QUARTERLY RESULTS BUSINESS ACTIVITIES ACTIVITIES … · the first quarter 2014 and $9.7 million in...

QUARTERLY RESULTS

BUSINESS ACTIVITIES

ORGANIZATIONAL ACTIVITIES

Camtek

News

Camtek announces 1st quarter results

Tradeshows .................. 3

IP updates .................... 4

Read about our Q1 tradeshows.

Get the latest IP updates

Business Activities

New Employees............ 5

Internal Changes………… . 5

Learn about new employees, new

managers and internal promotions

Organizational Updates

Headquarter activities .. 6

Camtek China ............... 7

Meet the Inventors ...... 10

Learn about the company’s local

activities in the various territories;

meet the people behind the company’s

patent portfolio

Local Activities

Quarterly Results

First quarter of 2015 was characterized by continued market penetration and sales of our new Eagle product family

for the Semiconductors industry. In February we introduced the Gryphon SL, our functional inkjet printer, designed

to print both Solder mask and legend on the same platform.

As always, you are more than welcome to send your feedback or creative ideas to:

[email protected]

Camtek Ltd. © 2015. All rights reserved. Internal information. Not to be disclosed or distributed

CEO Update .................. 2

Results .......................... 2

ISSUE #16 | INTERNAL | MAY 2015

mailto:[email protected]

Updates from our CEO “Following a number of recent sales of our Eagle system to new accounts, we expect increasing second quarter revenues in our semiconductor business. We see this positive momentum continuing into the third quarter as well, which supports our year-over-year double-digit growth target in our semiconductor business. We are pleased with the progress we have made in the Gryphon commercialization. We have started an evaluation process at a major PCB manufacturer and we are expanding our marketing efforts for Gryphon into the Asian market, which is the largest market for PCB manufacturers. Our recently launched next generation model, the Gryphon SL, enables both legend and solder mask deposition. We believe that our customers are, and will be, attracted by the prospect of using Gryphon for both these processes, which are currently very time consuming. Following the initial feedback from this launch, in anticipation of custom-ers' evaluations and orders, we are now building Gryphon SL machines. All in all we expect a good second quarter, with a total sales of $23-25 million."

QUARTERLY RESULTS


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Financial Results Main Financial Highlights of the First Quarter 2015

Revenues of $21.8 million, up 6% sequentially;

Non-GAAP operating income of $1.2 million; GAAP operating income of $1.1 million;

Non-GAAP net income of $0.3 million; GAAP net income of $0.1 million;

Q2 revenue guidance of $23 to 25 million;

Gryphon is being evaluated by a new major PCB manufacturer; and

Gryphon SL machines, utilizing Camtek’s 3D functional inkjet technology, are being built in anticipation of customers' evaluations and orders.

First Quarter 2015 Financial Results Revenues for the first quarter of 2015 were $21.8 million. This compares to first quarter 2014 revenues of $22.1 million and fourth qu ar-ter 2014 revenues of $20.6 million. Gross profit on a GAAP basis in the quarter totaled $9.8 million (45.1% of revenues), compared to $10.1 million (45.8% of revenues) in the first quarter 2014 and $9.5 million in the fourth quarter of 2014 (45.9% of revenues). Gross profit on a non-GAAP basis in the quarter totaled $9.8 million (45.2% of revenues), compared to $10.1 million (45.9% of revenues) in the first quarter 2014 and $9.7 million in the fourth quarter of 2014 (47.2% of revenues). Operating profit on a GAAP basis in the quarter totaled $1.1 million (5.2% of revenues), compared to $1.2 million (5.3% of revenues) in the first quarter 2014 and $361 thousand in the fourth quarter of 2014 (1.8% of revenues). Operating profit on a non-GAAP basis in the quarter totaled $1.2 million (5.5% of revenues), compared to $1.2 million (5.5% of revenues) in the first quarter 2014 and $702 thousand in the fourth quarter of 2014 (3.4% of revenues). Financial expenses on a GAAP basis in the quarter totaled $847 thousand, compared to $365 thousand in the first quarter 2014 and $358 thousand in the fourth quarter of 2014. Financial expenses on a non-GAAP basis in the quarter totaled $624 thousand, compared to $159 thousand in the first quarter 2014 and $358 thousand in the fourth quarter of 2014. Net income on a GAAP basis in the quarter totaled $52 thousand, or $0.00 per diluted share. This compares to net income of $639 thou-sand, or $0.02 per diluted share, in the first quarter 2014 and a net income of $68 thousand, or $0.00 per diluted share, in the fourth quar-ter of 2014. Net income on a non-GAAP basis in the quarter totaled $336 thousand, or $0.01 per diluted share. This compares to net income of $883 thousand, or $0.03 per diluted share, in the first quarter 2014 and a net income of $408 thousand, or $0.01 per diluted share, in the fourth quarter of 2014. Cash, cash equivalents, short and long-term restricted deposits, as of March 31, 2015 were $21.9 million (out of which $7.9 million are re-stricted deposits) compared to $26.8 million as of December 31, 2014. The Company generated a negative operating cash flow of $4.2 mil-lion during the quarter, principally due to an increase in inventory and accounts receivable .

