CAMTEK LTD.
(Registrant)
By: /s/ Moshe Eisenberg
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Moshe Eisenberg,
Chief Financial Officer
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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
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CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@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 $18.1 million;
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Improved gross margins of 45.8% (Non GAAP); 45.4% on a GAAP basis;
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Non-GAAP operating income of $0.1 million; GAAP operating loss of $0.2 million;
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Non-GAAP net loss of $0.2 million; GAAP net loss of $0.9 million;
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Second quarter revenue guidance of $21-23 million
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US:
Israel:
International:
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1 888 668 9141
03 918 0609
+972 3 918 0609
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at 10:00 am Eastern Time
at 5:00 pm Israel Time
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March 31,
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December 31,
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2013
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2012
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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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15,981 | 18,867 | ||||||
Short-term deposits
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7,160 | 7,160 | ||||||
Accounts receivable, net
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26,046 | 23,076 | ||||||
Inventories
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18,774 | 18,335 | ||||||
Due from affiliates
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263 | 391 | ||||||
Other current assets
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2,598 | 2,210 | ||||||
Deferred tax asset
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367 | 367 | ||||||
Total current assets
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71,189 | 70,406 | ||||||
Fixed assets, net
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15,407 | 15,822 | ||||||
Long term inventory
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6,223 | 7,090 | ||||||
Long-term deposit
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729 | 729 | ||||||
Deferred tax asset
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107 | 107 | ||||||
Other assets, net
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304 | 304 | ||||||
Intangible assets, net *
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2,917 | 2,971 | ||||||
Goodwill
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1,579 | 1,579 | ||||||
11,859 | 12,780 | |||||||
Total assets
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98,455 | 99,008 | ||||||
Liabilities and shareholders’ equity
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Current liabilities
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Short term bank loans
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4,160 | 4,160 | ||||||
Accounts payable – trade
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8,731 | 7,610 | ||||||
Long term bank loans – current portion
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1,334 | 1,592 | ||||||
Other current liabilities
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12,945 | 13,850 | ||||||
Total current liabilities
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27,170 | 27,212 | ||||||
Long term liabilities
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Long term bank loans
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333 | 500 | ||||||
Liability for employee severance benefits
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736 | 710 | ||||||
Other long term liabilities *
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10,601 | 10,249 | ||||||
11,670 | 11,459 | |||||||
Total liabilities
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38,840 | 38,671 | ||||||
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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31,989,309 issued as March 31, 2013 and December 31, 2012, outstanding 29,896,933
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as of March 31, 2013 and December 31, 2012
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133 | 133 | ||||||
Additional paid-in capital
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61,559 | 61,415 | ||||||
Retained earnings (accumulated losses)
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(179 | ) | 687 | |||||
61,513 | 62,235 | |||||||
Treasury stock, at cost (2,092,376 as of March 31, 2013 and December 31, 2012)
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(1,898 | ) | (1,898 | ) | ||||
Total shareholders' equity
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59,615 | 60,337 | ||||||
Total liabilities and shareholders' equity
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98,455 | 99,008 |
(*)
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Relates to Printar and SELA acquisitions
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Three months ended
March 31,
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Year ended
December 31,
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2013
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2012
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2012
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U.S. dollars
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Revenues
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18,073 | 18,178 | 84,547 | |||||||||
Cost of revenues
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9,870 | 10,545 | 47,482 | |||||||||
Gross profit
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8,203 | 7,633 | 37,065 | |||||||||
Research and development costs
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3,650 | 3,325 | 12,916 | |||||||||
Selling, general and administrative expenses
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4,706 | 5,435 | 21,138 | |||||||||
Impairment charge in respect of goodwill and other intangible assets
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- | - | 3,031 | |||||||||
8,356 | 8,760 | 37,085 | ||||||||||
Operating loss
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(153 | ) | (1,127 | ) | (20 | ) | ||||||
Financial income (expenses), net
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(566 | ) | (132 | ) | 233 | |||||||
Income (loss) before income taxes
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(719 | ) | (1,259 | ) | 213 | |||||||
Income tax
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(147 | ) | (98 | ) | (210 | ) | ||||||
Net income (loss)
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(866 | ) | (1,357 | ) | 3 | |||||||
Earnings (loss) per ordinary share:
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Basic
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(0.03 | ) | (0.05 | ) | 0.00 | |||||||
Diluted
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(0.03 | ) | (0.05 | ) | 0.00 | |||||||
Weighted average number of ordinary
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shares outstanding:
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Basic
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29,897 | 29,727 | 29,849 | |||||||||
Diluted
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29,897 | 29,727 | 30,013 |
Three months ended
March 31,
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Year ended December 31,
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2013
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2012
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2012
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U.S. dollars
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U.S. dollars
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Reported net income (loss) attributable to Camtek Ltd. on GAAP basis
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(866 | ) | (1,357 | ) | 3 | |||||||
Acquisition of Sela and Printar related expenses (1)
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478 | 574 | (434 | ) | ||||||||
Inventory write –downs (2)
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- | - | 1,515 | |||||||||
Impairment charge in respect of goodwill and other intangible assets (3)
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- | - | 3,031 | |||||||||
Share-based compensation
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144 | 102 | 401 | |||||||||
Shelf registration expenses
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- | 94 | 94 | |||||||||
Non-GAAP net income (loss)
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(244 | ) | (587 | ) | 4,610 | |||||||
Non –GAAP net income (loss) per share , basic and diluted
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(0.01 | ) | (0.02 | ) | 0.15 | |||||||
Gross margin on GAAP basis
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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)
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75 | 75 | 300 | |||||||||
Inventory write-downs (2)
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- | - | 1,515 | |||||||||
Share-based compensation
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7 | 25 | 97 | |||||||||
Non- GAAP gross margin
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45.8 | % | 42.5 | % | 46.1 | % | ||||||
Non-GAAP gross profit
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8,285 | 7,733 | 38,977 | |||||||||
Reported operating loss attributable to Camtek Ltd. on GAAP basis
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(153 | ) | (1,127 | ) | (20 | ) | ||||||
Acquisition of Sela and Printar related expenses (1)
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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)
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66 | (858 | ) | 5,361 |
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(1)
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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.
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(2)
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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.
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(3)
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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.
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