Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Entity Registrant Name | CAMTEK LTD |
Entity Central Index Key | 0001109138 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 36,443,069 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 54,935 | $ 43,744 |
Trade accounts receivable, net | 31,644 | 23,153 |
Inventories | 30,109 | 21,336 |
Other current assets | 2,613 | 3,215 |
Total current assets | 119,301 | 91,448 |
Property, plant and equipment, net | 17,117 | 15,503 |
Long-term inventory | 2,056 | 1,383 |
Deferred tax asset | 2,366 | 4,067 |
Other assets | 231 | 153 |
Intangible assets, net | 476 | 482 |
Total noncurrent assets | 5,129 | 6,085 |
Total assets | 141,547 | 113,036 |
Current liabilities | ||
Trade accounts payable | 15,541 | 10,502 |
Other current liabilities | 23,179 | 17,395 |
Total current liabilities | 38,720 | 27,897 |
Long-term liabilities | ||
Other long-term liabilities | 1,420 | 838 |
Total noncurrent liabilities | 1,420 | 838 |
Total liabilities | 40,140 | 28,735 |
Commitments and contingencies | ||
Shareholders' equity | ||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2018 and 2017; 38,535,445 and 37,924,507 issued shares at December 31, 2018 and 2017, respectively; 36,443,069 and 35,832,131 shares outstanding at December 31, 2018 and 2017, respectively | 151 | 149 |
Additional paid-in capital | 81,873 | 78,437 |
Retained earnings | 21,281 | 7,613 |
Total shareholders' equity before treasury stock | 103,305 | 86,199 |
Treasury stock, at cost (2,092,376 as of December 31, 2018 and 2017) | (1,898) | (1,898) |
Total shareholders' equity | 101,407 | 84,301 |
Total liabilities and shareholders' equity | $ 141,547 | $ 113,036 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - ₪ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value per share | ₪ 0.01 | ₪ 0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 38,535,445 | 37,924,507 |
Common Stock, shares outstanding | 36,443,069 | 35,832,131 |
Treasury Stock, shares | 2,092,376 | 2,092,376 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |
Income Statement [Abstract] | ||||
Revenues | $ 123,174 | $ 93,485 | $ 79,228 | |
Cost of revenues | 62,378 | 47,966 | 41,807 | |
Reorganization and impairment | 4,931 | |||
Total cost of revenues | 62,378 | 47,966 | 46,738 | |
Gross profit | 60,796 | 45,519 | 32,490 | |
Operating expenses: | ||||
Research and development | 14,581 | 13,534 | 12,630 | |
Selling, general and administrative | 26,182 | 22,022 | 21,900 | |
Reorganization and impairment | (4,059) | |||
Litigation settlement | 13,000 | |||
Total operating expenses | 40,763 | 48,556 | 30,471 | |
Operating income (loss) | 20,033 | (3,037) | 2,019 | |
Financial income (expenses), net | 728 | (150) | (847) | |
Income (loss) from continuing operations before incomes taxes | 20,761 | (3,187) | 1,172 | |
Income tax (expense) benefit | (2,030) | 4,875 | (303) | |
Net income from continuing operations | 18,731 | 1,688 | 869 | |
Income from discontinued operations | ||||
Income before income tax expense | 18,302 | 4,450 | ||
Income tax expense | (6,028) | (585) | ||
Net income from discontinued operations | 12,274 | 3,865 | ||
Net income | $ 18,731 | $ 13,962 | $ 4,734 | |
Basic earnings from continuing operations | $ 0.52 | $ 0.05 | $ 0.02 | |
Basic earnings from discontinued operations | 0.35 | 0.11 | ||
Basic net earnings | 0.52 | 0.40 | 0.13 | |
Diluted earnings from continuing operations | 0.51 | 0.05 | 0.02 | |
Diluted earnings from discontinued operations | 0.34 | 0.11 | ||
Diluted net earnings | $ 0.51 | $ 0.39 | $ 0.13 | |
Weighted average number of ordinary shares outstanding: | ||||
Basic | 36,190 | 35,441 | 35,348 | |
Diluted | 36,747 | 35,964 | 35,376 | |
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Ordinary Shares NIS 0.01 par value [Member] | Treasury stock NIS 0.01 par value [Member] | Additional paid-in capital [Member] | Retained earnings (accumulated losses) [Member] | Total | |
Balance, value at Dec. 31, 2015 | $ 148 | $ (1,898) | $ 76,034 | $ (6,082) | $ 68,202 | |
Balance, shares at Dec. 31, 2015 | 37,440,552 | (2,092,376) | ||||
Share-based compensation expense | 429 | 429 | ||||
Net income (loss) | 4,734 | 4,734 | [1] | |||
Balance, value at Dec. 31, 2016 | $ 148 | $ (1,898) | 76,463 | (1,348) | $ 73,365 | |
Balance, shares at Dec. 31, 2016 | 37,440,552 | (2,092,376) | 35,348,176 | |||
Exercise of share options | $ 1 | 1,340 | $ 1,341 | |||
Exercise of share options, shares | 483,955 | |||||
Share-based compensation expense | 634 | 634 | ||||
Dividend | (5,001) | (5,001) | ||||
Net income (loss) | 13,962 | 13,962 | ||||
Balance, value at Dec. 31, 2017 | $ 149 | $ (1,898) | 78,437 | 7,613 | $ 84,301 | |
Balance, shares at Dec. 31, 2017 | 37,924,507 | (2,092,376) | 35,832,131 | |||
Exercise of share options | $ 2 | 1,755 | $ 1,757 | |||
Exercise of share options, shares | 610,938 | |||||
Share-based compensation expense | 1,681 | 1,681 | ||||
Dividend | (5,063) | (5,063) | ||||
Net income (loss) | 18,731 | 18,731 | ||||
Balance, value at Dec. 31, 2018 | $ 151 | $ (1,898) | $ 81,873 | $ 21,281 | $ 101,407 | |
Balance, shares at Dec. 31, 2018 | 38,535,445 | (2,092,376) | 36,443,069 | |||
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Cash flows from operating activities: | |||||
Net income | $ 18,731 | $ 13,962 | $ 4,734 | [1] | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 1,966 | 2,122 | 1,961 | [1] | |
Deferred tax expense (benefit) | 1,701 | 6 | (97) | [1] | |
Share based compensation expense | 1,681 | 634 | 429 | [1] | |
Change in provision for doubtful debts | (164) | [1] | |||
Revaluation of liabilities and interest expense on liabilities to the IIA | (4,774) | [1] | |||
Loss on disposal of fixed assets | 324 | [1] | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable, gross | (8,456) | (484) | (7,365) | [1] | |
Inventories | (10,824) | (5,323) | 1,728 | [1] | |
Due from related parties | 548 | (699) | 536 | [1] | |
Other assets | (24) | (378) | (1,144) | [1] | |
Trade accounts payable | 4,778 | 198 | 277 | [1] | |
Other current liabilities | 6,306 | 2,673 | 1,827 | [1] | |
Liability in respect of patent litigation | (14,600) | [1] | |||
Liability for employee severance benefits, net | 60 | 171 | 62 | [1] | |
Net cash provided by (used in) operating activities from continuing operations | 16,791 | 12,882 | (16,590) | [1] | |
Net cash used in operating activities from discontinued operations | (11,247) | [2] | (758) | [1],[2] | |
Net cash provided by (used in) operating activities | 16,791 | 1,635 | (17,348) | [1] | |
Cash flows from investing activities: | |||||
Repayment of short-term deposits | 7,875 | [1] | |||
Purchase of fixed assets | (2,243) | (3,138) | (1,293) | [1] | |
Purchase of intangible assets | (92) | (84) | (183) | [1] | |
Proceeds from disposal of fixed assets | 76 | [1] | |||
Net cash provided by (used in) investing activities from continuing operations | (2,259) | (3,222) | 6,399 | [1] | |
Net cash provided by (used in) investing activities from discontinued operations | 29,854 | [3] | (164) | [1],[3] | |
Net cash provided by (used in) investing activities | (2,259) | 26,632 | 6,235 | [1] | |
Cash flows from financing activities: | |||||
Payment to IIA | (4) | [1] | |||
Proceeds from exercise of share options | 1,757 | 1,341 | |||
Dividend payment | (5,063) | (5,001) | [1] | ||
Net cash used in financing activities from continuing operations | (3,306) | (3,660) | (4) | [1] | |
Net cash used in financing activities | (3,306) | (3,660) | (4) | [1] | |
Effect of exchange rate changes on cash | (35) | (603) | 24 | [1] | |
Net (decrease) increase in cash and cash equivalents | 11,191 | 24,004 | (11,093) | [1] | |
Cash and cash equivalents at beginning of the year | 43,744 | 19,740 | [1] | 30,833 | [1] |
Cash and cash equivalents at end of the year | 54,935 | 43,744 | 19,740 | [1] | |
A. Cash paid during the year for: | |||||
Interest paid | 17 | [1] | |||
Income taxes | $ 534 | $ 1,378 | $ 629 | [1] | |
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 | ||||
[2] | Including adjustment for the gain from sale of the discontinued operation in the amount of $12,807 in 2017. | ||||
[3] | Including net proceeds from the sale of the discontinued operation of $29,967 in 2017. |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Nature of Operations [Abstract] | |
Nature of Operations | Note 1 - Nature of Operations A. Camtek Ltd. (“Camtek” or “Company”), an Israeli corporation, is controlled by (41.92%) Priortech Ltd. (“Parent”), an Israeli corporation listed on the Tel-Aviv Stock Exchange. Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing products yield and reliability, enabling and supporting customers’ latest technologies in the semiconductor fabrication industry. B . In September 2017, the Company completed the sale of its PCB inspection and metrology business unit. The buyers acquired the entire assets and liabilities related to the PCB business unit, including 100% equity interests in the Company’s Chinese and Taiwanese subsidiaries. The Company received a total cash consideration of $32,000 and may receive an additional amount of up to $3,000, net of working capital adjustments and conditioned upon the PCB business unit's financial performance in 2018. The Company records the contingent consideration portion of the arrangement when the consideration is determined to be realizable. As of December 31, 2018, no asset with respect of contingent consideration was recognized. Due to the sale of the Company’s PCB business, the results of this unit ceased to be consolidated in 2017 and are accounted as discontinued operations. (See Note 19) C. During 2016, the Company decided to re-organize its mode of operation with respect to its functional inkjet technology (FIT) activity. As part of this change, in the financial statements for the year ended December 31, 2016, an obsolescence provision was recorded against the remaining Gryphon inventory, fixed assets and intangible assets and an adjustment was made to related liabilities, as follows: Year ended December 31, 2016 U.S. Dollars Account Nature of impact (in thousands) Cost of Revenues Inventory write-off and other 4,931 Reorganization and impairment Revaluation of IIA liabilities *(4,962 ) Reorganization and impairment Other 903 *see Note 10E 872 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 - Significant Accounting Policies A. Basis of preparation of the financial statements The consolidated financial statements of Camtek and its subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in United States of America (“US GAAP”). All amounts in the notes to the financial statements are in thousands unless otherwise stated. Due to presenting PCB operation as discontinued operation, 2016 information was reclassified. B. Principles of consolidation The accompanying consolidated financial statements include the accounts of Camtek and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. C. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. As applicable to these financial statements, the most significant estimates and assumptions relate to revenue recognition, valuation of accounts receivable, inventories, deferred tax assets, legal contingencies and share based compensation among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. D. Foreign currency transactions The functional currency of the Company and its subsidiaries is the U.S. Dollar. Revenue generated by the Company and its subsidiaries is primarily generated outside of Israel and a majority thereof is received in U.S. Dollars. A significant portion of materials and components purchased and operating expenses incurred are either paid for in U.S. Dollars or in New Israeli Shekels (“NIS”). Transactions not denominated in U.S. Dollars are recorded upon their initial recognition according to the exchange rate in effect on the date of the transaction. Exchange rate differences arising upon the settlement of monetary items or upon reporting the Company’s monetary items at exchange rates different from that by which they were initially recorded during the period, or reported in previous financial statements, are charged to financial income (expenses), net. E. Cash and cash equivalents All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. F. Trade accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the outstanding recognized amount and do not bear interest. The allowance for doubtful accounts represents Management’s best estimate of the probable loss inherent in existing accounts receivable balances as a result of possible non-collection. In determining the appropriate allowance, Management bases its estimate on information available about specific debtors, including aging of the balance, assessment of the underlying security received, the history of write-offs, relationships with the customers and the overall creditworthiness of the customers. G. Inventories Inventories consist of completed systems, partially completed systems and components and other raw materials, and are recorded at the lower of cost or net realizable value Inventory write-downs are recorded at the end of each fiscal period for damaged, obsolete, excess and slow-moving inventory. These write-downs, to the lower of cost or net realizable value, create a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. Management periodically evaluates its inventory composition, giving consideration to factors such as the probability and timing of anticipated usage and the physical condition of the items, and then estimates a charge (reducing the inventory) to be provided for slow moving, technological obsolete or damaged inventory. These estimates could vary significantly from actual use based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the inventory write-downs were established. Inventory that is not expected to be converted or consumed within the next year is classified as non-current, based on Management’s estimates taking into account market conditions. H. Property, plant and equipment These assets are stated at cost less accumulated depreciation, and are depreciated over their estimated useful lives on a straight-line basis. Annual rates of depreciation are as follows: Land 1% Building 2% Machinery and equipment 10% - 33% Computer equipment and software 20% - 33% Office furniture and equipment 6% - 20% Automobiles 15% Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful economic life of such improvements. Certain of the Company’s finished goods are systems used as demonstration systems, training systems, and for product development in the Company’s laboratories (“internal use”). These systems are identical to the systems that Camtek sells in its ordinary course of business. In circumstances where the Company intends to utilize such systems for its internal use, the Company transfers them from inventory to fixed assets. The rationale for the transfer is that the Company does not have the intention to sell these systems in the ordinary course of business but rather expects to use them for its internal use over their expected useful lives. These systems are recorded as fixed assets at cost and depreciated over their useful lives. I. Intangible assets Patent registration costs are recorded at cost and amortized, beginning with the first year of utilization, over its expected useful life. J. Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the long lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized to the extent that the asset’s carrying amount exceeds K. Fair values of financial instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short-term deposits, trade accounts receivable, trade accounts payable and amounts from related parties approximate fair value because of their short-term nature. L. Revenue recognition On January 1, 2018, the Company adopted Topic 606 retrospectively with the cumulative effect recognized as of the date of adoption. The Company’s contracts with its customers include performance obligations to provide its products or to service the installed products. A product sale contract may include an extended warranty (that is, for longer than the twelve-month standard warranty), which is considered a separate performance obligation. The Company recognizes revenue from contracts for sales of products when the Company transfers control of the product to the customer, which is generally upon installation at the customer’s premises. Revenues from the contract are recognized in an amount that reflects the consideration the Company expects to be entitled to receive once the product is operating in accordance with its specifications and signed documentation of the arrangement, such as a signed contract or purchase order, has been received. Payment terms with customers may vary, but are generally based on milestones within the delivery process such as shipping and installation. Payment terms do not include significant financing components. In the limited circumstances when the products are installed by a trained distributor acting as an end user, revenue is recognized upon delivery to the distributor assuming all other criteria for revenue recognition are met. Camtek does not incur costs in obtaining a contract except for agents’ commissions, which are incurred upon the recognition of revenues. There are no underlying sales commissions to be capitalized as revenues are recognized over a period of less than a year. Service revenues consist mainly of contracts charged under time and material arrangements. Service revenues from maintenance contracts are recognized ratably over the contract period. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers. The Company’s multiple performance obligations consist of product sales and non-standard warranties. A non-standard warranty is one that is for a period longer than 12 months. Accordingly, income from a non-standard warranty is deferred as unearned revenue and is recognized ratably as revenue commencing with and over the applicable warranty term. The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations. These amounts are recorded as deferred revenue in the Consolidated Balance Sheets. Year Ended December 31, 2018 U.S. Dollars (in thousands) Beginning of year 1,037 Deferral of revenue 1,764 Recognition of deferred revenue (977 ) Balance at end of year 1,824 M. Warranty The Company records a liability for standard product warranty obligations at the time of sale based upon historical warranty experience. The term of the warranty is generally twelve months. N. Income taxes The Company accounts for income taxes in accordance with the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts and tax bases of assets and liabilities and are measured using the enacted tax rates and laws expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The company includes the foreign currency transaction gains or losses that result from re-measuring deferred taxes in income tax expense. The Company assesses the need for a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change occurs. O. Research and development Research and development costs are expensed as incurred. P. Earnings / loss per ordinary share Basic earnings/loss per ordinary share is calculated using only weighted average ordinary shares outstanding. Diluted earnings per share, if relevant, gives effect to dilutive potential ordinary shares outstanding during the year. Such dilutive shares consist of incremental shares, using the treasury stock method, from the assumed exercise of share options. Q. Share-based compensation The Company accounts for its employee share-based compensation as an expense in the financial statements. All awards are equity classified and therefore such cost is measured at the grant date fair value of the award. The Company estimates share option grant date fair value using the Black-Scholes-Merton option-pricing model. Forfeitures are recognized when they occur. (For details see Note 12B). R. Fair value measurements The Company implements the provisions of ASC Topic 820 " Fair Value Measurements and Disclosures Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. S. Contingent liabilities A contingency (provision) is an existing condition or situation involving uncertainty as to the range of possible loss to the entity. A provision for claims is recognized if it is probable (likely to occur) that a liability has been incurred and the amount can be estimated reasonably. T. Government-sponsored research and development The Company records grants received from the Israel Innovation Authority (the “IIA”, formerly known as the Office of the Chief Scientist of the Israeli Ministry of Industry and Trade) as a liability, if it is probable that the Company will have to repay the grants received. If it is not probable that the grants will be repaid, the Company records the grants as a reduction to research and development expenses. Royalties paid to the IIA are recognized as a reduction of the above-mentioned liability. U. Recently adopted accounting standards In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic718): Scope of Modification Accounting.” This ASU amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company chose to adopt ASU No. 2017-09 early and the adoption did not have any impact on the Company's consolidated financial position, results of operations, and cash flows. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This ASU provides guidance on statement of cash flows presentation for eight specific cash flow issues where diversity in practice exists. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption did not have any impact on the Company's consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 became effective for the Company beginning in the first quarter of 2018. See Note 2(L). V. New standards not yet adopted 1. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU No. 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 with earlier adoption permitted. The expected impact on the Company’s Balance Sheet is an increase in property, plant and equipment and in financial liabilities. The impact on the Statement of Operations is not expected to be material, with an increase in depreciation offset by a reduction in rental and leasing expenses. Information on current lease agreements is disclosed in Note 10A. 2. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which introduces new guidance for the accounting for credit losses on instruments within its scope. Given the breadth of that scope, this ASU will impact both financial services and non-financial services entities. The standard is effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the effect the adoption of ASU No. 2016-13 will have on its consolidated financial position, results of operations, and cash flows, if any. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 3 - Cash and Cash Equivalents The Company’s cash and cash equivalent balance at December 31, 2018 and 2017 is denominated in the following currencies: December 31, 2018 2017 U.S. Dollars (in thousands) US Dollars 49,678 36,636 New Israeli 2,790 1,122 Euro 1,486 3,603 Other 981 2,383 54,935 43,744 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | Note 4 - Inventories December 31, 2018 2017 U.S. Dollars (in thousands) Components 13,062 9,690 Work in process 7,654 6,584 Finished products * 11,449 6,445 32,165 22,719 * includes systems at customer locations not yet sold, as of December 31, 2018 and 2017, in the amount of $7,546 and $3,425 respectively. Inventories are presented in: December 31, 2018 2017 U.S. Dollars (in thousands) Current assets 30,109 21,336 Long-term assets (A) 2,056 1,383 32,165 22,719 (A) Long-term Inventory: At December 31, 2018, $2,056 of the Company's inventory is classified in long-term assets based on Management’s estimate based on the recent level of sales (at December 31, 2017- $1,383). These amounts are comprised of spare parts. The Company’s policy is to keep components to provide support and service to systems sold by it to its customers over the past years (usually the support is over a period of seven to ten years) until the Company announces it will not continue to support certain systems. Therefore, this inventory is usually consumed over longer periods than inventory classified as current, and as such the respective amount that is not expected to be consumed in the next year is classified as non-current. Management believes that this inventory will be utilized according to its forecasted sales and that no loss will be incurred. (B) Inventory write-down In 2018, based on Management's estimates regarding future sales, a provision of $143 was made against damaged, obsolete, excess and slow-moving inventory (in 2017 - $84). The provisions were recorded in the costs of products sold line item in the consolidated statement of operations. The provisions result in a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Current assets | |
Other Current Assets | Note 5 - Other Current Assets December 31, 2018 2017 U.S. Dollars (in thousands) Due from Government institutions 1,442 607 Income tax receivables 453 122 Prepaid expenses 368 561 Deposits for operating leases 193 167 Due from related parties (See Note 17) 133 681 Other 24 1,077 2,613 3,215 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | Note 6 - Property, Plant and Equipment, Net December 31, 2018 2017 U.S. Dollars (in thousands) Cost: Land 863 863 Building 14,099 13,307 Machinery and equipment 7,331 6,406 Office furniture and equipment 624 758 Computer equipment and software 4,383 4,310 Automobiles 87 87 Leasehold improvements 622 353 28,009 26,084 Less accumulated depreciation 10,892 10,581 17,117 15,503 Depreciation expenses for the years ended December 31, 2018, 2017 and 2016 amounted to $1,868, $2,001, and $1,820, respectively. In accordance with credit line agreements, a lien has been placed on the Company’s facility in Israel. See Note 10(D). During the year ended December 31, 2018, the Company completed the construction of a new facility adjacent to its headquarters. Cumulative costs incurred up to the reporting date are $2,327 (2017 - $2,044). Depreciation of the facility began to be recognized in 2018. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | Note 7 - Intangible Assets, Net December 31, 2018 2017 U.S. Dollars (in thousands) Patent registration costs 1,605 1,513 Accumulated amortization 1,129 1,031 Total intangible asset, net 476 482 Patent registration costs are amortized over their estimated useful life of 10 years. Amortization expense for the years ended December 31, 2018, 2017 and 2016 amounted to $98, $121 and $141, respectively. As of December 31, 2018, the estimated amortization expenses of intangible assets for the years 2019 to 2023 is as follows: Year ended December 31, U.S. Dollars (in thousands) 2019 76 2020 74 2021 74 2022 68 2023 56 348 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | Note 8 - Other Current Liabilities December 31, 2018 2017 U.S. Dollars (in thousands) Accrued employee compensation and related benefits 7,405 6,248 Commissions 6,571 4,204 Accrued expenses 2,861 1,306 Advances from customers 2,729 2,552 Deferred revenues 1,302 1,037 Accrued warranty costs (1) 1,714 1,300 Government institutions and income tax payable 597 748 23,179 17,395 (1) Changes in the accrued warranty costs are as follows: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Beginning of year 1,300 1,102 1,113 Accruals 2,930 2,222 1,823 Usage (2,516 ) (2,024 ) (1,834 ) Balance at end of year 1,714 1,300 1,102 |
Other Long Term Liabilities
