MIGDAL HAEMEK, ISRAEL
fourth-quarter 2008 revenue was $12.4 million, 41% lower than the fourth-quarter 2007 revenue of $21 million and 35% lower than third-quarter 2008 revenue.
Gross profit for the fourth-quarter of 2008 was 24%, down 45% from fourth-quarter 2007.
The loss before tax was $4.9 million for the fourth-quarter of 2008. Net loss for the quarter totaled $5.5 million, or $0.19 per share. Net loss for the quarter was attributed to decreased revenues, a $1.3 million inventory and equipment write-off and legal fees related to the lawsuit filed by Rudolph Technologies against Camtek.
For 2008, full year revenue was up 6.3% compared to 2007, reaching $75.5 million.
Gross profit was 37% for 2008, compared to 40.9% in 2007.
Net loss for 2008 was $9.6 million or $0.32 per share compared to a net loss of $7.7 million in 2007. Net loss for 2008 included an inventory and equipment write-off of $4.4 million, costs associated with an acquisition that was pursued but abandoned in the third quarter and previously mentioned legal fees.
Camtek CEO Rafi Amit commented that the company has already taken cost cutting measures including the reduction of payroll by 25%. The restructuring of the company was undertaken to right size it for current market conditions.