CAMTEK LTD.
(Translation of Registrant’s Name into English)
Ramat Gavriel Industrial Zone
P.O. Box 544
Migdal
Haemek 23150
ISRAEL
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934.
Yes o No x
Attached hereto as Exhibit 99.1 and incorporated by reference herein is a press release of the registrant, dated August 3, 2004, Invitation to investors to participate in the quarterly conference call.
Attached hereto as Exhibit 99.2 and incorporated by reference herein is a press release of the registrant, dated August 8, 2004, Announcing the financial results of operations for the six month period ended June 30, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CAMTEK LTD. (Registrant) BY: /S/ MOSHE AMIT —————————————— Moshe Amit, Executive Vice President and Chief Financial Officer |
Dated: August 12, 2004
Exhibit 99.1
August 3, 2004
You’re invited to participate in a conference call to discuss Camtek’s second quarter results. The call is scheduled for Tuesday, August 10, 2004 at 11:00 EDT (for other time zones see below). We will issue a press release with our operating results on Monday, August 9, 2004 after the end of the trading session.
Moshe Amit, Chief Financial Officer, and Yuval Attias, Controller, will host the call and be available to answer your questions.
To participate, please call one of the following telephone numbers below.
| US: | 1-(866) 500-4953 | 11:00 a.m. EDT |
| UK: | 0-(800) 917-4256 | 4:00 p.m. London time |
| Israel | (03) 9255910 | 18:00 Israel time |
No code required.
For those unable to participate, the teleconference will be available for replay for 14 days on http://www.camtek.co.il/ beginning 48 hours after the call.
Questions for Camtek’s management may be submitted in advance by Monday, August 9, 2004 10 a.m. EDT, by email to: udie@camtek.co.il
mosheamit@camtek.co.il
ABOUT CAMTEK LTD.
With headquarters in Migdal
Ha’Emek Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical inspection
systems and related products. Camtek’s automatic inspection systems are used to enhance both production
processes and yield for manufacturers in the printed circuit board industry, the high density interconnect
substrate industry and the semiconductor manufacturing and packaging industry. This press release is
available at www.camtek.co.il.
August 9, 2004
CAMTEK CONTACT:
Moshe Amit
+972-4-604-8308
(tel); +972-4-604 8300 (fax); +972-544-69-49-02 (mobile)
mosheamit@camtek.co.il
Revenue Growth of 33% over Previous Quarter and
of 171% over Q2/2003;
Gross Margin – 52%, Net Income – $3.2 million, Earnings per Share – $0.12
MIGDAL HAEMEK, Israel – August 9, 2004 – Camtek Ltd.
(NASDAQ: CAMT), today announced results for the second quarterended
June 30, 2004.
Revenues for the second quarter of 2004 were $17.4
million, up 171% from $6.4 million in the second quarter of 2003, and up 33% from $13.1 million in the
first quarter of 2004. Gross profit margin for the second quarter of 2004 was 52%, compared to 43% for
the second quarter of 2003, and 53% for the fourth quarter of 2003. The Company reported net income
of $3.2 million, or $0.12 per share, compared to a net loss of $1.0 million, or $(0.04) per share, in
the second quarter of 2003, and a net income of $1.3 million, or $0.05 per share, in the first quarter
of 2004, which included a tax provision of $533,000, representing a large part of the Company’s previously
announced tax settlement. In connection with its discontinued plans for a secondary offering, the Company
also noted that it may recognize in the third quarter of 2004 a one-time offering-related expense of
up to approximately $1 million.
“These results exceed our revenue guidance, and we are truly
pleased with them,” commented Rafi Amit, Camtek’s CEO. “This is the best quarter in Camtek’s history
so far in terms of revenues, and is the first to include revenues from sales of our Falcon systems to
the semiconductor manufacturing and packaging industry. This continuing growth reflects a strong demand
for our products, which is driven mainly by the on-going capacity build-up in the industries we serve,
particularly in Asia. We are now beginning to reap the fruits of our long-term strategy implemented
during the economic downturn period of 2001-2003. During that period, we continued intensive research
and development efforts in order to be ready with new products when our customers re-emerged with a
need for new capacity and capabilities. We believe that this first recognition of revenues from sales
of our Falcon systems indicates the suitability of the Falcon to the needs of the market. We expect
on-going evaluations to mature into future sales, and anticipate our business in the semiconductor manufacturing
and packaging industries to contribute a growing portion of our total revenues.
Mr. Amit added: “Based on what we see today, we expect demand for our products to continue growing during the third quarter of this year, leading to further growth in revenues of approximately 5 to 15% over the second quarter level.” [more]
Camtek will hold a conference call on Tuesday, August 10, 2004 at 11:00 EDT (for other time zones see below). Moshe Amit, Chief Financial Officer, and Yuval Attias, Controller, will host the call and be available to answer questions.
| To participate, please call one of the following telephone numbers below. | ||
| US: | 1-(866) 500-4953 | 11:00 a.m. EDT |
| UK: | 0-(800) 917-4256 | 4:00 p.m. London time |
| Israel | (03) 9255910 | 18:00 Israel time |
No code required.
