abrooklyn
2 months ago
CAMTEK ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2023
Source: PR Newswire (US)
EXPECTS 30% YoY GROWTH IN THE FIRST QUARTER WITH RECORD REVENUE IN FY 2024
MIGDAL HAEMEK, Israel, Feb. 20, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the fourth quarter and year ended December 31, 2023.
Camtek Logo
Highlights of the Fourth Quarter of 2023
Revenues of $88.7 million, an 8% increase year-over-year;
GAAP operating income of $17.2 million; non-GAAP operating income of $25.5 million, representing an operating margin of 19.4% and 28.7% respectively;
GAAP net income of $20.8 million and non-GAAP net income of $28.2 million;
Strong operating cash flow of $34.2 million; and
Completion of FRT metrology acquisition.
Highlights of the Full Year 2023
Revenues of $315.4 million, 1.7% below those of last year;
GAAP operating income of $65.4 million; non-GAAP operating income of $83.3 million; representing operating margins of 20.7% and 26.4%, respectively;
GAAP net income of $78.6 million; non-GAAP net income of $95.7 million; and
Operating cash flow of $79.3 million in 2023, which led to a year-end total cash, short-term and long-term deposits and marketable securities balance of $449 million.
Forward-Looking Expectations
Management expects revenues in the first quarter of 2024 between $93-95 million, representing a mid-point 30% increase over the first quarter of 2023, with further growth leading to a year of record revenue for Camtek.
Management Comment
Rafi Amit, Camtek's CEO commented, "The high demand for high performance computing (HPC) was the main driver behind our record fourth quarter, bringing our full year 2023 revenues to $315 million. We received orders for close to 300 systems in the second half of 2023, which puts us in an excellent position going into 2024. This achievement was primarily due to our strong position with tier-1 customers that manufacture HBM (High Bandwidth Memory) and chiplet devices for AI applications. In addition, we have seen continued strong demand from our OSAT customers, driven by other advanced packaging applications."
Continued Mr. Amit, "During the fourth quarter of 2023 we completed the acquisition of FRT and we are confident that this business will meet our expectations in 2024 and beyond. Looking ahead, we anticipate 2024 to be a record year for Camtek even without the contribution of FRT to our results."
Fourth Quarter 2023 Financial Results
Revenues for the fourth quarter of 2023 were $88.7 million. This compares to fourth quarter 2022 revenues of $82.2 million, a year-over-year growth of 8%.
Gross profit on a GAAP basis in the quarter totaled $39.8 million (44.9% of revenues), compared to a gross profit of $39.9 million (48.6% of revenues) in the fourth quarter of 2022.
Gross profit on a non-GAAP basis in the quarter totaled $43.7 million (49.2% of revenues), up 9% compared to a gross profit of $40.2 million (49.0% of revenues) in the fourth quarter of 2022.
Operating profit on a GAAP basis in the quarter totaled $17.2 million (19.4% of revenues), compared to an operating profit of $20.5 million (24.9% of revenues) in the fourth quarter of 2022.
Operating profit on a non-GAAP basis in the quarter totaled $25.5 million (28.7% of revenues), an increase of 12% compared to $22.8 million (27.8% of revenues) in the fourth quarter of 2022.
Net income on a GAAP basis in the quarter totaled $20.8 million, or $0.42 per diluted share, compared to net income of $21.7 million, or $0.45 per diluted share, in the fourth quarter of 2022.
Net income on a non-GAAP basis in the quarter totaled $28.2 million, or $0.57 per diluted share, compared to a non-GAAP net income of $24.0 million, or $0.50 per diluted share, in the fourth quarter of 2022.
Full Year 2023 Results Summary
Revenues for 2022 were $315.4 million, compared to the $320.9 million reported in 2022, a slight decline of 1.7%.
Gross profit on a GAAP basis totaled $147.6 million (46.8% of revenues), compared to $159.9 million (49.8% of revenues) in 2022.
Gross profit on a non-GAAP basis totaled $152.7 million (48.4% of revenues), compared to $161.1 million (50.2% of revenues) in 2022.
Operating income on a GAAP basis totaled $65.4 million (20.7% of revenues), compared to operating income of $81.5 million (25.4% of revenues) in 2022.
Operating income on a non-GAAP basis totaled $83.3 million (26.4% of revenues), an increase of 20% compared to $92.0 million (28.7% of revenues) in 2022.
Net income on a GAAP basis totaled $78.6 million, or $1.61 per diluted share. This is compared to net income of $79.9 million, or $1.66 per diluted share, in 2022.
Net income on a non-GAAP basis totaled $95.7 million, or $1.96 per diluted share. This is an increase of 27% compared to net income of $90.5 million, or $1.88 per diluted share, in 2022.
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of December 31, 2023, were $448.6 million compared to $478.7 million as of December 31, 2022 and $517.1 million as of September 30, 2023. During the fourth quarter, the Company generated an operating cash flow of $34.2 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on Tuesday, February 20, 2024, at 9:00 am ET (16:00 Israel time).
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 in the webinar, please register using the following link, which will provide access to the video call:
https://us06web.zoom.us/webinar/register/WN_bNKd27BfSJmYAcuLiB6DZQ
For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek's investor relations a few hours in advance of the call.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few 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 high-end inspection and metrology equipment provider for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers in various phases of the production process of semiconductor devices, from front-end and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect and measures wafers for some of the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.
This press release is available at http://www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the effects of the evolving nature of the war situation in Israel, including in Gaza with the Hamas and in Lebanon with the Hezbollah and the related evolving regional conflict, including without limitation, the Houti attacks on marine vessels; the impact of war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, ; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea, some of which might be subject to the trade restrictions referred to above or involved in trade wars with countries which might impose such trade restrictions; changing industry and market trends; reduced demand for our products; potential adverse reactions or changes to business relationships resulting from the completion of the transaction with FRT, and ongoing or potential litigations or disputes, incidental to the conduct of FRT's business and other risks related to the integration of FRT's business into Camtek business; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) acquisition related expenses, 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. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
abrooklyn
5 months ago
Camtek Receives Order for 28 Systems from a tier-1 manufacturer for High Bandwidth Memory (HBM) and Heterogenous Integration (HI) Applications
Source: PR Newswire (US)
Since the beginning of the third quarter to-date, Camtek has received orders for 240 systems
MIGDAL HAEMEK, Israel, Nov. 13, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received a new order for 28 systems from a tier-1 manufacturer, for the inspection & metrology of High Bandwidth Memory (HBM) and Heterogenous Integration (HI) applications. This order adds to the already strong backlog of systems that are expected to be delivered during 2024.
Camtek Ltd. Logo
HBM is a critical component in chips enabling high-speed data processing in applications ranging from artificial intelligence and gaming to data centers.
