Net income on a GAAP basis totaled $1.7 million, or $0.05 per diluted share. This compares to net income of $0.9 million, or $0.02 per diluted share, in 2016.
Net income on a non-GAAP basis totaled $9.6 million, or $0.27 per diluted share. This compares to net income of $2.3 million, or $0.06 per diluted share, in 2016.
Conference Call
Camtek will host a conference call today, February 7, 2018, at 9:00 am ET.
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results. To participate, please call one of the following telephone numbers a few minutes before the start of the call.
|
US: |
1 866 860 9642 |
at 9:00 am Eastern Time |
|
Israel: |
03 918 0685 |
at 4:00 pm Israel Time |
|
International: |
+972 3 918 0685 |
|
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 is a leading manufacturer of metrology and inspection equipment and a provider of software solutions serving the Advanced Packaging, Memory, CMOS Image Sensors, MEMS, RF and other segments in the Mid End of the Semiconductors industry.
Camtek provides dedicated solutions and crucial yield-enhancement data, enabling manufacturers to improve yield and drive down their production costs.
With eight offices around the world, Camtek has best-in-class sales and customer support organization, providing tailor-made solutions in line with customers' requirements.
This press release is available at http://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, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.
This press release provides financial measures that exclude: (i) settlement expenses; (ii) changes in valuation allowance on deferred tax assets; (iii) share based compensation expenses, (iv) discontinued operations, and (v) revaluation of liabilities with respect to the acquisition of Printar and reorganization costs with regard to the FIT activities, 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.
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Camtek Ltd. | ||
|
Consolidated Balance Sheets | ||
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| ||
|
|
December 31, | |
|
|
2017 |
*2016 |
|
|
U.S. Dollars (In thousands) | |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
43,744 |
19,740 |
|
Accounts receivable, net |
23,153 |
22,066 |
|
Inventories |
21,336 |
16,647 |
|
Due from affiliated companies |
681 |
- |
|
Other current assets |
2,534 |
2,039 |
|
Current assets held for sale |
- |
25,018 |
|
Total current assets |
91,448 |
85,510 |
|
|
|
|
|
Fixed assets, net |
15,503 |
13,725 |
|
|
|
|
|
Long term inventory |
1,383 |
1,461 |
|
Deferred tax asset |
4,067 |
**4,073 |
|
Other assets, net |
153 |
270 |
|
Intangible assets, net |
482 |
519 |
|
Total long-term assets |
6,085 |
6,323 |
|
|
|
|
|
Total assets |
113,036 |
105,558 |
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
Accounts payable – trade |
10,502 |
10,304 |
|
Other current liabilities |
17,395 |
14,722 |
|
Due to affiliated companies |
- |
18 |
|
Current liabilities held for sale |
- |
6,482 |
|
Total current liabilities |
27,897 |
31,526 |
|
|
|
|
|
Long term liabilities |
|
|
|
Liability for employee severance benefits |
838 |
667 |
|
Total long-term liabilities |
838 |
667 |
|
|
|
|
|
Total liabilities |
28,735 |
32,193 |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares, |
|
|
|
37,924,507 issued as of December 31, 2017, and 37,440,552 as of |
|
|
|
December 31, 2016, outstanding 35,832,131 as of December 31, 2017, |
|
|
|
and 35,348,176 as of December 31, 2016 |
149 |
148 |
|
Additional paid-in capital |
78,437 |
76,463 |
|
Retained earnings (losses) |
7,613 |
(1,348) |
|
|
86,199 |
75,263 |
|
Treasury stock, at cost (2,092,376 as of December 31, 2017 and December 31, 2016) |
(1,898) |
(1,898) |
|
|
|
|
|
Total shareholders' equity |
84,301 |
73,365 |
|
|
|
|
|
Total liabilities and shareholders' equity |
113,036 |
105,558 |
|
| ||
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* The financial position of the PCB business is presented as discontinued operations. | ||
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** Reclassified – Due to the retroactive implementation of ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes" | ||
