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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.
and its Subsidiaries
Interim Condensed Consolidated
Financial Statements
As of June 30, 2016
(Unaudited)
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6 to F-7
|
|
F-8 to F-19
|
June 30,
|
December 31,
|
||||||||||
2016
|
2015
|
||||||||||
Note
|
U.S. Dollars (in thousands)
|
||||||||||
Assets
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
5A
|
|
23,944
|
30,833
|
|||||||
Short-term restricted deposits
|
7,875
|
7,875
|
|||||||||
Trade accounts receivable, net
|
32,900
|
27,003
|
|||||||||
Inventories
|
5B
|
|
29,388
|
27,599
|
|||||||
Due from affiliated companies
|
668
|
559
|
|||||||||
Other current assets
|
5C
|
|
2,303
|
1,712
|
|||||||
Deferred tax asset
|
177
|
177
|
|||||||||
Total current assets
|
97,255
|
95,758
|
|||||||||
Property, plant and equipment, net
|
5D
|
|
13,983
|
13,531
|
|||||||
Long term inventory
|
5B
|
|
2,307
|
1,979
|
|||||||
Deferred tax asset
|
3,835
|
3,955
|
|||||||||
Other assets, net
|
248
|
248
|
|||||||||
Intangible assets, net
|
5E
|
|
865
|
795
|
|||||||
7,255
|
6,977
|
||||||||||
Total assets
|
118,493
|
116,266
|
|||||||||
Liabilities and shareholders’ equity
|
|||||||||||
Current liabilities
|
|||||||||||
Trade accounts payable
|
12,115
|
11,812
|
|||||||||
Other current liabilities
|
5F
|
31,025
|
30,712
|
||||||||
Total current liabilities
|
43,140
|
42,524
|
|||||||||
Long term liabilities
|
|||||||||||
Liability for employee severance benefits
|
866
|
772
|
|||||||||
Other long term liabilities
|
5G
|
4,775
|
4,768
|
||||||||
5,641
|
5,540
|
||||||||||
Total liabilities
|
48,781
|
48,064
|
|||||||||
Shareholders’ equity
|
|||||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2016 and at December 31, 2015;
|
|||||||||||
37,440,552 issued shares at June 30, 2016 and at December 31, 2015;
|
|||||||||||
35,348,176 shares outstanding at June 30, 2016 and at December 31, 2015
|
3
|
148
|
148
|
||||||||
Additional paid-in capital
|
76,235
|
76,034
|
|||||||||
Retained earnings
|
(4,773
|
)
|
(6,082
|
)
|
|||||||
71,610
|
70,100
|
||||||||||
Treasury stock, at cost (2,092,376 as of June 30, 2016 and December 31, 2015)
|
(1,898
|
)
|
(1,898
|
)
|
|||||||
Total shareholders' equity
|
69,712
|
68,202
|
|||||||||
Total liabilities and shareholders' equity
|
118,493
|
116,266
|
Six months ended
June 30,
|
Three months
ended June 30,
|
Year ended
December 31,
|
|||||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2015
|
|||||||||||||||||||
Note
|
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||||
Revenues
|
51,738
|
47,162
|
27,280
|
25,412
|
99,275
|
||||||||||||||||||
Cost of revenues
|
28,667
|
26,488
|
14,537
|
14,557
|
56,149
|
||||||||||||||||||
Gross profit
|
23,071
|
20,674
|
12,743
|
10,855
|
43,126
|
||||||||||||||||||
Research and development costs
|
8,083
|
6,954
|
4,101
|
3,554
|
14,860
|
||||||||||||||||||
Selling, general and
|
|||||||||||||||||||||||
administrative expenses
|
6A
|
|
12,881
|
11,489
|
6,907
|
6,208
|
23,587
|
||||||||||||||||
Reorganization and impairment
