Camtek Announces Second Quarter 2017 Results

 

*          On July 18, 2017, Camtek signed a definitive agreement with an affiliate of Principle Capital, a Shanghai-based privet-equity fund, to sell its PCB business. In accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), the financial position and results of operations of the PCB business are presented as discontinued operation and, as such, have been excluded from continuing operation for all period presented.


 

 

 

Camtek Ltd.

Consolidated Statements of Operations

(in thousands, except share data)

 



Six Months ended


Three Months ended

Year ended



 June 30,


June 30,

December 31,



2017

2016


2017

2016

2016


U.S. dollars


U.S. dollars

U.S. dollars


Revenues

43,828

36,669


22,682

19,835

79,228

Cost of revenues

22,384

18,665


11,527

9,828

41,807

Reorganization and impairment

-

-


-

-

4,931








Gross profit

21,444

18,004


11,155

10,007

32,490








Research and development costs

6,852

6,497


3,413

3,295

12,630

Selling, general and administrative expenses

11,159

10,887


5,754

5,936

21,900

Reorganization and impairment

-

-


-

-

(4,059)

Expenses from settlement

13,000

-


13,000

-

-















Operating income (loss)

(9,567)

620


(11,012)

776

2,019








Financial expenses, net

(209)

(379)


(56)

(160)

(847)








Income (loss) from continuing operations







 before income taxes

(9,776)

241


(11,068)

616

1,172








Income tax benefit (expense)

5,364

(147)


5,404

(108)

(303)








Income (loss) from continuing operations

(4,412)

94


(5,664)

508

869








Discontinued operation







Income from discontinued operation







Income before tax benefit (expense)

4,339

1,499


1,981

984

4,450

Income tax benefit (expense)

(505)

(284)


(194)

(207)

(585)








Income from discontinued operation

3,834

1,215


1,787

777

3,865








Net income (loss)

(578)

1,309


(3,877)

1,285

4,734








Net income (loss) per ordinary share:














Basic earnings from continuing operation

(0.12)

0.00


(0.16)

0.01

0.02








Basic earnings from discontinued operation

0.11

0.03


0.05

0.02

0.11








Diluted earnings from continuing operation

(0.12)

0.00


(0.16)

0.01

0.02








Diluted earnings from discontinued







 operation

0.11

0.03


0.05

0.02

0.11








Weighted average number of







 ordinary shares outstanding:














Basic

35,359

35,348


35,369

35,348

35,348








Diluted

35,359

35,359


35,369

35,358

35,376









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