zk1313142.htm


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 
For the Month of May 2013
 
CAMTEK LTD.
(Translation of Registrant’s Name into English)
 
Ramat Gavriel Industrial Zone
P.O. Box 544
Migdal Haemek 23150
ISRAEL
(Address of Principal Corporate Offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F x Form 40-F o
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934.
 
Yes o No x
 
 
 

 
 
SIGNATURE
 
        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
   
CAMTEK LTD.
(Registrant)
 
By: /s/ Moshe Eisenberg
——————————————
Moshe Eisenberg,
Chief Financial Officer
 
Dated: May 20, 2013
 
 
 

 

 
 
Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
MigdalHa’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


CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.co.il
INTERNATIONAL INVESTOR RELATIONS
CCG Investor Relations
Ehud Helft / Kenny Green
Tel: (US) 1 646 201 9246
camtek@ccgisrael.com
 
FOR IMMEDIATE RELEASE
 
CAMTEK ANNOUNCES FIRST QUARTER 2013 RESULTS

Revenues of $18.1 million; expects sequential revenue growth of approximately 20% for the second quarter

MIGDAL HAEMEK, Israel – May 20, 2013 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the quarter ended March 31, 2013.

Highlights of the First Quarter 2013
 
 
·
Revenues of $18.1 million;
 
·
Improved gross margins of 45.8% (Non GAAP); 45.4% on a GAAP basis;
 
·
Non-GAAP operating income of $0.1 million; GAAP operating loss of $0.2 million;
 
·
Non-GAAP net loss of $0.2 million; GAAP net loss of $0.9 million;
 
·
Second quarter revenue guidance of $21-23 million

Roy Porat, Camtek’s Chief Executive Officer, commented, “We are pleased with the results of the quarter. Revenue came in above the top-end of our expectations and we feel that the bottom of the cycle is now behind us. In addition, I believe that in the coming quarters the improved expense structure implemented over the last several months and the expected recovery in our end-markets will allow us to increase our profitability.”

Concluded Mr. Porat, “We expect strong sequential improvement in the coming quarter with revenues reaching $21-23 million, representing approximately 20% growth. We also see a positive trend beyond the second quarter, driven by a cyclical recovery in our end markets.”

First Quarter 2013 Financial Results

Revenues for the first quarter of 2013 were $18.1 million. This is a 3% improvement from prior quarter revenues of $17.6 million and a decrease of less than 1% compared to revenues of $18.2 million in the first quarter of 2012. Revenues were slightly ahead of the Company’s formerly issued guidance range of $16-18 million for the quarter.

Gross profit on a GAAP basis in the quarter totaled $8.2 million (45.4% of revenues). This is a 36.7% improvement compared to $6.0 million (33.8% of revenues) in the prior quarter and a 7.5% improvement compared to $7.6 million (42.0% of revenues) in the first quarter of 2012.
 
 
 

 

Gross profit on a non-GAAP basis in the quarter totaled $8.3 million (45.8% of revenues). This is a 9% improvement compared to $7.6 million (42.9% of revenues) in the prior quarter and 8% improvement compared to $7.7 million (42.5% of revenues) in the first quarter of 2012.

Operating loss on a GAAP basis in the quarter was $0.2 million. This is compared to an operating loss of $5.4 million in the prior quarter and operating loss of $1.1 million in the first quarter of 2012.

Operating profit on a non-GAAP basis in the quarter was $0.1 million. This is compared to an operating loss of $0.7 million in the prior quarter and operating loss of $0.9 million in the first quarter of 2012.

Net loss on a GAAP basis in the quarter totaled $0.9 million, or $0.03 per share. This is compared to a net loss of $3.3 million, or $0.11 per share in the prior quarter and a net loss of $1.4 million or $0.05 per share in the first quarter of 2012.

Net loss on a non-GAAP basis, in the quarter was $0.2 million, or $0.01 per share. This is compared to a net loss of $0.9 million, or $0.29 per share in the prior quarter and a net loss of $0.6 million or $0.02 per share in the first quarter of 2012.

