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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Camtek Ltd | NASDAQ:CAMT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.26 | 4.07% | 83.28 | 80.75 | 85.00 | 84.38 | 81.3499 | 81.36 | 211,300 | 01:00:00 |
CAMTEK LTD.
(Registrant)
By: /s/ Moshe Eisenberg
——————————————
Moshe Eisenberg,
Chief Financial Officer
|
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
GK Investor Relations
Ehud Helft / Kenny Green
Tel: (US) 1 646 201 9246
camtek@gkir.com
|
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·
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Revenues of $85.4 million;
|
|
·
|
Non-GAAP operating income of $3.2 million; GAAP operating income of $1.1 million;
|
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·
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Non-GAAP net income of $2.1 million; GAAP net income of $7 thousand;
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·
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Positive operating cash flow of $4.7 million; Cash and equivalents of $22.5 million as of December 31, 2013.
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·
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Revenues of $23.3 million;
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·
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Non-GAAP operating income of $1.1 million; GAAP operating loss of $304 thousand;
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·
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Non-GAAP net income of $778 thousand; GAAP net income of $660 thousand;
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·
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Positive operating cash flow of $2.6 million;
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·
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3D Inkjet System for the PCB market was installed at customer site for testing;
|
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 |
December 31,
|
||||||||
2013
|
2012
|
|||||||
U.S. Dollars (In thousands)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
16,495 | 18,867 | ||||||
Short-term deposits
|
6,000 | 7,160 | ||||||
Accounts receivable, net
|
27,048 | 23,076 | ||||||
Inventories
|
17,911 | 18,335 | ||||||
Due from affiliated companies
|
233 | 391 | ||||||
Other current assets
|
1,913 | 2,210 | ||||||
Deferred tax asset
|
832 | 367 | ||||||
Total current assets
|
70,432 | 70,406 | ||||||
Fixed assets, net
|
14,481 | 15,822 | ||||||
Long term inventory
|
2,225 | 7,090 | ||||||
Long-term restricted deposit
|
729 | 729 | ||||||
Deferred tax asset
|
1,081 | 107 | ||||||
Other assets, net
|
339 | 304 | ||||||
Intangible assets, net
|
1,008 | 2,971 | ||||||
Goodwill
|
1,555 | 1,579 | ||||||
6,937 | 12,780 | |||||||
Total assets
|
91,850 | 99,008 | ||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities
|
||||||||
Short term bank loans
|
- | 4,160 | ||||||
Accounts payable – trade
|
7,753 | 7,610 | ||||||
Long term bank loans – current portion
|
- | 1,592 | ||||||
Other current liabilities
|
15,585 | 13,850 | ||||||
Total current liabilities
|
23,338 | 27,212 | ||||||
Long term liabilities
|
||||||||
Long term bank loans
|
- | 500 | ||||||
Liability for employee severance benefits
|
858 | 710 | ||||||
Other long term liabilities
|
5,758 | 10,249 | ||||||
6,616 | 11,459 | |||||||
Total liabilities
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29,954 | 38,671 | ||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity
|
||||||||
Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares,
|
||||||||
32,497,902 issued as of December 31, 2013, and 31,989,309
as of December 31, 2012, outstanding 30,405,526
as of December 31, 2013,
|
||||||||
and
29,896,933
as of December 31, 2012
|
134 | 133 | ||||||
Additional paid-in capital
|
62,966 | 61,415 | ||||||
Retained earnings (losses)
|
694 | 687 | ||||||
63,794 | 62,235 | |||||||
Treasury stock, at cost (2,092,376 as of December 31, 2013 and December 31, 2012)
|
(1,898 | ) | (1,898 | ) | ||||
Total shareholders' equity
|
61,896 | 60,337 | ||||||
Total liabilities and shareholders' equity
|
91,850 | 99,008 |
Year ended
December 31,
|
Three Months ended
December 31,
|
|||||||||||||||
2013
|
2012
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2013
|
2012
|
|||||||||||||
U.S. dollars
|
U.S. dollars
|
|||||||||||||||
Revenues
|
85,405 | 84,547 | 23,333 | 17,619 | ||||||||||||
Cost of revenues
|
51,003 | 47,482 | 16,640 | 11,667 | ||||||||||||
Gross profit
|
34,402 | 37,065 | 6,693 | 5,952 | ||||||||||||