The teleconference will be available for replay for 14 days on http://www.camtek.co.il/ beginning 48 hours after the call.
ABOUT CAMTEK LTD.
With headquarters in Migdal Ha’Emek
Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical inspection systems
and related products. Camtek’s automatic inspection systems are used to enhance both production processes
and yield for manufacturers in the printed circuit board industry, the high density interconnect substrate
industry and the semiconductor manufacturing and packaging industry. This press release is available
at www.camtek.co.il.
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 and price reductions, as well as due to risks identified in the documents filed by the Company with the SEC.
(Tables Below).
CAMTEK LTD.
Consolidated Balance Sheets
(in
thousands, except share data)
| December 31, 2003 |
June 30, 2004 | |||||||
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 12,837 | 9,308 | ||||||
| Accounts receivable - trade, net of allowance of $2,090 and $2,147 | 13,317 | 20,544 | ||||||
| Inventories | 13,687 | 19,251 | ||||||
| Due from affiliates | 2,652 | 406 | ||||||
| Deferred registration cost | - | 621 | ||||||
| Other current assets | 1,794 | 4,637 | ||||||
|
|
|
|||||||
| Total current assets | 44,287 | 54,767 | ||||||
| Long term receivables | - | 1,950 | ||||||
| Fixed assets, net | 9,899 | 9,643 | ||||||
|
|
|
|||||||
| 54,186 | 66,360 | |||||||
|
|
|
|||||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Short-term bank credit | 2,300 | 3,284 | ||||||
| Accounts payable | 6,985 | 10,830 | ||||||
| Other current liabilities | 5,638 | 8,400 | ||||||
|
|
|
|||||||
| Total current liabilities | 14,923 | 22,514 | ||||||
| Accrued severance pay, net of amounts funded | 412 | 398 | ||||||
|
|
|
|||||||
| Total liabilities | 15,335 | 22,912 | ||||||
|
|
|
|||||||
| SHAREHOLDERS' EQUITY | ||||||||
| Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares, | ||||||||
| issued 28,065,038 in 2003 and 28,067,466 in 2004, outstanding | ||||||||
| 27,053,419 in 2003 and 27,055,847 in 2004 | 125 | 125 | ||||||
| Additional paid-in capital | 43,801 | 43,788 | ||||||
| Unearned compensation | (560 | ) | (473 | ) | ||||
| Retained earnings (deficit) | (3,522 | ) | 1,001 | |||||
| Treasury stock, at cost (1,011,619 shares in 2003 and 2004) | (993 | ) | (993 | ) | ||||
|
|
|
|||||||
| 38,851 | 43,448 | |||||||
|
|
|
|||||||
| 54,186 | 66,360 | |||||||
|
|
|
|||||||
CAMTEK LTD.
Consolidated Statements of Operations
(in thousands, except per share data)
| Year Ended December 31, |
Three Moths Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003
|
2003
|
2004
|
2003
|
2004
| |||||||||||||
| Revenues | 31,141 | 6,418 | 17,419 | 12,222 | 30,494 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Cost of revenues | 16,674 | 3,655 | 8,358 | 7,152 | 14,470 | ||||||||||||
| Royalties to the Government of Israel | 150 | - | - | 150 | - | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Total cost of sales | 16,824 | 3,655 | 8,358 | 7,302 | 14,470 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Gross profit | 14,317 | 2,763 | 9,061 | 4,920 | 16,024 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Research and development costs | 5,855 | 1,457 | 1,935 | 3,038 | 3,611 | ||||||||||||
| Selling, general and administrative expenses | 10,041 | 2,460 | 3,780 | 4,301 | 7,293 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Operating expenses | 15,896 | 3,917 | 5,715 | 7,339 | 10,904 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Operating income (loss) | (1,579 | ) | (1,154 | ) | 3,346 | (2,419 | ) | 5,120 | |||||||||
|
|
|
|
|
|
|||||||||||||
| Financial and other income, net | 235 | 108 | (130 | ) | 36 | (64 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||||
| Income (loss) before income taxes | (1,344 | ) | (1,046 | ) | 3,216 | (2,383 | ) | 5,056 | |||||||||
|
|
|
|
|
|
|||||||||||||
| Provision for income taxes | 225 | - | - | - | 533 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Net income (loss) | (1,569 | ) | (1,046 | ) | 3,216 | (2,383 | ) | 4,523 | |||||||||
|
|
|
|
|
|
|||||||||||||
| Net income (loss) per ordinary share: | |||||||||||||||||
| Basic | (0.06 | ) | (0.04 | ) | 0.12 | (0.09 | ) | 0.17 | |||||||||
|
|
|
|
|
|
|||||||||||||
| Diluted | (0.06 | ) | (0.04 | ) | 0.12 | (0.09 | ) | 0.16 | |||||||||
|
|
|
|
|
|
|||||||||||||
| Weighted average number of | |||||||||||||||||
| ordinary shares outstanding: | |||||||||||||||||
| Basic | 27,053 | 27,053 | 27,056 | 27,053 | 27,055 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
| Diluted | 27,053 | 27,053 | 27,860 | 27,053 | 27,846 | ||||||||||||
|
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