Cash and cash equivalents and short-term deposits as of March 31, 2013 were $23.1 million ($17.3 million net of bank loans) compared to $26.0 million ($19.8 million net of bank loans), as of December 31, 2012. The company used $2.2 million in operating cash flow during the first quarter of 2013.

Conference Call

Camtek will host a conference call today, May 20, 2013, at 10:00 am ET.

Roy Porat, Chief Executive Officer and Moshe Eisenberg, Chief Financial Officer, 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:
Israel:
International:
1 888 668 9141
03 918 0609
+972 3 918 0609
 
at 10:00 am Eastern Time
at 5:00 pm Israel Time
 
For those unable to participate, the teleconference will be available for replay on Camtek’s website at http://www.camtek.co.il/ beginning 24 hours after the call.
 
ABOUT CAMTEK LTD.

Camtek Ltd. provides automated and technologically advanced solutions dedicated to enhancing production processes and increasing yields, enabling and supporting customer’s 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, adaptive ion milling (AIM) and digital material deposition (DMD). Camtek's solutions range from micro-to-nano by applying its technologies to the industries' specific requirements.

 
 

 

This press release is available at www.camtek.co.il.

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) amortization of acquired intangible assets and revaluation of liabilities with respect to the acquisitions of Sela and Printar; and (ii) share based compensation expense, 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.
 
 
 

 
 
Camtek Ltd.
 
Consolidated Balance Sheets 

(In thousands)
 
   
March 31,
   
December 31,
 
   
2013
   
2012
 
   
U.S. Dollars (In thousands)
 
Assets
           
             
Current assets
           
Cash and cash equivalents
    15,981       18,867  
Short-term deposits
    7,160       7,160  
Accounts receivable, net
    26,046       23,076  
Inventories
    18,774       18,335  
Due from affiliates
    263       391  
Other current assets
    2,598       2,210  
Deferred tax asset
    367       367  
                 
Total current assets
    71,189       70,406  
Fixed assets, net
    15,407       15,822  
                 
Long term inventory
    6,223       7,090  
Long-term deposit
    729       729  
Deferred tax asset
    107       107  
Other assets, net
    304       304  
Intangible assets, net *
    2,917       2,971  
Goodwill
    1,579       1,579  
      11,859       12,780  
Total assets
    98,455       99,008  
                 
Liabilities and shareholders’ equity
               
                 
Current liabilities
               
Short term bank loans
    4,160       4,160  
Accounts payable – trade
    8,731       7,610  
Long term bank loans – current portion
    1,334       1,592  
Other current liabilities
    12,945       13,850  
                 
Total current liabilities
    27,170       27,212  
                 
Long term liabilities
               
Long term bank loans
    333       500  
Liability for employee severance benefits
    736       710  
Other long term liabilities *
    10,601       10,249  
      11,670       11,459  
Total liabilities
    38,840       38,671  
                 
Commitments and contingencies
               
                 
Shareholders’ equity
               
Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares,
               
31,989,309 issued as March 31, 2013 and December 31, 2012, outstanding 29,896,933
               
as of March 31, 2013 and December 31, 2012
    133       133  
Additional paid-in capital
    61,559       61,415  
Retained earnings (accumulated losses)
    (179 )     687  
      61,513       62,235  
Treasury stock, at cost (2,092,376  as of March 31, 2013 and December 31, 2012)
    (1,898 )     (1,898 )
                 
Total shareholders' equity
    59,615       60,337  
Total liabilities and shareholders' equity
    98,455       99,008  

  (*)
Relates to Printar and SELA acquisitions

 
 

 
 
Camtek Ltd.
 