Research and development costs
|
(14,370 | ) | (12,916 | ) | (3,655 | ) | (3,022 | ) | ||||||||
Selling, general and administrative
|
||||||||||||||||
expenses
|
(22,362 | ) | **(21,138 | ) | (6,808 | ) | (5,188 | ) | ||||||||
Implication of re-organization and impairment
losses
|
* 3,466 | *(3,031 | ) | * 3,466 | *(3,031 | ) | ||||||||||
(33,266 | ) | (37,085 | ) | (6,997 | ) | (11,241 | ) | |||||||||
Operating income (loss)
|
1,136 | (20 | ) | (304 | ) | (5,289 | ) | |||||||||
Financial income (expenses), net
|
(1,738 | ) | 233 | (57 | ) | 1,807 | ||||||||||
Income (loss) before income
|
||||||||||||||||
taxes
|
(602 | ) | 213 | (361 | ) | (3,482 | ) | |||||||||
Income taxes (expense)
|
609 | (210 | ) | 1,021 | 202 | |||||||||||
Net income (loss)
|
7 | 3 | 660 | (3,280 | ) | |||||||||||
Net income (loss) per ordinary share:
|
||||||||||||||||
Basic
|
0.00 | 0.00 | 0.02 | (0.11 | ) | |||||||||||
Diluted
|
0.00 | 0.00 | 0.02 | (0.11 | ) | |||||||||||
Weighted average number of
|
||||||||||||||||
ordinary shares outstanding:
|
||||||||||||||||
Basic
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30,040 | 29,849 | 30,181 | 29,851 | ||||||||||||
Diluted
|
30,094
|
30,013 |
30,224
|
29,851 |
Year ended
December 31,
|
Three Months ended
December 31,
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2013
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2012
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2013
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2012
|
|||||||||||||
U.S. dollars
|
U.S. dollars
|
|||||||||||||||
Reported net income (loss) attributable to Camtek Ltd. on GAAP basis
|
7 | 3 | 660 | (3,280 | ) | |||||||||||
Acquisition of Sela and Printar related expenses (1)
|
(1,949 | ) | 2,597 | (3,466 | ) | 816 | ||||||||||
Inventory and fixed asset write –downs (2)
|
4,433 | 1,515 | 4,433 | 1,515 | ||||||||||||
Share-based compensation
|
377 | 401 | (52 | ) | 93 | |||||||||||
Realization of deferred tax assets (3)
|
(1,287 | ) | - | (1,287 | ) | - | ||||||||||
Employee related charges (4)
|
490 | - | 490 | - | ||||||||||||
Shelf registration expenses
|
- | 94 | - | - | ||||||||||||
Non-GAAP net income (loss)
|
2,071 | 4,610 | 778 | (856 | ) | |||||||||||
Non –GAAP net income (loss) per share , basic and diluted
|
0.07 | 0.16 | 0.03 | (0.03 | ) | |||||||||||
Gross margin on GAAP basis
|
40.3 | % | 43.8 | % | 28.7 | % | 33.8 | % | ||||||||
Reported gross profit on GAAP basis
|
34,402 | 37,065 | 6,693 | 5,952 | ||||||||||||
Acquisition of Sela and Printar related expenses ( 1)
|
225 | 300 | - | 75 | ||||||||||||
Inventory and fixed asset write –downs (2)
|
3,915 | 1,515 | 3,915 | 1,515 | ||||||||||||
Share-based compensation
|
55 | 97 | 5 | 22 | ||||||||||||
Employee related charges (4)
|
25 | - | 25 | - | ||||||||||||
Non- GAAP gross margin
|
45.2 | % | 46.1 | % | 45.6 | % | 42.9 | % | ||||||||
Non-GAAP gross profit
|
38,622 | 38,977 | 10,638 | 7,564 | ||||||||||||
Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis
|
1,136 | (20 | ) | (304 | ) | (5,289 | ) | |||||||||
Acquisition of Sela and Printar related expenses (1
)
|
(3,241 | ) | 3,331 | (3,466 | ) | 3,106 | ||||||||||
Inventory and fixed asset write –downs (2)
|
4,433 | 1,515 | 4,433 | 1,515 | ||||||||||||
Share-based compensation
|
377 | 401 | (52 | ) | 93 | |||||||||||
Employee related charges (4)
|
490 | - | 490 | - | ||||||||||||
Shelf registration expenses
|
- | 94 | - | - | ||||||||||||
Non-GAAP operating income
|
3,195 | 5,321 | 1,101 | (575 | ) |
|
(1)
|
During the three and twelve months ended December 31, 2013 and 2012, the Company recorded acquisition expenses of $(3.5) million, $(2.0) million, $(0.8) million and $(2.6) million, respectively, consisting of: (1) Revaluation adjustments of $0, $1.3 million, $(2.3) 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; (2) Implication of re-organization and impairment charges of $(3.5) million, $(3.5) million, $3.1 and $3.1, respectively; and (3) $0 million, $0.2 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)
|
During the three and twelve months ended December 31, 2013 and 2012, the Company recorded inventory and fixed asset write downs in the amount of $4.4 million, $4.4 million, $1.5 million and $1.5 million, respectively, consisting of $3.9 million, $3.9 million, $1.5 million and $1.5 million of inventory and fixed assets recorded under cogs of revenues line item and $0.5 million, $0.5 million, $0 and $0 of fixed assets in operating expenses.
|
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(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.
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