Other Long Term Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Long Term Liabilities | Note 9 – Other Long Term Liabilities A. Liability for Employee Severance Benefits Under Israeli law and labor agreements the Company is required to pay severance payments to each employee who was employed by the Company for over one year and has been terminated by the Company or resigned under certain specified circumstances. The liability related to these severance payments is calculated on the basis of the latest salary of the employee multiplied by the number of years of employment as of the balance sheet date. The Company also has defined contribution plans for which it makes contributions to severance pay funds and appropriate insurance policies. Withdrawal of the reserve monies is contingent upon the fulfillment of detailed provision in the Severance Law. Under local law in various territories in which the Company operates, employees with one year or more of service are entitled to receive a lump-sum payment upon termination of their employment based on their length of service and rate of pay at the time of termination. 1. The liability in respect of most of its employees in Israel is discharged by participating in a defined contribution pension plan and making regular deposits with a pension fund or by individual insurance policies. The liability deposited with the pension fund is based on salary components as prescribed in the existing labor agreement. The custody and management of the amounts so deposited are independent of the companies and accordingly such amounts funded (included in expenses on an accrual basis) and related liabilities are not reflected in the balance sheet. 2. The liability for severance pay which is not covered by the contribution plan amounted to $898 and $838 as of December 31, 2018 and 2017, respectively. 3. Severance pay expenses were $1,017, $1,078, and $1,004 in 2018, 2017 and 2016, respectively. B. Deferred Revenues Deferred revenues of $522 are expected to be recognized in 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 10 - Commitments and Contingencies A. Operating leases The Company’s subsidiaries have entered into various non-cancelable operating lease agreements for office space and operating leases for vehicles. As of December 31, 2018, minimum future rental payments under such non-cancelable operating leases are as follows: Year Ending December 31, U.S. Dollars (in thousands) 2019 1,007 2020 726 2021 205 Thereafter 40 1,978 Aggregate office rent expenses amounted to $583, $523, and $528 in 2018, 2017 and 2016, respectively. B. Allowance for doubtful debts The following is a summary of the allowance for doubtful accounts related to accounts receivable for the years ended December 31: Balance at Balance at beginning Reversal of Write-off of end of of period Provision provision provision period U.S. Dollars (in thousands) 2016 755 16 (180 ) - 591 2017 591 - - - 591 2018 591 - - (181 ) 410 C. Litigation In July 2017, the Company announced that it had reached a settlement with Rudolph Technologies Inc. (NASDAQ: RTEC) relating to pending patent lawsuits that Rudolph filed against the Company and that the Company filed against Rudolph. According to the settlement, the Company paid Rudolph $13 million and each side has dismissed their claims against each other with prejudice. The settlement further gives the Company a perpetual right to sell its existing products, the Condor, Gannet and Eagle, as well as future products, without any claim of patent infringement from any of the patent families that the Company had been sued on. The Company granted similar rights to Rudolph on Camtek's patent for Kerf inspection. In addition, the parties agreed to a quiet period of three years, during which neither party may file any action seeking damages against the other party. D. Lines of credit The Company has a credit agreement with two banks that provides for a line of credit by which it is permitted to borrow up to $4 million. As of December 31, 2018, the credit facility has not been utilized, and the Company is in compliance with the required covenants specified in the credit line agreement. E. Israel Innovation Authority Through its acquisition of Printar in 2009, the Company participates in programs sponsored by the Israeli government for the support of research and development activities. The Company is committed to pay amounts to the IIA at rates of 3.5% of the sales of products resulting from this research and development, up to an amount equal to 100% of the grants received by the Company, bearing interest at the rate of LIBOR. The obligation to pay these royalties is contingent on actual sales of the products and in the absence of such sales, no payment is required. As of December 31, 2018, the amount of non-repaid grants received including interest accrued amounted to $7,024 (December 31, 2017 - $6,734). The liabilities to the IIA were initially recorded at fair value as part of the purchase price allocation related to the acquisition of Printar. In August 2016, pursuant to the Company’s decision to cease supporting the Gryphon system as detailed in Note 1C, the Company does not expect any payments will be made in respect of the foregoing Printar related grants and accordingly all the liabilities to the IIA were written off. F. Settlement of a dispute with Israel Innovation Authority In 2017, the Company resolved a dispute which had arisen between the Company and the IIA in Israel regarding the royalty rate to be paid in respect of certain of the Company’s products, the manufacturing and assembly of which has been moved to a foreign subsidiary. In the framework of the dispute settlement, the Company repaid its entire obligation in the amount of $2.1 million and received permission from the IIA to transfer the intellectual property as part of the PCB sale. The payment was recorded as a selling, general and administrative expense in the discontinued operation. See also Note 19. G. Outstanding Purchase Orders As of December 31, 2018, the Company has purchase orders of $9,716 (2017 - $6,570) which mainly represent outstanding purchase commitments for inventory components ordered by the Company in the normal course of business. |
Concentration of Risk and Finan
Concentration of Risk and Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Concentration of Risk and Financial Instruments [Abstract] | |
Concentration of Risk and Financial Instruments | Note 11 - Concentration of Risk and Financial Instruments Financial instruments that potentially expose the Company to concentrations of credit risk consist of cash equivalents, short-term bank deposits and trade receivables. The carrying amounts of financial instruments approximate fair value. Cash and cash equivalents The Company's cash equivalents are maintained with multiple high-quality institutions and the composition and maturities of investments are regularly monitored by management. Trade receivable The trade receivables of the Company are derived from sales to a large number of customers, primarily large industrial corporations located mainly in Asia, the United States and Europe. The Company generally does not require collateral: however, in certain circumstances, the Company may require a letter of credit, other collateral or additional guarantees. An allowance for doubtful accounts is determined with respect to those amounts that the Company has determined to be doubtful of collection. The Company performs ongoing credit evaluations of its customers. Trade payable The Company relies on limited source of suppliers and in some cases a sole supplier and/or subcontractors for a number of essential components and subsystems of its products. The Company does not have agreements with all of these suppliers and subcontractors for the continued supply of the components or subsystems they provide. An interruption in supply from these sources would disrupt production and adversely affect the Company’s ability to deliver products to its customers, which could have an adverse effect on the Company’s business, revenues and results of operations. Liquidity: The Company anticipates that its existing resources and cash flows from operations will be adequate to satisfy its liquidity requirements for at least the next twelve months. If available liquidity will not be sufficient to meet the Company’s operating obligations as they come due, Management’s plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet the Company’s cash requirements. Derivative Instruments From time to time the Company enters into foreign exchange instruments to manage its U.S. Dollar to NIS currency exchange risks. The terms of all of these currency instruments are less than one year. The fair value of the instruments generally reflects the estimated amounts that the Company would receive or pay upon termination of the contracts at the reporting date and is based on quotations from financial institutions (using Level 2 inputs). The Company does not apply hedge accounting. In 2018, 2017 and 2016 losses in the consolidated statement of operations on these instruments were in the amount of $0, $0 and ($3), respectively. As of December 31, 2018, the Company did not have any open positions. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 12 - Shareholders’ Equity A. General The Company shares are traded on the NASDAQ National Market under the symbol of CAMT, and also listed and traded on the Tel-Aviv stock exchange. B. Stock Option Plan As of December 31, 2018, the Company has one effective Share Incentive Plan (and Sub-Plan for Grantees Subject to Israeli Taxation) for the issuance of options, restricted share units and/ or restricted shares to employees, officers, directors, consultants and other services providers of the Company or any affiliated companies thereof (the “2018 Plan”). The 2018 Plan was adopted by the Company in April 2018 and thereby replaced the Company’s previous equity plans (the “2014 Share Option Plan” and the “2007 Restricted Share Unit Plan”). The total number of equity awards that may be granted under the 2018 The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model that used the weighted average assumptions in the following table and recognized over the vesting period of four years. The risk‑free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 2017 Grant 2016 Grant Valuation assumptions: Dividend yield * 0 0 Expected volatility 66% 66% Risk-free interest rate 1.87% 1.38% Expected life (years) ** 4.8 4.8 *The option grant was made prior to the dividend distribution. As such, the valuation assumptions reflect the Company’s previous record of not paying dividends. **Expected life for the periods presented was determined according to the simplified method since, at the date of grant, the Company did not have enough history to make an estimate. The total intrinsic value of outstanding options as of December 31, 2018, 2017, and 2016 is $1,886, $3,450 and $1,040, respectively. The total intrinsic value of vested options as of December 31, 2018, 2017, and 2016 is $855, $1,140 and $204 respectively. The total stock option compensation expense related to continued operations amounted to $402, $634, and $429 in 2018, 2017 and 2016, respectively. As of December 31, 2018, there was $335 of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 2.54 years. Share option activity during the past three years is as follows: Year Ended December 31, 2018 2017 2016 Weighted Weighted Weighted Number average Number average Number average of exercise of exercise of exercise options price US$ options price US$ options price US$ Outstanding at January 1 1,173,433 2.80 1,653,434 2.82 1,151,121 3.28 Granted - - 154,600 2.75 527,500 1.92 Forfeited and cancelled (43,159 ) 2.53 (152,698 ) 2.77 (25,187 ) 5.00 Exercised (610,489 ) 2.79 (481,903 ) 2.87 - 0.00 Outstanding at year end 519,785 3.16 1,173,433 2.80 1,653,434 2.82 Vested at year end 217,976 2.85 490,086 3.36 725,466 3.32 Weighted Aggregate Number Weighted Average intrinsic of average Remaining Value (in options exercise Contractual US$ outstanding price US$ term (years) thousands) Outstanding as of December 31, 2018 519,785 3.16 4.14 1,886 Vested and expected to vest at December 31, 2018 508,684 3.16 4.14 1,846 Exercisable at December 31, 2018 217,976 2.85 3.14 855 The following table summarizes information about share options at December 31, 2018: Weighted average remaining Contractual term Number of (years) outstanding Number of outstanding Exercise price US$ options exercisable options 0-2 179,154 73,797 4.22 2-5 340,631 144,179 4.10 519,785 217,976 4.14 The following table summarizes information about non-vested options at December 31, 2018: Weighted average grant- date Options fair value Balance at January 1, 2018 683,347 1.58 Granted - - Vested (348,962 ) 1.32 Forfeited (32,576 ) 1.45 Balance at December 31, 2018 301,809 2.04 C. Restricted Share Unit Plan In April 2018, the Company adopted a Restricted Share Unit (“RSU”) Plan (the “Plan”) to replace the 2007 Restricted Share Unit Plan, pursuant to which the Company’s Board of Directors may grant shares to officers and key employees . The exercise price for each grantee shall be as determined by the Board and specified in the applicable RSU notice of grant; provided, however, that unless otherwise determined by the Board (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law), the exercise price shall be no more than the underlying share’s nominal value. For the removal of any doubt, the Board is authorized (without the need for shareholder approval unless so required in order to comply with Mandatory Law) to determine that the exercise price of an RSU is to be $0.00. Unless otherwise determined by the Board with respect to any specific grantee or to any specific grant, (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law) and provided accordingly in the applicable RSU notice of grant, the RSUs shall vest (become automatically exercised) according to the vesting schedules as determined by the Board. The following table summarizes information about RSUs at December 31, 2018: RSUs Balance at January 1, 2018 86,500 Granted 1,051,054 Forfeited (2,700 ) Balance at December 31, 2018 1,134,854 The total compensation cost recognized in the year ending December 31, 2018, amounted to $1,271. The unrecognized compensations in the amount of $7,559 will be recognized in the years 2019 to 2022 As of the balance sheet date the number of RSU’s available for grant was 224,428. D. Dividend On May 30, 2018, the Company paid a dividend of $0.14 per share, totaling $5.1 million. On November 30, 2017, the Company paid a dividend of $0.14 per share, totaling $5 million. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 - Earnings Per Share The following table summarizes information related to the computation of basic and diluted earnings per Share for the years indicated: Year Ended December 31, 2018 2017 2016 U.S. Dollars (In thousands, except per share data) Net income attributable to Shares 18,731 13,962 4,734 Weighted average number of Shares outstanding used in basic earnings per Share calculation 36,190 35,441 35,348 Add assumed exercise of outstanding dilutive potential Shares 557 523 28 Weighted average number of Shares Outstanding used in diluted earnings per Share calculation 36,747 35,964 35,376 Basic income from continuing operations per Share 0.52 0.05 0.02 Basic income from discontinued operations per Share - 0.35 0.11 Basic net income per Share 0.52 0.40 0.13 Diluted income from continuing operations per Share 0.51 0.05 0.02 Diluted income from discontinued operations per Share - 0.34 0.11 Diluted net income per Share 0.51 0.39 0.13 Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect - - 1,538 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information [Abstract] | |
