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US: |
1 888 407 2553 |
at 9:00 am Eastern Time |
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Israel: |
03 918 0610 |
at 4:00 pm Israel Time |
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International: |
+972 3 918 0610 |
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For those unable to participate, the teleconference will be available for replay on Camtek's website at http://www.camtek.com beginning 24 hours after the call.
ABOUT CAMTEK LTD.
Camtek Ltd. provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing products yield and reliability, enabling and supporting customer's latest technologies in the Semiconductors, Printed Circuit Boards (PCB) and IC Substrates industries.
Camtek addresses the specific needs of these interconnected industries with dedicated solutions based on a wide and advanced platform of technologies including intelligent imaging, image processing and functional inkjet printing.
This press release is available at www.camtek.com
This press release may contain projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, intellectual property litigation, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.
Use of non-GAAP Measures
This press release provides financial measures that exclude: (i) settlement expenses; (ii) tax benefits; (iii) share based compensation expenses; (iv) write off of inventory and fixed-assets related to the discontinued FIT product line; and (v) revaluation of liabilities with respect to the acquisition of Printar, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
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Camtek Ltd. | ||
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Consolidated Balance Sheets | ||
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(In thousands) | ||
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June 30, |
December 31, |
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2017 |
2016 |
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U.S. Dollars (In thousands) | |
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Assets |
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Current assets |
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|
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Cash and cash equivalents |
27,122 |
19,740 |
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Trade accounts receivable, net |
21,371 |
22,066 |
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Inventories |
20,681 |
16,647 |
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Due from affiliated companies |
367 |
- |
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Other current assets |
1,506 |
2,039 |
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Deferred tax asset |
4,649 |
894 |
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Current assets held for sale |
27,030 |
25,018 |
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|
|
|
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Total current assets |
102,726 |
86,404 |
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|
|
|
|
|
|
|
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Fixed assets, net |
15,618 |
13,725 |
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|
|
|
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Long-term inventory |
1,390 |
1,461 |
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Deferred tax asset |
4,894 |
3,179 |
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Other assets, net |
270 |
270 |
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Intangible assets, net |
474 |
519 |
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|
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|
7,028 |
5,429 |
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|
|
|
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Total assets |
125,372 |
105,558 |
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|
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Liabilities and shareholders' equity |
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Current liabilities |
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|
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Trade accounts payable |
12,515 |
10,304 |
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Other current liabilities |
29,308 |
14,722 |
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Due to affiliated companies |
- |
18 |
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Current liabilities held for sale |
9,423 |
6,482 |
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|
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Total current liabilities |
51,246 |
31,526 |
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Long term liabilities |
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|
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Liability for employee severance benefits |
928 |
667 |
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|
928 |
667 |
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|
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Total liabilities |
52,174 |
32,193 |
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|
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Shareholders' equity |
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|
|
|
|
|
|
|
|
|
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Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2017 and at December 31, 2016;
|
148 |
148 |
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Additional paid-in capital |
76,874 |
76,463 |
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Accumulated losses |
(1,926) |
(1,348) |
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|
75,096 |
75,263 |
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Treasury stock, at cost (2,092,376 as of June 30, 2017 and
|
(1,898) |
(1,898) |
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|
|
|
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Total shareholders' equity |
73,198 |
73,365 |
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|
|
|
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Total liabilities and shareholders' equity |
125,372 |
105,558 |
