* 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. | |||||
|
Reconciliation of GAAP To Non-GAAP results | |||||
|
(In thousands, except share data) | |||||
|
| |||||
|
|
Six Months ended June 30, |
Three Months ended June 30, |
Year ended December 31, | ||
|
|
2017 |
2016 |
2017 |
2016 |
2016 |
|
|
U.S. dollars |
U.S. dollars |
U.S. dollars | ||
|
|
|
|
|
|
|
|
Reported net income (loss) attributable to Camtek Ltd. on GAAP basis
|
(578) |
1,309 |
(3,877) |
1,285 |
4,734 |
|
Settlement expense, net of tax (1) |
12,025 |
- |
12,025 |
- |
- |
|
Realization of deferred tax assets (2) |
(4,495) |
- |
(4,495) |
- |
- |
|
Effect of FIT reorganization (3) |
- |
- |
- |
- |
872 |
|
Acquisition of Sela and Printar related expenses (4) |
- |
183 |
- |
93 |
183 |
|
Share-based compensation |
184 |
173 |
92 |
108 |
363 |
|
Attributable to discontinued operations |
43 |
28 |
22 |
14 |
66 |
|
|
|
|
|
|
|
|
Non-GAAP net income |
7,179 |
1,693 |
3,767 |
1,500 |
6,218 |
|
|
|
|
|
|
|
|
Non –GAAP net income per share , basic and diluted
|
0.20 |
0.05 |
0.11 |
0.04 |
0.18 |
|
Gross margin on GAAP basis from continuing operations |
48.9% |
49.1% |
49.2% |
50.5% |
41.0% |
|
Reported gross profit on GAAP basis
|
21,444 |
18,004 |
11,155 |
10,007 |
32,490 |
|
Effect of FIT reorganization (3) |
- |
- |
- |
- |
4,931 |
|
Share-based compensation |
19 |
17 |
9 |
15 |
31 |
|
|
|
|
|
|
|
|
Non- GAAP gross margin |
21,463 |
18,021 |
11,164 |
10,022 |
47.3% |
|
Non-GAAP gross profit |
48.9% |
49.1% |
49.2% |
50.5% |
37,452 |
|
|
|
|
|
|
|
|
Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis
|
(9,567) |
620 |
(11,012) |
776 |
2,019 |
|
Settlement expense (1) |
13,000 |
- |
13,000 |
- |
- |
|
Effect of FIT reorganization (3) |
- |
- |
- |
- |
872 |
|
Share-based compensation |
184 |
173 |
92 |
108 |
363 |
|
|
|
|
|
|
|
|
Non-GAAP operating income |
3,617 |
793 |
2,080 |
884 |
3,254 |
