Camtek Ltd has announced its financial results for the third quarter ended September 30, 2009. Revenues for the third quarter of 2009 increased 16% to $14.5 million, compared to $12.5 million in the second quarter of 2009. Revenues in the third quarter last year totaled $19.1 million.

Gross profit for the third quarter totaled $6.1 million, a 45% increase compared to the $4.2 million gross profit in the second quarter of 2009. Gross profit for the third quarter of 2008 totaled $6.5 million. Gross margin for the third quarter of 2009 totaled 42%, compared to 34% in the second quarter of 2009 and 34% in the third quarter of 2008. The higher gross margin in the third quarter resulted from a more favorable product and service mix as compared to the prior quarter. Gross margin for the third quarter of 2008 included an inventory write-off of $1.5 million compared to a $0.5 million write-off this quarter.

Operating loss for the third quarter of 2009 narrowed substantially to $180 thousand, compared to the $2.1 million operating loss in the prior quarter. Operating loss in the third quarter of 2008 totaled $3.8 million.

Net loss for the third quarter of 2009 totaled $0.33 million, or $0.01 per share, compared to $2.1 million, or $0.07 per share in the prior quarter. Net loss for the third quarter last year totaled $4.1 million, or $0.14 per share.

Cash and cash equivalents at September 30, 2009, totaled $13.8 million compared to $12 million at June 30, 2009. The increase in cash during the quarter resulted primarily from a decrease in inventory levels and from improved customer collections.

Rafi Amit, Camtek's CEO, commented on the results and the quarter, "This quarter we continued to improve our results, as we return to generating long term growth. In this quarter we witnessed an increase in revenues both in the printed circuit board and semiconductor optical inspection markets, driven by increased order generation, contributing to a higher gross profit and a narrowing of both our operating and net loss."