Revenues $14.5 Million; Net Loss $4.3 Million
MIGDAL HAEMEK, Israel, May 24 /PRNewswire-FirstCall/ -- Camtek Ltd. (NASDAQ:CAMT)(TASE:CAMT) today announced results for the first quarter ended March 31, 2007.
Revenues for the first quarter of 2007 were $14.5 million, 41.8% below the $24.9 million as reported in the first quarter of last year, and 31% below the $21.0 million as reported in the fourth quarter of 2006.
Gross profit for the first quarter of 2007 was $6.0 million, representing a gross margin of 41.5%. This is compared with gross profit of $13.1 million or gross margin of 52.5%, as reported in the first quarter of last year and gross profit of $9.3 million, or gross margin of 44.5% as reported in the fourth quarter of 2006.
Operating loss for the first quarter of 2007 was $4.4 million compared with the operating loss of $2.4 million as reported in the previous quarter. In the first quarter of 2006 the Company reported an operating profit of $4.4 million.
First quarter net loss was $4.3 million or (14) cents per share on a fully diluted basis. This compares with a net profit of $4.4 million, or 16 cents per share on a fully diluted basis, as reported in the first quarter of 2006. Fourth quarter 2006 net loss was $2.2 million, or (7) cents per basic share.
"The current state of business in the microelectronics industry has been affecting our revenues from these markets," commented Rafi Amit, Camtek's CEO. "We still see some requests from customers to delay delivery, but we believe that we are maintaining our position in these markets. In addition, as we stated in our previous announcement, our sales to the PCB industry also declined this quarter. We believe that this is a temporary softening in the market due to the Chinese holidays." Mr. Amit added, "Regarding the PCB market, we are happy to report a warm welcome for the new line of Dragon models, which we recently introduced. We recently won orders from new strategic customers and further established our technological reputation and competitive position. Nevertheless, we continue to closely monitor our expense levels and we are adjusting them to our current and expected level of activity." Mr. Amit concluded, "Based on our current information, we expect to report in the second quarter between $15 and 17 million in revenues." Camtek will host a conference call today, Thursday May 24th, 2007 at 9:00 a.m. EDT. Rafi Amit, Chief Executive Officer, and Ronit Dulberg, Chief Financial Officer, will host the call and be available to answer questions after presenting the results.
To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call.
US: 1-888-281-1167 at 9:00 a.m. Eastern time
UK: 0-800-917-9141 at 2:00 p.m. UK time
Israel: 03-918-0688 at 4:00 p.m. Israel time
International: +972-3-918-0688
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.
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.
CONTACT INFORMATION CAMTEK: IR INTERNATIONAL Ronit Dulberg, CFO Ehud Helft / Kenny Green
GK Investor Relations
Tel: +972-4-604-83 Tel: (US) 1-646-201-9246
Fax: +972-4-604-8300
Mobile: +972-54-905-0776
Consolidated Balance Sheets
(in thousands, except share data)
March December
2007 2006
U.S. Dollars ASSETS CURRENT ASSETS
Cash and cash equivalents 16,322 23,358
Marketable securities 2,200 2,099
Accounts receivable, net 27,564 29,434
Inventories 43,554 41,414
Due from affiliates 196 180
Other current assets 1,771 2,372
Deferred tax 65 65 Total current assets 91,672 98,922 Fixed assets, net 11,533 10,729 Deferred tax 369 369
Other assets 853 786 1,222 1,155 Total assets 104,427 110,806 LIABILITIES CURRENT LIABILITIES
Accounts payable -trade 9,297 11,801
Due to affiliates 1,122 814
Other current liabilities 12,868 12,831 Total current liabilities 23,287 25,446 Convertible loan 5,000 5,000
Liability for employee severance benefits 222 222 Total liabilities 28,509 30,668 SHAREHOLDERS' EQUITY
Ordinary shares NIS 0.01 par value, authorized
100,000,000 shares,
issued 31,052,474 in 2006 and 2007 outstanding
30,040,855 in 2006 and 2007. 132 132
Additional paid-in capital 59,517 59,420
Accumulated other comprehensive loss
Unrealized loss on marketable securities - (1)
Retained earnings 17,262 21,580
76,911 81,131
Treasury stock, at cost (1,011,619 shares in 2007 and (993) (993)
2006) Total shareholders' equity 75,918 80,138 Total liabilities and shareholders' equity 104,427 110,806
Camtek Ltd. Consolidated Statements of Operations
(in thousands, except share data) Three Months ended March 31, Year ended
2007 2006 2006
U.S. dollars U.S. dollars
Revenues 14,468 24,880 100,055
Cost of revenues 8,462 11,817 48,442 Gross profit 6,006 13,063 51,613 Research and development costs 3,748 2,437 11,831
Selling, general and administrative
Expenses 6,644 6,209 27,850 10,392 8,646 39,681 Operating income (loss) (4,386) 4,417 11,932 Financial income (expenses), net 134 105 (288) Income (loss) before income taxes (4,252) 4,522 11,644 Income tax (66) (100) (41) Net income (loss) (4,318) 4,422 11,603 Net income (loss) per ordinary
share: Basic (0.14) 0.16 0.40 Diluted (0.14) 0.16 0.39 Weighted average number of ordinary
shares outstanding: Basic 30,208 27,336 29,176 Diluted 30,208 27,884 29,553
DATASOURCE: Camtek Ltd CONTACT: CAMTEK: Ronit Dulberg, CFO, Tel: +972-4-604-83, Fax: +972-4-604-8300, Mobile: +972-54-905-0776, , IR INTERNATIONAL, Ehud Helft / Kenny Green, GK Investor Relations, Tel: (US) 1-646-201-9246,
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