Segment Information | Note 14 - Segment Information In the consolidated financial statements as of December 31, 2016, the Company presented two operating segments. Due to the sale of the PCB business in 2017 as described in Note 1, the Company has one operating segment. Substantially all fixed assets are located in Israel and substantially all revenues are derived from shipments to other countries. Revenues are attributable to geographic areas/countries based upon the destination of shipment of products and related services as follows: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Asia Pacific 98,468 79,105 66,275 United States 13,227 9,484 8,151 Europe 11,479 4,896 4,802 123,174 93,485 79,228 |
Selected Income Statement Data
Selected Income Statement Data | 12 Months Ended |
Dec. 31, 2018 | |
Selected Income Statement Data [Abstract] | |
Selected Income Statement Data | Note 15 - Selected Income Statement Data A. Revenues Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Sales of products 117,537 88,295 74,730 Service fees 5,637 5,190 4,498 123,174 93,485 79,228 B. Selling, general and administrative expenses Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Selling (1) 19,233 14,096 13,146 General and administrative 6,949 7,926 8,754 26,182 22,022 21,900 (1) Including shipping and handling costs 884 697 625 C. Financial income (expenses), net Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Interest expense - (13 ) (246 ) Interest income 594 77 63 Re-evaluation expense on liabilities to the IIA - - (183 ) Other, net (*) 134 (214 ) (481 ) 728 (150 ) (847 ) (*) Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $226, $(41), and $(351) in 2018, 2017 and 2016, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 16 - Income Taxes A. Tax under various laws The Company and its subsidiaries are assessed for income tax purposes on a separate basis. Each of the subsidiaries is subject to the tax rules prevailing in the country of incorporation. B. Details regarding the tax environment of the Israeli companies (1) Corporate tax rate Presented hereunder are the tax rates relevant to the Company in Israel for the years 2016-2018: 2016 – 25% 2017 – 24% 2018 – 23% On January 4, 2016 the Knesset plenum passed the Law for the Amendment of the Income Tax Ordinance (Amendment 216) - 2016, by which, inter alia, the corporate tax rate would be reduced by 1.5% to a rate of 25% as from January 1, 2016. Furthermore, on December 22, 2016 the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, by which, inter alia, the corporate tax rate would be reduced from 25% to 23% in two steps. The first step will be to a rate of 24% as from January 2017 and the second step will be to a rate of 23% as from January 2018. Current taxes for the reported periods are calculated according to the enacted tax rates presented above, subject to the benefit under the Law for the Encouragement of Capital Investment. (2) Benefits under the Law for the Encouragement of Capital Investments (hereinafter - “the Encouragement Law”) (a) Approved and Beneficiary Enterprise An industrial enterprise of the Company was granted “Approved Enterprise” and “Beneficiary Enterprise” status in accordance with the Encouragement Law. The tax benefit of the Approved Enterprise has expired and the Company has chosen 2010 as the years of election for the Beneficiary Enterprise. The income generated by the “Beneficiary Enterprise” is exempt from tax over a period of up to 10 years beginning with the year in which the Company first had taxable income and subject to the years of election (limited to the earlier of a maximum period of 12 years from the year of election). The benefit period of the Beneficiary Enterprise will end in 2021. The benefits are contingent upon compliance with the terms of the Encouragement Law, such provisions generally require that at least 25% of the Beneficiary Enterprise’s income will derive from export. The Company is currently in compliance with these terms. (b) Amendment to the Law for the Encouragement of Capital Investments – 1959 On December 29, 2010 the Knesset approved the Economic Policy Law for 2011-2012, which includes an amendment to the Law for the Encouragement of Capital Investments – 1959 (hereinafter – “the Amendment”). Companies could choose not to be included in the scope of the Amendment to the Encouragement Law and to stay in the scope of the law before its amendment until the end of the benefits period of its Approved/Beneficiary Enterprise. On August 5, 2013 the Knesset passed the Law for Changes in National Priorities (Legislative Amendments for Achieving Budget Objectives in the Years 2013 and 2014) – 2013, which determined that as of 2014 tax year the tax rate on preferred income will be 9% for Development Area A in which the Company is situate and 16% for the rest of the country. On December 22, 2016, the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, by which, inter alia, preferred enterprise in development area A will be subject to tax rate of 7.5% instead of 9% effective from January 1, 2017 and thereafter (the tax rate applicable to preferred enterprises located in other areas remains at 16%). (c) A company having a Beneficiary Enterprise that distributes a dividend from exempt income, will be required in the tax year of the dividend distribution to pay income tax on the amount of the dividend distributed at the tax rate that would have been applicable to it in the year the income was produced if it had not been exempt from tax. The Company intends to indefinitely reinvest the amount of its tax-exempt income and not distribute any amounts of its undistributed tax exempt income as a dividend. Accordingly, no deferred tax liabilities have been provided on income attributable to the Company's Approved and Beneficiating Enterprise programs. Out of Camtek's retained earnings as of December 31, 2018 approximately $19,087 are tax-exempt earnings attributable to its Approved Enterprise and approximately $2,902 are tax-exempt earnings attributable to its Beneficiating Enterprise. The tax-exempt income attributable to the Approved and Beneficiating Enterprises cannot be distributed to shareholders without subjecting the Company to taxes. If these retained tax-exempt profits are distributed, the Company would be taxed at the reduced corporate tax rate applicable to such profits (currently – up to 25% pursuant to the implementation of the Investment Law). According to the Amendment, tax-exempt income generated under the Beneficiating Enterprise will be taxed upon dividend distribution or complete liquidation, whereas tax exempt income generated under the Approved Enterprise will be taxed only upon dividend distribution (but not upon complete liquidation, as the tax liability will be incurred by the shareholders). As of December 31, 2018, if the income attributed to the Approved Enterprise was distributed as a dividend, the Company would incur a tax of approximately $4,771. If income attributed to the Beneficiary Enterprise was distributed as dividend, or upon liquidation, the Company would incur a tax in the amount of approximately $725. These amounts will be recorded as an income tax expense in the period in which the Company declares the dividend. C. Details regarding the tax environment of the Non-Israeli companies Non-Israeli subsidiaries are taxed according to the tax laws in their countries of residence under local tax laws and regulations. D. Composition of income (loss) before income taxes and income tax expense (benefit) Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Income (loss) before income taxes from continuing operations: Israel 18,746 (4,761 ) (390 ) Non-Israeli 2,015 1,574 1,562 20,761 (3,187 ) 1,172 Income tax expense from continuing operations: Current: Israel (306 ) 56 28 Non-Israeli 635 122 372 329 178 400 Deferred tax expense (benefit) from continuing operations: Israel 1,867 (5,125 ) 620 Non-Israeli (166 ) 72 (717 ) 1,701 (5,053 ) (97 ) 2,030 (4,875 ) 303 E. Reconciliation of income tax expense at the statutory rate to actual income tax expense The following is a reconciliation of the theoretical income tax expense, assuming all income is taxed at the statutory tax rate applicable to Israeli companies, and the actual income tax expense: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Income (loss) before income taxes from continuing operations 20,761 (3,187 ) 1,172 Statutory tax rate 23 % 24 % 25 % Theoretical income tax expense (benefit) 4,775 (765 ) 293 Increase (decrease) in income tax expense resulting from: Change in valuation allowance (346 ) (185 ) (721 ) Non-deductible expenses(*) 214 186 182 Differences between foreign currencies and dollar-adjusted financial statements, net 240 (587 ) (120 ) Tax rate differential (3,072 ) 633 (57 ) Change in tax rate - 182 592 Recognition of income tax benefit with respect to losses related to investment in subsidiaries - (4,929 ) - Other 219 590 134 Actual income tax expense (benefit) 2,030 (4,875 ) 303 (*) Including non-deductible share based compensation. F. Deferred tax assets and liabilities The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: December 31, 2018 2017 U.S. Dollars (in thousands) Deferred tax assets: Allowance for doubtful accounts 81 92 Inventory write-down 267 376 Unearned revenue 275 63 Accrued expenses 441 367 Net operating losses (NOL) and tax credit carryforwards 1,904 4,218 Other temporary differences 138 113 Total gross deferred tax assets 3,106 5,229 Valuation allowance - (496 ) Deferred tax asset, net of valuation allowance 3,106 4,733 Deferred tax liabilities: Property, plant and equipment (231 ) (242 ) Undistributed earnings (509 ) (424 ) (740 ) (666 ) Net deferred tax assets 2,366 4,067 Deferred tax assets are recognized for the anticipated tax benefits associated with operating loss carryforwards, tax credit carryforwards and deductible temporary differences. If it is more likely than not that some or all of the deferred tax assets will not be realized, the deferred tax credits are reduced by a valuation allowance. In assessing the realizability of deferred tax assets, Management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At December 31, 2018 and 2017 the Company had a valuation allowance of $0 and $496. The net change in the total valuation allowance was a decrease of $496, $1,726 and $865 for the years ended December 31, 2018, December 31, 2017 and December 31, 2016 respectively. As of December 31, 2018, the Company in Israel has a regular NOL aggregating approximately $23,428 and tax credit carryforwards of $396 that will not expire. Based on the earnings history of the Company’s Israeli operations in recent years and Management’s expectation of continued profitability, Management believes that $1,413 of its deferred tax assets in Israel are more likely than not to be realized over the next three years. The amount of the Israeli deferred tax assets considered realizable, however, could be revised in the near term if estimates of future taxable income are changed. As of December 31, 2018, a foreign subsidiary has NOL carryforwards aggregating approximately $601 that can be carried forward indefinitely. G. Accounting for uncertainty in income taxes For the years ended December 31, 2018, 2017 and 2016, the Company did not have any significant unrecognized tax benefits. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. The Company accounts for interest and penalties related to an underpayment of income taxes as a component of income tax expense. For the years ended December 31, 2018, 2017 and 2016, no interest and penalties related to income taxes have been accrued. H. Tax assessments The Company in Israel files its income tax returns in Israel while its principle foreign subsidiaries file their income tax returns in Belgium, Hong Kong, and United States of America. The Israeli tax returns of Camtek are open to examination by the Israeli Tax Authorities for the tax years beginning 2017, while the tax returns of its principal foreign subsidiaries remain subject to examination for the tax years beginning 1999 in Belgium, 2012 in Hong Kong and 2015 in the United States of America. |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Balances and Transactions with Related Parties [Abstract] | |
