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SMT & Inspection | November 18, 2008

Camtek reports 3Q net loss of $4 million

Equipment maker Camtek reported revenues for the third quarter of 2008 were $19.1 million, 5% below $20.2 million in the third quarter of 2007 and 16% below the $22.7 million reported in the second quarter of 2008.
Gross profit in the 2008 third quarter was $6.5 million, or 34.2% of revenues, and included an inventory write-off of $1.5 million. The Company reported a third quarter net loss of $4 million, or $0.14 per share. This is compared to a net profit of $85 thousand, or $0 per share, in the third quarter of last year and net loss of $0.5 million, or $0.016 per share in the second quarter of 2008.

The net loss in the third quarter of 2008 included the above mentioned $1.5 million inventory write-off and a total of $1 million of certain legal and professional expenses with respect to an aborted acquisition and a patent lawsuit that Rudolph Technologies, Inc. filed against Camtek.

During the quarter, the Company commenced its previously announced share repurchase program, buying back a total of 812,900 shares in the third quarter at a total cost of $685 thousand. During October 2008 and until the date of this press release, the Company purchased an additional 267,857 shares for total consideration of $220 thousand. The repurchase program allows for total aggregate purchases of up to $2 million.

Rafi Amit, Camtek's CEO, commented, "We are pleased with our third quarter revenues which were well within our expected target range. Under the current global slowdown conditions, we are implementing the following four point strategy: cash generation and preservation; maintaining our competitive edge through on-going R&D activities; preserving our responsive customer support; and seeking cooperation with strategic partners to develop and market new products. We believe that this strategy will help us keep our strong balance sheet position and navigate the company safely through the current crisis."

Mr. Amit added, looking ahead into the fourth quarter, we expect revenues between $12 and $14 million. However, the current low visibility may result in significant deviation from this guidance".

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