MIGDAL HAEMEK, ISRAEL -- AOI maker Camtek today announced sales rose 39% year-over-year in the fourth quarter to $17.2 million.

For the period ended Dec. 31, the company reported a net loss of $4 million, on inventory write-downs.

Cash and cash equivalents increased by $2 million during the quarter, bringing the company's year-end total net cash to $15.8 million. The gross profit on a GAAP basis was $3.7 million (22% of revenues), compared to gross profit of $3 million (24% of revenue) in 2008. Revenues were up 19% sequentially for the period ended Dec. 31.

During the quarter, the company recorded an inventory write-down of $3.2 million.

For the year, sales were $53.5 million, down 29%. The net loss was $11.8 million, compared to a net loss of $9.6 million for 2008. 

During the year the company generated positive operating cash flow of $3.9 million and repaid loans in the amount of $3.6 million.

In a statement, the company said it is seeing a recovery in the PWB and semiconductor markets.

Camtek guided for first-quarter revenues of $16 million to $18 million. 

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