MIGDAL HAEMEK, ISRAEL -- Camtek swung to a fourth-quarter net profit of $1.3 million, up from a loss of $4 million a year ago.

For the quarter ended Dec. 31, the printed circuit board and semiconductor inspection equipment maker's revenue increased 48% to $25.4 million. The GAAP gross margin was 46%, and operating income was $1.8 million, up from a loss of $3.2 million in the fourth quarter 2009.

Revenues for the full year were $87.8 million, up 64% compared to 2009. Gross profit was $38.4 million, versus $17.5 million last year, and net income was $2.8 million compared to a net loss of $11.8 million in 2009.

Camtek guided for first-quarter revenue of $25 million to $27 million.