Ham-Let Achieves Record Q1 Thanks to Efficiency, Investment and Demand

Control systems maker reports 43% year over year jump in revenues to $20.7 million

Ham-Let Advanced Control Technology (TASE: HAML), which makes conduit for liquids and gases for industrial uses, reported record results for the first quarter of 2007.

The company, which is controlled by IDB group subsidiary Discount Investment Corporation (TASE: DISI), also had a terrific year in 2006, following much trouble the year before.

The company reported a 43% year over year jump in revenues to $20.7 million. Compared with the previous quarter, its sales increased 20%.

Operating income increased 22% securities to $3.7 million, Ham-Let said.

Net profit sank a bit against the last quarter because of heavy tax payments, to $3.3 million. But compared with the parallel quarter, its net profit soared 140%.

Explaining its record results, Ham-Let noted rising demand in the semiconductors sector, efficiency measures in production in Israel, and its investment in increasing production capacity, also in Israel.

The company runs two production lines in parallel. One makes control systems for the conduction of liquid and gas at ultra-clean plants, such as fabs and drug production plants. The second line is systems for heavy industry such as oil refining, petrochemicals and chemicals plants.

Shares in Ham-Let have gained 197% since the start of 2006, lifting the company's market cap on the Tel Aviv Stock Exchange to NIS 770 million. Its stock started Tuesday with a 2% jump.