|
-
|
-
|
-
|
-
|
138
|
||||||||||||||||||
Loss from litigation
|
-
|
-
|
-
|
-
|
14,600
|
||||||||||||||||||
20,964
|
18,443
|
11,008
|
9,762
|
53,185
|
|||||||||||||||||||
Operating income (loss)
|
2,107
|
2,231
|
1,735
|
1,093
|
(10,059
|
)
|
|||||||||||||||||
Financial expenses, net
|
6B
|
|
(367
|
)
|
(1,040
|
)
|
(135
|
)
|
(193
|
)
|
(1,877
|
)
|
|||||||||||
Income (loss) before income taxes
|
1,740
|
1,191
|
1,600
|
900
|
(11,936
|
)
|
|||||||||||||||||
Income tax
|
(431
|
)
|
(492
|
)
|
(315
|
)
|
(253
|
)
|
1,823
|
||||||||||||||
Net income (loss)
|
1,309
|
699
|
1,285
|
647
|
(10,113
|
)
|
|||||||||||||||||
Net income (loss) per ordinary share:
|
|||||||||||||||||||||||
Basic
|
0.04
|
0.02
|
0.04
|
0.02
|
(0.30
|
)
|
|||||||||||||||||
Diluted
|
0.04
|
0.02
|
0.04
|
0.02
|
(0.30
|
)
|
|||||||||||||||||
Weighted average number of
|
|||||||||||||||||||||||
ordinary shares outstanding:
|
|||||||||||||||||||||||
Basic
|
35,348
|
31,518
|
35,348
|
32,530
|
33,352
|
||||||||||||||||||
Diluted
|
35,359
|
31,654
|
35,358
|
32,742
|
33,352
|
Retained
|
||||||||||||||||||||||||||||
Ordinary Shares
|
Number of
|
Additional
|
earnings
|
Total
|
||||||||||||||||||||||||
NIS 0.01 par value
|
Treasury
|
paid-in
|
(accumulated
|
Treasury
|
shareholders'
|
|||||||||||||||||||||||
Number of
|
U.S. Dollars
|
Shares
|
capital
|
losses)
|
stock
|
equity
|
||||||||||||||||||||||
Shares
|
(in thousands)
|
U.S. Dollars (in thousands)
|
||||||||||||||||||||||||||
Balances at
|
||||||||||||||||||||||||||||
January 1, 2015
|
32,586,898
|
134
|
(2,092,376
|
)
|
63,465
|
4,031
|
(1,898
|
)
|
65,732
|
|||||||||||||||||||
Public offering
|
4,655,982
|
13
|
-
|
11,891
|
-
|
-
|
11,904
|
|||||||||||||||||||||
Exercise of share
|
||||||||||||||||||||||||||||
options
|
24,061
|
*
|
-
|
34
|
-
|
-
|
34
|
|||||||||||||||||||||
Repayment of
|
||||||||||||||||||||||||||||
contingent liability
|
173,611
|
1
|
-
|
374
|
-
|
-
|
375
|
|||||||||||||||||||||
Share-based
|
||||||||||||||||||||||||||||
compensation
|
||||||||||||||||||||||||||||
expense
|
-
|
-
|
-
|
270
|
-
|
-
|
270
|
|||||||||||||||||||||
Net (loss)
|
-
|
-
|
-
|
-
|
(10,113
|
)
|
-
|
(10,113
|
)
|
|||||||||||||||||||
Balances at
|
||||||||||||||||||||||||||||
December 31, 2015
|
37,440,552
|
148
|
(2,092,376
|
)
|
76,034
|
(6,082
|
)
|
(1,898
|
)
|
68,202
|
||||||||||||||||||
Share-based
|
||||||||||||||||||||||||||||
compensation
|
||||||||||||||||||||||||||||
expense
|
-
|
-
|
-
|
201
|
-
|
-
|
201
|
|||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
1,309
|
-
|
1,309
|
|||||||||||||||||||||
Balances at
|
||||||||||||||||||||||||||||
June 30, 2016
|
37,440,552
|
148
|
(2,092,376
|
)
|
76,235
|
(4,773
|
)
|
(1,898
|
)
|
69,712
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2015
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net income (loss)
|
1,309
|
699
|
1,285
|
647
|
(10,113
|
)
|
||||||||||||||
Adjustments to reconcile net income to net cash
|
||||||||||||||||||||
provided by (used in) operating activities:
|
||||||||||||||||||||
Depreciation and amortization
|
1,047
|
1,001
|
522
|
515
|
2,060
