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PCB | November 14, 2007

Camtek profit falls in Q3

Revenues for the third quarter of 2007 were $20.2 million, 23% below the $26.3 million reported in the third quarter of 2006, and sequentially 32% above the $15.3 million reported in the second quarter of 2007.
These revenues are slightly above the guidance range of $17-20 million provided for the third quarter. Gross profit margin for the third quarter of 2007 was 37.6%, compared to 53.2% for the third quarter of 2006, and 40.8% for the second quarter of 2007.

The Company reported third quarter net income of $85 thousand, compared to a net income of $4.2 million, in the third quarter of last year, and a loss of $3.5 million, in the second quarter of 2007.

“I am pleased with our third quarter results as we achieved our revenues and cost structure goals, despite the softness in the semiconductor industry,”commented Rafi Amit, Camtek’s CEO. “Sales to the PCB industry were strong, indicating both an increasing level of activity and the success of our new 3G AOI product lines to this market. While the softness in demand in the semiconductor sector continued throughout the third quarter, we did see an increase in incoming orders during the third quarter which we expect to recognize in the fourth quarter.”

Mr. Amit continued, “In the third quarter we have realized the full contribution of the cost reduction measures we have implemented throughout the year. We recorded positive operating cash flows of $2.9M, as well as positive operating and net income. We continue to monitor our expenses carefully while maintaining our ability to support the expected increasing demand for our equipment when the market picks up. We expect a slight sequential increase in fourth quarter revenues.”

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