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 March 31,
2004, announcing SETTLEMENT
REACHED WITH ISRAELI
TAX AUTHORITIES
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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: March 31, 2004
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Exhibit 99.1
March 31, 2004
FOR IMMEDIATE RELEASE
CAMTEK CONTACT:
Moshe Amit
+972-4-604-8308
+972-4-604 8300 (fax)
mosheamit@camtek.co.il
MIGDAL HA’EMEK, Israel –
March 31, 2004 – Camtek Ltd. (NASDAQ:CAMT) today announced that a settlement has been
reached with the Israeli tax authorities over disputed assessments for the 1999, 2000 and
2001 tax years. Under the settlement reached, Camtek will pay a total of approximately
$685,000 (inclusive of all interest and currency linkage differentials) to settle
approximately $6.7 million in assessments previously demanded by the Israeli tax
authorities with respect to the 1999-2001 tax years. In addition, Camtek will continue to
calculate its applicable tax benefits for the subsequent years of the Israeli tax benefits
program in which it currently participates (2002-2007) at the rates previously disputed by
the Israeli tax authorities. The settlement amount will result in a one-time provision for
income taxes of approximately $460,000 in the first quarter of 2004, in addition to the
$225,000 that was reserved for this purpose in the fourth quarter of 2003.
“We are
very pleased,” said Rafi Amit, Camtek’s Chief Executive Officer, “to have
reached an agreement with the Israeli tax authorities and thus laid to rest any concerns
about the large amounts originally demanded for the 1999, 2000 and 2001 tax years. This
settlement is particularly positive for Camtek, as it confirms our applicable tax benefits
in question for subsequent tax years through 2007.”
With headquarters in Migdal Ha’Emek Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical inspection systems and related products. Camtek’s automatic inspection systems are used to enhance both production processes and yield for manufacturers in the printed circuit board industry, the high density interconnect substrate industry and the semiconductor manufacturing and packaging industry.
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 documents filed by the Company with the SEC.
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