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CAMTEK ANNOUNCES FIRST QUARTER 2010 RESULTS

13.05.10

CONTINUED IMPROVEMENT IN REVENUES AND CASH GENERATION
90% year-over-year revenue increase MIGDAL HAEMEK, Israel – May 12, 2010 – Camtek Ltd. (NASDAQ and TASE: CAMT), today announced its financial results for the
quarter ended March 31, 2010. Main Financial Highlights of the First Quarter
• Revenues of $17.6 million representing a year-over-year increase of 90% and a sequential increase of 2%.
• Non-GAAP operating loss of $0.1 million compared with $5.0 million in the first quarter of 2009. GAAP operating loss
of $0.4 million.
• Cash and cash equivalents balance increased to $16.2 million; Company generated $0.8 million in operating cash flow
during the quarter.
Results for the three months ended March 31, 2010 on a non-GAAP basis, exclude the following items: (i) Expenses with respect
to the acquisition of SELA and Printar; and (ii) share based compensation expenses. A re-conciliation between the GAAP and
non-GAAP results appears in the tables at the end of this press release. First Quarter 2010 Financial Results
Revenues for the first quarter of 2010 increased 90% to $17.6 million, compared to $9.3 million in the first quarter of 2009.
Revenues grew 2% sequentially, representing the fourth quarter of continued sequential growth.
Gross profit on a GAAP basis for the quarter was $7.0 million (40% of revenues), compared to gross profit of $3.5 million
(37% of revenues) in the first quarter of 2009. On a non-GAAP basis, gross profit for the quarter of 2010 totaled
$7.3 million (41% of revenues), compared with $3.5 million (37% of revenues) in the first quarter of 2009.
Non-GAAP operating loss for the first quarter of 2010 was $0.1 million compared with $5.0 million in the first quarter of
2009. On a GAAP basis, the operating loss in the first quarter of 2010 was $0.4 million and in the first quarter of 2009 was
$5.0 million.
Non-GAAP net loss for the first quarter of 2010 totaled $0.3 million, or $0.01 per share, compared to a net loss of
$5.5 million, or a loss of $0.19 per share, in the first quarter of 2009. On a GAAP basis, net loss in the first quarter of
2010 was $0.9 million, or a loss of $0.03 per share, and in the first quarter of 2009 was $5.5 million, or $0.19 per share.
Cash and cash equivalents as of March 31, 2010 reached $16.2 million compared to $15.8 million at the end of the prior
quarter. The increase in cash during the quarter resulted from a positive operating cash flow of $0.8 million less
$0.4 million for cash used in capital expenditure. Roy Porat, Camtek’s General Manager, commented, “We are happy with our first quarter results. Although results are normally
seasonally weaker in the first quarter than those of the fourth quarter, they, in fact, improved and are in line with our
strong expectations, demonstrating the solid footing underlying the recovery.”Continued Mr. Porat, “As we move through the second quarter, we can definitely say that the markets we operate in are now all
in a high utilization mode and customers are actively expanding their capacity by investing in capital equipment. Looking
ahead, we are expecting to show continued improvements, not only from the recovery and expansion of our main markets, but
also from the additional growth of our new products, which are targeting new and potentially larger markets for Camtek.
With regard to our outlook for the second quarter, we expect revenues of between $20-$22 million and anticipate continued
growth into the second half of the year.”

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