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Business Activities | Organizational Updates | Local Activities

http://www.camtek.co.il/data/upl/ufck/NewsletterQ32013/mainpage.pdf

Tradeshows & Seminars

To strengthen the business strategy and reinforce our mar-

ket positioning, Camtek has an extensive annual tradeshow

plan, covering the top tradeshows in its main markets

worldwide. Semiconductors: Semicon Korea: Seoul, Korea. Feb 4-6, 2015 In this show we continued our launch strategy of the new product line, the Eagle. Semicon China: Shanghai, China. Mar 17-19

PCB: IPC: San Diego, USA. Feb 24-26, 2015 Camtek launched Gryphon SL, the first digital solder mask and legend deposition system. The launch became one of the central events of the entire show. CPCA: Shanghai, China. Mar 17-20, 2015 CPCA is one of the less attended shows, however we continue maintaining our presence in this show in the booth of our agent, Hakuto. We featured Phoe-nix HDI/TX and metrology options.

BUSINESS ACTIVITIES

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Quarterly Results | Organizational Updates | Local Activities



BUSINESS ACTIVITIES

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Intellectual Property

IP – @the Core of Our Technology

In the first quarter of 2015, the following patents were granted to Camtek:

Optical Inspection System Using Multi-Facet Imaging [MEP], also known as a Wafer Edge 1. Filed in 2008 and now granted in Taiwan. Inventors: Michael Lev, Udi Efrat, Roni Fleiswasser.

Method, System and Computer Program Product for Reference Information Based Evaluation [PCB], also

known as an Actual. Filed in 2008 and now granted in Taiwan. Inventors: Menachem Regensburger, Noam Shor, Maksym Khomchuk.

System and Method for Inspecting an Object Using a Hybrid Sensor [PCB], also known as a Hybrid Sensor. Filed

in 2013 and now granted in US. Inventor: Yossi Cherbis. Systems And Method For Imaging Multiple Sides Of Objects [Penta]. Filed in 2010 and now granted in CN. In-

ventor: Shy Cohen. Scanning During A Stage Acceleration In An Inspection System [PCB], also known as a Line Scan Accelerator.

Filed in 2011 and now granted in CN. Inventors: Danny Zeevi, Yehoshua Kulik, Eliyahu Trigoub. Advanced Inspection Method Utilizing Short Pulses LED Illumination [PCB], also known as LED. Filed in 2011

and now granted in IL. Inventors: Amnon Menachem, Yossi Cherbis, Yacov Malinovich, Arnon Ben-Natan. Method & system for inspecting objects [MEP], also known as an Illumination for LED. Filed in 2011 and now

granted in CN. Inventor: Zehava Ben Ezer.

Litigation Status

The following legal proceedings continue in the US: In Israel- oppositions initiated by Orbotech and appealed are on-going Camtek won an opposition against Orbotech's patent 131283- Apparatus and Method for inspection of objects

[Double Process] thanks to Shimon Koren expert witness. Camtek won an opposition against Orbotech's patent 133312- Method for Printed Circuit Board Inspection

[Step& Repeat] thanks to Ehud Tirosh expert witness. Orbotech appealed an opposition won by Camtek against Orbotech's patent 179995- System and method for

inspecting patterned devices having microscopic conductors [Azimuth Angle] Camtek appealed an opposition granted in favor of Orbotech's patent 147565- Multiple Optical input System

[Multi optical] In US- the legal proceedings are on-going

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Quarterly Results | Organizational Updates | Local Activities



New Employees We are happy to welcome the following senior managers, who joined Camtek in the last quarter:

ORGANIZATIONAL UPDATES

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Yoshinori Oikawa, Director Marketing and Business development, Israel

Mr. Yoshinori Oikawa (Yoshi) has joined Camtek as Director Marketing and Business

Development reporting directly to Dr. Boaz Nitzan, VP FIT division, effective from April

13th, 2015.

Yoshi was involved in high-tech and med-tech industry in various executive positions

and engaged in finance, marketing, business development and market penetration

activities for the last 23 years.

Ken Li has been promoted from Technical Manager to Technical Director, reporting directly

to Mr. Simon Liu, GM Taiwan. Effective date is Fab. 1st 2015

Ken Li, Technical Director , Taiwan

Internal changes Below are the senior managers who have been promoted / appointed to new positions within the company :

Jacky Hsu has been promoted from Customer Support Supervisor to Technical Manager,

reporting directly to Mr. Ken Li, Technical Director. Effective date is Fab. 1st 2015.