Balances and Transactions with Related Parties | Note 17 - Balances and Transactions with Related Parties A. Balances with related parties: December 31, December 31, 2018 2017 U.S. Dollars (in thousands) Due from related parties 133 681 B. Transactions with related parties: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Purchases from related parties - 15 3 Interest income (expense) from Parent 10 22 (28 ) Unpaid balances between the Company and Parent or its other subsidiaries in Israel bear interest of 5.5%. Registration Rights Agreement with Parent On March 1, 2004, the Company entered into a registration rights agreement providing for the Company to register with the SEC certain of its ordinary shares held by Parent. This registration rights agreement may be used in connection with future offerings of ordinary shares, and includes, among others, the following terms: (a) Parent is entitled to make up to three demands that the Company registers its ordinary shares held by Parent, subject to delay due to market conditions; (b) Parent will be entitled to participate and sell the Company’s ordinary shares in any future registration statements initiated by the Company, subject to delay due to market conditions; (c) the Company will indemnify Parent in connection with any liabilities incurred in connection with such registration statements due to any misstatements or omissions other than information provided by Parent, and Parent will indemnify the Company in connection with any liabilities incurred in connection with such registration statements due to any misstatements or omissions in written statements by Parent made for the purpose of their inclusion in such registration statements; and (d) the Company will pay all expenses related to registrations which the Company has initiated, except for certain underwriting discounts or commissions or legal fees, and Parent will pay all expenses related to a registration initiated at its demand in which the Company is not participating. On December 30, 2004, the Registration Rights Agreement with Parent was amended. The amendment concerns primarily the grant of unlimited shelf registration rights thereunder to Parent with respect to its holdings in the Company, and the assignability of those shelf registration rights to its On May 13, 2015, following the approval of our Audit Committee and Board of Directors the Registration Rights Agreement with Parent was renewed for an additional 5 year period effective as of December 31, 2014. Employment Agreements with the Chief Executive Officer Pursuant to the employment agreement with the Chief Executive Officer ("CEO"), the CEO dedicates 10% of his time in providing consulting and management services for Parent through Amitec – Advanced Multilayer Interconnect Technologies Ltd. – a wholly owned subsidiary of the Parent ("Amitec"). The CEO receives from the Company 90% of a full time salary and is compensated directly by Amitec for the remaining 10% of his time. The CEO serves as the Chairman of Parent. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 18 - Fair Value Measurements The level in the fair value hierarchy within which an asset or liability is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. As of December 31, 2018 and 2017, the Company did not have any assets or liabilities measured at fair value on a recurring basis. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 19 – Discontinued Operations Further to that mentioned in Note 1(B), the sale of the Company’s PCB business unit was completed in 2017. The Company received a gross amount of $32 million as a result of the acquisition, from which an amount of $2 million was deducted in respect of acquisition expenses and working capital adjustments. As a result of the sale the Company recognized a capital gain in the amount of $ 12.8 million. Accordingly, the activities of the PCB business have been segregated and reported as discontinued operations in the consolidated statements of operations for the prior periods presented. The following table presents a reconciliation of the major classes of line items constituting pretax profit from discontinued operations to after-tax profit reported in discontinued operations for the years ended December 31, 2017 and 2016: Year Ended December 31, 2017 2016 U.S. Dollars (In thousands) Results of discontinued operation: Total revenues 36,447 30,295 Total cost of revenues 21,368 18,831 Research and development costs (3,228 ) (3,266 ) Selling, general and administrative expenses (6,260 ) (3,601 ) Financial expenses, net (96 ) (147 ) Gain on sale of discontinued operation 12,807 - Income from discontinued operations before taxes 18,302 4,450 Income tax expense (6,028 ) (585 ) Net income from discontinued operations 12,274 3,865 Year Ended December 31, 2017 2016 U.S. Dollars (In thousands) Cash flows from discontinued operation Net cash used in operating activities * (11,247 ) (758 ) Net cash provided by (used in) investing activities** 29,854 (164 ) Net cash provided by financing activities - - Net cash provided by (used in) discontinued operations 18,607 (922 ) *Including adjustment for the gain from sale of the discontinued operation in the amount of $12,807 in 2017. **Including net proceeds from the sale of the discontinued operation of $29,967 in 2017. December 31, 2017 U.S. Dollars (In thousands) Effect of disposal on the financial position of the Company as at the transaction date Trade and other receivables 16,526 Inventories 11,219 Fixed and intangible assets 763 Trade payables (4,426 ) Other payables (6,922 ) Net assets and liabilities 17,160 Net cash consideration 29,967 Gain on sale of discontinued operation 12,807 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events In February 2019, the Company announced that it had entered into a definitive agreement with Chroma Ate Inc., a leading Taiwanese high precision test and measurement equipment provider, to issue 1,700,000 shares for a total of $16,150. In addition to the investment, it was agreed that the Company will license its triangulation technology, a metrology solution, in a fee-bearing license for non-semiconductor applications to be used by Chroma. Chroma and the Company also agreed to cooperate in potential projects for the semiconductor market based on synergies between their inspection and metrology technologies. As part of the same agreement, the Parent agreed to sell Chroma 6,117,440 shares of the Company such that, following the closing of the transaction, Chroma will hold approximately 20.5% of the total issued and outstanding shares of the Company while the Parent will hold approximately 24%. The Parent and Chroma agreed that the parties will vote together in the Company’s shareholders' meetings. According to this voting agreement, after the closing of the transaction, Chroma will be entitled to two seats on the Company’s Board of Directors and the Parent will be entitled to three seats. The transaction is expected to close by the end of the second quarter of 2019, subject to the approval of the Company’s shareholders, as well as approvals by certain regulatory bodies, including the Committee on Foreign Investment in the United States |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation of the financial statements | A. Basis of preparation of the financial statements The consolidated financial statements of Camtek and its subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in United States of America (“US GAAP”). All amounts in the notes to the financial statements are in thousands unless otherwise stated. Due to presenting PCB operation as discontinued operation, 2016 information was reclassified. |
Principles of consolidation | B. Principles of consolidation The accompanying consolidated financial statements include the accounts of Camtek and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | C. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. As applicable to these financial statements, the most significant estimates and assumptions relate to revenue recognition, valuation of accounts receivable, inventories, deferred tax assets, legal contingencies and share based compensation among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. |
Foreign currency transactions | D. Foreign currency transactions The functional currency of the Company and its subsidiaries is the U.S. Dollar. Revenue generated by the Company and its subsidiaries is primarily generated outside of Israel and a majority thereof is received in U.S. Dollars. A significant portion of materials and components purchased and operating expenses incurred are either paid for in U.S. Dollars or in New Israeli Shekels (“NIS”). Transactions not denominated in U.S. Dollars are recorded upon their initial recognition according to the exchange rate in effect on the date of the transaction. Exchange rate differences arising upon the settlement of monetary items or upon reporting the Company’s monetary items at exchange rates different from that by which they were initially recorded during the period, or reported in previous financial statements, are charged to financial income (expenses), net. |
Cash and cash equivalents | E. Cash and cash equivalents All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. |
Trade accounts receivable and allowance for doubtful accounts | F. Trade accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the outstanding recognized amount and do not bear interest. The allowance for doubtful accounts represents Management’s best estimate of the probable loss inherent in existing accounts receivable balances as a result of possible non-collection. In determining the appropriate allowance, Management bases its estimate on information available about specific debtors, including aging of the balance, assessment of the underlying security received, the history of write-offs, relationships with the customers and the overall creditworthiness of the customers. |
Inventories | G. Inventories Inventories consist of completed systems, partially completed systems and components and other raw materials, and are recorded at the lower of cost or net realizable value Inventory write-downs are recorded at the end of each fiscal period for damaged, obsolete, excess and slow-moving inventory. These write-downs, to the lower of cost or net realizable value, create a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. Management periodically evaluates its inventory composition, giving consideration to factors such as the probability and timing of anticipated usage and the physical condition of the items, and then estimates a charge (reducing the inventory) to be provided for slow moving, technological obsolete or damaged inventory. These estimates could vary significantly from actual use based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the inventory write-downs were established. Inventory that is not expected to be converted or consumed within the next year is classified as non-current, based on Management’s estimates taking into account market conditions. |
Property, plant and equipment | H. Property, plant and equipment These assets are stated at cost less accumulated depreciation, and are depreciated over their estimated useful lives on a straight-line basis. Annual rates of depreciation are as follows: Land 1% Building 2% Machinery and equipment 10% - 33% Computer equipment and software 20% - 33% Office furniture and equipment 6% - 20% Automobiles 15% Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful economic life of such improvements. Certain of the Company’s finished goods are systems used as demonstration systems, training systems, and for product development in the Company’s laboratories (“internal use”). These systems are identical to the systems that Camtek sells in its ordinary course of business. In circumstances where the Company intends to utilize such systems for its internal use, the Company transfers them from inventory to fixed assets. The rationale for the transfer is that the Company does not have the intention to sell these systems in the ordinary course of business but rather expects to use them for its internal use over their expected useful lives. These systems are recorded as fixed assets at cost and depreciated over their useful lives. |
Intangible assets | I. Intangible assets Patent registration costs are recorded at cost and amortized, beginning with the first year of utilization, over its expected useful life. |
Impairment of long-lived assets | J. Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the long lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized to the extent that the asset’s carrying amount exceeds |
Fair values of financial instruments | K. Fair values of financial instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short-term deposits, trade accounts receivable, trade accounts payable and amounts from related parties approximate fair value because of their short-term nature. |
Revenue recognition | L. Revenue recognition On January 1, 2018, the Company adopted Topic 606 retrospectively with the cumulative effect recognized as of the date of adoption. The Company’s contracts with its customers include performance obligations to provide its products or to service the installed products. A product sale contract may include an extended warranty (that is, for longer than the twelve-month standard warranty), which is considered a separate performance obligation. The Company recognizes revenue from contracts for sales of products when the Company transfers control of the product to the customer, which is generally upon installation at the customer’s premises. Revenues from the contract are recognized in an amount that reflects the consideration the Company expects to be entitled to receive once the product is operating in accordance with its specifications and signed documentation of the arrangement, such as a signed contract or purchase order, has been received. Payment terms with customers may vary, but are generally based on milestones within the delivery process such as shipping and installation. Payment terms do not include significant financing components. In the limited circumstances when the products are installed by a trained distributor acting as an end user, revenue is recognized upon delivery to the distributor assuming all other criteria for revenue recognition are met. Camtek does not incur costs in obtaining a contract except for agents’ commissions, which are incurred upon the recognition of revenues. There are no underlying sales commissions to be capitalized as revenues are recognized over a period of less than a year. Service revenues consist mainly of contracts charged under time and material arrangements. Service revenues from maintenance contracts are recognized ratably over the contract period. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers. The Company’s multiple performance obligations consist of product sales and non-standard warranties. A non-standard warranty is one that is for a period longer than 12 months. Accordingly, income from a non-standard warranty is deferred as unearned revenue and is recognized ratably as revenue commencing with and over the applicable warranty term. The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations. These amounts are recorded as deferred revenue in the Consolidated Balance Sheets. Year Ended December 31, 2018 U.S. Dollars (in thousands) Beginning of year 1,037 Deferral of revenue 1,764 Recognition of deferred revenue (977 ) Balance at end of year 1,824 |
