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Camtek Announces Fourth Quarter and Full Year 2010 Results

Israel February 22, 2011 December 31, 2010

    Main Quarterly Financial Highlights      - Sequential quarterly revenue increase of 6% and year-over-year       fourth quarter increase of 48% to $25.4 million.      - Non-GAAP gross margin of 47.2% for the quarter compared with       43.0% in the fourth quarter of last year; GAAP gross margins of 46%.      - Non-GAAP operating income of $2.3 million and non-GAAP net       income of $2.1 million; GAAP operating income of $1.8 million and       GAAP net income of $1.3 million.      - Positive operating cash flow of $1.8 million in the quarter;       cash and cash equivalents balance increased by $1.6 million during the       quarter, ending the year with cash of $14.8 million.      Main Yearly Financial Highlights      - 2010 revenues of $87.8 million, growing 64% year-over-year.      - Non GAAP full year gross margin improved to 44.8% compared       with 39.5% last year.      - Non-GAAP operating income of $6.4 million and net income of       $5.7 million; GAAP operating income of $4.9 million and net income of       $2.8 million. 

December 31, 2010 Europe China

Fourth Quarter 2010 Financial Results

$25.4 million $17.2 million $22-25 million

$11.7 million $3.7 million $12.0 million $7.3 million

$1.8 million $3.2 million $2.3 million $0.8 million

$9.7 million $1.2 million

$1.3 million $0.04 $4.0 million $0.14

$2.1 million $0.07 $0.5 million $0.02

December 31, 2010 $14.8 million $5.2 million $1.8 million $0.6 million $0.8 million China

Full Year 2010 Results Summary

$87.8 million $53.5 million

$38.4 million $17.5 million $39.3 million $21.1 million

$4.9 million $10.5 million $6.4 million $6.4 million

$2.8 million $11.8 million

$5.8 million $7.1 million

Management Comment

Roy Porat

$25-$27 million Chinese New Year China

Conference Call

February 22, 2011 10:00 am ET

Roy Porat Mira Rosenzweig

To participate, please call one of the following telephone numbers a few minutes before the start of the call.

     US: +1-888-668-9141 at 10:00 am Eastern Time     Israel: 03-918-0609 at 5:00 pm Israel Time     International: +972-3-918-0609  

http://www.camtek.co.il/

ABOUT CAMTEK LTD.

Camtek Ltd provides automated solutions dedicated for enhancing production processes and yield, enabling our customer’s new technologies in two industries: Semiconductors, Printed Circuit Board (PCB) & IC Substrates.

Camtek addresses the specific needs of these industries with dedicated solutions based on a wide and advanced platform of technologies including intelligent imaging, image processing, ion milling and digital material deposition. Camtek’s solutions range from micro-to-nano by applying its technologies to the industry-specific requirements.

http://www.camtek.co.il

This press release may contain projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, intellectual property litigation, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.

Use of non-GAAP Measures

This press release provides financial measures that exclude certain items and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.

