CAMTEK LTD. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K is a report of a foreign private issuer filed by CAMTEK LTD. for the month of December 2015, dated December 1, 2015. The company is headquartered in Migdal Haemek, Israel. The filing references the company's parent entity, Priortech Ltd., which is publicly traded on the Tel-Aviv Stock Exchange and subject to Israel Accounting Standard No. 30.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, or margin data for the reporting period. The only specific financial figure disclosed relates to capitalized development expenses.
- Capitalized Development Expenses: US$(2,669) thousand for the nine-month period ended September 30, 2015 (as reflected in Priortech's consolidated statements).
- Debt and Liquidity: The filing text does not provide clear values for total debt, cash balances, or liquidity ratios.
Material Changes and Hedging Activities
The primary disclosure concerns foreign currency hedging transactions. As of September 30, 2015, Camtek was engaged in hedging transactions in US Dollars against the Israeli New Shekel (NIS). The filing details a portfolio of Put and Call options with trade dates in August 2015 and expiry dates ranging from October 2015 to March 2016.
The table below summarizes the open hedging positions and their bank evaluations as of September 30, 2015:
| Amount (US$) | Type | Trade Date | Expiry Date | Spot Rate | Bank Evaluation (US$) |
|---|---|---|---|---|---|
| 300,000 | Put | 19/08/2015 | 28/10/2015 | 3.8710 | 1,015.55 |
| 300,000 | Call | 19/08/2015 | 28/10/2015 | 3.8710 | -4,622.99 |
| 300,000 | Put | 19/08/2015 | 26/11/2015 | 3.8710 | 1,810.60 |
| 300,000 | Call | 19/08/2015 | 26/11/2015 | 3.8710 | -5,308.69 |
| 300,000 | Put | 19/08/2015 | 28/12/2015 | 3.8710 | 2,710.94 |
| 300,000 | Call | 19/08/2015 | 28/12/2015 | 3.8710 | -6,294.93 |
| 300,000 | Put | 28/08/2015 | 27/01/2016 | 3.9440 | 4,939.84 |
| 300,000 | Call | 28/08/2015 | 27/01/2016 | 3.9440 | -4,696.66 |
| 300,000 | Put | 28/08/2015 | 25/02/2016 | 3.9440 | 5,660.21 |
| 300,000 | Call | 28/08/2015 | 25/02/2016 | 3.9440 | -5,412.69 |
| 300,000 | Put | 28/08/2015 | 28/03/2016 | 3.9440 | 6,391.79 |
| 300,000 | Call | 28/08/2015 | 28/03/2016 | 3.9440 | -6,106.30 |
| 200,000 | Put | 19/08/2015 | 28/10/2015 | 3.8400 | 641.82 |
| 200,000 | Call | 19/08/2015 | 28/10/2015 | 3.9140 | -2,501.68 |
| 200,000 | Call | 19/08/2015 | 26/11/2015 | 3.9100 | -3,376.93 |
| 200,000 | Put | 19/08/2015 | 26/11/2015 | 3.8400 | 1,290.91 |
| 200,000 | Call | 19/08/2015 | 28/12/2015 | 3.9050 | -4,123.14 |
| 200,000 | Put | 19/08/2015 | 28/12/2015 | 3.8400 | 1,897.86 |
| 500,000 | Call | 26/08/2015 | 27/01/2016 | 3.9275 | -10,039.51 |
| 500,000 | Put | 26/08/2015 | 27/01/2016 | 3.8700 | 7,446.21 |
| 500,000 | Put | 26/08/2015 | 25/02/2016 | 3.8700 | 8,595.70 |
| 500,000 | Call | 26/08/2015 | 25/02/2016 | 3.9190 | -11,431.27 |
| 500,000 | Call | 26/08/2015 | 28/03/2016 | 3.9200 | -12,292.94 |
| 500,000 | Put | 26/08/2015 | 28/03/2016 | 3.8600 | 9,181.83 |
| 200,000 | Put | 31/08/2015 | 27/01/2016 | 3.8800 | 3,204.36 |
| 200,000 | Call | 31/08/2015 | 27/01/2016 | 3.9480 | -3,577.86 |
| 200,000 | Put | 31/08/2015 | 25/02/2016 | 3.8800 | 3,673.08 |
| 200,000 | Call | 31/08/2015 | 25/02/2016 | 3.9374 | -4,167.20 |
| 200,000 | Put | 31/08/2015 | 28/03/2016 | 3.8800 | 4,147.45 |
| 200,000 | Call | 31/08/2015 | 28/03/2016 | 3.9300 | -4,696.43 |
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the disclosure of the hedging activities. The document notes the implementation of Accounting Standard No. 30 by the parent company, Priortech, effective January 1, 2007, which impacts the presentation of capitalized development expenses.
Key Facts for Investor Verification
- Financial Data Limitation: This Form 6-K does not contain revenue, net income, or cash flow statements for the period; investors should refer to the company's Form 20-F or quarterly reports for comprehensive financial results.
- Capitalized Expenses: Verify the impact of the US$(2,669) thousand in capitalized development expenses on the parent company's consolidated statements for the nine months ended September 30, 2015.
- Currency Exposure: Assess the net exposure and potential mark-to-market volatility of the extensive portfolio of USD/NIS Put and Call options expiring between October 2015 and March 2016.
- Accounting Standards: Confirm the ongoing application of Israel Accounting Standard No. 30 in the parent company's reporting.