Camtek Ltd. (Israel) : CAMTEK ANNOUNCES RECORD FULL YEAR 2011 RESULTS

Camtek - Intelligent Imaging

CAMTEK ANNOUNCES RECORD FULL YEAR 2011 RESULTS

22%
year over year growth in revenue, strong annual operating cash flow of $9.8 million
MIGDAL
HAEMEK, Israel - February 21, 2012 - Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the full year and fourth quarter ended December 31, 2011.
Highlights
of the Full Year 2011
·
Revenues of $107 million;
·
Non-GAAP net income of $8.8 million; GAAP net income of $5.4 million;
·
Non-GAAP operating income of $10.5 million; GAAP operating income of $9.0 million

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Camtek - Intelligent Imaging

· Positive operating cash flow of $9.8 million in the year
Highlights
of the Fourth Quarter 2011
·
Revenues of $21.1 million;
·
Non-GAAP operating income of $0.1 million; GAAP
operating loss of $0.7 million
·
Non-GAAP net loss of $0.5 million; GAAP net loss of $1.9 million;
·
Positive operating cash flow of $8.2 million in the quarter

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Camtek - Intelligent Imaging

Results
for the three-month period and full year ended December 31, 2011 on a non-GAAP
basis, exclude the following items: (i) amortization of acquired intangible assets and revaluation of liabilities with respect to the acquisitions of Sela and Printar; (ii) share based compensation expenses; (iii) write off of inventory primarily related to a discontinued product lines. A reconciliation
between the GAAP and non-GAAP results appears in the tables at the end of this press release.
Roy
Porat, Camtek's Chief Executive Officer, commented, "We are very pleased with our overall performance in 2011, presenting an all time record
year on the top line. We maintained a strong market position in our two core
product lines and saw growing market acceptance of our new growth engines."
Continued Mr. Porat, "Like our industry, our business has softened at the end of 2011 and the beginning of 2012. For the first quarter, we believe revenues will range between $17 and $19 million. Looking ahead, we are well
positioned for resuming our growth once more positive market conditions return."

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Camtek - Intelligent Imaging

Fourth
Quarter 2011 Financial Results
Revenues for the fourth
quarter of 2011 were $21.1 million, a decrease of 17% compared to $25.4 million in the fourth quarter of 2010.
Gross profit on
a GAAP basis in the quarter totaled $8.1 million (38.5% of revenues), compared with $11.7 million (46.0% of revenues) in the fourth quarter of 2010. Gross
profit on a non-GAAP basis in the quarter totaled $8.9 million (42.1% of revenues), compared with $12.0 million (47.0% of revenues) in the fourth quarter of 2010.
Operating loss on
a GAAP basis in the quarter was $0.7 million compared with an operating income
of $1.8 million (6.9% of revenues) in the fourth quarter of 2010. Non-GAAP operating income in the quarter was
$0.1 million (0.5% of revenues) compared with an operating income of $2.1 million (8.4% of revenues) in the fourth quarter of 2010.

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Net loss on a
GAAP basis in the quarter totaled $1.8 million, or $0.06 per diluted share, compared to a net income of $1.3 million, or $0.04 per share in the fourth quarter of 2010. On a non-GAAP basis, net loss in the quarter was $0.5 million, or loss of $0.02 per share, compared with a net income of $1.9 million, or $0.06 per diluted share in the fourth quarter of 2010.
Full
Year 2011 Results Summary
Revenues for 2011 were
$107.0 million, an increase of 22% compared to $87.8 million, as reported in 2010.

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Gross profit on
a GAAP basis for 2011 was $47.5 million (44.3% of revenues) compared to gross profit of $38.4 million (43.7% of revenues) in 2010. Gross profit on a non-GAAP basis for 2011, was $48.6 million (45.4% of revenues), compared to $38.7
million (44.1% of revenues) in 2010.
Operating income on
a GAAP basis for 2011, was $9.0 million (8.4% of revenues) compared to an operating income of $4.9 million (5.5% of revenues) in 2010. Non-GAAP operating income in 2011 was $10.5 million (9.8% of revenues) compared to an operating income of $5.7 million (8.4% of revenues) in 2010.
Net
income on
a GAAP basis for 2011 was $5.4 million compared to a net income of $2.8 million in 2010. Net income on a non-GAAP basis
for 2011 was $8.8 million, compared to a net income of $4.4 million in 2010.

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Cash
and cash equivalents and short-term deposits as of December 31, 2011 were $26.3 million ($19.5 million net of bank loans) compared with $14.8 million ($12.2 million net of
bank loans), which included $5.2 million in restricted deposits, as of December
31, 2010. The company generated a positive operating cash flow of $8.2 million during the fourth quarter of 2011. For the year, the Company generated a positive operating cash flow of $9.8 million.
Conference Call
Camtek
will host a conference call today, February 21, 2012, at 10:00 am ET.
Roy
Porat, Chief Executive Officer and Moshe Eisenberg, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.
To
participate, please call one of the following telephone numbers a few minutes before the start of the call.

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US: 1 866 860 9642
Time
Israel: 03
918 0685 at 5:00 pm Israel Time
International: +972 3 918 0685
For those unable to participate, the
teleconference will be available for replay on Camtek's website at http://www.camtek.co.il/ beginning 24 hours after the call.
ABOUT CAMTEK LTD.
Camtek Ltd.
provides automated and technologically advanced solutions dedicated to enhancing production processes and increasing yields, enabling and supporting

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Camtek - Intelligent Imaging

customer's latest technologies in the Semiconductors, Printed Circuit Boards
(PCB) and IC Substrates industries.
Camtek addresses the specific needs of these
interconnected industries with dedicated solutions based on a wide and advanced platform of technologies including intelligent imaging, image processing,
adaptive ion milling (AIM) and digital material deposition (DMD). Camtek's solutions range from micro-to-nano by applying its technologies to the industries' specific requirements.

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