MIGDAL HAEMEK, ISRAEL -- Camtek reported fourth-quarter revenues fell 17% from last year to $21.1 million.

The GAAP net loss was $1.8 million, compared to a net income of $1.9 million last year, and the GAAP operating loss was $700,000 for the period ended Dec. 31.

For the year, the printed circuit board AOI maker reported net income was $5.4 million, up from of $2.8 million in 2010, on record sales of $107 million, up 22%. GAAP operating income was $9 million.

Camtek chief executive Roy Porat said, "[B]usiness has softened at the end of 2011 and the beginning of 2012. For the first quarter, we believe revenues will range between $17 million and $19 million."