Camtek Announces Second Quarter 2014 Results

(1)	During the three and the six months ended June 30, 2014 and 2013 and the twelve months ended December 31, 2013, the Company recorded acquisition expenses of $0.2 million, $0.4 million, 0.5 million, 1.0 million and $(2.0) million, respectively, consisting of: (1) Revaluation adjustments of $0.2 million, $0.4 million, 0.4 million, 0.8 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, $0, $0, $0 and $(3.5) respectively; and (3) $0, $0, $0.07, $0.15 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 six months ended June 30, 2014 and 2013 and the twelve months ended December 31, 2013, the Company recorded inventory and fixed asset write downs in the amount of $0 million, $0 million, $0 million, $0 million and $4.4 million, respectively, consisting of $0, $0,$0, $0 and $3.9 million of inventory and fixed assets recorded under cogs of revenues line item and $0, $0, $0, 4) and $0.5 million of fixed assets in operating expenses.

(3)	During the three and six months ended June 30, 2014 and 2013 and the twelve months ended December 31, 2013, the Company recorded net income of $0, $0, $0, $0 and $1.3 million, respectively, 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 six months ended June 30, 2014 and 2013 and the twelve months ended December 31, 2013, the Company recorded net employee related expenses of $0, $0, $0, $0 and $0.5 million, respectively, as a result of internal reorganization.