HI is a new technology which can lead to higher overall chip performance, energy efficiency and reduced footprint, by enabling the integration of various components such as processors, memory and sensors, all into a single package.
Camtek's state-of-the-art inspection and metrology systems play a pivotal role in ensuring the quality, reliability and performance of the chip leveraging today's newest chip fabrication technologies.
Rafi Amit, CEO of Camtek commented, "Our strong momentum continues into the fourth quarter of 2023, with the receipt of this significant 28 system order from a leading tier-1 manufacturer. Since the beginning of the third quarter we have received orders for 240 systems which solidifies our expectations of a strong year and record 2024 for Camtek."
For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.
This press release is available at www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the future contribution of HBM and Chiplet applications to the Company business, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the effect of the evolving nature of the recent war in Gaza between Israel and the Hamas; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
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SOURCE Camtek Ltd.
Copyright 2023 PR Newswire
abrooklyn
7 months ago
Camtek to Acquire FormFactor's FRT Metrology Business
Source: GlobeNewswire Inc.
Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), together with FormFactor, Inc. (NASDAQ: FORM), are pleased to announce that they have entered into an agreement for the acquisition by Camtek of FormFactor, Inc.’s FRT Metrology (“FRT”) business for $100 million in cash, subject to customary purchase price adjustments.
FRT, headquartered in Bergisch Gladbach, Germany, is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets. Camtek is a market leader of inspection and 3D metrology in the semiconductor industry. This acquisition is expected to leverage Camtek’s and FRT’s advanced technologies of Advanced Packaging and Silicon Carbide that require new inspection and metrology steps in the semiconductor manufacturing processes. Camtek, with the addition of FRT’s unique hybrid multi-sensor SurfaceSens™ technology, will be able to provide customers with broader and more comprehensive solutions for inspection and metrology.
“We welcome FRT and its employees to the Camtek family,” said Mr. Rafi Amit, Camtek’s CEO. “We expect this acquisition to solidify Camtek’s leading market position and contribute approximately 10% to the annual revenues in 2024 and be accretive within 12 months following the acquisition. Beyond the immediate financial contribution, we expect further synergies that will contribute to Camtek’s overall growth prospects in 2024 and beyond. We look forward to capturing a larger share of the unique growth opportunities ahead of us.”
Mike Slessor, FormFactor’s CEO, commented “I’m extremely proud of the FRT team’s innovation and growth since FormFactor’s acquisition of this business in 2019 and would like to thank the team for the strong results they have delivered as part of the FormFactor family. I’m also excited for the opportunity this team has to leverage Camtek’s established scale and expertise in inspection and metrology to deliver the next stage of growth from this business. FormFactor remains committed to developing and providing industry-leading test and measurement solutions for advanced packaging, helping enable the next phase of semiconductor innovation in applications like generative AI and co-packaged optics. We expect this transaction to maximize present and future FormFactor shareholder value by realizing a robust return on our investment while allowing us to focus our resources on strategic initiatives and industry-leading businesses where we have market leadership and significant scale.”
The transaction is expected to close in Q4 2023, subject to the satisfaction of customary closing conditions.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek’s systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek’s systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry’s leading global IDMs, OSATs, and foundries.
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.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
ABOUT FORMFACTOR
FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle - from metrology and inspection, characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor's products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. FormFactor serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit FormFactor's website at www.formfactor.com.
Investor Contact
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com
Forward-looking Statements:
This press release contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek’s and FormFactor current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “may,” “expect,” “estimate,” “project,” “positioned,” “strategy,” and similar expressions that are intended to identify forward-looking statements, including expectations and statements relating to the proposed transaction between Camtek and FormFactor, including statements regarding the benefits and the timing of the transaction as well as statements regarding the companies’ products, prospects and results following the transaction and markets. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of both Camtek and FormFactor to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the companies’ businesses and the price of their securities; uncertainties as to the timing of the consummation of the transaction and the potential failure to satisfy the conditions to the consummation of the transaction; delays, disruptions or increased costs in the integration of FRT’s business with Camtek; unanticipated restructuring costs may be incurred or undisclosed liabilities assumed; attempts to retain key personnel, customers, and vendors may not succeed; risks related to diverting management’s attention from Camtek’s ongoing business operations; exposure to inflation, currency rate and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of Camtek’s and FormFactor’s traded securities; the impact of general economic conditions on the on Camtek’s and FRT’s business; ongoing or potential litigations or disputes, incidental to the conduct of FRT’s ongoing business, with customers, suppliers, landlords, or other third parties; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; potential negative changes in general economic conditions in the regions or the industries in which Camtek and Form Factor operate; and those other factors discussed in Camtek’s and FormFactor’s Annual Reports on Form 20-F and 10-K, respectively, and other documents filed by the Camtek and FormFactor with the SEC as well as other documents that may be subsequently filed by the companies from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek and FormFactor do not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
Source: FormFactor, Inc.
FORM-F
Primary Logo
abrooklyn
9 months ago
Camtek Receives Orders for 42 Systems from Tier-1 Manufacturers for Heterogeneous Integration, HBM and Fan-out Applications
Source: PR Newswire (US)
Order momentum increases expectations for a stronger second half of 2023
MIGDAL HAEMEK, Israel, July 13, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has recently received orders for 42 systems from several tier-1 semiconductor manufacturers. A significant portion of the orders are for the manufacture of chiplet modules and High Bandwidth Memory (HBM) for heterogeneous integration. The systems are expected to be delivered during the second half of 2023.
Camtek Logo
Chiplet modules have emerged as critical components in enhancing computing power. Applications include artificial intelligence (AI), data center processing and gaming. The integration of chiplets with several HBM modules results in processing units (CPU/GPU) with superior performance.
These new orders underscore Camtek's strong position as a preferred supplier of inspection and metrology systems in the rapidly expanding market of heterogenous integration.
"We are excited to have secured these significant orders from top-tier semiconductor manufacturers which increase our expectations for a stronger second half of 2023" commented Mr. Rafi Amit, Camtek's CEO. "We expect that the trend of growing demand for increased computing power supporting AI and data centers will continue, and will lead to increasing capacity of chiplet modules and HBM for heterogeneous integration. Given the trend, we anticipate receiving further orders for similar applications in the near future."
For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Memory, CMOS Image Sensors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
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 www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expected revenue for the second quarter of 2023 and full year 2023 and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; the impact of the war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, and continuing or new effects as a result of the COVID-19 pandemic; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchases of our products; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-orders-for-42-systems-from-tier-1-manufacturers-for-heterogeneous-integration-hbm-and-fan-out-applications-301876527.html
SOURCE Camtek Ltd
Copyright 2023 PR Newswire
abrooklyn
1 year ago
CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2022
Source: PR Newswire (US)
Record annual revenue of $321 million, 19% YoY growth
MIGDAL HAEMEK, Israel, Feb. 16, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2022.