|
|||||||||||||||
Impairment losses
|
-
|
-
|
-
|
-
|
1,595
|
|||||||||||||||
Deferred tax expense (benefit)
|
120
|
120
|
120
|
60
|
(2,383
|
)
|
||||||||||||||
Share based compensation expense
|
201
|
119
|
122
|
56
|
270
|
|||||||||||||||
Provision for bad debts, net
|
(66
|
)
|
-
|
-
|
-
|
74
|
||||||||||||||
Revaluation of liabilities
|
183
|
341
|
93
|
118
|
(919
|
)
|
||||||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||||||
Trade accounts receivable, net
|
(5,761
|
)
|
(7,668
|
)
|
(1,218
|
)
|
(3,387
|
)
|
(4,531
|
)
|
||||||||||
Inventories
|
(2,930
|
)
|
(4,014
|
)
|
(1,368
|
)
|
(1,938
|
)
|
(4,021
|
)
|
||||||||||
Due (to) from affiliates, net
|
(109
|
)
|
158
|
(722
|
)
|
(584
|
)
|
(58
|
)
|
|||||||||||
Other current assets
|
(591
|
)
|
(822
|
)
|
(96
|
)
|
(1,077
|
)
|
770
|
|||||||||||
Trade accounts payable
|
303
|
3,171
|
(412
|
)
|
3,283
|
2,322
|
||||||||||||||
Other current liabilities
|
137
|
637
|
67
|
246
|
1,951
|
|||||||||||||||
Liability in respect of litigation
|
-
|
-
|
-
|
-
|
14,600
|
|||||||||||||||
Liability for employee severance benefits, net
|
94
|
(81
|
)
|
18
|
31
|
(88
|
)
|
|||||||||||||
Net cash provided by (used in) operating
|
||||||||||||||||||||
activities
|
(6,063
|
)
|
(6,339
|
)
|
(1,589
|
)
|
(2,030
|
)
|
1,529
|
|||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Repayment of short-term deposits
|
-
|
1,461
|
-
|
729
|
1,461
|
|||||||||||||||
Purchase of fixed assets
|
(576
|
)
|
(724
|
)
|
(283
|
)
|
(331
|
)
|
(1,786
|
)
|
||||||||||
Purchase of intangible assets
|
(180
|
)
|
(75
|
)
|
(34
|
)
|
(34
|
)
|
(118
|
)
|
||||||||||
Net cash provided by (used in) investing
|
||||||||||||||||||||
activities
|
(756
|
)
|
662
|
(317
|
)
|
364
|
(443
|
)
|
||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Repayment of contingent liability
|
-
|
(119
|
)
|
-
|
(88
|
)
|
(169
|
)
|
||||||||||||
Share issuance, net
|
-
|
11,922
|
-
|
12,033
|
11,904
|
|||||||||||||||
Proceeds from exercise of share options and
|
||||||||||||||||||||
RSU’s
|
-
|
-
|
-
|
-
|
34
|
|||||||||||||||
Payment to OCS
|
-
|
(28
|
)
|
-
|
-
|
(37
|
)
|
|||||||||||||
Net cash provided by financing activities
|
-
|
11,775
|
-
|
11,945
|
11,732
|
|||||||||||||||
Effect of change in exchange rate on cash
|
(70
|
)
|
(83
|
)
|
73
|
(57
|
)
|
(205
|
)
|
|||||||||||
Net increase (decrease) in cash and cash
|
||||||||||||||||||||
equivalents
|
(6,889
|
)
|
6,015
|
(1,833
|
)
|
10,222
|
12,613
|
|||||||||||||
Cash and cash equivalents at beginning of
|
||||||||||||||||||||
the period
|
30,833
|
18,220
|
25,777
|
14,013
|
18,220
|
|||||||||||||||
Cash and cash equivalents at end of the
|
||||||||||||||||||||
period
|
23,944
|
24,235
|
23,944
|
24,235
|
30,833
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
U.S. Dollars
(In thousands, except per share data)
|
||||||||
Supplementary cash flows information:
|
||||||||
Interest paid
|
88
|
18
|
||||||
Income taxes paid
|
124
|
253
|
A. |
Statement of compliance
|
B. |
Recent Accounting Pronouncements
|
C. |
New standards not yet adopted
|
C. |
New standards not yet adopted (contd.)