Warranty | M. Warranty The Company records a liability for standard product warranty obligations at the time of sale based upon historical warranty experience. The term of the warranty is generally twelve months. |
Income taxes | N. Income taxes The Company accounts for income taxes in accordance with the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts and tax bases of assets and liabilities and are measured using the enacted tax rates and laws expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The company includes the foreign currency transaction gains or losses that result from re-measuring deferred taxes in income tax expense. The Company assesses the need for a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change occurs. |
Research and development | O. Research and development Research and development costs are expensed as incurred. |
Earnings / loss per ordinary share | P. Earnings / loss per ordinary share Basic earnings/loss per ordinary share is calculated using only weighted average ordinary shares outstanding. Diluted earnings per share, if relevant, gives effect to dilutive potential ordinary shares outstanding during the year. Such dilutive shares consist of incremental shares, using the treasury stock method, from the assumed exercise of share options. |
Share-based compensation | Q. Share-based compensation The Company accounts for its employee share-based compensation as an expense in the financial statements. All awards are equity classified and therefore such cost is measured at the grant date fair value of the award. The Company estimates share option grant date fair value using the Black-Scholes-Merton option-pricing model. Forfeitures are recognized when they occur. (For details see Note 12B). |
Fair value measurements | R. Fair value measurements The Company implements the provisions of ASC Topic 820 " Fair Value Measurements and Disclosures Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. |
Contingent liabilities | S. Contingent liabilities A contingency (provision) is an existing condition or situation involving uncertainty as to the range of possible loss to the entity. A provision for claims is recognized if it is probable (likely to occur) that a liability has been incurred and the amount can be estimated reasonably. |
Government-sponsored research and development | T. Government-sponsored research and development The Company records grants received from the Israel Innovation Authority (the “IIA”, formerly known as the Office of the Chief Scientist of the Israeli Ministry of Industry and Trade) as a liability, if it is probable that the Company will have to repay the grants received. If it is not probable that the grants will be repaid, the Company records the grants as a reduction to research and development expenses. Royalties paid to the IIA are recognized as a reduction of the above-mentioned liability. |
Recently adopted accounting standards | U. Recently adopted accounting standards In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic718): Scope of Modification Accounting.” This ASU amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company chose to adopt ASU No. 2017-09 early and the adoption did not have any impact on the Company's consolidated financial position, results of operations, and cash flows. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This ASU provides guidance on statement of cash flows presentation for eight specific cash flow issues where diversity in practice exists. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption did not have any impact on the Company's consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 became effective for the Company beginning in the first quarter of 2018. See Note 2(L). |
New standards not yet adopted | V. New standards not yet adopted 1. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU No. 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 with earlier adoption permitted. The expected impact on the Company’s Balance Sheet is an increase in property, plant and equipment and in financial liabilities. The impact on the Statement of Operations is not expected to be material, with an increase in depreciation offset by a reduction in rental and leasing expenses. Information on current lease agreements is disclosed in Note 10A. 2. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which introduces new guidance for the accounting for credit losses on instruments within its scope. Given the breadth of that scope, this ASU will impact both financial services and non-financial services entities. The standard is effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the effect the adoption of ASU No. 2016-13 will have on its consolidated financial position, results of operations, and cash flows, if any. |
Nature of Operations (Tables)
Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Nature of Operations [Abstract] | |
Schedule of Details of Impairment | During 2016, the Company decided to re-organize its mode of operation with respect to its functional inkjet technology (FIT) activity. As part of this change, in the financial statements for the year ended December 31, 2016, an obsolescence provision was recorded against the remaining Gryphon inventory, fixed assets and intangible assets and an adjustment was made to related liabilities, as follows: Year ended December 31, 2016 U.S. Dollars Account Nature of impact (in thousands) Cost of Revenues Inventory write-off and other 4,931 Reorganization and impairment Revaluation of IIA liabilities *(4,962 ) Reorganization and impairment Other 903 *see Note 10E 872 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Annual Rates of Depreciation | Annual rates of depreciation are as follows: Land 1% Building 2% Machinery and equipment 10% - 33% Computer equipment and software 20% - 33% Office furniture and equipment 6% - 20% Automobiles 15% |
Schedule of Deferred Revenue in Consolidated Balance Sheets | These amounts are recorded as deferred revenue in the Consolidated Balance Sheets. Year Ended December 31, 2018 U.S. Dollars (in thousands) Beginning of year 1,037 Deferral of revenue 1,764 Recognition of deferred revenue (977 ) Balance at end of year 1,824 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents, Currencies | The Company’s cash and cash equivalent balance at December 31, 2018 and 2017 is denominated in the following currencies: December 31, 2018 2017 U.S. Dollars (in thousands) US Dollars 49,678 36,636 New Israeli 2,790 1,122 Euro 1,486 3,603 Other 981 2,383 54,935 43,744 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Schedule of Inventories | December 31, 2018 2017 U.S. Dollars (in thousands) Components 13,062 9,690 Work in process 7,654 6,584 Finished products * 11,449 6,445 32,165 22,719 * includes systems at customer locations not yet sold, as of December 31, 2018 and 2017, in the amount of $7,546 and $3,425 respectively. |
Balance Sheet Presentation of Inventories | Inventories are presented in: December 31, 2018 2017 U.S. Dollars (in thousands) Current assets 30,109 21,336 Long-term assets (A) 2,056 1,383 32,165 22,719 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Current assets | |
Other Current Assets | December 31, 2018 2017 U.S. Dollars (in thousands) Due from Government institutions 1,442 607 Income tax receivables 453 122 Prepaid expenses 368 561 Deposits for operating leases 193 167 Due from related parties (See Note 17) 133 681 Other 24 1,077 2,613 3,215 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment, Net | December 31, 2018 2017 U.S. Dollars (in thousands) Cost: Land 863 863 Building 14,099 13,307 Machinery and equipment 7,331 6,406 Office furniture and equipment 624 758 Computer equipment and software 4,383 4,310 Automobiles 87 87 Leasehold improvements 622 353 28,009 26,084 Less accumulated depreciation 10,892 10,581 17,117 15,503 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | December 31, 2018 2017 U.S. Dollars (in thousands) Patent registration costs 1,605 1,513 Accumulated amortization 1,129 1,031 Total intangible asset, net 476 482 |
Estimated Amortization Expense | As of December 31, 2018, the estimated amortization expenses of intangible assets for the years 2019 to 2023 is as follows: Year ended December 31, U.S. Dollars (in thousands) 2019 76 2020 74 2021 74 2022 68 2023 56 348 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Current Liabilities [Abstract] | |
Schedule of Other Current Liabilities | December 31, 2018 2017 U.S. Dollars (in thousands) Accrued employee compensation and related benefits 7,405 6,248 Commissions 6,571 4,204 Accrued expenses 2,861 1,306 Advances from customers 2,729 2,552 Deferred revenues 1,302 1,037 Accrued warranty costs (1) 1,714 1,300 Government institutions and income tax payable 597 748 23,179 17,395 |
Changes In Product Warranty Obligation | Changes in the accrued warranty costs are as follows: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Beginning of year 1,300 1,102 1,113 Accruals 2,930 2,222 1,823 Usage (2,516 ) (2,024 ) (1,834 ) Balance at end of year 1,714 1,300 1,102 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
Minimum Future Rental Payments | As of December 31, 2018, minimum future rental payments under such non-cancelable operating leases are as follows: Year Ending December 31, U.S. Dollars (in thousands) 2019 1,007 2020 726 2021 205 Thereafter 40 1,978 |
Allowance For Doubtful Accounts | The following is a summary of the allowance for doubtful accounts related to accounts receivable for the years ended December 31: Balance at Balance at beginning Reversal of Write-off of end of of period Provision provision provision period U.S. Dollars (in thousands) 2016 755 16 (180 ) - 591 2017 591 - - - 591 2018 591 - - (181 ) 410 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Fair Value Assumptions | The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model that used the weighted average assumptions in the following table and recognized over the vesting period of four years. The risk‑free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 2017 Grant 2016 Grant Valuation assumptions: Dividend yield * 0 0 Expected volatility 66% 66% Risk-free interest rate 1.87% 1.38% Expected life (years) ** 4.8 4.8 *The option grant was made prior to the dividend distribution. As such, the valuation assumptions reflect the Company’s previous record of not paying dividends. |
Stock Option Activity | Share option activity during the past three years is as follows: Year Ended December 31, 2018 2017 2016 Weighted Weighted Weighted Number average Number average Number average of exercise of exercise of exercise options price US$ options price US$ options price US$ Outstanding at January 1 1,173,433 2.80 1,653,434 2.82 1,151,121 3.28 Granted - - 154,600 2.75 527,500 1.92 Forfeited and cancelled (43,159 ) 2.53 (152,698 ) 2.77 (25,187 ) 5.00 Exercised (610,489 ) 2.79 (481,903 ) 2.87 - 0.00 Outstanding at year end 519,785 3.16 1,173,433 2.80 1,653,434 2.82 Vested at year end 217,976 2.85 490,086 3.36 725,466 3.32 |
Schedule of Options Outstanding | Weighted Aggregate Number Weighted Average intrinsic of average Remaining Value (in options exercise Contractual US$ outstanding price US$ term (years) thousands) Outstanding as of December 31, 2018 519,785 3.16 4.14 1,886 Vested and expected to vest at December 31, 2018 508,684 3.16 4.14 1,846 Exercisable at December 31, 2018 217,976 2.85 3.14 855 |
Information about Share Options | The following table summarizes information about share options at December 31, 2018: Weighted average remaining Contractual term Number of (years) outstanding Number of outstanding Exercise price US$ options exercisable options 0-2 179,154 73,797 4.22 2-5 340,631 144,179 4.10 519,785 217,976 4.14 |
Information about Nonvested Options | The following table summarizes information about non-vested options at December 31, 2018: Weighted average grant- date Options fair value Balance at January 1, 2018 683,347 1.58 Granted - - Vested (348,962 ) 1.32 Forfeited (32,576 ) 1.45 Balance at December 31, 2018 301,809 2.04 |
Restricted Share Unit Activity | The following table summarizes information about RSUs at December 31, 2018: RSUs Balance at January 1, 2018 86,500 Granted 1,051,054 Forfeited (2,700 ) Balance at December 31, 2018 1,134,854 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table summarizes information related to the computation of basic and diluted earnings per Share for the years indicated: Year Ended December 31, 2018 2017 2016 U.S. Dollars (In thousands, except per share data) Net income attributable to Shares 18,731 13,962 4,734 Weighted average number of Shares outstanding used in basic earnings per Share calculation 36,190 35,441 35,348 Add assumed exercise of outstanding dilutive potential Shares 557 523 28 Weighted average number of Shares Outstanding used in diluted earnings per Share calculation 36,747 35,964 35,376 Basic income from continuing operations per Share 0.52 0.05 0.02 Basic income from discontinued operations per Share - 0.35 0.11 Basic net income per Share 0.52 0.40 0.13 Diluted income from continuing operations per Share 0.51 0.05 0.02 Diluted income from discontinued operations per Share - 0.34 0.11 Diluted net income per Share 0.51 0.39 0.13 Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect - - 1,538 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information [Abstract] | |
Schedule of Revenues by Geographic Area | Revenues are attributable to geographic areas/countries based upon the destination of shipment of products and related services as follows: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Asia Pacific 98,468 79,105 66,275 United States 13,227 9,484 8,151 Europe 11,479 4,896 4,802 123,174 93,485 79,228 |
Selected Income Statement Data
Selected Income Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Selected Income Statement Data [Abstract] | |
Selected Revenues | Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Sales of products 117,537 88,295 74,730 Service fees 5,637 5,190 4,498 123,174 93,485 79,228 |