Camtek Logo
Highlights of the Fourth Quarter of 2022
Revenues of $82.2 million; an 11% increase year-over-year;
GAAP operating income of $20.5 million; non-GAAP operating income of $22.8 million, representing an operating margin of 24.9% and 27.8% respectively;
GAAP net income of $21.7 million and non-GAAP net income of $24.0 million;
Strong operating cash flow of $19.6 million;
Highlights of the Full Year 2022
Revenues of $320.9 million; a 19% increase year-over-year;
GAAP operating income of $81.5 million; non-GAAP operating income of $92.0 million; representing operating margins of 25.4% and 28.7%, respectively;
GAAP net income of $79.9 million; non-GAAP net income of $90.5 million; and
Operating cash flow of $57.8 million in 2022, which led to a year-end total cash, short-term and long-term deposits balance of $479 million.
Forward-Looking Expectations
Management expects revenues in the first quarter of 2023 between $71-74 million, representing a mid-point 6% decline from the first quarter of 2022.
Management Comment
Rafi Amit, Camtek's CEO commented, "I am pleased to report record revenues for the fifth year in a row. In the last two years our revenues have more than doubled, while our operating profit has more than tripled. We remain well positioned in the fastest growing segments of our industry such as Heterogenous Integration and Compound Semiconductors, and we expect to benefit from this growth in the future."
Continued Mr. Amit, "We believe that our leading position in the specific segments, broad and diversified customer base and long-term strategic relationships with customers will enable us to again outperform the wafer fabrication equipment (WFE) which is predicted to decline by 20-30% in 2023."
Fourth Quarter 2022 Financial Results
Revenues for the fourth quarter of 2022 were $82.2 million. This compares to fourth quarter 2021 revenues of $74.2 million, a growth of 11%.
Gross profit on a GAAP basis in the quarter totaled $39.9 million (48.6% of revenues), up 6% compared to a gross profit of $37.6 million (50.7% of revenues) in the fourth quarter of 2021.
Gross profit on a non-GAAP basis in the quarter totaled $40.2 million (49.0% of revenues), up 6% compared to a gross profit of $37.8 million (50.9% of revenues) in the fourth quarter of 2021.
Operating profit on a GAAP basis in the quarter totaled $20.5 million (24.9% of revenues), an increase of 6% compared to an operating profit of $19.3 million (26.0% of revenues) in the fourth quarter of 2021.
Operating profit on a non-GAAP basis in the quarter totaled $22.8 million (27.8% of revenues), an increase of 9% compared to $20.9 million (28.2% of revenues) in the fourth quarter of 2021.
Net income on a GAAP basis in the quarter totaled $21.7 million, or $0.45 per diluted share, compared to net income of $12.8 million, or $0.28 per diluted share, in the fourth quarter of 2021.
Net income on a non-GAAP basis in the quarter totaled $24.0 million, or $0.50 per diluted share, compared to a non-GAAP net income of $19.7 million, or $0.43 per diluted share, in the fourth quarter of 2021.
Full Year 2022 Results Summary
Revenues for 2022 were $320.9 million, an increase of 19.0% over the $269.7 million reported in 2021.
Gross profit on a GAAP basis totaled $159.9 million (49.8% of revenues), an increase of 16% compared to $137.4 million (50.9% of revenues) in 2021.
Gross profit on a non-GAAP basis totaled $161.1 million (50.2% of revenues), an increase of 17% compared to $138.0 million (51.2% of revenues) in 2021.
Operating income on a GAAP basis totaled $81.5 million (25.4% of revenues), an increase of 15% compared to operating income of $70.9 million (26.3% of revenues) in 2021.
Operating income on a non-GAAP basis totaled $92.0 million (28.7% of revenues), an increase of 20% compared to $76.7 million (28.4% of revenues) in 2021.
Net income on a GAAP basis totaled $79.9 million, or $1.66 per diluted share. This is an increase of 33% compared to net income of $60.3 million, or $1.34 per diluted share, in 2021.
Net income on a non-GAAP basis totaled $90.5 million, or $1.88 per diluted share. This is an increase of 27% compared to net income of $71.4 million, or $1.59 per diluted share, in 2021.
Cash and cash equivalents, short-term and long-term deposits, as of December 31, 2022, were $478.7 million compared to $429.9 million as of December 31, 2021 and $460.3 million as of September 30, 2022. During the fourth quarter, the Company generated an operating cash flow of $19.6 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, February 16, 2023, at 9:00 am ET (16:00 Israel time).
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 in the webinar, please register using the following link, which will provide access to the video call:
https://us06web.zoom.us/webinar/register/WN_JOji55tsT0KhNgNVI7MaLg
For those wishing to listen via phone, following registration, the dial in link will be sent.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few 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 contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expected revenue for the first quarter of 2023 and full year 2023 and statements relating to the compound semiconductors market our expense structure and our target operating model. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; the impact of the war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, and continuing or new effects as a result of the COVID-19 pandemic; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchases of our products; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, 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. and its subsidiaries
Consolidated Balance Sheets
(In thousands)
December 31,
December 31,
2022
2021
Assets
U.S. Dollars
Current assets
Cash and cash equivalents
148,156
241,943
Short-term deposits
251,500
156,000
Trade accounts receivable, net
80,611
57,825
Inventories
65,541
58,759
Other current assets
11,156
5,653
Total current assets
556,964
520,180
Long-term deposits
79,000
32,000
Long-term inventory
5,357
5,150
Deferred tax asset, net
1,004
227
Other assets, net
1,024
190
Fixed assets, net
33,141
25,400
Intangible assets, net
597
610
120,123
63,577
Total assets
677,087
583,757
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable
31,667
33,550
Other current liabilities
56,833
56,137
Total current liabilities
88,500
89,687
Long-term liabilities
Other long-term liabilities
8,748
5,800
Convertible notes
195,737
194,643
204,485
200,443
Total liabilities
292,985
290,130
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
December 31, 2022 and at December 31, 2021;
46,505,318 issued shares at December 31, 2022 and 45,939,019 at
December 31, 2021;
44,412,942 shares outstanding at December 31, 2022 and
43,846,643 at December 31, 2021
175
172
Additional paid-in capital
187,105
176,582
Retained earnings
198,720
118,771
386,000
295,525
Treasury stock, at cost (2,092,376 as of December 31, 2022 and
December 31, 2021)
(1,898)
(1,898)
Total shareholders' equity
384,102
293,627
Total liabilities and shareholders' equity
677,087
583,757
Camtek Ltd.
