Camtek announces second quarter results

Camtek Ltd, announced results for the second quarter ended June 30, 2005. Revenues for the second quarter of 2005 were $16.7 million. This represents a slight decrease of 3.7% from $17.4 million as reported in the second quarter of 2004, and sequentially up 83% from $9.1 million as reported in the first quarter of 2005. Gross profit margin for the second quarter of 2005 was 50%, compared to 52% for the second quarter of 2004, and 41% for the first quarter of 2005. The Company reported second quarter net income of $1.5 million, or $0.05 per share, compared to a net income of $3.2 million, or $0.12 per share, in the second quarter of last year, and a loss of $2.4 million, or $(0.09) per share, in the first quarter of 2005. "Our revenues are back at the run rate which we saw during 2004, which was a very good year for us," commented Rafi Amit, Camtek's CEO. "Returning to this revenue level has improved our profitability, bringing our gross margins back to around the 50% level, within our normal range. A major factor in this profitability increase was the impressively growing contribution of our sales to the semiconductor manufacturing and packaging industry. We achieved this margin despite pricing pressure and fierce competition, in the PCB industry. In fact, revenues from the Falcon, our family of wafer inspection systems, nearly doubled from last quarter, amounting to $3.8 million, or 23% of our income in the quarter. We have also expanded our customer base with several leading international Integrated Device Manufacturers, who evaluated the Falcon against competing products and selected it predominantly based on its performance."