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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.54 | -0.55% | 97.10 | 96.48 | 97.75 | 98.7882 | 96.15 | 97.45 | 223,709 | 22:43:16 |
CAMTEK LTD.
(Registrant) By: /s/ Moshe Eisenberg —————————————— Moshe Eisenberg, Chief Financial Officer |
|
Camtek Ltd
.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha’Emek 23150, ISRAEL
Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523
E-Mail: Info@camtek.com Web site: http://www.camtek.com
|
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
|
INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) 1 646 688 3559
camtek@gkir.com
|
· |
Revenues of $30.8 million, ahead of guidance and a 26% year-over-year increase;
|
· |
GAAP operating income of $3.9 million (12.6% margin); non-GAAP operating income of $4.0 million (13.0% margin);
|
· |
GAAP net income of $3.3 million; non-GAAP net income of $3.4 million;
|
· |
Strong operating cash flow of $5.9 million;
|
· |
Second quarter revenue guidance of $33-34 million represents 23% year-over-year growth at the mid-point;
|
US:
Israel:
International:
|
1 888 407 2553
03 918 0610
+972 3 918 0610
|
at 9:00 am Eastern Time
at 4:00 pm Israel Time
|
March 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
U.S. Dollars (In thousands)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
24,277
|
19,740
|
||||||
Trade accounts receivable, net
|
34,687
|
36,000
|
||||||
Inventories
|
29,250
|
25,448
|
||||||
Due from affiliated companies
|
147
|
77
|
||||||
Other current assets
|
3,470
|
2,747
|
||||||
Deferred tax asset
|
894
|
894
|
||||||
Total current assets
|
92,725
|
84,906
|
||||||
Fixed assets, net
|
15,471
|
14,109
|
||||||
Long term inventory
|
2,024
|
2,107
|
||||||
Deferred tax asset
|
3,283
|
3,283
|
||||||
Other assets, net
|
270
|
270
|
||||||
Intangible assets, net
|
817
|
865
|
||||||
6,394
|
6,525
|
|||||||
Total assets
|
114,590
|
105,540
|
||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
15,583
|
12,983
|
||||||
Other current liabilities
|
21,208
|
18,322
|
||||||
Total current liabilities
|
36,791
|
31,305
|
||||||
Long term liabilities
|
||||||||
Liability for employee severance benefits
|
1,020
|
870
|
||||||
1,020
|
870
|
|||||||
Total liabilities
|
37,811
|
32,175
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity
|
||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at March 31 2017 and at December 31, 2016;
|
||||||||
37,440,552 issued shares at March 31, 2017 and at December 31, 2016;
|
||||||||
35,348,176 shares outstanding at March 31, 2017 and at December 31, 2016
|
148
|
148
|
||||||
Additional paid-in capital
|
76,578
|
76,463
|
||||||
Retained earnings (losses)
|
1,951
|
(1,348
|
)
|
|||||
78,677
|
75,263
|
|||||||
Treasury stock, at cost (2,092,376 as of March 31, 2017 and December 31, 2016)
|
(1,898
|
)
|
(1,898
|
)
|
||||
Total shareholders' equity
|
76,779
|
73,365
|
||||||
Total liabilities and shareholders' equity
|
114,590
|
105,540
|
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2017
|
2016
|
2016
|
||||||||||
U.S. dollars
|
||||||||||||
Revenues
|
30,782
|
24,458
|
109,523
|
|||||||||
Cost of revenues
|
15,951
|
14,130
|
60,638
|
|||||||||
Reorganization and impairment
|
-
|
-
|
4,931
|
|||||||||
Gross profit
|
14,831
|
10,328
|
43,954
|
|||||||||
Research and development costs
|
4,352
|
3,982
|
15,896
|
|||||||||
Selling, general and administrative expenses
|
6,604
|
5,974
|
25,501
|
|||||||||
Reorganization and impairment
|
-
|
-
|
(4,059
|
)
|
||||||||
Total operating expenses
|
10,956
|
9,956
|
37,338
|
|||||||||
Operating income
|
3,875
|
372
|
6,616
|
|||||||||
Financial expenses, net
|
(225
|
)
|
(232
|
)
|
(994
|
)
|
||||||
Income before tax expenses
|
3,650
|
140
|
5,622
|
|||||||||
Income tax (expense)
|
(351
|
)
|
(116
|
)
|
(888
|
)
|
||||||
Net income
|
3,299
|
24
|
4,734
|
|||||||||
Earnings per ordinary share:
|
||||||||||||
Basic
|
0.09
|
0.00
|
0.13
|
|||||||||
Diluted
|
0.09
|
0.00
|
0.13
|
|||||||||
Weighted average number of ordinary
|
||||||||||||
shares outstanding:
|
||||||||||||
Basic
|
35,348
|
35,348
|
35,348
|
|||||||||
Diluted
|
35,475
|
31,163
|
35,376
|
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2017
|
2016
|
2016
|
||||||||||
U.S. dollars
|
U.S. dollars
|
|||||||||||
Reported net income (loss) attributable to Camtek Ltd. on GAAP basis
|
3,299
|
24
|
4,734
|
|||||||||
Effect of FIT reorganization (1)
|
-
|
-
|
872
|
|||||||||
Acquisition of Sela and Printar related expenses (2)
|
-
|
90
|
183
|
|||||||||
Share-based compensation
|
114
|
79
|
429
|
|||||||||
Non-GAAP net income
|
3,423
|
193
|
6,218
|
|||||||||
Non –GAAP net income per share, basic and diluted
|
0.10
|
0.01
|
0.18
|
|||||||||
Gross margin on GAAP basis |
48.2
|
% |
42.2
|
% |
40.1
|
% | ||||||
Reported gross profit on GAAP basis
|
14,831
|
|
10,328
|
|
43,954
|
|
||||||
Effect of FIT reorganization (1)
|
-
|
-
|
4,931
|
|||||||||
Share-based compensation
|
10
|
7
|
42
|
|||||||||
Non- GAAP gross margin
|
48.2
|
%
|
42.3
|
%
|
44.7
|
%
|
||||||
Non-GAAP gross profit
|
14,841
|
10,335
|
48,927
|
|||||||||
Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis
|
3,875
|
372
|
6,616
|
|||||||||
Effect of FIT reorganization (1)
|
-
|
-
|
872
|
|||||||||
Share-based compensation
|
114
|
79
|
429
|
|||||||||
Non-GAAP operating income
|
3,989
|
451
|
7,917
|
(1) |
During the year ended December 31, 2016, the Company recorded reorganization costs with regard to the FIT activities of $0.9 million, consisting of: (1) inventory and fixed asset write-offs of $4.9 million, recorded under cost of revenues line item; (2) other expenses of $0.1 million, recorded under cost of revenues line item; (3) fixed asset write-offs of $0.7 million, recorded under operating expenses; (4) other expenses of $0.2 million, recorded under operating expenses; and (5) income from write-off of liabilities to OCS $5.0 million, recorded under operating expenses.
|
(2) |
During the three month period ended March 31, 2016 and the year ended December 31, 2016, the Company recorded acquisition expenses of $0.1million and $0.2 million, respectively, consisting of revaluation adjustments of contingent consideration and certain future liabilities recorded at fair value. These amounts are recorded under finance expenses line item.
|
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