|
Revenues
|
Income (loss) from operations
|
|||||||||||||||
Six months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
U.S. Dollars (in thousands)
|
U.S. Dollars (in thousands)
|
|||||||||||||||
PCB
|
15,206
|
15,932
|
(2,109
|
)
|
(1,348
|
)
|
||||||||||
Microelectronics
|
36,532
|
31,230
|
7,203
|
6,532
|
||||||||||||
Total
|
51,738
|
47,162
|
5,094
|
5,184
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Income from operations
|
5,094
|
5,184
|
||||||
Unallocated general and administrative expenses
|
2,786
|
2,834
|
||||||
Share-based compensation expenses
|
201
|
119
|
||||||
Financial expenses
|
367
|
1,040
|
||||||
Consolidated income before taxes
|
1,740
|
1,191
|
Revenues
|
Income (loss) from operations
|
|||||||||||||||||||||||
Three months ended
June 30,
|
Year ended
December 31,
|
Three months ended
June 30,
|
Year ended
December 31
|
|||||||||||||||||||||
2016
|
2015
|
2015
|
2016
|
2015
|
2015
|
|||||||||||||||||||
U.S. Dollars (in thousands)
|
U.S. Dollars (in thousands)
|
|||||||||||||||||||||||
PCB
|
7,520
|
8,510
|
30,138
|
(817
|
)
|
(966
|
)
|
(5,902
|
)
|
|||||||||||||||
Microelectronics
|
19,760
|
16,902
|
69,137
|
4,128
|
3,457
|
(2,671
|
)
|
|||||||||||||||||
Total
|
27,280
|
25,412
|
99,275
|
3,311
|
2,491
|
(8,573
|
)
|
Three months ended
June 30,
|
Year ended
December 31
|
|||||||||||
2016
|
2015
|
2015
|
||||||||||
U.S. Dollars (in thousands)
|
||||||||||||
Income (loss) from operations
|
3,311
|
2,491
|
(8,573
|
)
|
||||||||
Unallocated general and administrative expenses
|
1,454
|
1,342
|
1,216
|
|||||||||
Share-based compensation expenses
|
122
|
56
|
270
|
|||||||||
Financial expenses
|
135
|
193
|
1,877
|
|||||||||
Consolidated income (loss) before taxes
|
1,600
|
900
|
(11,936
|
)
|
Six months ended
June 30,
|
Year ended
December 31,
|
|||||||||||
2016
|
2015
|
2015
|
||||||||||
U.S. Dollars (in thousands)
|
||||||||||||
Taiwan
|
16,889
|
7,901
|
24,854
|
|||||||||
China and Hong Kong
|
16,325
|
15,294
|
30,158
|
|||||||||
Korea
|
5,966
|
6,384
|
13,208
|
|||||||||
Asia- Other
|
5,273
|
4,322
|
7,836
|
|||||||||
United States
|
3,860
|
5,059
|
10,219
|
|||||||||
Japan
|
2,062
|
4,171
|
7,035
|
|||||||||
Western Europe
|
1,363
|
3,481
|
5,380
|
|||||||||
Rest of the world
|
-
|
550
|
585
|
|||||||||
51,738
|
47,162
|
99,275
|
June 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Bank balances
|
23,854
|
30,743
|
||||||
Restricted cash
|
90
|
90
|
||||||
23,944
|
30,833
|
June 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
US Dollars
|
19,934
|
26,703
|
||||||
New Israeli Shekels
|
1,760
|
2,002
|
||||||
Chinese RMB
|
900
|
640
|
||||||
Euro
|
767
|
770
|
||||||
Japanese YEN
|
209
|
142
|
||||||
Other currencies
|
374
|
576
|
||||||
23,944
|
30,833
|
June 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Components
|
15,297
|
12,739
|
||||||
Work in process
|
6,164
|
6,453
|
||||||
Finished products (including systems at customer locations not yet sold)
|
10,234
|
10,386
|
||||||
31,695
|
29,578
|
June 30,
|
December, 31
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Current assets
|
29,388
|
27,599
|
||||||
Long-term assets
|
2,307
|
1,979
|
||||||
31,695
|
29,578
|
June 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Prepaid expenses
|
836
|
600
|
||||||
Advances to suppliers
|
204
|
220
|
||||||
Deposits for operating leases
|
222
|
203
|
||||||
Due from Government institutions
|
892
|
182
|
||||||
Other
|
149
|
507
|
||||||
2,303
|
1,712
|
June 30,
|
December, 31
