Revenues Were $21M for Q4 2006, and a Record $100M for Full Year
MIGDAL HAEMEK, Israel, March 20 /PRNewswire-FirstCall/ -- Camtek Ltd. (NASDAQ:CAMTNASDAQ:andNASDAQ:TASE:NASDAQ:CAMT), today announced results for the fourth quarter and twelve months ended December 31, 2006.
The company reported revenues for the fourth quarter of 2006 at US$21 million, up 8.2% from $19.4 million in the fourth quarter of 2005, and sequentially down 20.1% from $26.3 million in the quarter ended September 30, 2006.
Gross profit margin for the fourth quarter of 2006 was 44.5% compared to 49.5% for the fourth quarter of 2005, and 53.2% for the third quarter of 2006.
Net loss for the fourth quarter of 2006 was $2.2 million, or $0.07 per share. This compares to a net profit of $2.1 million, or $0.07 per share, in the fourth quarter of 2005. For the third quarter of 2006, net profit was $4.2 million, or $0.14 per share.
Revenues for the twelve-month period ended December 31, 2006 were $100.1 million, up 58.7% from $63 million for the twelve-month period ended December 31, 2005. Gross profit margin for the year 2006 was 51.6%, compared to a 48.0% margin in 2005. Net profit for the twelve-month period ended December 31, 2006 was $11.6 million, or $0.39 per share, compared to $2.7 million, or $0.10 per share, for the twelve-month period ended December 31, 2005.
Rafi Amit, Camtek's CEO, commented, "In 2006 we set a new record for Camtek both in revenue and in profit. Despite the industry-wide slowdown in the fourth quarter, we achieved revenues of $100 million, nearly 60% over 2005. What makes this growth noteworthy is that we accomplished it by expanding our business while maintaining healthy margins and profitability." "Our sales to the semiconductor manufacturing and packaging industries doubled this year, increasing market share; our revenues in the PCB and HDI-S industries were up 42% from 2005 levels, indicating our strong position in this market." Mr. Amit continued, "We are continuing our investments in developing new capabilities and in enhancing performance of our product lines, both for the semiconductor manufacturing and packaging industry - our current main potential growth engine -, and for the PCB / HDI-S market. The PCB / HDI-S market remains very viable for us, as we believe it retains the potential for further growth.
Mr. Amit concluded, "We are experiencing similar softness to that reported by several suppliers in our marketplaces. This softness resulted in reduced revenue, lower margins and consequently a loss in the fourth quarter. We believe this is an outcome of the inherent cyclicality of the industry, and have already begun adjusting our expense level to the current business environment. At this point, we expect revenues in the first quarter of 2007 in the range of $16 to 18 million. Nevertheless, based on inputs from our customers, we expect a shift in the market and an increased demand for our products in the second quarter of 2007, and a further increase in demand for our products during the second half of the year. We are maintaining our capability to support this anticipated increased demand." Camtek will host a conference call today, Tuesday, March 20, 2007 at 9:00 a.m. EDT. Rafi Amit, Chief Executive Officer and Ronit Dulberg, Chief Financial Officer will be on the call and will be available to answer investor questions after presenting the results.
To participate, please call one of the telephone numbers below at least 5 minutes before the start of the call. US: 1-888-281-1167 at 9:00 a.m. EDT
UK: 0-800-917-9141 at 1:00 p.m. GMT
Israel: 03-918-0688 at 3:00 p.m. Israel time
International: +972-3-918-0688
For those unable to participate, the teleconference will be available for replay for 14 days on Camtek's website at http://www.camtek.co.il/ beginning 48 hours after the call.
About Camtek Ltd.
With headquarters in Migdal Ha'Emek Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical inspection systems and related products. Camtek's automatic inspection systems are used to enhance both production processes and yield for manufacturers in the printed circuit board industry, the high density interconnect substrate industry and the semiconductor manufacturing and packaging industry.
This press release is available at http://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, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.
Camtek Ltd. Consolidated Balance Sheets
(In thousands)
December 31,
2006 2005
U.S. Dollars ASSETS CURRENT ASSETS
Cash and cash equivalents 23,358 8,714
Marketable securities 2,099 2,101
Accounts receivable, net 29,434 26,412
Inventories 41,414 24,942
Due from affiliates 180 290
Other current assets 2,372 2,817
Deferred tax 65 - Total current assets 98,922 65,276 FIXED ASSETS
Cost 15,927 14,405
Less - Accumulated depreciation 5,198 4,442 Fixed assets, net 10,729 9,963 Deferred tax 369 - Other assets 786 - Total assets 110,806 75,239 LIABILITIES CURRENT LIABILITIES
Accounts payable -trade 11,801 8,678
Due to affiliates 814 -
Other current liabilities 12,831 8,721 Total current liabilities 25,446 17,399 Convertible loan 5,000 5,000
Liability for employee severance benefits 222 222 Total liabilities 30,668 22,621 SHAREHOLDERS' EQUITY
Ordinary shares NIS 0.01 par value, authorized
100,000,000 shares,
issued 31,052,474 in 2006 and 28,095,516 in 2005,
outstanding
30,040,855 in 2006 and 27,083,897 in 2005 132 125
Additional paid-in capital 59,420 43,732
Deferred stock-based compensation - (221)
Accumulated other comprehensive loss
Unrealized loss on marketable securities (1) (2)
Retained earnings 21,580 9,977
81,131 53,611
Treasury stock, at cost (1,011,619 shares
in 2006 and 2005) (993) (993)
Total shareholders' equity 80,138 52,618 Total liabilities and shareholders' equity 110,806 75,239
Camtek Ltd. Consolidated Statements of Operations
(in thousands)
Three Months ended Year ended
December 31, December 31,
2006 2005 2006 2005
U.S. dollars U.S. dollars Revenues 21,006 19,383 100,055 63,032
Cost of revenues 11,666 9,782 48,442 32,781 Gross profit 9,340 9,601 51,613 30,251 Research and development costs 3,662 2,281 11,831 8,469
Selling, general and administrative 8,120 5,233 27,850 18,760
expenses 11,782 7,514 39,681 27,229 Operating income (loss) (2,442) 2,087 11,932 3,022 Financial expenses, net (115) (28) (288) 320) Income (loss) before income taxes (2,557) 2,059 11,644 2,702 Income tax 333 - (41) - Net income (loss) (2,224) 2,059 11,603 2,702 Net income (loss) per ordinary
share: Basic (0.07) 0.08 0.40 0.10 Diluted (0.07) 0.07 0.39 0.10 Weighted average number of ordinary
shares outstanding: Basic 30,200 27,332 29,176 27,253 Diluted 30,200 27,607 29,553 27,586 Contact Details:
Camtek
Ronit Dulberg, CFO
Tel: +972-4-604-8308
Fax: +972-4-604-8300
Mobile: +972-54-9050776
IR International
GK International IR
Ehud Helft / Kenny Green
Tel: (US) +1-646-201-9246
DATASOURCE: Camtek Ltd CONTACT: Contact Details: Camtek, Ronit Dulberg, CFO, Tel: +972-4-604-8308, Fax: +972-4-604-8300, Mobile: +972-54-9050776, . IR International, GK International IR, Ehud Helft
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