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SMT & Inspection | May 16, 2006

Camtek presents sales record

Revenues for Camtek's first quarter of 2006 were $24.9 million, 172% above the $9.1 million as reported in the first quarter of last year, and sequentially up 28% from the $19.4 million as reported in the fourth quarter of 2005.
Gross profit for the first quarter of 2006 was $13.1 million, representing a gross margin of 52.5%. This is compared with gross profit of $3.8 million or gross margin of 41.2%, as reported in the first quarter of last year and gross profit of $9.6 million, or gross margin of 49.5% as reported in the fourth quarter of 2005.

Operating profit for the first quarter of 2006 was $4.4 million representing an operating margin of 17.8%, and was up 120% from the operating profit of $2.1 million or 10.8% operating margin as reported in the prior quarter. In the first quarter of last year, the Company reported an operating loss of $2.0 million.

First quarter net income was $4.4 million or 16 cents per diluted share, representing a net margin of 17.8%. This compares with a net loss of $2.4 million, or 9 cents loss per diluted share as reported in the first quarter of 2005. First quarter 2006 net income grew by 115% over fourth quarter 2005 net income of $2.1 million, or 7 cents per share, which represented a net margin of 10.6%.

"This was another record quarter - our third in a row," commented Rafi Amit, Camtek's CEO. "We increased our sales both to the PCB/HDI and to the semiconductor industries and registered a positive cash flow. The Falcon, our line of wafer inspection systems for the semiconductor industry, continued its penetration in the market and solidified its position as a leading product among top-tier manufacturers. In parallel to our continuing activity in developing the Falcon's future generations, we are focusing R&D efforts in the high-end of the PCB industry, where margins are higher and our technological advantages give us an edge. This positions us very well for the coming years."

Ronit Dulberg, Camtek's CFO added, "Our current order stream allows us to comfortably reiterate our revenue guidance of $26-29 million for the second quarter. Furthermore, based on the satisfying results of the first quarter, the demand levels for our products, and our reading of the marketplace, we estimate at this point that our revenues in 2006 are likely to exceed our previous guidance and fall in the range of $100-110 million."

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