Selected Selling, General and Administrative Expenses Data | Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Selling (1) 19,233 14,096 13,146 General and administrative 6,949 7,926 8,754 26,182 22,022 21,900 (1) Including shipping and handling costs 884 697 625 |
Selected Financial Income (Expenses) Data | Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Interest expense - (13 ) (246 ) Interest income 594 77 63 Re-evaluation expense on liabilities to the IIA - - (183 ) Other, net (*) 134 (214 ) (481 ) 728 (150 ) (847 ) (*) Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $226, $(41), and $(351) in 2018, 2017 and 2016, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Composition of Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) | Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Income (loss) before income taxes from continuing operations: Israel 18,746 (4,761 ) (390 ) Non-Israeli 2,015 1,574 1,562 20,761 (3,187 ) 1,172 Income tax expense from continuing operations: Current: Israel (306 ) 56 28 Non-Israeli 635 122 372 329 178 400 Deferred tax expense (benefit) from continuing operations: Israel 1,867 (5,125 ) 620 Non-Israeli (166 ) 72 (717 ) 1,701 (5,053 ) (97 ) 2,030 (4,875 ) 303 |
Reconciliation of The Theoretical Income Tax Expense | The following is a reconciliation of the theoretical income tax expense, assuming all income is taxed at the statutory tax rate applicable to Israeli companies, and the actual income tax expense: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Income (loss) before income taxes from continuing operations 20,761 (3,187 ) 1,172 Statutory tax rate 23 % 24 % 25 % Theoretical income tax expense (benefit) 4,775 (765 ) 293 Increase (decrease) in income tax expense resulting from: Change in valuation allowance (346 ) (185 ) (721 ) Non-deductible expenses(*) 214 186 182 Differences between foreign currencies and dollar-adjusted financial statements, net 240 (587 ) (120 ) Tax rate differential (3,072 ) 633 (57 ) Change in tax rate - 182 592 Recognition of income tax benefit with respect to losses related to investment in subsidiaries - (4,929 ) - Other 219 590 134 Actual income tax expense (benefit) 2,030 (4,875 ) 303 (*) Including non-deductible share based compensation. |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: December 31, 2018 2017 U.S. Dollars (in thousands) Deferred tax assets: Allowance for doubtful accounts 81 92 Inventory write-down 267 376 Unearned revenue 275 63 Accrued expenses 441 367 Net operating losses (NOL) and tax credit carryforwards 1,904 4,218 Other temporary differences 138 113 Total gross deferred tax assets 3,106 5,229 Valuation allowance - (496 ) Deferred tax asset, net of valuation allowance 3,106 4,733 Deferred tax liabilities: Property, plant and equipment (231 ) (242 ) Undistributed earnings (509 ) (424 ) (740 ) (666 ) Net deferred tax assets 2,366 4,067 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Balances and Transactions with Related Parties [Abstract] | |
Schedule of Related Party Balances and Transactions | A. Balances with related parties: December 31, December 31, 2018 2017 U.S. Dollars (in thousands) Due from related parties 133 681 B. Transactions with related parties: Year Ended December 31, 2018 2017 2016 U.S. Dollars (in thousands) Purchases from related parties - 15 3 Interest income (expense) from Parent 10 22 (28 ) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Schedule of Discontinued Operation | The following table presents a reconciliation of the major classes of line items constituting pretax profit from discontinued operations to after-tax profit reported in discontinued operations for the years ended December 31, 2017 and 2016: Year Ended December 31, 2017 2016 U.S. Dollars (In thousands) Results of discontinued operation: Total revenues 36,447 30,295 Total cost of revenues 21,368 18,831 Research and development costs (3,228 ) (3,266 ) Selling, general and administrative expenses (6,260 ) (3,601 ) Financial expenses, net (96 ) (147 ) Gain on sale of discontinued operation 12,807 - Income from discontinued operations before taxes 18,302 4,450 Income tax expense (6,028 ) (585 ) Net income from discontinued operations 12,274 3,865 Year Ended December 31, 2017 2016 U.S. Dollars (In thousands) Cash flows from discontinued operation Net cash used in operating activities * (11,247 ) (758 ) Net cash provided by (used in) investing activities** 29,854 (164 ) Net cash provided by financing activities - - Net cash provided by (used in) discontinued operations 18,607 (922 ) *Including adjustment for the gain from sale of the discontinued operation in the amount of $12,807 in 2017. **Including net proceeds from the sale of the discontinued operation of $29,967 in 2017. December 31, 2017 U.S. Dollars (In thousands) Effect of disposal on the financial position of the Company as at the transaction date Trade and other receivables 16,526 Inventories 11,219 Fixed and intangible assets 763 Trade payables (4,426 ) Other payables (6,922 ) Net assets and liabilities 17,160 Net cash consideration 29,967 Gain on sale of discontinued operation 12,807 |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) - PCB [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Cash payment to be received for sale of discontinued operations | $ 32,000 |
Additional cash payment to be received for sale of discontinued operations | $ 3,000 |
Nature of Operations (Schedule
Nature of Operations (Schedule of Details of Impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Impairment [Line Items] | |||||
Total | $ 872 | ||||
Reorganization and impairment | (4,059) | [1] | |||
Cost of Revenues | $ 62,378 | $ 47,966 | 46,738 | [1] | |
Inventory write-off and other [Member] | |||||
Impairment [Line Items] | |||||
Cost of Revenues | 4,931 | ||||
Revaluation of IIA liabilities [Member] | |||||
Impairment [Line Items] | |||||
Reorganization and impairment | [2] | (4,962) | |||
Other [Member] | |||||
Impairment [Line Items] | |||||
Reorganization and impairment | $ 903 | ||||
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 | ||||
[2] | see Note 10E |
Significant Accounting Polici_4
Significant Accounting Policies (Annual Rates of Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 1.00% |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 2.00% |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 10.00% |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33.00% |
Computer equipment and software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 20.00% |
Computer equipment and software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33.00% |
Office Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 6.00% |
Office Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 20.00% |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 15.00% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Deferred Revenue in Consolidated Balance Sheets) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Abstract] | |
Beginning of year | $ 1,037 |
Deferral of revenue | 1,764 |
Recognition of deferred revenue | (977) |
Balance at end of year | $ 1,824 |
Cash and Cash Equivalents (Curr
Cash and Cash Equivalents (Currencies) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] |
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ 54,935 | $ 43,744 | $ 19,740 | $ 30,833 | ||
U.S. Dollars [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 49,678 | 36,636 | ||||
New Israeli Shekels [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 2,790 | 1,122 | ||||
Euro [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 1,486 | 3,603 | ||||
Other Currencies [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ 981 | $ 2,383 | ||||
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Inventories (Inventories) (Deta
Inventories (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventories [Abstract] | |||
Components | $ 13,062 | $ 9,690 | |
Work in process | 7,654 | 6,584 | |
Finished products | [1] | 11,449 | 6,445 |
Total inventories | 32,165 | 22,719 | |
Current assets | 30,109 | 21,336 | |
Long-term assets (A) | $ 2,056 | $ 1,383 | |
[1] | includes systems at customer locations not yet sold, as of December 31, 2018 and 2017, in the amount of $7,546 and $3,425 respectively. |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Long Term Inventory [Line Items] | ||
Finished products, Systems at customer locations | $ 7,546 | $ 3,425 |
Long-term inventory | 2,056 | 1,383 |
Spare parts included in noncurrent inventory | 2,056 | 1,383 |
Obsolescence provision | $ 143 | $ 84 |
Minimum [Member] | ||
Long Term Inventory [Line Items] | ||
Customer support, term | 7 years | |
Maximum [Member] | ||
Long Term Inventory [Line Items] | ||
Customer support, term | 10 years |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Due from Government institutions | $ 1,442 | $ 607 |
Income tax receivable | 453 | 122 |
Prepaid expenses | 368 | 561 |
Deposits for operating leases | 193 | 167 |
Due from related parties (See Note 17) | 133 | 681 |
Other | 24 | 1,077 |
Other current assets | $ 2,613 | $ 3,215 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 28,009 | $ 26,084 | |
Less accumulated depreciation | 10,892 | 10,581 | |
Fixed assets, net | 17,117 | 15,503 | |
Depreciation expenses | 1,868 | 2,001 | $ 1,820 |
Construction in progress | 2,327 | 2,044 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 863 | 863 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 14,099 | 13,307 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 7,331 | 6,406 | |
Office Furniture and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 624 | 758 | |
Computer equipment and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 4,383 | 4,310 | |
Automobiles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 87 | 87 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 622 | $ 353 |
Intangible Assets, Net (Intangi
Intangible Assets, Net (Intangible Assets, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible Assets, Net [Abstract] | ||
Patent registration costs | $ 1,605 | $ 1,513 |
Accumulated amortization | 1,129 | 1,031 |
Total intangible asset, net | $ 476 | $ 482 |
Intangible Assets, Net (Estimat
Intangible Assets, Net (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets | $ 98 | $ 121 | $ 141 |
Write-off of patents, net value | |||
2019 | 76 | ||
2020 | 74 | ||
2021 | 74 | ||
2022 | 68 | ||
2023 | 56 | ||
Total amortization expense | $ 348 | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful life | 10 years |
Other Current Liabilities (Othe
Other Current Liabilities (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Current Liabilities [Abstract] | ||
Accrued employee compensation and related benefits | $ 7,405 | $ 6,248 |
Commissions | 6,571 | 4,204 |
Accrued expenses | 2,861 | 1,306 |
Advances from customers | 2,729 | 2,552 |
Deferred revenues | 1,302 | 1,037 |
Accrued warranty costs | 1,714 | 1,300 |
Government institutions and income tax payable | 597 | 748 |
Total other current liabilities | $ 23,179 | $ 17,395 |
Other Current Liabilities (Chan
Other Current Liabilities (Changes In Product Warranty Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Current Liabilities [Abstract] | |||
Beginning of year | $ 1,300 | $ 1,102 | $ 1,113 |
Accruals | 2,930 | 2,222 | 1,823 |
Usage | (2,516) | (2,024) | (1,834) |
Balance at end of year | $ 1,714 | $ 1,300 | $ 1,102 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |||
Severance liability | $ 898 | $ 838 | |
Severance expenses | 1,017 | $ 1,078 | $ 1,004 |
Deferred revenues recognized | 977 | ||
Deferred revenue expected to be recognized in 2020 | $ 522 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies [Line Items] | |||
Outstanding purchase commitments for inventory components | $ 9,716 | $ 6,570 | |
Proceeds from bank loan | $ 4,000 | ||
Rudolph [Member] | |||
Commitments And Contingencies [Line Items] | |||
Amount of claim filed against the company | $ 13,000 | ||
IIA [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percent of sales derived from research and development, committed amount payable | 3.50% | ||
Dispute settlement paid | 2,100 | ||
IIA [Member] | Printar [Member] | |||
Commitments And Contingencies [Line Items] | |||
Grants received including interest accrued | $ 7,024 | $ 6,734 |
Commitments and Contingencies_3
Commitments and Contingencies (Minimum Future Rental Payments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |||
2019 | $ 1,007 | ||
2020 | 726 | ||
2021 | 205 | ||
Thereafter | 40 | ||
Total | 1,978 | ||
Aggregate office rent expenses | $ 583 | $ 523 | $ 528 |
Commitments and Contingencies_4
Commitments and Contingencies (Allowance For Doubtful Debts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |||
Balance at beginning of period | $ 591 | $ 591 | $ 755 |
Provision | 16 | ||
Reversal of provision | (180) | ||
Write-off of provision | (181) | ||
Balance at end of period | $ 410 | $ 591 | $ 591 |
Concentration of Risk and Fin_2
Concentration of Risk and Financial Instruments (Options) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration of Risk and Financial Instruments [Abstract] | |||
Gain (loss) from derivatives not designated as hedging instruments | $ 0 | $ 0 | $ (3) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 30, 2018 | Nov. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant | 224,428 | |||||
Unrecognized share-based compensation expense | $ 335 | |||||
Share based compensation expense | $ 1,681 | $ 634 | $ 429 | [1] | ||
Unrecognized compensation cost, recognition period | 2 years 6 months 14 days | |||||
Aggregate intrinsic Value, Outstanding | $ 1,886 | 3,450 | 1,040 | |||
Aggregate intrinsic Value, Outstanding, Vested and expected to vest | 855 | 1,140 | 204 | |||
Dividend | $ 5,100 | $ 5,000 | $ 5,063 | 5,001 | ||
Dividend paid per share | $ 0.14 | $ 0.14 | ||||
Percentage of outstanding shares grant | 3.50% | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant | 224,428 | |||||
Number of shares authorized for grant | 1,275,507 | |||||
Unrecognized share-based compensation expense | $ 7,559 | |||||
Share based compensation expense | $ 1,271 | |||||
Weighted average grant- date fair value, Vested | $ 0 | |||||
