MIGDAL HAEMEK, ISRAEL – Camtek reported third quarter revenue was $28.5 million, up 8% year-over-year and 4% sequentially.

GAAP net income was $1.1 million for the period ended Sept. 30, up 10% compared to the same period in 2015 and down 15.4% sequentially. Operating profit was $1.7 million (5.8% of revenues), compared to $1.8 million (6.8% of revenues) in the third quarter 2015 and $1.7 million (6.4% of revenues) in the prior quarter.

Cash, cash equivalents, short and long-term restricted deposits, as of Sept. 30, were $19.7 million compared to $38.7 million as of Dec. 31.

"We are very pleased with the results of this quarter, and our revenue guidance forecasts that 2016 will end as a record year for us," said CEO Rafi Amit. “Our ongoing revenue growth was once again driven by solid performance in our semiconductor business. Approximately 40% of the systems shipped this quarter will be used in the advanced packaging market. As this market segment remains strong, we continue our penetration to the advanced packaging 2D inspection, with new customers for fan-out applications using our unique inspection capabilities.

"We are also pleased with our improvement in profitability, which was mainly due to lower operating expenses. Furthermore, following the reorganization of our digital printing activity in August, we expect to see additional operating expense savings ahead. "

The firm expects fourth quarter revenue between $28.5 million and $29.5 million, bringing 2016 revenues to a record $109 million.

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