Camtek (Nasdaq: CAMT), a developer of optical inspection systems, reported on Thursday that it had received a delisting warning from the Nasdaq Market, after its shares fell below the minimum required level of $1.
Migdal Ha’emek-based Camtek says it has until November 7, 2002 to regain compliance with the minimum $1.00 per share requirement and until December 4, 2002, to regain compliance with the $5 million market value requirements for continued listing.
On Friday, the company’s shares closed at $0.64. Camtek says it is currently reviewing its options to meet the requirements for continued listing, including the option of transferring its shares to Nasdaq Small Cap Market.
Separately, Camtek also narrowed its guidance for expected revenue in the third quarter to the range of $6.5-7.2 million, from earlier guidance of $6.0 - 7.5 million. Expected revenue in the quarter includes income for three Pegasus systems sold to a major Taiwanese semiconductor assembly house, Camtek said.
Camtek CEO Rafi Amit said, "Our expected revenues for the third quarter of 2002 represent a continuous improvement over the results of the first and second quarters. Adjusting our guidance to a narrower range reflects our higher level of confidence as we get closer to the quarter end."
The company also released an update regarding its stock repurchase program, which it announced in September last year. Since then, Camtek has purchased 528,000 of its shares for a total of $806,000.
Published by Globes [online] - www.globes.co.il - on 22 September, 2002