Consolidated Statements of Income
(in thousands, except share data)
Year ended December 31,
Three Months ended December 31,
2022
2021
2022
2021
U.S. dollars
U.S. dollars
Revenues
320,909
269,659
82,175
74,171
Cost of revenues
161,053
132,315
42,229
36,591
Gross profit
159,856
137,344
39,946
37,580
Research and development costs
28,859
23,473
6,684
6,699
Selling, general and administrative expense
49,499
42,973
12,801
11,567
78,358
66,446
19,485
18,266
Operating income
81,498
70,898
20,461
19,314
Financial income, net
6,690
1,030
3,801
119
Income before income taxes
88,188
71,928
24,262
19,433
Income taxes expense
(8,239)
(11,651)
(2,589)
(6,673)
Net income
79,949
60,277
21,673
12,760
Net income per ordinary share:
Year ended December 31,
Three Months ended December 31,
2022
2021
2022
2021
U.S. dollars
U.S. dollars
Basic net earnings
1.81
1.38
0.49
0.29
Diluted net earnings
1.66
1.34
0.45
0.28
Weighted average number of
ordinary shares outstanding:
Basic
44,158
43,644
44,397
43,845
Diluted
48,229
45,035
48,332
46,301
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Year ended December 31,
Three Months ended December 31,
2022
2021
2022
2021
U.S. dollars
U.S. dollars
Reported net income attributable to
Camtek Ltd.
on GAAP basis
79,949
60,277
21,673
12,760
Tax settlement (1)
-
5,305
-
5,305
Share-based compensation
10,523
5,815
2,371
1,622
Non-GAAP net income
90,472
71,397
24,044
19,687
Non–GAAP net income per diluted share
1.88
1.59
0.50
0.43
Gross margin on GAAP basis
49.8 %
50.9 %
48.6 %
50.7 %
Reported gross profit on GAAP basis
159,856
137,344
39,946
37,580
Share-based compensation
1,217
653
295
179
Non-GAAP gross margin
50.2 %
51.2 %
49.0 %
50.9 %
Non-GAAP gross profit
161,073
137,997
40,241
37,759
Reported operating income (loss)
attributable to Camtek Ltd. on GAAP
basis
81,498
70,898
20,461
19,314
Share-based compensation
10,523
5,815
2,371
1,622
Non-GAAP operating income
92,021
76,713
22,832
20,936
(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and recorded a one-time tax expense in respect of its historical exempt earnings.
Contacts:
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
Logo: https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-fourth-quarter-and-full-year-of-2022-301748703.html
SOURCE Camtek Ltd.
Copyright 2023 PR Newswire
abrooklyn
1 year ago
CAMTEK RECEIVES MULTIPLE SYSTEMS ORDERS FROM TIER-1 CUSTOMERS MOSTLY FOR DELIVERY IN 2023
Source: PR Newswire (US)
The orders support a technology change in our industry; orders for 35 systems since August 1
MIGDAL HAEMEK, Israel, Sept. 6, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received orders for 9 systems from a Tier-1 OSAT and 8 systems for Heterogenous Integration applications from two Tier-1 players. In total, Camtek received orders for 35 new systems since the beginning of August. Most of the orders will be delivered in the first half of 2023.
Camtek Ltd. Logo
Rafi Amit, Chief Executive Officer, commented, "I am very happy with these orders, which demonstrate a continuous order momentum into the first half of 2023. Most of them are repeat orders, showing a vote of confidence from our customers. The systems will mainly be used for the inspection and metrology of Advanced Packaging and Heterogenous Integration applications supporting the technology advancements and change in our industry."
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 contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; 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; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-multiple-systems-orders-from-tier-1-customers-mostly-for-delivery-in-2023-301618190.html
SOURCE Camtek Ltd.
Copyright 2022 PR Newswire
abrooklyn
1 year ago
CAMTEK ANNOUNCES RECORD RESULTS FOR THE SECOND QUARTER OF 2022
Source: PR Newswire (US)
Revenue of $79.6 million & 30% operating margin; Further growth expected in third quarter
MIGDAL HAEMEK, Israel , July 27, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2022.
Camtek logo
Highlights of the Second Quarter of 2022
Record quarterly revenues of $79.6 million; a 18% increase year-over-year;
GAAP operating income of $20.9 million; non-GAAP operating income of $23.8 million, representing an operating margin of 26.2% and 29.9% respectively;
GAAP net income of $19.2 million and non-GAAP net income of $22.1 million;
Positive operating cash flow of $13.0 million.
Forward-Looking Expectations
Management expects continued growth for the third quarter with revenues to be $81-83 million.
Management Comment
Rafi Amit, Camtek's CEO commented, "We ended the second quarter with record results and 18% growth year-over-year. We are aware of concerns about the possibility of slowdown in the semiconductor industry and we are monitoring the situation. At this point we do not see any signs of declining demand for our systems. With our strong backlog, we see continued growth into the second half of the year as well.
Second Quarter 2022 Financial Results
Revenues for the second quarter of 2022 were $79.6 million, an increase of 18% compared to the second quarter of 2021.
Gross profit on a GAAP basis in the quarter totaled $40.2 million (50.5% of revenues), compared to a gross profit of $35.0 million (51.9% of revenues) in the second quarter of 2021. Gross profit on a non-GAAP basis in the quarter totaled $40.5 million (50.9% of revenues), compared to $35.2 million (52.1% of revenues) in the second quarter of 2021.
Operating profit on a GAAP basis in the quarter totaled $20.9 million (26.2% of revenues), compared to an operating profit of $17.0 million (25.3% of revenues) in the second quarter of 2021. Operating profit on a non-GAAP basis in the quarter totaled $23.8 million (29.9% of revenues), compared to $18.5 million (27.4% of revenues) in the second quarter of 2021.
Net income on a GAAP basis in the quarter totaled $19.2 million, or $0.40 per diluted share, compared to net income of $15.7 million, or $0.35 per diluted share, in the second quarter of 2021. Net income on a non-GAAP basis in the quarter totaled $22.1 million, or $0.46 per diluted share, compared to non-GAAP net income of $17.1 million, or $0.38 per diluted share, in the second quarter of 2021.
Cash and cash equivalents and short-term deposits, as of June 30, 2022 were $391.0 million compared to $383.3 million as of March 31, 2022. In addition, there were $47.0 in long-term deposits compared to $45.0 as of March 31, 2022. During the quarter, Camtek generated $13.0 million in operating cash flow.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, July 27, 2022, at 9:00 am ET (16:00 Israel time).