Jacky Hsu, Technical Manager , Taiwan

Business Activities | Local Activities | Quarterly Results

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LOCAL ACTIVITIES

Camtek Headquarter International Women’s Day

International Women's day is a day to celebrate women's achieve-ments all over the world, a day to appreciate women everywhere, successful women, independent women, mothers, grandmothers and so on.

It has already became a tradition that we start this special day in an exclusive women celebration including Headquarter’s female employ-ees. We've had a wonderful outdoor breakfast and listened to an amazing lecture by an incredible woman who fought against all odds and managed to have a successful Olympic sports career, despite her physical disabilities.

Passover and Patent Recognition

Keeping the tradition of honoring the great inventions of Camtek employees, we have all gathered a couple of days before the Pass-over holiday to raise a toast to the upcoming holiday and applaud the employees who received an award for their patents. In addi-tion, we had a great lecture on "how to be creative in our everyday life", which we all found very interesting, productive and useful.

Business Activities | Organizational Updates | Quarterly Results

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LOCAL ACTIVITIES

Camtek Headquarter

Camtek in the Community

It has already became a tradition when Camtek takes part in schools renovation projects as we transform a regular classroom into a "relaxation classroom" or, as we call it "Kitat Atnachta".

Many employees took part in this project and helped clean, repaint, repair and decorate the room to make a relax-ing atmosphere so the pupils of "Aliza Begin" elementary school in Migdal Haemek would be able to use the room and enjoy it whenever they want to.


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CIT Happy Hour—Climbing Competition & BBQ in South China

The interesting climbing competition inspired us to reach for the top of the rout and the mountain was filled with our cheers and laughter. After the climbing competition, we gathered at the barbecue square. Everyone showed their cook-ing skills, and we have all enjoyed our barbecue lunch as one big happy family!

Hope all of us keep this wonderful memory in mind. Wish all the colleagues can be as happy as we were on this event

every day!



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LOCAL ACTIVITIES

CIT

Sports Activity — "Bicycle and Mini Marathon Race" in North China Suzhou, Yangcheng Lake Peninsula, April 24th

We were very glad that a few colleagues from Camtek South China, Camtek TW and Camtek IL joined the race, a total of 104 employees took part in this activity.

During the race, the enthusiasm was high, some of us enjoyed the scenery, some of us enjoyed the victory, and all of us enjoyed this amazing day. And, of course, at the end of the race, the winners were awarded with fabulous prizes .



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LOCAL ACTIVITIES

Meet the Inventors It’s all about creative thinking: Inspired minds combined with creative spirit and the ability to see be-yond, imagine and envision. Meet some of our inventors, those who were inspired to find a unique so-lution that made a technology breakthrough .

Shimon Koren

Date and place of birth: Russia Education: Ph.D. in Physics Employed at Camtek since: March 2006 Position: Physics Department Manager Division: Semiconductors The most inspiring invention: The photoelectric effect (Nobel Prize, 1921) . The most inspiring inventor: Albert Einstein. I’m inspired by: Inventions that changed the world as we know it.

I’m amazed by: Companies and organizations that fail to foresee the changes.

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LOCAL ACTIVITIES

Meet the Inventors It’s all about creative thinking: Inspired minds combined with creative spirit and the ability to see beyond, imagine and envision. Meet some of our inventors, those who were inspired to find a unique solution that made a technology breakthrough .

Uri Weiner Date and place of birth: 14/8/1978 Nahariya, Israel Education: BSc Mechanical Eng. Ben-Gurion University of the Neg-ev, MBA Ben-Gurion University of the Negev. Employed at Camtek since: 2011 Position: System Engineer Division: Semiconductors

The most inspiring invention: Marine Propeller Drive.

The most inspiring inventor: Thomas Edison

who located 10,000 ways how not to create the

light bulb.

I’m inspired by: My colleague drive and dedi-

cation .

I’m amazed by: The complexity of the human

eye "image processing" capabilities .

Menachem Regensburger Date and place of birth: 11/4/71 Israel Education: BA in Physics Employed at Camtek since: 2000 Position: Marketing Division: Semiconductors

The most inspiring invention: The invention of the Velcro. Sim-

ple, yet very useful

The most inspiring inventor: As I believe that science pushes our

boundaries rather than inventions, I would say Richard Feynman

(Nobel for QED)

I’m inspired by: Problems that need solving

I’m amazed by: A complex solution that actually works


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QUARTERLY RESULTS BUSINESS ACTIVITIES ACTIVITIES … · the first quarter 2014 and $9.7 million in...

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