MIGDAL HAEMEK, Israel,
Feb. 12, 2015 /PRNewswire/
-- Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its
financial results for the full year and quarter ended December 31, 2014.
Highlights of the Full Year 2014
- Revenues of $88.3 million;
- Non-GAAP operating income of $5.7
million; GAAP operating income of $5.1 million;
- Non-GAAP net income of $4.6
million; GAAP net income of $3.3
million;
- Positive operating cash flow of $5.3
million; Net cash and equivalents of $26.8 million as of December 31, 2014.
Highlights of the Fourth Quarter 2014
- Revenues of $20.6 million;
- Non-GAAP operating income of $700
thousand; GAAP operating income of $361 thousand;
- Non-GAAP net income of $408
thousand; GAAP net income of $68
thousand;
- Positive operating cash flow of $2.9
million.
Rafi Amit, Camtek's Chairman
and CEO, commented, "I see 2014 as the year in which we put all
the pieces in place and began executing on our strategy for
accelerated growth in 2015. As we recently reported, we have
started commercially marketing the Gryphon, our 3D Functional
InkJet Technology product and received our first conditional
purchase order for this product.
"In 2014, our semiconductor business saw organic growth of
approximately 20% year over year. As we move into 2015, we are
seeing increased traction for our Eagle product, focused on the
advanced packaging market. We continue to achieve qualification at
leading semiconductor manufacturers to which we had not
significantly penetrated in the past. We see the potential in 2015
for multiple orders of tools from these customers."
Concluded Mr. Amit, "Looking ahead into 2015, we expect
double-digit revenue growth in our semiconductor business, driven
by increased capex spending by many of our customers. We also
believe that we will see the initial contribution to revenue from
the Gryphon in 2015. We expect to increase sales and marketing
efforts somewhat to capture the opportunities that we believe the
Gryphon will open up for us. We are very excited with this
breakthrough technology, and we are confident that it will
eventually become the standard adopted by the PCB industry. Our
guidance for the first quarter of 2015 is $21.5-$23 million, which represents a sequential
growth of 5-10%."
Fourth Quarter 2014 Financial Results
Revenues for the fourth quarter of 2014 were $20.6 million. This compares to prior quarter
revenues of $22.4 million and fourth
quarter 2013 revenues of $23.3
million.
Gross profit on a GAAP basis in the quarter totaled
$9.5 million (45.6% of revenues).
This is a 6% decrease compared to $10.0
million (44.4% of revenues) in the prior quarter and a 40%
increase compared to $6.7 million in
the fourth quarter of 2013 (28.7% of revenues).
Gross profit on a non-GAAP basis in the quarter totaled
$9.7 million (47.2% of revenues).
This is a 3% decrease compared to $10.0
million (44.5% of revenues) in the prior quarter and a 6%
decrease compared to $10.6 million
(45.6% of revenues) in the fourth quarter of 2013.
Operating income on a GAAP basis in the quarter was
$360 thousand (1.8% of revenues).
This compares to an operating income of $1
million (4.6% of revenues) in the prior quarter and to an
operating loss of $304 thousand in
the fourth quarter of 2013.
Operating income on a non-GAAP basis in the quarter was
$700 thousand (3.4% of revenues).
This compares to with operating income of $1.1 million (5.1% of revenues) in the prior
quarter and an operating income of $1.1
million (4.7% of revenues) in the fourth quarter of
2013.
Net income on a GAAP basis in the quarter totaled
$68 thousand, or $0.00 per diluted share. This compares to net
income of $619 thousand, or
$0.02 per diluted share, in the prior
quarter and a net income of $660
thousand, or $0.02 per diluted
share, in the fourth quarter of 2013.
Net income on a non-GAAP basis in the quarter was
$408 thousand, or $0.01 per diluted share. This compares to a net
income of $948 thousand, or
$0.03 per diluted share, in the prior
quarter and net income of $778
thousand, or $0.03 per diluted
share, in the fourth quarter of 2013.
Full Year 2014 Results Summary
Revenues for 2014 were $88.3
million, an increase of 3% compared to $85.4 million, as reported in 2013.
Gross profit on a GAAP basis for 2014 was $41.1 million (46.5% of revenues) compared to
gross profit of $34.3 million (40.3%
of revenues) in 2013. Gross profit on a non-GAAP basis for 2014,
was $41.3 million (46.8% of
revenues), compared to $38.6 million
(45.2% of revenues) in 2013.
Operating income on a GAAP basis for 2013, was
$5.1 million (5.8% of revenues)
compared to an operating income of $1.1
million in 2013. Non-GAAP operating income in 2014 was
$5.7 million (6.5% of revenues)
compared to an operating income of $3.2
million (3.7% of revenues) in 2013.
Net income on a GAAP basis for 2014 was $3.4 million, or $0.11 per diluted share, compared to a net income
of $7 thousand in 2013, or
$0.00 per diluted share. Net
income on a non-GAAP basis for 2014 was $4.6
million, or $0.15 per diluted
share, compared to a net income of $2.1
million in 2013 or $0.07 per
diluted share.