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Land
|
863
|
863
|
||||||
Building
|
10,840
|
10,764
|
||||||
Machinery and equipment
|
6,793
|
6,260
|
||||||
Office furniture and equipment
|
1,239
|
1,225
|
||||||
Computer equipment and software
|
3,851
|
4,996
|
||||||
Automobiles
|
87
|
87
|
||||||
Leasehold improvements
|
1,124
|
1,130
|
||||||
24,797
|
25,325
|
|||||||
Less accumulated depreciation
|
10,814
|
11,794
|
||||||
13,983
|
13,531
|
June 30,
|
December, 31
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Goodwill
|
3,653
|
3,653
|
||||||
Accumulated impairment losses
|
(3,653
|
)
|
(3,653
|
)
|
||||
-
|
-
|
June 30,
|
December, 31
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Patent registration costs
|
2,257
|
2,077
|
||||||
IPR&D
|
1,002
|
1,002
|
||||||
Intangible assets at cost
|
3,259
|
3,079
|
||||||
Accumulated amortization and impairment
|
2,394
|
2,284
|
||||||
Total intangible asset, net
|
865
|
795
|
June 30,
|
December, 31
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Liability in respect of litigation
|
14,600
|
14,600
|
||||||
Accrued employee compensation and related benefits
|
5,520
|
6,634
|
||||||
Commissions
|
3,650
|
2,876
|
||||||
Accrued expenses
|
2,682
|
2,446
|
||||||
Advances from customers and deferred revenues
|
2,026
|
1,961
|
||||||
Accrued warranty costs
|
1,383
|
1,448
|
||||||
Government institutions
|
978
|
737
|
||||||
Current maturities of OCS liability
|
186
|
10
|
||||||
31,025
|
30,712
|
June 30,
|
December, 31
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Liability to OCS, mainly in respect of business combinations
|
4,775
|
4,768
|
A. |
Selling, general and administrative expenses
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Selling (1)
|
8,494
|
7,709
|
||||||
General and administrative
|
4,387
|
3,780
|
||||||
12,881
|
11,489
|
|||||||
(1) Including shipping and handling costs
|
522
|
484
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Interest expense
|
(297
|
)
|
(330
|
)
|
||||
Interest income
|
69
|
37
|
||||||
Re-evaluation of contingent consideration
|
-
|
(111
|
)
|
|||||
Re-evaluation expense on liabilities to the OCS
|
(183
|
)
|
(227
|
)
|
||||
Other, net
|
44
|
(409
|
)
|
|||||
(367
|
)
|
(1,040
|
)
|
June 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Accounts receivable
|
126
|
79
|
||||||
Due from (to) affiliated companies
|
668
|
559
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
U.S. Dollars (in thousands)
|
||||||||
Purchases from Priortech and affiliates
|
8
|
26
|
||||||
Interest income from Priortech
|
29
|
1
|
||||||
Sales to Priortech and affiliated companies
|
48
|
44
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||||
June 30
|
||||||||||||||||
Description
|
2016
|
|||||||||||||||
U.S. Dollars (in thousands)
|
||||||||||||||||
|
||||||||||||||||
Assets
|
||||||||||||||||
Foreign currency
|
||||||||||||||||
derivative contracts
|
2
|
-
|
2
|
-
|
||||||||||||
Total Assets
|
2
|
-
|
2
|
-
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||||
December 31,
|
||||||||||||||||
Description
|
2015
|
|||||||||||||||
U.S. Dollars
|
||||||||||||||||
|
||||||||||||||||
Assets
|
||||||||||||||||
Foreign currency derivative contracts
|
3
|
-
|
3
|
-
|
||||||||||||
Total Assets
|
3
|
-
|
3
|
-
|
Level 3
U.S. Dollars
(in thousands)
|
||||
Contingent consideration
|
||||
December 31, 2015
|
-
|
|||
Settlement of liabilities
|
-
|
|||
Revaluation of fair value included in statement of operations
|
-
|
|||
June 30, 2016
|
-
|
