Camtek Announces Record Results for the Third Quarter of 2018

Consolidated Balance Sheets
(In thousands)


September 30,

December 31,


2018

2017


U.S. Dollars (In thousands)

Assets






Current assets



Cash and cash equivalents

48,328

43,744

Trade accounts receivable, net

30,746

23,153

Inventories

25,789

21,336

Other current assets

3,536

3,215

Total current assets

108,399

91,448

Fixed assets, net

15,798

15,503

Long-term inventory

1,799

1,383

Deferred tax asset

2,890

4,067

Other assets, net

153

153

Intangible assets, net

508

482


5,350

6,085

Total assets

129,547

113,036




Liabilities and shareholders' equity



Current liabilities



Trade accounts payable

13,746

10,502

Other current liabilities

20,127

17,395

Total current liabilities

33,873

27,897

Long term liabilities



Liability for employee severance benefits

873

838


873

838

Total liabilities

34,746

28,735




Shareholders' equity



38,526,231 issued shares at September 30, 2018 and 37,924,507 at December 31, 2017;



Additional paid-in capital

81,040

78,437

Retained earnings

15,508

7,613


96,699

86,199

Treasury stock, at cost (2,092,376 as of September 30, 2018 and December 31, 2017)

 

(1,898)

 

(1,898)

Total shareholders' equity

94,801

84,301

Total liabilities and shareholders' equity

129,547

113,036

 


Consolidated Statements of Operations
(in thousands, except share data)

 



Nine Months ended

Three months ended

Year ended



September 30,

September 30,

December 31,



2018

2017

2018

2017

2017



U.S. dollars

U.S. dollars

U.S. dollars

Revenues


90,000

67,641

32,264

23,813

93,485

Cost of revenues


45,921

34,447

16,081

12,063

47,966








Gross profit


44,079

33,194

16,183

11,750

45,519








Research and development costs


10,456

10,067

3,501

3,215

13,534

Selling, general and administrative expenses


19,792

16,847

7,128

5,688

22,022

Patent litigation expense


-

13,000

-

-

13,000








Total operating expenses


30,248

39,914

10,629

8,903

48,556








Operating income (loss)


13,831

(6,720)

5,554

2,847

(3,037)









Financial income (expenses), net


491

(199)

55

10

(150)









Income (loss) from continuing operations








 before income taxes


14,322

(6,919)

5,609

2,857

(3,187)









Income tax benefit (expense)


(1,364)

5,281

(516)

(83)

4,875









Income (loss) from continuing operations


12,958

(1,638)

5,093

2,774

1,688









Discontinued operation








Income from discontinued operation








Income before tax benefit (expense)



-

18,302

-

13,963

18,302

Income tax benefit (expense)



-

(5,563)

-

(5,058)

(6,028)









Income from discontinued operation



-

12,739

-

8,905

12,274









Net income


12,958

11,101

5,093

11,679

13,962









Net income (loss) per ordinary share:
















Basic earnings (loss) from continuing operation



0.36

(0.05)

0.14

0.08

0.05









Basic earnings from discontinued operation



-

0.36

-

0.25

0.35









Diluted earnings (loss) from continuing operation



0.35

(0.05)

0.14

0.08

0.05









Diluted earnings from discontinued








 operation



-

0.35

-

0.24

0.34









Weighted average number of








 ordinary shares outstanding:
















Basic



36,105

35,374

36,300

35,404

35,441









Diluted



36,657

35,972

36,941

36,361

35,964














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