Cash, cash equivalents and short-term deposits, net of bank
loans as of December 31, 2014
were $26.8 million compared to
$22.5 million as of December 31, 2013. The Company generated
$2.9 million from operating cash flow
during the fourth quarter of 2014. For the year, the Company
generated a positive operating cash flow of $5.3 million.
Conference Call
Camtek will host a conference call today, February 12, 2015, at 9:00
am ET.
Rafi Amit, Chairman and CEO, 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:
|
1 888 668 9141
|
at 9:00 am Eastern
Time
|
|
Israel:
|
03 918 0609
|
at 4:00 pm Israel
Time
|
|
International:
|
+972 3 918 0609
|
|
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, 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.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
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.
|
Camtek
Ltd.
|
|
Consolidated
Balance Sheets
|
|
|
December
31,
|
|
2014
|
2013
|
|
U.S. Dollars (In
thousands)
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
18,220
|
16,495
|
|
Short-term
deposits
|
8,607
|
6,000
|
|
Accounts receivable,
net
|
22,341
|
27,048
|
|
Inventories
|
24,650
|
17,911
|
|
Due from affiliated
companies
|
501
|
233
|
|
Other current
assets
|
2,382
|
1,913
|
|
Deferred tax
asset
|
858
|
938
|
|
|
|
|
Total current
assets
|
77,559
|
70,538
|
|
|
|
|
Fixed assets,
net
|
13,025
|
14,481
|
|
|
|
|
Long term
inventory
|
1,476
|
2,225
|
|
Long-term restricted
deposit
|
729
|
729
|
|
Deferred tax
asset
|
891
|
975
|
|
Other assets,
net
|
348
|
339
|
|
Intangible assets,
net
|
928
|
1,008
|
|
Goodwill
|
1,555
|
1,555
|
|
|
|
|
5,927
|
6,831
|
|
|
|
|
Total
assets
|
96,511
|
91,850
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable –
trade
|
9,490
|
7,753
|
|
Other current
liabilities
|
16,319
|
15,585
|
|
|
|
|
Total current
liabilities
|
25,809
|
23,338
|
|
|
|
|
Long term
liabilities
|
|
|
|
Liability for
employee severance benefits
|
860
|
858
|
|
Other long term
liabilities
|
4,110
|
5,758
|
|
4,970
|
6,616
|
|
|
|
|
Total
liabilities
|
30,779
|
29,954
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Ordinary shares NIS
0.01 par value, authorized 100,000,000 shares,
|
|
|
|
32,586,898
issued as of December 31, 2014, and 32,497,902 as of
|
|
|
|
December 31,
2013, outstanding 30,494,522 as of December 31, 2014,
|
|
|
|
and 30,405,526
as of December 31, 2013
|
134
|
134
|
|
Additional paid-in
capital
|
63,465
|
62,966
|
|
Retained
earnings
|
4,031
|
694
|
|
67,630
|
63,794
|
|
Treasury stock, at
cost (2,092,376 as of December 31, 2014 and
|
|
|
|
December 31,
2013)
|
(1,898)
|
(1,898)
|
|
|
|
|
Total shareholders'
equity
|
65,732
|
61,896
|
|
|
|
|
Total liabilities
and shareholders' equity
|
96,511
|
91,850
|
|
Camtek
Ltd.
|
|
Consolidated
Statements of Operations
|
|
(In thousands,
except share data)
|
|
|
Year ended
December 31,
|
Three Months ended
December 31,
|
|
2014
|
2013
|
2014
|
2013
|
|
U.S.
dollars
|
U.S.
dollars
|
|
|
|
|
|
|
Revenues
|
88,313
|
85,405
|
20,600
|
23,333
|
|
Cost of
revenues
|
47,294
|
51,003
|
11,148
|
16,640
|
|
|
|
|
|
|
Gross
profit
|
41,019
|
34,402
|
9,452
|
6,693
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development costs
|
(14,406)
|
(14,370)
|
(3,701)
|
(3,655)
|
|
Selling, general and
administrative expenses
|
(21,417)
|
(22,362)
|
(5,331)
|
(6,808)
|
|
Implication of
re-organization and
|
|
|
|
|
|
impairment
losses
|
*
(60)
|
*
3,466
|
*
(60)
|
*
3,466
|
|
(35,883)
|
(33,266)
|
(9,092)
|
(6,997)
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
5,136
|
1,136
|
360
|
(304)
|
|
|
|
|
|
|
Financial expenses,
net
|
(1,220)
|
(1,738)
|
(359)
|
(57)
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
3,916
|
(602)
|
1
|
(361)
|
|
|
|
|
|
|
Income taxes
(expense)
|
(579)
|
609
|
67
|
1,021
|
|
|
|
|
|
|
Net
income
|
3,337
|
7
|
68
|
660
|
|
|
|
|
|
|
Net income per
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.11
|
0.00
|
0.00
|
0.02
|
|
|
|
|
|
|
Diluted
|
0.11
|
0.00
|
0.00
|
0.02
|
|
|
|
|
|
|
Weighted average
number of
|
|
|
|
|
|
ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
30,464
|
30,040
|
30,495
|
30,181
|
|
|
|
|
|
|
Diluted
|
30,545
|
30,094
|
30,548
|
30,224
|
|
|
|
|
(*) Relates to
disposal of Sela operation and Sela and Printar impairment charges
in respect of goodwill and other intangible assets
|
|
Reconciliation of
GAAP To Non-GAAP results
|
|
(In thousands,
except share data)
|
|
|
Year ended
December 31,
|
Three Months
ended
December 31,
|
|
2014
|
2013
|
2014
|
2013
|
|
U.S.
