Camtek Announces Second Quarter 2014 Results

Use of non-GAAP Measures

This press release provides financial measures that exclude certain items such as: (i) amortization of acquired intangible assets and revaluation of liabilities with respect to the acquisitions of Sela and Printar; and (ii) share based compensation expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.

 

Consolidated Balance Sheets




(In thousands)









June 30,


December 31,


2014


2013


U.S. Dollars (In thousands)

Assets




Current assets




Cash and cash equivalents

11,563


16,495

Short-term deposits

8,500


6,000

Trade accounts receivable, net

31,579


27,048

Inventories

19,041


17,911

Due from affiliated companies

231


233

Other current assets

2,201


1,913

Deferred tax asset

788


938





Total current assets

73,903


70,538





Fixed assets, net

13,837


14,481





Long term inventory

1,979


2,225

Long-term deposit

729


729

Deferred tax asset

975


975

Other assets, net

339


339

Intangible assets, net

1,028


1,008

Goodwill

1,555


1,555


6,605


6,831

Total assets

94,345


91,850





Liabilities and shareholders' equity




Current liabilities




Trade accounts payable

8,375


7,753

Other current liabilities

15,967


15,585





Total current liabilities

24,342


23,338





Long term liabilities




Liability for employee severance benefits

939


858

Other long term liabilities

4,218


5,758


5,157


6,616

Total liabilities

29,499


29,954





Shareholders' equity




Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares,




32,564,626 issued as of June 30, 2014 and 32,497,902 issued as of December 31, 2013, outstanding 30,472,250




as of June 30, 2014 and 30,405,526 as of December 31, 2013

134


134

Additional paid-in capital

63,265


62,966

Retained earnings

3,345


694


66,744


63,794

Treasury stock, at cost (2,092,376  as of June 30, 2014 and December 31, 2013)

(1,898)


(1,898)





Total shareholders' equity

64,846


61,896





Total liabilities and shareholders' equity

94,345


91,850


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