
Conference Call
Camtek will host a conference call today, Monday, November 7, 2016, at 9:30 am ET.
Rafi Amit, Chairman and CEO, and Moshe Eisenberg, CFO, will host the call and will be available to answer questions after presenting the results. To participate, please call one of the following telephone numbers a few minutes before the start of the call.
| US: | 1 888 668 9141 | at 9:30 am Eastern Time |
| Israel: | 03 918 0610 | at 4:30 pm Israel Time |
| International: | +972 3 918 0610 | |
For those unable to participate, the teleconference will be available for replay on Camtek's website at http://www.camtek.com beginning 24 hours after the call.
ABOUT CAMTEK LTD.
Camtek Ltd. provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing products yield and reliability, enabling and supporting customers' 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 and functional 3D inkjet printing.
This press release is available at www.camtek.com.
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.
Use of non-GAAP Measures
This press release provides financial measures that exclude certain items such as: (i) write off of inventory and fixed-assets related to the discontinued FIT product line; (ii) revaluation of liabilities with respect to the acquisition of Printar; (iii) the impact of reorganization and impairment charges; and (iv) share based compensation expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
| Consolidated Balance Sheets | | | |
| (In thousands) | | | |
| | September 30, | | December 31, |
| | 2016 | | 2015 |
| | U.S. Dollars (In thousands) | ||
| Assets | | | |
| | | | |
| Current assets | | | |
| Cash and cash equivalents | 19,691 | | 30,833 |
| Short-term restricted deposits | - | | 7,875 |
| Trade accounts receivable, net | 32,879 | | 27,003 |
| Inventories | 24,816 | | 27,599 |
| Due from affiliated companies | 596 | | 559 |
| Other current assets | 1,808 | | 1,712 |
| Deferred tax asset | 177 | | 177 |
| | | | |
| Total current assets | 79,967 | | 95,758 |
| | | | |
| Fixed assets, net | 14,022 | | 13,531 |
| | | | |
| Long term inventory | 1,734 | | 1,979 |
| Deferred tax asset | 3,835 | | 3,955 |
| Other assets, net | 248 | | 248 |
| Intangible assets, net | 875 | | 795 |
| | | | |
| | 6,692 | | 6,977 |
| | | | |
| Total assets | 100,681 | | 116,266 |
| | | | |
| Liabilities and shareholders' equity | | | |
| | | | |
| Current liabilities | | | |
| Trade accounts payable | 11,490 | | 11,812 |
| Other current liabilities | 17,358 | | 30,712 Werbung Mehr Nachrichten zur Camtek Ltd. Aktie kostenlos abonnieren
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