Camtek announces first quarter 2012 results
Article Type: Industry news From: Circuit World, Volume 38, Issue 3
Camtek Ltd has its financial results for the quarter ended March 31, 2012:
revenues of $18.2 million;
non-GAAP operating loss of $0.9 million; GAAP operating loss of $1.1 million;
non-GAAP net loss of $0.6 million; GAAP net loss of $1.4 million;
positive operating cash flow of $600,000 in the quarter; and
second quarter revenue guidance of $23-25 million.
First quarter 2012 financial results
Revenues for the first quarter of 2012 were $18.2 million. This is a decrease of 34 per cent compared to $27.5 million in the first quarter of 2011 and a decrease of 14 per cent compared with $21.1 million in the prior quarter.
Gross profit on a GAAP basis in the quarter totalled $7.6 million (42.0 per cent of revenues). This is compared with $12.8 million (46.5 per cent of revenues) in the first quarter of 2011 and $8.1 million (38.4 per cent of revenues) in the prior quarter.
Gross profit on a non-GAAP basis in the quarter totalled $7.7 million(42.5 per cent of revenues). This is compared with $12.9 million (47.0 per cent of revenues) in the first quarter of 2011 and $8.9 million (42.1 per cent of revenues) in the prior quarter.
Operating loss on a GAAP basis in the quarter was $1.1 million. This is compared with an operating income of $2.9 million in the first quarter of 2011 and an operating loss of $0.7 million in the prior quarter.
On a non-GAAP basis, operating loss in the quarter was $0.9 million. This is compared with an operating income of $3.2 million in the first quarter of 2011 and an operating income of $0.1 million in the prior quarter.
Net loss on a GAAP basis in the quarter totalled $1.4 million, or $0.05 per share. This is compared with a net income of $2.4 million, or $0.08 per diluted share in the first quarter of 2011 and a net loss of 1.9 million, or$0.06 per share in the prior quarter.
On a non-GAAP basis, net loss in the quarter was $0.6 million, or loss of $0.02 per share. This is compared with a net income of $3.1 million, or $0.10 per diluted share in the first quarter of 2011 and a net loss of $0.5 million or loss of $0.02 per share in the prior quarter.
Cash and cash equivalents and short-term deposits as of March 31, 2012 were$26.0 million ($19.6 million net of bank loans) compared with $26.3 million ($19.5 million net of bank loans), as of December 31, 2011. The company generated a positive operating cash flow of $0.6 million during the first quarter of 2012.
