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.

Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)



Six Months ended

 June 30,

Three Months ended

June 30,

Year ended

December 31,


2017

2016

2017

2016

2016


U.S. dollars

U.S. dollars

U.S. dollars







Reported net income (loss) attributable to Camtek Ltd. on GAAP basis

 

(578)

1,309

(3,877)

1,285

4,734

Settlement expense, net of tax (1)

12,025

-

12,025

-

-

Realization of deferred tax assets (2)

(4,495)

-

(4,495)

-

-

Effect of FIT reorganization (3)

-

-

-

-

872

Acquisition of Sela and Printar related expenses (4)

-

183

-

93

183

Share-based compensation

184

173

92

108

363

Attributable to discontinued operations

43

28

22

14

66







Non-GAAP net income

7,179

1,693

3,767

1,500

6,218







Non –GAAP net income  per share , basic and diluted

 

0.20

0.05

0.11

0.04

0.18

Gross margin on GAAP basis from continuing operations

 

48.9%

 

49.1%

 

49.2%

 

50.5%

 

41.0%

Reported gross profit on GAAP basis

 

21,444

18,004

11,155

10,007

32,490

Effect of FIT reorganization (3)

-

-

-

-

4,931

Share-based compensation

19

17

9

15

31







Non- GAAP gross margin

21,463

18,021

11,164

10,022

47.3%

Non-GAAP gross profit

48.9%

49.1%

49.2%

50.5%

37,452







 

Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis
  from continuing operations

 

 

 

(9,567)

 

 

 

620

 

 

 

(11,012)

 

 

 

776

 

 

 

2,019

Settlement expense (1)

13,000

-

13,000

-

-

Effect of FIT reorganization (3)

-

-

-

-

872

Share-based compensation

184

173

92

108

363







Non-GAAP operating income

3,617

793

2,080

884

3,254


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