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SMT & Inspection | March 09, 2010

Camtek revenue up 39% in fourth quarter

Revenues for the fourth quarter of 2009 increased 39% to $17.2 million, compared to $12.4 million in the fourth quarter of 2008. Recovery particularly in the semiconductor business.
Roy Porat, Camtek's General Manager, commented, "This quarter we again strongly grew our top line and we achieved profit on a non-GAAP basis. Our tight expense control coupled with a continued increase in orders, has enabled us to end 2009 in a stronger position." Continued Mr. Porat, "As we move into 2010, our business is primed for growth. We are enjoying a recovery in the two industries that we operate in, particularly the semiconductor industry. Our expected new growth engines that we recently acquired, SELA and Printar, also represent significant potential for us and we are very excited with regard to their prospects as we move through 2010 and beyond.

Looking ahead, we are cautiously optimistic. We are seeing a continued improvement in orders and we believe 2010 will be a stronger year for Camtek. For the first quarter, which is normally seasonally weak, we expect revenues of between $16-18 million. We also expect to increase our operating expenses in both sales and marketing as well as R&D, in order to capitalize on a number of current strategic opportunities for both our legacy businesses as well as our new growth engines. Our overall goal remains to build Camtek into a larger and more profitable business, by increasing our addressable markets by providing customers new products and offering that are synergetic with our overall business."

Revenues were also stronger sequentially, increasing by 19% compared with $14.5 million in the third quarter of 2009.

Gross profit on a GAAP basis for the fourth quarter was $3.7 million (22% of revenues), compared to gross profit of $3.0 million (24% of revenue) in the fourth quarter of 2008. On a non-GAAP basis, gross profit for the fourth quarter of 2009 totaled $7.3 million (43% of revenues).

During the fourth quarter of 2009, the Company recorded an inventory write-down of $3.2 million consisting of $2.6 million due to a strategic decision by the Company to discontinue certain old products ; and $0.6 million resulting from a write down of software purchased from a former single source supplier which has been replaced by internally developed software, compared to $1.0 million inventory write down in the fourth quarter of 2008.

On a GAAP basis, the operating loss in the fourth quarter of 2009 was $3.2 million, compared to an operating loss of $5.6 million in the fourth quarter of 2008. Non-GAAP operating income for the fourth quarter of 2009 reached $0.8 million.

On a GAAP basis, net loss in the fourth quarter of 2009 was $4.0 million, or a loss of $0.14 per share, compared to a net loss of $5.5 million, or a loss of $0.19 per share, in the fourth quarter of 2008. Non-GAAP net income for the fourth quarter of 2009 totaled $0.5 million, or $0.02 per share.

Cash and cash equivalents as of December 31, 2009, increased by $2 million in the quarter and totaled $15.8 million compared to $13.8 million at the end of the prior quarter. The increase in cash during the quarter resulted primarily from a decrease in inventory, an increase in revenues and
improved collections.

Full Year 2009 Results Summary
Revenues for the full year of 2009 were $53.5 million, compared to $75.5 million reported in 2008. Gross profit on a GAAP basis for 2009 was $17.5 million (33% of revenues), compared to $27.8 million (37% of revenues) in 2008. Gross profit on a non-GAAP basis in 2009, was $21.1 million (39% from revenues).

On a GAAP basis, the operating loss in 2009 was $10.5 million, compared to an operating loss of $9.8 million in 2008. Non-GAAP operating loss in 2009 was $6.4 million.

On a GAAP basis, operating loss in 2009 includes an inventory write-down of $4.2 million consisting of the above mentioned write downs items and additional $1.0 million of other inventory write-off which was not excluded in the non-GAAP figures, compared to a $4.1 million inventory write down in 2008.

Net loss on a GAAP basis for 2009 was $11.8 million, compared to a net loss of $9.6 million for 2008. Net loss on a non-GAAP basis for 2009, was $7.1 million.

Cash and cash equivalents as of December 31, 2009, decreased by $0.1 million from $15.9 million at December 31, 2008. During the year the company generated positive operating cash flow of $3.9 million and repaid loans in the amount of $3.6 million.

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