6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the Month of November 2003

CAMTEK LTD.
(Translation of Registrant’s Name into English)

Ramat Gavriel Industrial Zone
P.O. Box 544
Migdal Haemek 23150
ISRAEL

(Address of Principal Corporate Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x     Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934.

Yes o No x



        Attached hereto as Exhibit 99.1 and incorporated by reference herein is a press release of the registrant, dated November 17,2003, announcing the consolidated financial results of operation for the third quarter and nine months ended September 30, 2003.

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CAMTEK LTD.
(Registrant)


BY: /S/ MOSHE AMIT
——————————————
Moshe Amit,
Executive Vice President and
Chief Financial Officer

Dated: November 17, 2003

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Exhibit 99.1

November 17, 2003

CAMTEK CONTACT:
MOSHE AMIT
+972-4-604-8308
+972-4-654-1083 (FAX)
mosheamit@camtek.co.il

CAMTEK LTD 2003 THIRD QUARTER RESULTS REFLECT INCREASING REVENUES AND RETURN TO PROFITABILITY

  Rise in Revenues to $8.5 Million, Up 32.1% From Q2/2003

  Increase in Gross Margins to 47.4%

MIGDAL HAEMEK, Israel – November 17, 2003 – Camtek Ltd. (NASDAQ:CAMT), today announced results for the third quarter and nine months ended September 30, 2003.

Sales for the third quarter of 2003 were $8.5 million, compared to sales of $6.4 million in the second quarter of 2003 and $7.2 million in the third quarter of 2002. Gross profit and gross profit margins for the third quarter of 2003 improved to $4 million and 47.4% respectively, compared to $2.8 million and 43.1% respectively for the second quarter of 2003, and $1.4 million 19.9% for the third quarter of 2002 (including a non-recurring inventory write-off of $1.8 million, and $3.2 million and 45.2% excluding that inventory write-off). The Company reported a net profit for the third quarter of 2003 of $191,000, or $0.01 per share, compared to a net loss of $1.1 million or a $(0.04) loss per share in the second quarter of 2003, and compared to a net loss of $(3.1) million or a $(0.12) loss per share for the third quarter of 2002 (including the non-recurring inventory write-off, or a net loss of $(1.3) million with a $(0.05) loss per share excluding that write-off).

Sales for the first nine months of 2003 were $20.7 million, compared to sales of $17.9 million for the first nine months of 2002. Gross profit and gross profit margins were $9.1 million 43.9% respectively for the first nine months of 2003, compared to $5.6 million and 31% respectively for the first nine months of 2002 (including the non-recurring inventory write-off, and $7.4 million and 41.1% excluding the write-off). Selling, general and administrative expenses in the first nine months of 2003 were $7.0 million, a decrease of 15.8% from $8.3 million in the first nine months of 2002. The Company reported a net loss for the first nine months of 2003 of $(2.2) million, or a $(0.08) loss per share, compared to a net loss for the first nine months of 2002 of $(7.9) million or a $(0.34) loss per share (including the non-recurring inventory write-off, or a net loss of $(6.1) million and a $(0.26) loss per share excluding that write-off).

Rafi Amit, Camtek’s CEO, commented: “In the third quarter of 2003 we witnessed a further rise in the demand for our products, reflecting the combined effects of the upturn in the industry and our long term investment in developing differentiated products, as well as the very encouraging response to our new Orion and Dragon models. This continuing improvement in business has brought us back to profitability and contributed to our significantly increased gross margin. We expect this trend of rising demand for our products to continue in 2004.

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“As many customers delay ordering new equipment until they practically need the added capacity on-line, the majority of the current demand is characterized by a requirement for rapid delivery. In anticipation of this purchasing pattern, we have been ramping up production and expanding our global customer support and sales organizations. However, realization of a correlating increase in sales may, in part, take until the first quarter of 2004 to occur, due to the deferring by customers of capital expenses to their 2004 budget.

