Camtek announces Q1 2004 results

Camtek Ltd. has announced results for the first quarter ended March 31, 2004.

Revenues for the first quarter of 2004 were $13.1 million, up 125% from $5.8 million in the first quarter of 2003, and up 25% from $10.4 million in the fourth quarter of 2003. Gross profit margin for the first quarter of 2004 was 53.3%, compared to 37.1% for the first quarter of 2003, and 51.5% for the fourth quarter of 2003.

The Company reported net income before taxes of $1.8 million, compared to a net loss before taxes of $1.3 million in the first quarter of 2003 and a net income before taxes of $848,000 in the fourth quarter of 2003.  Net income for the first quarter of 2004 was $1.3 million, or $0.05 per share, including a tax provision of $533,000, which includes $460,000 of the previously announced $685,000 tax settlement.

"We are truly pleased with these results, which exceeded our preliminary estimates,” commented Rafi Amit, Camtek’s CEO. “These results represent continued growth in demand for our products, particularly from customers in China and Taiwan, indicating an on-going increase in production capacity there. We continue to see sales growth in the Asia Pacific region.”

Mr. Amit added: “This quarter’s revenues do not yet reflect the contribution of the Falcon, our product for semiconductor manufacturing and packaging industry. We expect to recognize income from Falcon sales in the coming quarters, including the $1.2 million order from Cypress Semiconductor previously announced.”