MIGDAL HAEMEK, ISRAEL -- Camtek reported third-quarter revenues rose 17% year-over-year to $26.3 million on higher demand from the advanced packaging semiconductor market.

Sales were up 4% sequentially for the period ended Sept. 30, boosted by customers in Taiwan and China. It was the inspection company's highest quarterly revenue mark in four years.

GAAP operating income was $1.8 million, up 80%, and net income was $1 million, up 62%. The firm generated operating cash flow of $5.4 million during the quarter.

Management guided for fourth-quarter revenue of $25 million to $26.5 million, and total 2015 sales of abouit $100 million.

Chairman and CEO Rafi Amit said, "Our four-year high in quarterly revenue has been driven by robust sales of automatic optical inspection and metrology systems to the semiconductor market. These sales reflect growth in the advanced packaging market segment as well as other leading segments such as CMOS Image Sensors and MEMS.

"With respect to the PCB market, the inspection business remains stable, and the Gryphon is in evaluation with four customers, three in the US and one in Asia. As the Gryphon progresses in its marketing phases, we have decided to integrate the two product lines serving the PCB market (inspection and digital printing) under one business unit. This move will improve the synergies between the sales force and the R&D team, as a result it will allow us to efficiently focus on improving the performances of the Gryphon based on the customers' feedback. Following implementation of market feedback, we will accelerate the process of broader market sales."

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