Camtek announces Q3 2017 results
Camtek Ltd. has announced its financial results for the quarter ended September 30, 2017.
Financial highlights of the third quarter 2017
Semiconductor revenues were $23.8 million, up 13% year-over-year, in the upper end of the guidance range and a record for the semiconductor segment;
GAAP gross margins reached 49.3%; non GAAP gross margin of 49.4%;
GAAP operating margins of 12.0%; non-GAAP operating margins of 12.3%;
GAAP net profit of $11.7 million;
Non-GAAP net income from continuing semiconductor operations of $2.9 million; up 194% year-over-year;
End of quarter net cash balance of $21.7 million; additional $22.0 million received on October 2, 2017 as second installment of the PCB transaction.
Guidance for the Fourth Quarter of 2017
Fourth quarter revenues are expected to increase to between $24-25 million, while operating costs are expected to decrease and continue to benefit from Camtek becoming a focused semiconductor inspection and metrology company. As a result, non-GAAP operating margins are expected to improve to approximately 15% in the fourth quarter of 2017, with continued improvement in 2018.
Due to the completion of the sale of Camtek’s PCB business at the end of the third quarter, the results of this unit ceased to be consolidated into Camtek’s financial statements and are accounted for as discontinued operations in both the current period ended September 30, 2017, as well as the comparative periods. Following the sale of the PCB business, the Company recorded one-time income of $12.5 million to GAAP net income in the third quarter 2017 results. This amount is excluded from the non-GAAP results. The reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
