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Camtek Announces Record Results for the First Quarter of 2019
  • USA - English

Revenues of $34 Million, 25% YoY growth; Operating Margin of 21.5%


News provided by

Camtek Ltd

May 06, 2019, 06:40 ET

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MIGDAL HAEMEK, Israel , May 6, 2019 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter ended March 31, 2019.

Highlights of the First Quarter 2019

  • Revenues were a record at $34.0 million, up 25% year-over-year;
  • GAAP Gross margin at 50.5% versus 47.7% in Q1 last year; Non-GAAP gross margin at 50.6% versus 48.5%
  • GAAP operating income was $6.7 million and non-GAAP operating income was $7.3 million, representing margins of 19.6% and 21.5%, respectively;
  • GAAP net income of $6.0 million or $0.16 per diluted share and non-GAAP net income of $6.7 million or $0.18 per diluted share, representing year-over-year growth of 70% and 59%, respectively; and
  • Operating cash flow of $6.3 million with $61 million in net cash at quarter-end;

Forward Looking Guidance

Second quarter 2019 revenues are expected to be slightly ahead of those of the first quarter.

Management Comment

Rafi Amit Camtek's CEO commented, "We are very pleased with our results, especially given the background of the macro-environment in the semiconductor market. We succeeded in maintaining our growth in the quarter, up 25% year-over-year, and even more significantly, we improved our operating income by over 70% year-over-year."

Continued Mr. Amit, "Our momentum remains positive as witnessed by the orders we received in the past few weeks for various applications. Looking ahead, we expect to maintain and even slightly increase our current revenue levels going into the second quarter."

First Quarter 2019 Financial Results

Revenues for the first quarter of 2019 were $34.0 million. This compares to first quarter 2018 revenues of $27.3 million, a growth of 25%.

Gross profit on a GAAP basis in the quarter totaled $17.2 million (50.5% of revenues), up 32% compared to a gross profit of $13.0 million (47.7% of revenues) in the first quarter of 2018. Gross profit on a non-GAAP basis in the quarter totaled $17.2 million (50.6% of revenues), up 30% compared to a gross profit of $13.2 million (48.5% of revenues) in the first quarter of 2018. The improvement in gross margin was mainly a result of the product and sales mix delivered in the quarter.

Operating profit on a GAAP basis in the quarter totaled $6.7 million (19.6% of revenues), up 87% compared to an operating income of $3.6 million (13.0% of revenues) in the first quarter of 2018. Operating profit on a non-GAAP basis in the quarter totaled $7.3 million (21.5% of revenues), up 73% compared to $4.2 million (15.4% of revenues) in the first quarter of 2018. The improvement is a result of the higher gross margin in the quarter,

Net income on a GAAP basis in the quarter totaled $6.0 million, or $0.16 per diluted share, up 71% compared to net income of $3.5 million, or $0.10 per diluted share, in the first quarter of 2018. Net income on a non-GAAP basis in the quarter totaled $6.7 million, or $0.18 per diluted share, up 59% compared to a non-GAAP net income of $4.2 million, or $0.12 per diluted share, in the first quarter of 2018. 

Cash and cash equivalents, as of March 31, 2019, were $61.0 million compared to $54.9 million as of December 31, 2018. During the quarter the Company generated a positive operating cash flow of $6.3 million.

Conference Call

Camtek will host a conference call today, May 6, 2019, at 10:00 am ET.

Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results. To participate, please call one of the following telephone numbers a few minutes before the start of the call.

US:                          1 888 668 9141    at 10:00 am Eastern Time
Israel:                      03 918 0609        at 5:00 pm Israel Time
International:          +972 3 918 0609

For those unable to participate, the teleconference will be available for replay on Camtek's website at http://www.camtek.com beginning 24 hours after the call.

A summary presentation of the quarterly results will also be available on Camtek's website.

ABOUT CAMTEK LTD.

Camtek is a leading manufacturer of metrology and inspection equipment and a provider of software solutions serving the Advanced Packaging, Memory, CMOS Image Sensors, MEMS, RF and other segments in the mid end of the semiconductor industry.

Camtek provides dedicated solutions and crucial yield-enhancement data, enabling manufacturers to improve yield and drive down their production costs.

With eight offices around the world, Camtek has best-in-class sales and customer support organization, providing tailor-made solutions in line with customers' requirements.

This press release is available at http://www.camtek.com

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.

