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SMT & Inspection | February 20, 2008

Camtek swings to profit in Q4

The company reported revenues for the fourth quarter of 2007 of $21.0 million, equivalent to the $21.0 million reported in the fourth quarter of 2006, and an increase of 4% sequentially from $20.1 million in the third quarter of 2007.
Gross profit margin for the fourth quarter of 2007 was 43.7%, as compared to 44.5% for the fourth quarter of 2006, and 37.6% for the third quarter of 2007.

Income before tax for the fourth quarter of 2007 was $0.2 million. This compares to a loss before tax of $2.5 million in the fourth quarter of 2006. For the previous quarter in 2007, income before tax was $0.2 million.

Interpretation No. 48, "Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement No. 109" ("FIN 48"), was effective for the Company, for the first time, in fiscal year 2007. The Company has not yet completed a thorough review of the application of FIN 48 as it relates to its subsidiaries abroad for the determination of its effects, if any, on its results of operations and financial position. The Company will, if necessary, issue a supplemental press release following the completion of its analysis of the effects of FIN 48 to report any material adjustment to its net loss and loss per share for the year ended December 31, 2007.

Net income (without impact of FIN 48 review) for the fourth quarter of 2007 was $0.3 million, or $0.01 per diluted share. This compares to a net loss of $2.2 million, or $0.07 per diluted share, in the fourth quarter of 2006. For the previous quarter in 2007, net income (without impact of FIN 48 review) was $87 thousand, or $0.00 per diluted share.

The Company reported a positive operating cash flow of $2.7 million in the fourth quarter. Revenues for the year ended December 31, 2007, were $71.0 million, a decrease of 29% from $100.1 million reported for the year ended December 31, 2006. Gross profit margin for 2007 was 40.9%, compared to 51.6% in 2006. Net loss (without impact of FIN 48 review) for the year ended December 31, 2007 was $7.5 million, compared to a net income of $11.6 million, for the year ended December 31, 2006.

"The fourth quarter continued and built on the positive trend that we resumed in the third quarter. We are very pleased to present much improved margins and a positive cash flow," commented Rafi Amit, Camtek's CEO. "We are seeing an increase in demand for our systems for the semiconductor manufacturing and packaging industry, and we believe this is very sustainable going forward. Our sales to the PCB industry have remained solid throughout the second half of the year, and we see it as indicative of the warm acceptance of our new generation of products as well as the strengthening of our competitive position in this market."

Mr. Amit concluded, "Assuming that the stream of incoming orders from the semiconductors and PCB industries remains in its current course, we expect revenues for the first quarter of 2008 to come at a similar level to that we reported today."

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January 11 2019 8:28 pm V11.10.27-2