Camtek Ltd. (CAMT) Q1 Earnings Rise 56%

By @ibtimes on

Camtek Ltd., a provider of automated solutions dedicated for enhancing production processes and yield, today announced its financial results for the quarter ended March 31, 2011, posting 56% earnings growth driven by the company’s ongoing growth strategy.

“We are very pleased with our strong results and it is a great start for 2011. This quarter’s success was the result of our continuous efforts in reshaping our business that started eight quarters ago and has resulted in gradual growth since then. The growth has cemented our sound position in our legacy inspection businesses in the back-end semiconductor and PCB industries. We are also now moving from proving feasibility to actually establishing a position with our new front-end semiconductor inspection and sample preparation product lines,” Roy Porat, Camtek’s CEO stated in the press release.

Revenues for the first quarter of 2011 increased 56 percent to $27.5 million, compared to $17.6 million in the first quarter of 2010.

Gross profit on a GAAP basis in the quarter totaled $12.8 million, 46.6 percent of revenues, compared with $7.0 million, 40 percent of revenues, in the first quarter of 2010. Gross profit on a non-GAAP basis in the quarter totaled $12.9 million, 47.0 percent of revenues, compared with $7.3 million, 41 percent of revenues, in the first quarter of 2010.

Operating income on a GAAP basis in the quarter was $3.0 million, 10.8 percent of revenues, compared with an operating loss of $0.4 million in the first quarter of 2010. Non-GAAP operating income was $3.1 million, 11.5% of revenues, in the quarter compared with an operating loss of $0.1 million in the first quarter of 2010.

The company reported net income on a GAAP basis in the first quarter of 2011 totaled $2.4 million, or $0.08 per diluted share, compared to a net loss of $0.9 million, or a loss of $0.03 per diluted share in the first quarter of 2010.

Net income on a non-GAAP basis in the first quarter of 2011 was $3.1 million, or $0.10 per diluted share, compared with a net loss of $0.3 million, or $0.01 per diluted, share in the first quarter of 2010.

Cash and cash equivalents levels as of March 31, 2011, were $9.2 million with an additional amount of $5.2 million in restricted cash compared with $9.6 million and $5.2 million restricted cash at December 31, 2010.

The company anticipates flat to moderate growth for the second quarter of 2011, with revenues between $27 million-$29 million.

For more information visit www.camtek.co.il

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