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 in the webinar, please register using the following link, which will email the link with which to access the video call:
https://us06web.zoom.us/webinar/register/1516572081008/WN_DKB3pBczQn6NnIkC2Niu-g
For those wishing to listen via phone, following registration, the dial-in link will be sent.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few 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 contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements include our expected revenues for the second and third quarter of 2022 and can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 pandemic on the global markets and on the markets in which we operate, including the impact of war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic, such as for example the impact of China-imposed lockdowns; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea, some of which might be subject to trade restrictions; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market;price reductions; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, 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. and its subsidiaries
Consolidated Balance Sheets
(In thousands)
June 30,
December 31,
2022
2021
U.S. dollars
Assets
Current assets
Cash and cash equivalents
56,041
241,943
Short-term deposits
335,000
156,000
Trade accounts receivable, net
73,114
57,825
Inventories
70,075
58,759
Other current assets
7,497
5,653
Total current assets
541,727
520,180
Long-term deposits
47,000
32,000
Long term inventory
4,878
5,150
Deferred tax asset
117
227
Other assets
427
190
Property, plant and equipment, net
30,419
25,400
Intangible assets, net
584
610
Total non-current assets
83,425
63,577
Total assets
625,152
583,757
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable
35,135
33,550
Other current liabilities
51,130
56,137
Total current liabilities
86,265
89,687
Long-term liabilities
Other long-term liabilities
6,915
5,800
Convertible notes
195,190
194,643
Total long-term liabilities
202,105
200,443
Total liabilities
288,370
290,130
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
June 30, 2022 and at December 31, 2021;
46,355,859 issued shares at June 30, 2022 and 45,939,019 at
December 31, 2021;
44,263,483 shares outstanding at June 30, 2022 and 43,846,643 at
December 31, 2021;
172
172
Additional paid-in capital
182,176
176,582
Retained earnings
156,332
118,771
338,680
295,525
Treasury stock, at cost (2,092,376 shares as of June 30, 2022 and
December 31, 2021)
(1,898)
(1,898)
Total shareholders' equity
336,782
293,627
Total liabilities and shareholders' equity
625,152
583,757
Camtek Ltd.
Consolidated Statements of Operations
(in thousands, except share data)
Six months ended
June 30,
Three months
ended June 30,
Year ended
December 31,
2022
2021
2022
2021
2021
U.S. dollars
U.S. dollars
U.S. dollars
Revenues
156,744
124,802
79,578
67,450
269,659
Cost of revenues
76,693
60,831
39,385
32,456
132,315
Gross profit
80,051
63,971
40,193
34,994
137,344
Operating expenses:
Research and development costs
15,199
11,244
7,522
5,766
23,473
Selling, general and administrative
24,451
21,288
11,796
12,188
42,973
Total operating expenses
39,650
32,532
19,318
17,954
66,446
Operating income
40,401
31,439
20,875
17,040
70,898
Financial income, net
860
562
227
176
1,030
Income before income taxes
41,261
32,001
21,102
17,216
71,928
Income tax expense
(3,700)
(2,989)
(1,919)
(1,564)
(11,651)
Net income
37,561
29,012
19,183
15,652
60,277
Earnings per share information:
Six months ended
June 30,
Three months
ended June 30,
Year ended
December 31,
2022
2021
2022
2021
2021
U.S. dollars
U.S. dollars
U.S. dollars
Basic net earnings per share
0.86
0.67
0.44
0.36
1.38
Diluted net earnings per share
0.78
0.65
0.40
0.35
1.34
Weighted average number of
ordinary shares outstanding
(in thousands):
Basic
43,929
43,450
44,006
43,609
43,644
Diluted
48,150
44,612
48,153
44,750
45,035
Camtek Ltd.
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Six Months ended
June 30,
Three Months ended
June 30,
Year ended
December 31,
2022
2021
2022
2021
2021
U.S. dollars
U.S. dollars
U.S. dollars
Reported net income attributable to
Camtek Ltd. on GAAP basis
37,561
29,012
19,183
15,652
60,277
Tax settlement (1)
-
-
-
-
5,305
Share-based compensation
5,592
2,681
2,927
1,470
5,815
Non-GAAP net income
43,153
31,693
22,110
17,122
71,397
Non–GAAP net income per diluted share
0.90
0.71
0.46
0.38
1.59
Gross margin on GAAP basis
51.1 %
51.3 %
50.5 %
51.9 %
50.9 %
Reported gross profit on GAAP basis
80,051
63,971
40,193
34,994
137,344
Share-based compensation
628
301
326
173
653
Non- GAAP gross margin
80,679
64,272
40,519
35,167
137,997
Non-GAAP gross profit
51.5 %
51.5 %
50.9 %
52.1 %
51.2 %
Reported operating income attributable
to Camtek Ltd. on GAAP basis
40,401
31,439
20,875
17,040
70,898
Share-based compensation
5,592
2,681
2,927
1,470
5,815
Non-GAAP operating income
45,993
34,120
23,802
18,510
76,713
(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and in the financial statements for the year ended December 31, 2021, recorded a one-time tax expense in respect of its historical exempt earnings.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-second-quarter-of-2022-301594179.html
SOURCE Camtek Ltd
Copyright 2022 PR Newswire
abrooklyn
2 years ago
CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2022
Source: PR Newswire (US)
Record revenue of $77.2 million; $150m in orders since the beginning of 2022
MIGDAL HAEMEK, Israel, May 12, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2022.
Camtek Logo
Highlights of the First Quarter of 2022
Record quarterly revenues of $77.2 million; a 35% increase year-over-year;
GAAP operating income of $19.5 million; non-GAAP operating income of $22.2 million, representing an operating margin of 25.3% and 28.8% respectively;
GAAP net income of $18.4 million and non-GAAP net income of $21.0 million
Forward-Looking Expectations
Management expects continued growth for the second quarter with revenues to be $77-80 million.
Management Comment
Rafi Amit, Camtek's CEO commented, "We have started 2022 with strong results and we are continuing to experience an impressive flow of orders. Despite the negative global geopolitical environment and the ongoing COVID-19 implications, specifically the lockdown in Shanghai area, the Company has received orders from China and from other territories of more than $150 million since the beginning of the year. The orders were received from a broad range of customers and will be used for various applications such as Advanced Interconnect Packaging including DRAM, Front End and CIS. This strengthens our expectations for another record year with year-over-year revenue growth of mid to high teens."
First Quarter 2022 Financial Results
Revenues for the first quarter of 2022 were $77.2 million. This compares to first quarter 2021 revenues of $57.4 million, a growth of 35%.
Gross profit on a GAAP basis in the quarter totaled $39.9 million (51.7% of revenues), up 38% compared to a gross profit of $29.0 million (50.5% of revenues) in the first quarter of 2021.
Gross profit on a non-GAAP basis in the quarter totaled $40.2 million (52.0% of revenues), up 38% compared to a gross profit of $29.1 million (50.7% of revenues) in the first quarter of 2021.
Operating profit on a GAAP basis in the quarter totaled $19.5 million (25.3% of revenues), an increase of 36% compared to an operating profit of $14.4 million (25.1% of revenues) in the first quarter of 2021.