dollars
|
U.S.
dollars
|
|
|
|
|
|
|
Reported net income
(loss) attributable to Camtek Ltd. on GAAP basis
|
3,337
|
7
|
68
|
660
|
|
Acquisition of Sela
and Printar related expenses (1)
|
903
|
(1,949)
|
264
|
(3,466)
|
|
Inventory and fixed
asset write –downs (2)
|
-
|
4,433
|
-
|
4,433
|
|
Share-based
compensation
|
309
|
377
|
76
|
(52)
|
|
Realization of
deferred tax assets (3)
|
-
|
(1,287)
|
-
|
(1,287)
|
|
Employee related
charges (4)
|
-
|
490
|
|
490
|
|
Non-GAAP net
income (loss)
|
4,549
|
2,071
|
408
|
778
|
|
|
|
|
|
|
Non –GAAP net
income (loss) per share , basic and diluted
|
0.15
|
0.07
|
0.01
|
0.03
|
|
Gross margin on
GAAP basis
Reported gross
profit on GAAP basis
|
46.4%
41,019
|
40.3%
34,402
|
45.9%
9,452
|
28.7%
6,693
|
|
Acquisition of Sela
and Printar related expenses ( 1)
|
264
|
225
|
264
|
-
|
|
Inventory and fixed
asset write –downs (2)
|
-
|
3,915
|
|
3,915
|
|
Share-based
compensation
|
42
|
55
|
9
|
5
|
|
Employee related
charges (4)
|
-
|
25
|
|
25
|
|
Non- GAAP gross
margin
|
|
45.2%
|
|
45.6%
|
|
Non-GAAP gross
profit
|
41,325
|
38,622
|
9,725
|
10,638
|
|
|
|
|
|
|
Reported operating
income (loss) attributable to Camtek Ltd. on GAAP
basis
|
5,136
|
1,136
|
360
|
(304)
|
|
Acquisition of Sela
and Printar related expenses (1)
|
264
|
(3,241)
|
264
|
(3,466)
|
|
Inventory and fixed
asset write –downs (2)
|
-
|
4,433
|
-
|
4,433
|
|
Share-based
compensation
|
309
|
377
|
76
|
(52)
|
|
Employee related
charges (4)
|
-
|
490
|
-
|
490
|
|
|
|
|
|
|
Non-GAAP operating
income
|
5,709
|
3,195
|
700
|
1,101
|
|
|
|
(1) During the three
and twelve months ended December 31, 2014 and 2013, the Company
recorded acquisition expenses of 0.3 million, 0.9 million, $(3.5)
million and $(2.0) million, respectively, consisting of: (1)
Revaluation adjustments of $0, $0.6 million, $0 million and $1.3
million, respectively, of contingent consideration and certain
future liabilities recorded at fair value. These amounts are
recorded under finance expenses line item; (2) Implication of
re-organization and impairment charges of $0.3 million, $0.3
million, $(3.5) and $(3.5), respectively; and (3) $0 million, $0
million, $0 million and $0.2 million, respectively, with respect to
amortization of intangible assets acquired recorded under cost of
revenues line item.
|
|
|
(2) During the three
and twelve months ended December 31, 2014 and 2013, the Company
recorded inventory and fixed asset write downs in the amount of $0
million, $0 million, $4.4 million and $4.4 million, respectively,
consisting of $0 million, $0 million, $3.9 million and $3.9 million
of inventory and fixed assets recorded under cogs of revenues line
item and $0 million, $0 million, $0.5 and $0.5 of fixed assets in
operating expenses.
|
|
|
(3) During the three
and twelve months ended December 31, 2013, the Company recorded net
income of $1.3 million as a result of a decrease in the valuation
allowance on deferred tax assets following the evaluation of the
realizability of the assets based on projected future
earnings.
|
|
|
(4) During the three
and twelve months ended December 31, 2013, the Company recorded net
employee related expenses of $0.5 million as a result of internal
reorganization.
|
|
|
CAMTEK LTD.
|
|
|
|
INTERNATIONAL INVESTOR
RELATIONS
|
|
Moshe Eisenberg, CFO
|
|
|
|
GK Investor Relations
|
|
Tel: +972 4 604 8308
|
|
|
|
Ehud Helft / Gavriel Frohwein
|
|
Mobile: +972 54 900 7100
|
|
|
|
Tel: (US) 1 646 688
3559
|
|
moshee@camtek.co.il
|
|
|
|
camtek@gkir.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/camtek-announces-fourth-quarter--full-year-2014-results-300035159.html
SOURCE Camtek Ltd.