Net income (loss) per ordinary share:
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| Year ended December 31, | Three Months ended December 31, | ||
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| 2018 | 2017 | 2018 | 2017 |
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| U.S. dollars | U.S. dollars | ||
Basic earnings from continuing operation | 0.52 | 0.05 | 0.16 | 0.09 |
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Basic earnings (losses) from discontinued operation * |
- |
0.35 |
- |
(0.01) |
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Basic net earnings | 0.52 | 0.4 | 0.16 | 0.08 |
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Diluted earnings from continuing operation |
0.51 |
0.05 |
0.16 |
0.09 |
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Diluted earnings (losses) from discontinued operation * |
- |
0.34 |
- |
(0.01) |
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Diluted net earnings | 0.51 | 0.39 | 0.16 | 0.08 |
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Weighted average number of |
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ordinary shares outstanding: |
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Basic | 36,190 | 35,441 | 36,440 | 35,644 |
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Diluted | 36,747 | 35,964 | 37,020 | 36,094 |
(*) The financial results of the PCB business are presented as discontinued operations.
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
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| Year ended December 31, | Three Months ended December 31, | |||||
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| 2018 |
| 2017 | 2018 | 2017 |
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| U.S. dollars | U.S. dollars | |||||
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| Reported net income attributable to Camtek Ltd. on GAAP basis
|
18,731 |
13,962 |
5,773 |
2,861 |
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| Effect of FIT reorganization (1) | 506 | - | - | - |
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| Share-based compensation | 1,682 | 426 | 654 | 150 |
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| Settlement expense, net of tax (2) | - | 12,025 | - | - |
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| Realization of deferred tax assets (3) | - | (4,495) | - | - |
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| Attributable to discontinued operations | - | (12,274) | - | 465 |
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| Non-GAAP net income | 20,919 | 9,644 | 6,427 | 3,476 |
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| Non–GAAP net income per diluted share | 0.57 | 0.27 | 0.17 | 0.10 |
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Gross margin on GAAP basis Reported gross profit on GAAP basis
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49.4% 60,796 |
48.7% 45,519 |
50.4% 16,717 |
47.7% 12,325 |
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| Effect of FIT reorganization (1) | 205 | - | - | - |
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| Share-based compensation | 167 | 44 | 62 | 16 |
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| Non-GAAP gross margin | 49.7% | 48.7% | 50.6% | 47.8% |
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| Non-GAAP gross profit | 61,168 | 45,563 | 16,779 | 12,341 |
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| Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis |
20,033 |
(3,037) |
6,202 |
3,683 |
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| Effect of FIT reorganization (1) | 506 | - | - | - |
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| Share-based compensation | 1,682 | 426 | 654 | 150 |
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| Settlement expense (2) | - | 13,000 | - | - |
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| Non-GAAP operating income | 22,221 | 10,389 | 6,854 | 3,833 |
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(1) At the end of the first quarter of 2018, the Company ceased its efforts to utilize the remaining inventory and equipment related to FIT development and recorded a one-time write-off in the amount of $0.5 million , consisting of: (1) inventory write-offs of $0.2 million , recorded under the cost of revenue line item; and (2) fixed asset write-offs of $0.3 million recorded under operating expenses.
(2) In the third quarter of 2017, the Company recorded a provision of $13 million ( $12 million net of tax) in conjunction settlement with Rudolph Technologies Inc.
(3) In the third quarter of 2017, the Company recorded net income of $4.5 million as a result of a decrease in the valuation allowance on deferred tax assets following the evaluation of the realizability of the assets based on projected future earnings.
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http://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-fourth-quarter-and-full-year-2018-300794863.html
SOURCE Camtek Ltd.
| Contact: |
| Company Name: Camtek Ltd.
Financial data for Camtek Ltd. |