Operating profit on a non-GAAP basis in the quarter totaled $22.2 million (28.8% of revenues), an increase of 42% compared to $15.6 million (27.2% of revenues) in the first quarter of 2021.
Net income on a GAAP basis in the quarter totaled $18.4 million, or $0.39 per diluted share, compared to net income of $13.4 million, or $0.30 per diluted share, in the first quarter of 2021.
Net income on a non-GAAP basis in the quarter totaled $21.0 million, or $0.44 per diluted share, compared to a non-GAAP net income of $14.6 million, or $0.35 per diluted share, in the first quarter of 2021.
Cash and cash equivalents, short-term and long-term deposits, as of March 31, 2022, were $428.3 million compared to $429.9 million as of December 31, 2021. During the first quarter, the Company used net operating cash of $0.4 million, mainly due to a one-time tax payment and the timing of collection.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, May 12, 2022, at 9:00 am ET (16:00 Israel time).
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 in the webinar, please register using the following link, which will email the link with which to access the video call:
https://us06web.zoom.us/webinar/register/8116486597123/WN_-FFiSVPcT_C1J-LvZxWSLg
For those wishing to listen via phone, following registration, the dial-in link will be sent.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few 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 contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements include our expected revenues for the second and third quarter of 2022 and can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 pandemic on the global markets and on the markets in which we operate, including the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; 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; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, 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. and its subsidiaries
Consolidated Balance Sheets
(In thousands)
March 31,
December 31,
2022
2021
U.S. Dollars (In thousands)
Assets
Current assets
Cash and cash equivalents
76,254
241,943
Short-term deposits
307,000
156,000
Trade accounts receivable, net
72,489
57,825
Inventories
63,844
58,759
Other current assets
6,913
5,653
Total current assets
526,500
520,180
Long-term deposits
45,000
32,000
Long term inventory
5,238
5,150
Deferred tax asset, net
187
227
Other assets, net
311
190
Property, plant and equipment, net
28,823
25,400
Intangible assets, net
595
610
Total non-current assets
80,154
63,577
Total assets
606,654
583,757
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable
37,883
33,550
Other current liabilities
52,941
56,137
Total current liabilities
90,824
89,687
Long term liabilities
Other long-term liabilities
6,224
5,800
Convertible notes
194,936
194,643
201,160
200,443
Total liabilities
291,984
290,130
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
March 31, 2022 and at December 31, 2021;
45,974,069 issued shares at March 31, 2022 and 45,939,019 at
December 31, 2021;
43,881,693 shares outstanding at March 31, 2022 and 43,846,643 at
December 31, 2021
172
172
Additional paid-in capital
179,247
176,582
Retained earnings
137,149
118,771
316,568
295,525
Treasury stock, at cost (2,092,376 as of March 31, 2022 and
December 31, 2021)
(1,898)
(1,898)
Total shareholders' equity
314,670
293,627
Total liabilities and shareholders' equity
606,654
583,757
Camtek Ltd.
Consolidated Statements of Operations
(in thousands, except share data)
Three months ended
Year ended
March 31,
December 31,
2022
2021
2021
U.S. dollars (In thousands)
Revenues
77,166
57,352
269,659
Cost of revenues
37,308
28,375
132,315
Gross profit
39,858
28,977
137,344
Operating expenses:
Research and development
7,677
5,478
23,473
Selling, general and administrative
12,655
9,100
42,973
Total operating expenses
20,332
14,578
66,446
Operating profit
19,526
14,399
70,898
Financial income, net
633
386
1,030
Income before incomes taxes
20,159
14,785
71,928
Income tax expense
(1,781)
(1,425)
(11,651)
Net income
18,378
13,360
60,277
Basic net earnings per share
0.42
0.31
1.38
Diluted net earnings per share
0.39
0.30
1.34
Weighted average number of
ordinary shares outstanding:
Basic
43,852
43,289
43,644
Diluted
48,146
44,478
45,035
Camtek Ltd.
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Three months ended
March 31,
Year ended
December 31,
2022
2021
2021
U.S. dollars
U.S. dollars
Reported net income attributable to Camtek Ltd. on GAAP basis
18,378
13,360
60,277
Tax settlement (1)
-
-
5,305
Share-based compensation
2,665
1,211
5,815
Non-GAAP net income
21,043
14,571
71,397
Non –GAAP net income per share, basic and diluted
0.44
0.33
1.59
Gross margin on GAAP basis
51.6%
50.5%
50.9%
Reported gross profit on GAAP basis
39,858
28,977
137,344
Share-based compensation
302
128
653
Non- GAAP gross margin
52.0%
50.7%
51.2%
Non-GAAP gross profit
40,160
29,105
137,997
Reported operating income
attributable to Camtek Ltd. on GAAP basis
19,526
14,399
70,898
Share-based compensation
2,665
1,211
5,815
Non-GAAP operating income
22,191
15,610
76,713
(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and in the financial statements for the year ended December 31, 2021, recorded a one-time tax expense in respect of its historical exempt earnings.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@gkir.com
Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-results-for-the-first-quarter-of-2022-301545911.html
SOURCE Camtek Ltd
Copyright 2022 PR Newswire
abrooklyn
2 years ago
CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2021
Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, Feb. 10, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2021.
Camtek Logo
Highlights of the Fourth Quarter of 2021
Record quarterly revenues of $74.2 million; a 53% increase year-over-year;
GAAP operating income of $19.3 million; non-GAAP operating income of $20.9 million, representing an operating margin of 26.0% and 28.2% respectively;
GAAP net income of $12.8 million and non-GAAP net income of $19.7 million;
- GAAP results include a one-time $5.3 million tax provision that was recorded, taking advantage of the reduced tax rate of the 2022 temporary rule, mainly to allow certain distribution of dividends without additional corporate tax liability;
Strong operating cash flow of $21.5 million;
Highlights of the Full Year 2021
Record annual revenues of $269.7 million; a 73% increase year-over-year;
Record GAAP operating income of $70.9 million; non-GAAP operating income of $76.7 million; representing operating margins of 26.3% and 28.4%, respectively;
GAAP net income of $60.3 million; non-GAAP net income of $71.4 million; and
Operating cash flow of $61.1 million in 2021, which, along with the successful convertible notes transaction in November 2021, led to a year-end total cash, short-term and long-term deposits balance of $430 million.
Forward-Looking Expectations
With over $40 million of orders since the beginning of the year, management expects revenues in the first quarter of 2022 between $75-76 million with continued growth in the second quarter.
Management Comment
Rafi Amit, Camtek's CEO commented, "A record fourth quarter concluded an exceptional record year for Camtek in all aspects. Since 2017, revenue has grown threefold while net profit has grown sevenfold. Approximately half of our revenues last year were for advanced interconnect packaging including heterogeneous integration and Fan-Out applications. This momentum has continued with the $20 million in orders that we announced earlier this week for the same applications."