     CAMTEK LTD. and its subsidiaries      Consolidated Balance Sheets      (In thousands)                                                               December 31,                                                             2010        2009                                                           U.S. Dollars (In                                                              thousands)      Assets      Current assets      Cash and cash equivalents                          9,577          15,802      Accounts receivable, net                          28,817          18,712      Inventories                                       24,034          14,176      Due from affiliates                                  384             344      Other current assets                               2,414           1,691      Deferred tax asset                                    88              68       Total current assets                              65,314          50,793       Fixed assets, net                                 15,077          15,394       Long term inventory                                2,304           4,661      Restricted deposits *                              5,182               -      Deferred tax asset                                   118              98      Other assets, net                                    460             460      Intangible assets **                               4,163           4,356      Goodwill                                           3,653           3,653                                                         15,880          13,228       Total assets                                      96,271          79,415        Total assets                                      96,271          79,415       Liabilities and shareholders' equity      Current liabilities      Short term bank loans                              1,409               -      Long term bank loans - current portion               433               -      Accounts payable - trade                           9,761           4,494      Convertible loan - current portion                     -           1,666      Other current liabilities                         21,408          12,945       Total current liabilities                         33,011          19,105       Long term liabilities      Long term bank loans                                 758               -      Liability for employee severance benefits            626             487      Other long term liabilities **                     7,884           8,802                                                         9,268           9,289       Total liabilities                                 42,279          28,394       Commitments and contingencies       Shareholders' equity      Ordinary shares NIS 0.01 par value,      authorized 100,000,000 shares,      issued 31,370,359 as of December 31, 2010      and 31,328,119 as of December 31, 2009,      outstanding 29,277,983 as of December 31,      2010 and 29,235,743 as of December 31, 2009          132             132      Additional paid-in capital                        60,452          60,297      Accumulated losses                               (4,694)         (7,510)                                                        55,890          52,919      Treasury stock, at cost (2,092,376 as of      December 31, 2010      and 2009)                                        (1,898)         (1,898)       Total shareholders' equity                        53,992          51,021       Total liabilities and shareholders' equity        96,271          79,415        (*) Bank guarantee against credit line related to the Rudolph         Technologies appeal      (**) Relates to Printar and SELA acquisitions                                                                    Camtek Ltd.      Consolidated Statements of Operations      (in thousands, except share data)                                           Year ended      Three months ended                                            December 31,      December 31,                                          2010    2009     2010      2009                                          U.S. dollars      U.S. dollars       Revenues                             87,780   53,521  25,432  17,222     Cost of revenues                     49,361   36,039  13,745  13,489      Gross profit                         38,419   17,482  11,687   3,733      Research and development costs       12,906   10,319   3,594   2,771     Selling, general and administrative  20,662   17,667   6,343   4,181     expenses                                           33,568   27,986   9,937   6,952      Operating profit (loss)               4,851  (10,504)  1,750  (3,219)      Financial income (expenses), net     (1,478)    (952)   (234)   (599)      Income (loss) before income taxes     3,373  (11,456)  1,516  (3,818)      Income tax                             (557)    (386)   (203)   (166)      Net income (loss)                     2,816  (11,842)  1,313  (3,984)      Net income (loss) per ordinary     share:      Basic                                  0.10    (0.40)   0.04   (0.14)      Diluted                                0.09    (0.40)   0.04   (0.14)      Weighted average number of ordinary     shares outstanding:      Basic                                29,259   29,218  29,278  29,218      Diluted                              30,360   29,218  29,991  29,218                                                                      Camtek Ltd.      RECONCILIATION OF GAAP TO NON-GAAP RESULTS      (in thousands, except share data)                                       Year ended   Three months ended                                     December 31,     December 31,                                    2010   2009     2010      2009                                    U.S. dollars     U.S. dollars       Reported net income (loss)            2,816  (11,842)  1,313  (3,984)     attributable to Camtek Ltd. on GAAP     basis      Acquisition of Sela and Printar       2,093    1,264     386   1,164     related expenses(1)      Inventory write -downs (2)                                             159    3,213     159   3,213     Share-based compensation                                             155      148      32       -     Restructuring expenses (3)              544        -     187       -     Write off of Other assets                 -      102       -     102      Non-GAAP net income (loss)            5,767   (7,117)  2,077     495      Gross margin on GAAP basis             43.8%      33%     46%     22%     Reported gross profit on GAAP basis  38,419   17,482  11,687   3,733      Acquisition of Sela and Printar     related expenses (1)                    731      397     160     397     Inventory write off (2)                 159    3,213     159   3,213     Non GAAP gross margin                  44.8%      39%   47.2%     43%     Non-GAAP gross profit                39,309   21,092  12,006   7,343       Reported Operating loss attributable  4,851  (10,504)  1,750  (3,219)     to Camtek Ltd. on GAAP basis      Acquisition of Sela and Printar     related expenses (1)                    731      678     160     678      Inventory write off (2)                                             159    3,213     159   3,213     Share-based compensation                                             155      148      31       -     Restructuring expenses (3)              544              187     Write off of Other assets                 -      102       -     102      Non-GAAP Operating income (loss)      6,440   (6,363)  2,287     774  

December 31, 2010 December 31, 2009 $0.4 million $2.1 million $1.2 $1.3 million $0.4 million $0.4 million $0.2 million $1.4 million $0.5 million $0.6 million $0.16 million $0.3 million $0.1 million

December 31, 2009 $0.2 million

December 31, 2009 $2.6 million $0.6 million December 31, 2010 $0.16 million

June 2010 Europe Belgium $0.3 million

December 31, 2010 $0.18 million $0.1 million China

     Contact Details:      CAMTEK       Mira Rosenzweig CFO      Tel: +972-4-604-8308     Fax: +972-4-604 8300     Mobile: +972-54-9050703     [email protected]      INVESTOR RELATIONS      CCG Investor Relations      Ehud Helft / Kenny Green     Tel: (US) +1-646-201-9246     [email protected]      Camtek Ltd.      P.O.Box 544, Ramat     Gabriel Industrial Park     Migdal Ha'Emek 23150, ISRAEL      Tel: +972(4)604-8100     Fax: +972(4)644-0523      E-Mail: [email protected]     Web site: http://www.camtek.co.il   

SOURCE Camtek Ltd

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