Consolidated Statements of Operations

(in thousands, except share data)
 
   
Three months ended
March 31,
   
Year ended
December 31,
 
   
2013
   
2012
   
2012
 
   
U.S. dollars
       
Revenues
    18,073       18,178       84,547  
Cost of revenues
    9,870       10,545       47,482  
                         
Gross profit
    8,203       7,633       37,065  
                         
Research and development costs
    3,650       3,325       12,916  
Selling, general and administrative expenses
    4,706       5,435       21,138  
Impairment charge in respect of goodwill and other intangible assets
    -       -       3,031  
                         
      8,356       8,760       37,085  
                         
Operating loss
    (153 )     (1,127 )     (20 )
                         
Financial income (expenses), net
    (566 )     (132 )     233  
                         
Income (loss) before income taxes
    (719 )     (1,259 )     213  
                         
Income tax
    (147 )     (98 )     (210 )
                         
Net income (loss)
    (866 )     (1,357 )     3  
                         
Earnings (loss) per ordinary share:
                       
                         
Basic
    (0.03 )     (0.05 )     0.00  
                         
Diluted
    (0.03 )     (0.05 )     0.00  
                         
Weighted average number of ordinary
                       
 shares outstanding:
                       
                         
Basic
    29,897       29,727       29,849  
                         
Diluted
    29,897       29,727       30,013  

 
 

 

Camtek Ltd.
 
Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)

   
Three months ended
 March 31,
   
Year ended December 31,
 
   
2013
   
2012
   
2012
 
   
U.S. dollars
   
U.S. dollars
 
Reported net income (loss) attributable to Camtek Ltd. on GAAP basis
    (866 )     (1,357 )     3  
Acquisition of Sela and Printar related expenses (1)
    478       574       (434 )
Inventory write –downs (2)
    -       -       1,515  
Impairment charge in respect of goodwill and other intangible assets (3)
    -       -       3,031  
Share-based compensation
    144       102       401  
Shelf registration expenses
    -       94       94  
Non-GAAP net income (loss)
    (244 )     (587 )     4,610  
                         
Non –GAAP net income (loss) per share , basic and diluted
    (0.01 )     (0.02 )     0.15  
Gross margin on GAAP basis
    45.4 %     42.0 %     43.8 %
Reported gross profit on GAAP basis     8,203       7,633       37,085  
                         
Acquisition of Sela and Printar related expenses ( 1)
    75       75       300  
Inventory write-downs (2)
    -       -       1,515  
Share-based compensation
    7       25       97  
Non- GAAP gross margin
    45.8 %     42.5 %     46.1 %
Non-GAAP gross profit
    8,285       7,733       38,977  
                         
Reported operating loss attributable to Camtek Ltd. on GAAP basis
    (153 )     (1,127 )     (20 )
Acquisition of Sela and Printar related expenses (1)
    75       169       300  
Inventory write- downs (2)     -       -       1,515  
Impairment charge in respect of goodwill and other intangible assets (3)     -       -       3,031  
Share-based compensation     -       102       401  
Shelf registration expenses     144       -       94  
Non-GAAP operating income (loss)
    66       (858 )     5,361  
 
 
(1)
During the three months ended March 31, 2013 and 2012, and the twelve months ended December 31, 2012, the Company recorded acquisition expenses (income) of $0.5 million, $0.6 million, and $(0.4) million, respectively, consisting of: (1) Revaluation adjustments of $0.4 million, $0.5 million, and $(0.7) million, respectively, of contingent consideration and certain future liabilities recorded at fair value. These amounts are recorded under finance expenses line item and (2) $0.08 million, $0.08 million, and $0.3 million, respectively, with respect to amortization of intangible assets acquired recorded under cost of revenues line item.

 
(2)
During the three months ended March 31, 2013 and 2012, and the twelve months ended December 31, 2012, the Company recorded inventory write downs in the amount of $0 million, $0 million, and $1.5 million, respectively.

 
(3)
During the three months ended March 31, 2013 and 2012, and the twelve months ended December 31, 2012, the Company recorded an impairment charge in respect of goodwill and other intangible assets of $0 million, $0 million and $3.1 million, respectively.