Camtek Announces Second Quarter 2017 Results

US:                                           

1 888 407 2553

at 9:00 am Eastern Time

Israel:

03 918 0610

at 4:00 pm Israel Time

International:                        

+972 3 918 0610


For those unable to participate, the teleconference will be available for replay on Camtek's website at http://www.camtek.com 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 customer's 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 inkjet printing.

This press release is available at www.camtek.com  

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: (i) settlement expenses; (ii) tax benefits; (iii) share based compensation expenses; (iv) write off of inventory and fixed-assets related to the discontinued FIT product line; and (v) revaluation of liabilities with respect to the acquisition of Printar, 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

(In thousands)



June 30,

December 31,


2017

2016


U.S. Dollars (In thousands)

Assets






Current assets



Cash and cash equivalents

27,122

19,740

Trade accounts receivable, net

21,371

22,066

Inventories

20,681

16,647

Due from affiliated companies

367

-

Other current assets

1,506

2,039

Deferred tax asset

4,649

894

Current assets held for sale

27,030

25,018




Total current assets

102,726

86,404







Fixed assets, net

15,618

13,725




Long-term inventory

1,390

1,461

Deferred tax asset

4,894

3,179

Other assets, net

270

270

Intangible assets, net

474

519





7,028

5,429




Total assets

125,372

105,558




Liabilities and shareholders' equity






Current liabilities



Trade accounts payable

12,515

10,304

Other current liabilities

29,308

14,722

Due to affiliated companies

-

18

Current liabilities held for sale

9,423

6,482




Total current liabilities

51,246

31,526




Long term liabilities



Liability for employee severance benefits

928

667


928

667




Total liabilities

52,174

32,193










Shareholders' equity









Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2017 and at December 31, 2016;
37,490,367 issued shares at June 30, 2017 and 37,440,552 at December 31, 2016;
35,397,911 shares outstanding at June 30, 2016 and 35,348,176 at December 31, 2016

148

148

Additional paid-in capital

76,874

76,463

Accumulated losses

(1,926)

(1,348)


75,096

75,263

Treasury stock, at cost (2,092,376  as of June 30, 2017 and
  December 31, 2016)

(1,898)

(1,898)




Total shareholders' equity

73,198

73,365




Total liabilities and shareholders' equity

125,372

105,558


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