Level 3
U.S. Dollars
(in thousands)
|
||||
Contingent consideration
|
||||
December 31, 2014
|
1,900
|
|||
Settlement of liabilities
|
(118
|
)
|
||
Revaluation of fair value included in statement of operations
|
113
|
|||
June 30, 2015
|
1,895
|
1. |
On August 17, 2016 the Company announced its decision to reorganize its current mode of operation with respect to its functional inkjet technology (FIT) activity. As part of this change, the Company will cease supporting the four Gryphon systems currently installed at customer sites, and will re-focus on creating the next generation of digital printer. This will allow the Company to significantly reduce the run-rate of this activity from $5.5 million to approximately $2.5 million, annually.
|
2. |
On February 1, 2016, the U.S. Federal Circuit Court held oral argument regarding the Company’s appeal of the judgment of the United States District Court for the District of Minnesota (the “District Court”), according to which the Company’s Falcon inspection system infringed a patent belonging to August Technology Corporation (today Rudolph Technologies Inc., hereinafter “Rudolph", after August Technology’s acquisition by Rudolph), the Federal Circuit Court ruled against the Company, rejected the appeal and affirmed the judgement of the District Court, such that the Company was required to pay Rudolph damages of $14.6 million. Following a withholding tax issue, Rudolph requested the right to foreclose the bond posted by the Company as part of the appeal proceedings. The foreclosure request was granted by the District Court and on August 26, 2016, the Company was informed that the payment had been made and the proceedings completed.
|
3. |
Regarding the additional claim made by Rudolph against the Company alleging that the Eagle system also infringes its patent and asking for an accounting for damages, in August this year the Court granted Rudolph’s motion for summary judgment barring the Company from asserting a validity defense because of its previous loss on the issue in the Falcon case. The Court also refused to address as part of claim construction, claim terms that had been construed previously. There were a number of terms which had not been construed in the first instance that the Court indicated that it would address.
As of October 2016, the parties have begun and almost completed expert discovery. The Court has granted the Company’s motion for sanctions and struck portions of Rudolph technical expert’s report because Rudolph had not been forthcoming with the fact that it had altered the Company’s machine at the inspection in June 2016. Now, Rudolph has filed a motion seeking certain additional discovery and a hearing is set for November 17, 2016.
|
A. |
Operating Results
|
Six Months
Ended
June
3
0,
|
||||||||
1-6.2016
|
1-6.2015
|
|||||||
Revenues
|
100.0
|
%
|
100.0
|
%
|
||||
Cost of revenues
|
55.4
|
%
|
56.2
|
%
|
||||
Gross profit
|
44.6
|
%
|
43.8
|
%
|
||||
Operating expenses:
|
||||||||
Research and development, net
|
15.6
|
%
|
14.7
|
%
|
||||
Selling and marketing
|
16.4
|
%
|
16.3
|
%
|
||||
General and administrative
|
8.5
|
%
|
8.0
|
%
|
||||
Total operating expenses
|
40.5
|
%
|
39.1
|
%
|
||||
Operating income
|
4.1
|
%
|
4.7
|
%
|
||||
Financial (expenses), net
|
(0.7
|
)%
|
(2.2
|
)%
|
||||
Income tax (expenses) benefit
|
(0.8)
|
%
|
(1
|
)%
|
||||
Net income
|
2.5
|
%
|
1.5
|
%
|
1 Year Camtek Chart |
1 Month Camtek Chart |
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