Camtek Announces Second Quarter 2017 Results

* On July 18, 2017, Camtek signed a definitive agreement with an affiliate of Principle Capital, a Shanghai-based privet-equity fund, to sell its PCB business. In accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), the financial position and results of operations of the PCB business are presented as discontinued operation and, as such, have been excluded from continuing operation for all period presented.

Camtek Ltd.
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)

	Six Months ended June 30,		Three Months ended June 30,		Year ended December 31,
	2017	2016	2017	2016	2016
	U.S. dollars		U.S. dollars		U.S. dollars

Reported net income (loss) attributable to Camtek Ltd. on GAAP basis	(578)	1,309	(3,877)	1,285	4,734
Settlement expense, net of tax (1)	12,025	-	12,025	-	-
Realization of deferred tax assets (2)	(4,495)	-	(4,495)	-	-
Effect of FIT reorganization (3)	-	-	-	-	872
Acquisition of Sela and Printar related expenses (4)	-	183	-	93	183
Share-based compensation	184	173	92	108	363
Attributable to discontinued operations	43	28	22	14	66

Non-GAAP net income	7,179	1,693	3,767	1,500	6,218

Non –GAAP net income per share , basic and diluted	0.20	0.05	0.11	0.04	0.18
Gross margin on GAAP basis from continuing operations	48.9%	49.1%	49.2%	50.5%	41.0%
Reported gross profit on GAAP basis	21,444	18,004	11,155	10,007	32,490
Effect of FIT reorganization (3)	-	-	-	-	4,931
Share-based compensation	19	17	9	15	31

Non- GAAP gross margin	21,463	18,021	11,164	10,022	47.3%
Non-GAAP gross profit	48.9%	49.1%	49.2%	50.5%	37,452

Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis from continuing operations	(9,567)	620	(11,012)	776	2,019
Settlement expense (1)	13,000	-	13,000	-	-
Effect of FIT reorganization (3)	-	-	-	-	872
Share-based compensation	184	173	92	108	363

Non-GAAP operating income	3,617	793	2,080	884	3,254

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