Continued Mr. Amit, "With 2021 behind us, 2022 is shaping up to be another growth year. We started the year with a healthy backlog and a strong flow of orders, leading to a very good visibility for the first half of 2022."
Fourth Quarter 2021 Financial Results
Revenues for the fourth quarter of 2021 were $74.2 million. This compares to fourth quarter 2020 revenues of $48.6 million, a growth of 53%.
Gross profit on a GAAP basis in the quarter totaled $37.6 million (50.7% of revenues), up 61% compared to a gross profit of $23.3 million (47.9% of revenues) in the fourth quarter of 2020.
Gross profit on a non-GAAP basis in the quarter totaled $37.8 million (50.9% of revenues), up 62% compared to a gross profit of $23.4 million (48.2% of revenues) in the fourth quarter of 2020.
Operating profit on a GAAP basis in the quarter totaled $19.3 million (26.0% of revenues), an increase of 241% compared to an operating profit of $8.0 million (16.5% of revenues) in the fourth quarter of 2020.
Operating profit on a non-GAAP basis in the quarter totaled $20.9 million (28.2% of revenues), an increase of 227% compared to $9.2 million (18.9% of revenues) in the fourth quarter of 2020.
Net income on a GAAP basis in the quarter totaled $12.8 million, or $0.28 per diluted share, compared to net income of $7.7 million, or $0.18 per diluted share, in the fourth quarter of 2020.
Net income on a non-GAAP basis in the quarter totaled $19.7 million, or $0.43 per diluted share, compared to a non-GAAP net income of $8.8 million, or $0.21 per diluted share, in the fourth quarter of 2020.
The Company's GAAP results include a one-time tax provision of $5.3 million, with respect to historical exempt earnings.
The Company elected to take advantage of the temporary rule of 2022 and pay a reduced tax rate on these exempt earnings to allow the Company to distribute dividends from these earnings in the future with no additional corporate tax liability.
Full Year 2020 Results Summary
Revenues for 2020 were $269.7 million, an increase of 73.0% over the $155.9 million reported in 2020.
Gross profit on a GAAP basis totaled $137.4 million (50.9% of revenues), an increase of 88% compared to $73.2 million (47.0% of revenues) in 2020.
Gross profit on a non-GAAP basis totaled $138.0 million (51.2% of revenues), an increase of 87% compared to $73.7 million (47.3% of revenues) in 2020.
Operating income on a GAAP basis totaled $70.9 million (26.3% of revenues), an increase of 314% compared to operating income of $22.6 million (14.5% of revenues) in 2020.
Operating income on a non-GAAP basis totaled $76.7 million (28.4% of revenues), an increase of 286% compared to $26.8 million (17.2% of revenues) in 2020.
Net income on a GAAP basis totaled $60.3 million, or $1.34 per diluted share. This is an increase of 277% compared to net income of $21.8 million, or $0.54 per diluted share, in 2020.
Net income on a non-GAAP basis totaled $71.4 million, or $1.59 per diluted share. This is an increase of 275% compared to net income of $26.0 million, or $0.64 per diluted share, in 2020.
Cash and cash equivalents, short-term and long-term deposits, as of December 31, 2021, were $429.9 million compared to $177.8 million as of December 31, 2020 and $199.3 million as of September 30, 2021. During the fourth quarter, the Company generated an operating cash flow of $21.5 million and raised net proceeds of $194.5 million via convertible notes.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, February 10, 2022, at 9:00 am ET (16:00 Israel time).
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 in the webinar, please register using the following link, which will provide access to the video call:
https://us06web.zoom.us/webinar/register/2616354941841/WN_PWTlDx-7QHSWjTz3nEZq9g
For those wishing to listen via phone, following registration, the dial in link will be sent.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few 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 contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; 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; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, 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. and its subsidiaries
Consolidated Balance Sheets
(In thousands)
December 31,
December 31,
2021
2020
U.S. Dollars
Assets
Current assets
Cash and cash equivalents
241,943
105,815
Short-term deposits
156,000
72,000
Trade accounts receivable, net
57,825
41,001
Inventories
58,759
39,736
Other current assets
5,653
3,366
Total current assets
520,180
261,918
Long-term deposits
32,000
-
Long-term inventory
5,150
4,416
Deferred tax asset, net
227
482
Other assets, net
190
85
Fixed assets, net
25,400
20,398
Intangible assets, net
610
609
63,577
25,990
Total assets
583,757
287,908
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable
33,550
27,180
Other current liabilities
56,137
30,204
Total current liabilities
89,687
57,384
Long-term liabilities
Other long-term liabilities
5,800
3,260
Convertible notes
194,643
-
200,443
3,260
Total liabilities
290,130
60,644
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
December 31, 2021 and at December 31, 2020;
45,939,019 issued shares at December 31, 2021 and 45,365,354 at
December 31, 2020;
43,846,643 shares outstanding at December 31, 2021 and
43,272,978 at December 31, 2020
172
171
Additional paid-in capital
176,582
170,497
Retained earnings
118,771
58,494
295,525
229,162
Treasury stock, at cost (2,092,376 as of December 31, 2021 and
December 31, 2020)
(1,898)
(1,898)
Total shareholders' equity
293,627
227,264
Total liabilities and shareholders' equity
583,757
287,908
Camtek Ltd.
Consolidated Statements of Income
(In thousands, except share data)
Year ended December 31,
Three Months ended December 31,
2021
2020
2021
2020
U.S. dollars
U.S. dollars
Revenues
269,659
155,859
74,171
48,619
Cost of revenues
132,315
82,628
36,591
25,313
Gross profit
137,344
73,231
37,580
23,306
Research and development costs
23,473
19,575
6,699
5,623
Selling, general and administrative expense
42,973
31,032
11,567
9,658
66,446
50,607
18,266
15,281
Operating income
70,898
22,624
19,314
8,025
Financial income (expense), net
1,030
775
119
(183)
Income before income taxes
71,928
23,399
19,433
7,842
Income taxes expense
(11,651)
(1,621)
(6,673)
(176)
Net income
60,277
21,778
12,760
7,666
Net income per ordinary share:
Year ended December 31,
Three Months ended December 31,
2021
2020
2021
2020
U.S. dollars
U.S. dollars
Basic net earnings
1.38
0.55
0.29
0.19
Diluted net earnings
1.34
0.54
0.28
0.18
Weighted average number of
ordinary shares outstanding:
Basic
43,644
39,383
43,845
40,894
Diluted
45,035
40,372
46,301
41,964
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Year ended December 31,
Three Months ended December 31,
2021
2020
2021
2020
U.S. dollars
U.S. dollars
Reported net income attributable to
Camtek Ltd. on GAAP basis
60,277
21,778
12,760
7,666
Tax settlement (1)
5,305
-
5,305
-
Share-based compensation
5,815
4,224
1,622
1,171
Non-GAAP net income
71,397
26,002
19,687
8,837
Non–GAAP net income per diluted share
1.59
0.63
0.43
0.21
Gross margin on GAAP basis
50.9%
47.0%
50.7%
47.9%
Reported gross profit on GAAP basis
137,344
73,321
37,580
23,306
Share-based compensation
653
429
179
121
Non-GAAP gross margin
51.2%
47.3%
50.9%
48.2%
Non-GAAP gross profit
137,997
73,750
37,759
23,427
Reported operating income (loss)
attributable to Camtek Ltd. on GAAP
basis
70,898
22,624
19,314
8,025
Share-based compensation
5,815
4,224
1,622
1,171
Non-GAAP operating income
76,713
26,848
20,936
9,196
(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and recorded a one-time tax expense in respect of its historical exempt earnings.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@gkir.com
Logo: https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-fourth-quarter-and-full-year-of-2021-301479631.html
SOURCE Camtek Ltd.