This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) write off costs with regard to the FIT activities, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972-4-604-8308
Mobile: +972-54-900-7100
[email protected]  

INTERNATIONAL INVESTOR RELATIONS  
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) 1-646-688-3559
[email protected]

Camtek Ltd.

Consolidated Balance Sheets

(In thousands)


March 31,

December 31,


2019

2018


U.S. Dollars (In thousands)

Assets






Current assets



Cash and cash equivalents

61,025

54,935

Trade accounts receivable, net

25,476

31,644

Inventories

32,401

30,109

Other current assets

3,080

2,613




Total current assets

121,982

119,301







Fixed assets, net

*18,329

17,117




Long term inventory

2,153

2,056

Deferred tax asset

1,816

2,366

Other assets, net

231

231

Intangible assets, net

487

476





4,687

5,129




Total assets

144,998

141,547




Liabilities and shareholders' equity






Current liabilities



Trade accounts payable

15,448

15,541

Other current liabilities

*18,968

23,179




Total current liabilities

34,416

38,720




Long term liabilities



Other long term liabilities

*2,314

1,420


2,314

1,420




Total liabilities

36,730

40,140




Commitments and contingencies






Shareholders' equity



Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at March 31 2019 and at December 31, 2018;



38,608,128 issued shares at March 31, 2019 and 38,535,445 at December 31, 2018;



36,515,752 shares outstanding at March 31, 2019 and 36,443,069 at December 31, 2018

 

151

 

151

Additional paid-in capital

82,707

81,873

Retained earnings

27,308

21,281


110,166

103,305

Treasury stock, at cost (2,092,376  as of March 31, 2019 and December 31, 2018)

 

(1,898)

 

(1,898)




Total shareholders' equity

108,268

101,407




Total liabilities and shareholders' equity

144,998

141,547








*Includes adjustment in respect of implementation of ASC 842 - Leases 

Camtek Ltd.

Consolidated Statements of Operations

(in thousands, except share data)


Three months ended

March 31,

Year ended

December 31,



2019

2018

2018



U.S. dollars







Revenues

34,002

27,274

123,174

Cost of revenues

16,846

14,277

62,378





Gross profit

17,156

12,997

60,796









Research and development costs

3,924

3,549

14,581

Selling, general and administrative expenses

6,575

5,889

26,182





Total operating expenses

10,499

9,438

40,763





Operating income

6,657

3,559

20,033





Financial income, net

17

290

728





Income before incomes taxes

6,674

3,849

20,761





Income tax expense

(647)

(315)

(2,030)





Net income

6,027

3,534

18,731






Three months ended 

Year ended 

March 31,

December 31,


2019

2018

2018


U.S. dollars










Basic net earnings

0.17

0.1

0.52









Diluted net earnings 

0.16

0.1

0.51





Weighted average number of



ordinary shares outstanding:







Basic

36,476

35,917

36,190





Diluted

37,267

36,388

36,747

Camtek Ltd.

Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)


Three months ended

Year ended December 31,


 March 31,


2019

2018

2018


U.S. dollars 

U.S. dollars







Reported net income attributable to Camtek Ltd. on GAAP basis





6,027

3,534

18,731


Share-based compensation

645

146

1,682


Effect of FIT reorganization (1)

-

506

506


Non-GAAP net income 

6,672

4,186

20,919


Non –GAAP net income per share, basic and diluted





0.18

0.12

0.57


Gross margin on GAAP basis 

50.50%

47.70%

49.40%


Reported gross profit on GAAP basis

17,156

12,997

60,796



Share-based compensation

61

16

167


Effect of FIT reorganization (1)

-

205

205


Non- GAAP gross margin

50.60%

48.50%

49.70%


Non-GAAP gross profit 

17,217

13,218

61,168







Reported operating income 





attributable to Camtek Ltd. on GAAP basis

6,657

3,559

20,033


Share-based compensation

645

146

1,682


Effect of FIT reorganization (1)

-

506

506


Non-GAAP operating income 

7,302

4,211

22,221


(1) At the end of the first quarter of 2018, the Company ceased its efforts to utilize the remaining inventory and equipment related to FIT development and recorded a one-time write-off in the amount of $0.5 million, consisting of: (1) inventory write-offs of $0.2 million, recorded under the cost of revenue line item; and (2) fixed asset write-offs of $0.3 million recorded under operating expenses. 

SOURCE Camtek Ltd

Related Links

http://www.camtek.com

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