Percentage of outstanding shares grant | 3.50% | |||||
Stock Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation expense | $ 402 | $ 634 | $ 429 | |||
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Shareholders' Equity (Fair Valu
Shareholders' Equity (Fair Value Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Shareholders' Equity [Abstract] | |||
Dividend yield | [1] | 0.00% | 0.00% |
Expected volatility | 66.00% | 66.00% | |
Risk-free interest rate | 1.87% | 1.38% | |
Expected life (years) | [2] | 4 years 9 months 18 days | 4 years 9 months 18 days |
[1] | The option grant was made prior to the dividend distribution. As such, the valuation assumptions reflect the Company's previous record of not paying dividends. | ||
[2] | Expected life for the periods presented was determined according to the simplified method since, at the date of grant, the Company did not have enough history to make an estimate. |
Shareholders' Equity (Share Opt
Shareholders' Equity (Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shareholders' Equity [Abstract] | |||
Outstanding, beginning balance | 1,173,433 | 1,653,434 | 1,151,121 |
Granted | 154,600 | 527,500 | |
Forfeited and cancelled | (43,159) | (152,698) | (25,187) |
Exercised | (610,489) | (481,903) | |
Outstanding, ending balance | 519,785 | 1,173,433 | 1,653,434 |
Vested at year end | 217,976 | 490,086 | 725,466 |
Vested and expected to vest at December 31, 2018 | 508,684 | ||
Exercisable at December 31, 2018 | 217,976 | ||
Weighted average exercise price, Outstanding, beginning balance | $ 2.80 | $ 2.82 | $ 3.28 |
Weighted average exercise price, Granted | 2.75 | 1.92 | |
Weighted average exercise price, Forfeited and cancelled | 2.53 | 2.77 | 5 |
Weighted average exercise price, Exercised | 2.79 | 2.87 | 0 |
Weighted average exercise price, Outstanding, ending balance | 3.16 | 2.80 | 2.82 |
Weighted exercise price, Vested at year end | 2.85 | $ 3.36 | $ 3.32 |
Weighted average exercise price, Vested and expected to vest at December 31, 2018 | 3.16 | ||
Weighted average exercise price, Exercisable at December 31, 2018 | $ 2.85 | ||
Weighted average Remaining Contractual term (years), Outstanding | 4 years 1 month 20 days | ||
Weighted average Remaining Contractual term (years), Vested and expected to vest | 4 years 1 month 20 days | ||
Weighted average Remaining Contractual term (years), Exercisable | 3 years 1 month 20 days | ||
Aggregate intrinsic Value, Outstanding | $ 1,886 | $ 3,450 | $ 1,040 |
Aggregate Intrinsic Value, Vested and Expected to Vest | 1,846 | ||
Aggregate intrinsic Value, Exercisable | $ 855 | $ 1,140 | $ 204 |
Shareholders' Equity (Informati
Shareholders' Equity (Information About Share Options) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of outstanding options | 519,785 |
Number exercisable | 217,976 |
Weighted average remaining Contractual of outstanding options | 4 years 1 month 20 days |
Exercise price 0-2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, minimum | $ / shares | $ 0 |
Exercise price, maximum | $ / shares | $ 2 |
Number of outstanding options | 179,154 |
Number exercisable | 73,797 |
Weighted average remaining Contractual of outstanding options | 4 years 2 months 19 days |
Exercise price 2-5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, minimum | $ / shares | $ 2 |
Exercise price, maximum | $ / shares | $ 5 |
Number of outstanding options | 340,631 |
Number exercisable | 144,179 |
Weighted average remaining Contractual of outstanding options | 4 years 1 month 6 days |
Shareholders' Equity (Informa_2
Shareholders' Equity (Information About Nonvested Options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options | |||
Beginning balance | 683,347 | ||
Granted | 154,600 | 527,500 | |
Vested | (348,962) | ||
Forfeited | (32,576) | ||
Ending balance | 301,809 | 683,347 | |
Weighted average grant- date fair value | |||
Beginning balance | $ 1.58 | ||
Granted | |||
Vested | 1.32 | ||
Forfeited | 1.45 | ||
Ending balance | $ 2.04 | $ 1.58 |
Shareholders' Equity (Restricte
Shareholders' Equity (Restricted Share Unit Activity) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding, beginning balance | 1,173,433 | 1,653,434 | 1,151,121 |
Granted | 154,600 | 527,500 | |
Forfeited | (43,159) | (152,698) | (25,187) |
Outstanding, ending balance | 519,785 | 1,173,433 | 1,653,434 |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, beginning balance | 86,500 | ||
Granted | 1,051,054 | ||
Forfeited | (2,700) | ||
Outstanding, ending balance | 1,134,854 | 86,500 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Earnings Per Share [Abstract] | ||||
Net income attributable to Shares | $ 18,731 | $ 13,962 | $ 4,734 | [1] |
Weighted average number of Shares outstanding used in basic earnings per Share calculation | 36,190 | 35,441 | 35,348 | [1] |
Add assumed exercise of outstanding dilutive potential Shares | 557 | 523 | 28 | |
Weighted average number of Shares outstanding used in diluted earnings per Share calculation | 36,747 | 35,964 | 35,376 | [1] |
Basic income from continuing operations per Share | $ 0.52 | $ 0.05 | $ 0.02 | [1] |
Basic income from discontinued operations per Share | 0.35 | 0.11 | [1] | |
Basic net earnings | 0.52 | 0.40 | 0.13 | [1] |
Diluted income from continuing operations per Share | 0.51 | 0.05 | 0.02 | [1] |
Diluted income from discontinued operations per Share | 0.34 | 0.11 | [1] | |
Diluted net earnings | $ 0.51 | $ 0.39 | $ 0.13 | [1] |
Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect | 1,538 | |||
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Segment Information (Schedule o
Segment Information (Schedule of Revenues by Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 123,174 | $ 93,485 | $ 79,228 | [1] |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 98,468 | 79,105 | 66,275 | |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 13,227 | 9,484 | 8,151 | |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 11,479 | $ 4,896 | $ 4,802 | |
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Selected Income Statement Dat_2
Selected Income Statement Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Selected Income Statement Data [Line Items] | |||||
Total revenues | $ 123,174 | $ 93,485 | $ 79,228 | [1] | |
Selling | [2] | 19,233 | 14,096 | 13,146 | |
General and administrative | 6,949 | 7,926 | 8,754 | ||
Total selling, general and administrative expenses | 26,182 | 22,022 | 21,900 | [1] | |
Shipping and handling costs | 884 | 697 | 625 | ||
Interest expense | (13) | (246) | |||
Interest income | 594 | 77 | 63 | ||
Re-evaluation expense on liabilities to the IIA | (183) | ||||
Other, net | [3] | 134 | (214) | (481) | |
Financial income (expenses), net | 728 | (150) | (847) | [1] | |
Foreign currency income (expense), transactions not denominated in U.S. Dollars | 226 | (41) | (351) | ||
Sales of products [Member] | |||||
Selected Income Statement Data [Line Items] | |||||
Total revenues | 117,537 | 88,295 | 74,730 | ||
Service fees [Member] | |||||
Selected Income Statement Data [Line Items] | |||||
Total revenues | $ 5,637 | $ 5,190 | $ 4,498 | ||
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 | ||||
[2] | Including shipping and handling costs | ||||
[3] | Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $226, $(41), and $(351) in 2018, 2017 and 2016, respectively. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets valuation allowance | $ 496 | ||
Net change in total valuation allowance | 496 | $ 1,726 | $ 865 |
Major foreign subsidiaries NOL | 601 | ||
The Company and its subsidiaries in Israel NOL carryforwards, aggregate amount | $ 23,428 | ||
Effective income tax rate | 23.00% | 24.00% | 25.00% |
Corporate statutory tax rate on 2018 and thereafter | 23.00% | ||
Corporate statutory tax rate on 2017 | 24.00% | ||
Deferred tax assets | $ 3,106 | $ 4,733 | |
Israel [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforwards | 396 | ||
Deferred tax assets | 1,413 | ||
Approved Enterprise [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax-exempt earnings | 19,087 | ||
Contingent income tax liabilities, Dividend distribution | 4,771 | ||
Beneficiating Enterprise [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax-exempt earnings | 2,902 | ||
Contingent income tax liabilities, Dividend distribution | $ 725 |
Income Taxes (Composition of In
Income Taxes (Composition of Income (Loss) Before Income Taxes and Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Taxes [Abstract] | ||||
Income (loss) before income taxes from continuing operations: Israel | $ 18,746 | $ (4,761) | $ (390) | |
Income (loss) before income taxes from continuing operations: Non-Israeli | 2,015 | 1,574 | 1,562 | |
Income (loss) from continuing operations before incomes taxes | 20,761 | (3,187) | 1,172 | [1] |
Income tax expense from continuing operations, Current: Israel | (306) | 56 | 28 | |
Income tax expense from continuing operations, Current: Non-Israeli | 635 | 122 | 372 | |
Current Income tax expense from continuing operations, Total | 329 | 178 | 400 | |
Deferred tax expense (benefit) from continuing operations: Israel | 1,867 | (5,125) | 620 | |
Deferred tax expense (benefit) from continuing operations: Non-Israeli | (166) | 72 | (717) | |
Deferred tax expense (benefit) from continuing operations, Total | 1,701 | (5,053) | (97) | |
Actual income tax expense (benefit) | $ 2,030 | $ (4,875) | $ 303 | [1] |
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Income Taxes (Income Taxes Incl
Income Taxes (Income Taxes Included in The Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Taxes [Abstract] | |||||
Income (loss) before income taxes from continuing operations | $ 20,761 | $ (3,187) | $ 1,172 | ||
Statutory tax rate | 23.00% | 24.00% | 25.00% | ||
Theoretical income tax expense (benefit) | $ 4,775 | $ (765) | $ 293 | ||
Change in valuation allowance | (346) | (185) | (721) | ||
Non-deductible expenses | [1] | 214 | 186 | 182 | |
Differences between foreign currencies and dollar-adjusted financial statements-net | 240 | (587) | (120) | ||
Tax rate differential | (3,072) | 633 | (57) | ||
Change in tax rate | 182 | 592 | |||
Recognition of income tax benefit with respect to losses related to investment in subsidiaries | (4,929) | ||||
Other | 219 | 590 | 134 | ||
Actual income tax expense (benefit) | $ 2,030 | $ (4,875) | $ 303 | [2] | |
[1] | Including non-deductible share based compensation. | ||||
[2] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Income Taxes (Income Taxes In_2
Income Taxes (Income Taxes Included in The Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 81 | $ 92 |
Inventory write-down | 267 | 376 |
Unearned revenue | 275 | 63 |
Accrued expenses | 441 | 367 |
Net operating losses (NOL) and tax credit carryforwards | 1,904 | 4,218 |
Other temporary differences | 138 | 113 |
Total gross deferred tax assets | 3,106 | 5,229 |
Valuation allowance | (496) | |
Deferred tax asset, net of valuation allowance | 3,106 | 4,733 |
Deferred tax liabilities: | ||
Property, plant and equipment | (231) | (242) |
Undistributed earnings | (509) | (424) |
Deferred tax liabilities | (740) | (666) |
Net deferred tax assets | $ 2,366 | $ 4,067 |
Balances and Transactions wit_3
Balances and Transactions with Related Parties (Details) - Affiliated Entity [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Due from related parties | $ 133 | $ 681 | |
Purchases from related parties | 15 | $ 3 | |
Interest (expense) from Parent | $ 10 | $ 22 | $ (28) |
Interest rate, related party | 5.50% | 5.50% | 5.50% |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gain on sale of discontinued operation | $ 12,800 | $ 12,807 | |
PCB business [Member] | |||
Gross proceeds from sale of discontinued operations | 32,000 | ||
Acquisition expense deducted from gross proceeds from sale of discontinued operations | $ 2,000 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Discontinued Operation Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Discontinued Operations [Abstract] | ||||
Total revenues | $ 36,447 | $ 30,295 | ||
Total cost of revenues | 21,368 | 18,800 | ||
Research and development costs | (3,228) | (3,266) | ||
Selling, general and administrative expenses | (6,260) | (3,601) | ||
Financial expenses, net | (96) | (147) | ||
Gain on sale of discontinued operation | $ 12,800 | 12,807 | ||
Income from discontinued operations before taxes | 18,302 | 4,450 | [1] | |
Income tax expense | (6,028) | (585) | [1] | |
Net income from discontinued operations | $ 12,274 | $ 3,865 | [1] | |
[1] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 |
Discontinued Operations (Sche_2
Discontinued Operations (Schedule of Discontinued Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Cash flows from discontinued operation | |||||
Net cash (used in) operating activities | $ (11,247) | [1] | $ (758) | [1],[2] | |
Net cash provided by (used in) investing activities | 29,854 | [3] | (164) | [2],[3] | |
Net cash provided by financing activities | |||||
Net cash provided by (used in) discontinued operations | $ 18,607 | $ (922) | |||
[1] | Including adjustment for the gain from sale of the discontinued operation in the amount of $12,807 in 2017. | ||||
[2] | Reclassified - due to presenting PCB operation as discontinued operation - See Note 19 | ||||
[3] | Including net proceeds from the sale of the discontinued operation of $29,967 in 2017. |
Discontinued Operations (Sche_3
Discontinued Operations (Schedule of Discontinued Operation Financial Position) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |||
Trade and other receivables | $ 16,526 | ||
Inventories | 11,219 | ||
Fixed and intangible assets | 763 | ||
Trade payables | (4,426) | ||
Other payables | (6,922) | ||
Net assets and liabilities | 17,160 | ||
Net cash consideration | 29,967 | ||
Gain on sale of discontinued operation | $ 12,800 | $ 12,807 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands | 1 Months Ended |
Feb. 28, 2019USD ($)shares | |
Subsequent Event [Line Items] | |
Share issued | 1,700,000 |
Share issued, value | $ | $ 16,150 |
Number of share sales | 6,117,440 |
Percentage of number of shares held | 24.00% |
Chroma [Member] | |
Subsequent Event [Line Items] | |
Percentage of number of shares held | 20.50% |