“We are also quite encouraged by the level of interest in the Falcon, our new system for semiconductor wafer-level inspection, and we hope to begin recording sales of this new product in the first quarter of 2004. We can expect the Falcon and the other products Camtek is developing for microelectronics and packaging inspection to become an additional growth engine for the company in 2004.”

ABOUT CAMTEK LTD.
Camtek Ltd., designs, develops, manufactures, and markets technologically advanced and cost-effective intelligent optical inspection systems and related software products, used to enhance processes and yields for the printed circuit boards, semiconductor packaging and microelectronics industries. Camtek is a public company since 2000, with headquarters in Migdal Ha’Emek, Israel and subsidiaries in the U.S., Europe, Japan, and East Asia. This press release is available at www.camtek.co.il

        This press release may contain projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, price reductions, as well as due to risks identified in the Company’s last Form 20-F and other documents filed by the Company with the SEC.

(Tables Below)

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CAMTEK LTD.
Consolidated Balance Sheets

(in thousands US$, except share data)

December 31,
2002

September 30,
2003

ASSETS            
Current assets:  
   Cash and cash equivalents    2,898    13,037  
   Marketable securities    10,912    -  
   Accounts receivable - trade (net of allowance of $2,387 and $1,979)    10,585    12,466  
   Inventories    12,028    11,623  
   Due from affiliates    519    1,734  
   Other current assets    1,497    1,623  


        Total current assets    38,439    40,483  
   
Fixed assets, net    10,509    10,019  


     48,948    50,502  


LIABILITIES  
Current liabilities:  
   Short-term bank credit    39    2,207  
   Accounts payable    3,007    4,667  
   Other current liabilities    5,196    5,044  


        Total current liabilities    8,242    11,918  
   
Long term loans    12    -  
Accrued severance pay, net of amounts funded    378    395  


     8,632    12,313  


SHAREHOLDERS' EQUITY  
Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares,  
   issued 28,065,038 shares in 2002 and in 2003    125    125  
Additional paid-in capital    43,266    43,801  
Unearned portion of compensatory stock options    (121 )  (599 )
Accumulated other comprehensive (loss) income:  
   Unrealized holding (loss) gain on marketable securities    (8 )  -  
Retained earnings    (1,953 )  (4,145 )
Treasury stock (1,011,619 shares)    (993 )  (993 )


     40,316    38,189  


     48,948    50,502  


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CAMTEK LTD.
Consolidated Statements of Operations

(in thousands US$, except per share data)

Year
Ended
December 31,
Three months
Ended
September 30,
Nine months
Ended
September 30,
2002
2002
2003
2002
2003
Audited Unaudited Unaudited Unaudited Unaudited
 
Revenues      22,593    7,156    8,479    17,914    20,701  
Cost of revenues    13,641    3,925    4,460    10,549    11,612  
Write off - Inventory    1,805    1,805    -    1,805    -  





Gross profit    7,147    1,426    4,019    5,560    9,089  





Research and development costs    7,194    1,738    1,417    5,539    4,455  
Selling, general and  
    administrative expenses    11,057    2,931    2,555    8,322    7,006  





Operating Income (losses)    (11,104 )  (3,243 )  47    (8,301 )  (2,372 )
Financial and other income    331    172    144    408    180  





Losses before income taxes    (10,773 )  (3,071 )  191    (7,893 )  (2,192 )
   
Provision for income taxes    (519 )  -    -    20    -  





Net Income (losses)    (11,292 )  (3,071 )  191    (7,873 )  (2,192 )





Earning per ordinary share:  
   Basic    (0.47 )  (0.12 )  0.01    (0.34 )  (0.08 )





   Diluted    (0.47 )  (0.12 )  0.01    (0.34 )  (0.08 )





Weighted average number of  
   ordinary shares outstanding:  
   Basic    24,166    25,700    27,053    23,155    27,053  





   Diluted    24,166    25,700    27,388    23,155    27,053  





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