Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
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| Nine Months ended | Three Months ended | Year ended | ||
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| September 30, | September 30, | December 31, | ||
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| 2018 | 2017 | 2018 | 2017 | 2017 |
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| U.S. dollars | U.S. dollars | U.S. dollars | ||
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Reported net income (loss) attributable to Camtek Ltd. on GAAP basis
| 12,958 | 11,101 | 5,093 | 11,679 | 13,962 |
Effect of FIT reorganization (1) | 506 | - | - | - | - |
Share-based compensation | 1,028 | 276 | 634 | 92 | 426 |
Settlement expense, net of tax (2) | - | 12,025 | - | - | 12,025 |
Realization of deferred tax assets (3) | - | (4,495) | - | - | (4,495) |
Attributable to discontinued operations | - | (12,739) | - | (8,905) | (12,274) |
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Non-GAAP net income | 14,492 | 6,168 | 5,727 | 2,866 | 9,644 |
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Non –GAAP diluted net income per share
| 0.40
| 0.17
| 0.16
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Gross margin on GAAP basis from continuing operations |
49.0% |
49.1% |
50.2% |
49.3% |
48.7% |
Reported gross profit on GAAP basis
| 44,079 | 33,194 | 16,183 | 11,750 | 45,519 |
Effect of FIT reorganization (1) | 205 | - | - | - | - |
Share-based compensation | 105 | 28 | 62 | 9 | 44 |
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Non- GAAP gross margin | 44,389 | 33,222 | 16,245 | 11,759 | 45,563 |
Non-GAAP gross profit | 49.3% | 49.1% | 50.4% | 49.4% | 48.7% |
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| Effect of FIT reorganization (1) | 506 | - | - | - | - |
| Share-based compensation | 1,028 | 276 | 634 | 92 | 426 |
| Settlement expense (2) | - | 13,000 | - | - | 13,000 |
| Non-GAAP operating income | 15,365 | 6,556 | 6,188 | 2,939 | 10,389 |
(1) At the end of the first quarter of 2018, the Company ceased its efforts to utilize the remaining inventory and equipment related to FIT development and recorded a one-time write-off in the amount of $0.5 million , consisting of: (1) inventory write-offs of $0.2 million , recorded under the cost of revenue line item; and (2) fixed asset write-offs of $0.3 million recorded under operating expenses.
(2) During the three and the nine months ended September 30, 2017 , and the year ended December 31, 2017 , the Company recorded a provision of $13 million ( $12 million net of tax) in conjunction settlement with Rudolph Technologies Inc.
(3) During the three and the nine months ended September 30, 2017 , and the year ended December 31 . 2017, the Company recorded net income of $4.5 million as a result of a decrease in the valuation allowance on deferred tax assets following the evaluation of the realizability of the assets based on projected future earnings.
| CAMTEK LTD.
| INTERNATIONAL INVESTOR RELATIONS
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View original content:
http://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-third-quarter-of-2018-300741175.html
SOURCE Camtek Ltd.
| Contact: |
| Company Name: Camtek Ltd.
Financial data for Camtek Ltd. |
