* On July 18, 2017, Camtek signed a definitive agreement with an affiliate of Principle Capital, a Shanghai-based privet-equity fund, to sell its PCB business. In accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), the financial position and results of operations of the PCB business are presented as discontinued operation and, as such, have been excluded from continuing operation for all period presented.
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Camtek Ltd. | ||||||||||||
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Consolidated Statements of Operations | ||||||||||||
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(in thousands, except share data)
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Six Months ended |
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Three Months ended |
Year ended |
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June 30, |
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June 30, |
December 31, |
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2017 |
2016 |
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2017 |
2016 |
2016 | ||||||
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U.S. dollars |
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U.S. dollars |
U.S. dollars |
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Revenues |
43,828 |
36,669 |
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22,682 |
19,835 |
79,228 | ||||||
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Cost of revenues |
22,384 |
18,665 |
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11,527 |
9,828 |
41,807 | ||||||
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Reorganization and impairment |
- |
- |
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- |
- |
4,931 | ||||||
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Gross profit |
21,444 |
18,004 |
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11,155 |
10,007 |
32,490 | ||||||
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Research and development costs |
6,852 |
6,497 |
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3,413 |
3,295 |
12,630 | ||||||
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Selling, general and administrative expenses |
11,159 |
10,887 |
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5,754 |
5,936 |
21,900 | ||||||
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Reorganization and impairment |
- |
- |
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- |
- |
(4,059) | ||||||
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Expenses from settlement |
13,000 |
- |
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13,000 |
- |
- | ||||||
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Operating income (loss) |
(9,567) |
620 |
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(11,012) |
776 |
2,019 | ||||||
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Financial expenses, net |
(209) |
(379) |
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(56) |
(160) |
(847) | ||||||
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Income (loss) from continuing operations |
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before income taxes |
(9,776) |
241 |
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(11,068) |
616 |
1,172 | ||||||
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Income tax benefit (expense) |
5,364 |
(147) |
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5,404 |
(108) |
(303) | ||||||
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Income (loss) from continuing operations |
(4,412) |
94 |
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(5,664) |
508 |
869 | ||||||
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Discontinued operation |
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Income from discontinued operation |
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Income before tax benefit (expense) |
4,339 |
1,499 |
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1,981 |
984 |
4,450 | ||||||
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Income tax benefit (expense) |
(505) |
(284) |
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(194) |
(207) |
(585) | ||||||
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Income from discontinued operation |
3,834 |
1,215 |
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1,787 |
777 |
3,865 | ||||||
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Net income (loss) |
(578) |
1,309 |
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(3,877) |
1,285 |
4,734 | ||||||
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Net income (loss) per ordinary share: |
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Basic earnings from continuing operation |
(0.12) |
0.00 |
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(0.16) |
0.01 |
0.02 | ||||||
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Basic earnings from discontinued operation |
0.11 |
0.03 |
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0.05 |
0.02 |
0.11 | ||||||
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Diluted earnings from continuing operation |
(0.12) |
0.00 |
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(0.16) |
0.01 |
0.02 | ||||||
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Diluted earnings from discontinued |
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operation |
0.11 |
0.03 |
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0.05 |
0.02 |
0.11 | ||||||
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Weighted average number of |
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ordinary shares outstanding: |
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Basic |
35,359 |
35,348 |
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35,369 |
35,348 |
35,348 | ||||||
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Diluted |
35,359 |
35,359 |
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35,369 |
35,358 |
35,376 | ||||||
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