Camtek Ltd. (Nasdaq: CAMT; TASE:CAMT) saw its share price rise sharply this evening after publishing first quarter results and strong second quarter guidance.
Revenue for the first quarter of 2013 was $18.1 million, up 3% from $17.6 million in the preceding quarter but down nearly 1% from $18.2 million in the corresponding of 2012. Revenues were slightly above the company's guidance range of $16-18 million for the quarter.
Camtek CEO Roy Porat said, "We expect strong sequential improvement in the coming quarter with revenues reaching $21-23 million, representing approximately 20% growth. We also see a positive trend beyond the second quarter, driven by a cyclical recovery in our end markets."
Camtek provides automated and technologically advanced solutions to enhance production processes and increase yields, enabling and supporting customer's latest technologies in the semiconductors, Printed Circuit Boards (PCB) and IC substrates industries.
GAAP net loss in the first quarter of 2013 totaled $0.9 million ($0.03 per share), compared with a net loss of $3.3 million ($0.11 per share) in the preceding quarter and a net loss of $1.4 million ($0.05 per share) in the corresponding quarter of 2012.
Non-GAAP net loss in the first quarter was $0.2 million ($0.01 per share) compared with a net loss of $0.9 million ($0.29 per share) in the preceding quarter and a net loss of $0.6 million ($0.02 per share) in the corresponding quarter of 2012.
Cash and cash equivalents and short-term deposits as of March 31, 2013 amounted to $23.1 million ($17.3 million net of bank loans) compared to $26 million ($19.8 million net of bank loans), as of December 31, 2012. The company used $2.2 million in operating cash flow during the first quarter of 2013.
Camtek's share price was up 42.85% on Nasdaq this evening to $2.40, giving a market cap of $71.75 million. Earlier, the share price had closed up 7.85% on the TASE at NIS 7.16.
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2013
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