Copyright 2022 PR Newswire
abrooklyn
3 years ago
Camtek Reports First Quarter 2021 Results
Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, April 28, 2021 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter of 2021.
Highlights of the First Quarter of 2021
Revenues of $57.4 million;
GAAP gross margin of 50.5%; non-GAAP gross margin of 50.7%;
GAAP operating income of $14.4 million (25.1% of revenue); non-GAAP operating income of $15.6 million (27.2% of revenue);
GAAP net income of $13.4 million and non-GAAP net income of $14.6 million; and
Positive operating cash flow of $2.7 million.
Forward-Looking Expectations
Management expects revenues for the second quarter to be between $63-65 million.
Based on orders in hand and business in the pipeline, management believes the positive momentum will continue into the third quarter.
Management Comment
Rafi Amit, Camtek's CEO, commented, "High demand in our markets, the excellent performance of our systems and the strong position that Camtek has gained in the market, are allowing us to continue to demonstrate record financial performance quarter after quarter.
"Our growth in profitability is a result of the rapid increase in sales and a favorable product mix. Camtek is strongly positioned in the market and, as things stand today, 2021 is expected to be a record year in sales, growth and profitability."
First Quarter 2021 Financial Results
Revenues for the first quarter of 2021 were $57.4 million, an increase of 90% compared with the first quarter of 2020.
Gross profit on a GAAP basis in the quarter totaled $29.0 million (50.5% of revenues), compared to a gross profit of $13.6 million (44.9% of revenues) in the first quarter of 2020. Gross profit on a non-GAAP basis in the quarter totaled $29.1 million (50.7% of revenues), compared to $13.6 million (45.2% of revenues) in the first quarter of 2020. The increase in the gross margin was due to higher revenue and a more favorable product mix in the quarter.
Operating profit on a GAAP basis in the quarter totaled $14.4 million (25.1% of revenues), compared to an operating profit of $2.9 million (9.5% of revenues) in the first quarter of 2020. Operating profit on a non-GAAP basis in the quarter totaled $15.6 million (27.2% of revenues), compared to $3.7 million (12.2% of revenues) in the first quarter of 2020.
Net income on a GAAP basis in the quarter totaled $13.4 million, or $0.30 per diluted share, compared to net income of $2.8 million, or $0.07 per diluted share, in the first quarter of 2020. Net income on a non-GAAP basis in the quarter totaled $14.6 million, or $0.33 per diluted share, compared to non-GAAP net income of $3.6 million, or $0.09 per diluted share, in the first quarter of 2020.
Cash and cash equivalents and short-term deposits, as of March 31, 2021 were $169.9 million compared to $177.8 million as of December 31, 2020. In addition, there were $10.0 in long-term deposits. During the quarter, Camtek generated $2.7 million in operating cash flow.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, April 28, 2021, at 9:00 am ET (16:00 Israel time).
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 in the video call please use the following link:
https://zoom.us/webinar/register/2716190805690/WN_jC8KnSCPRKqVZ2EOS4PPsw
For those wishing to listen via phone, please dial: +1-301-715-8592 (United States) or +972 3 978 6688 (Israel) with meeting ID 956 8662 6048. For other dial in numbers, please visit: https://zoom.us/zoomconference.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com the day 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 developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry.
Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end, and up to the beginning of assembly (Post Dicing).
Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Memory, CMOS Image Sensors, MEMS and RF, serving the industry's leading global IDMs, OSATs and foundries.
Camtek's world-class sales and customer support infrastructure is organized around eight subsidiaries based in the US, Europe, Japan, China, Hong Kong, Taiwan, Korea and Singapore.
This press release is available at www.camtek.com
This press release contains projections or other statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are only predictions that are based on the current beliefs, expectations and assumptions of Camtek's management about Camtek's business, financial condition, results of operations, market trends and other issues addressed or reflected therein, only as of the date they are made. Although we believe that the predictions reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. We do not assume any obligation to update that information, except as required by law. Examples of forward-looking statements include: projections of demand, revenues, net income, growth prospects, cost assumptions and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as "may", "plans", "anticipates", "believes", "estimates", "targets", "expects", "intends", "potential" or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected, including, but not limited to, as a result of the effects of general economic conditions; the effect of the COVID-19 pandemic on the global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers', providers', business partners' and contractors' business; the risks relating to the concentration of a significant portion of Camtek's expected business in certain countries, particularly China, from which we expect to generate significant portion of our revenues for the coming few quarters, as well as Taiwan and Korea, including the risks of deviations from our expectations regarding timing and size of orders from customers in these countries; 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 other risks identified in our Annual Report on Form 20-F and other documents filed by Camtek with the SEC.
This press release provides financial measures that exclude share based compensation expenses 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. and its subsidiaries
Consolidated Balance Sheets
(In thousands)
March 31,
December 31,
2021
2020
U.S. Dollars (In thousands)
Assets
Current assets
Cash and cash equivalents
54,947
105,815
Short-term deposits
115,000
72,000
Trade accounts receivable, net
54,414
41,001
Inventories
44,645
39,736
Other current assets
3,959
3,366
Total current assets
272,965
261,918
Long-term deposits
10,000
-
Long term inventory
4,570
4,416
Deferred tax asset, net
-
482
Other assets, net
64
85
Fixed assets, net
20,455
20,398
Intangible assets, net
616
609
Total non-current assets
35,705
25,990
Total assets
308,670
287,908
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable
27,333
27,180
Other current liabilities
36,027
30,204
Total current liabilities
63,360
57,384
Long term liabilities
Deferred tax liabilities, net
126
-
Other long term liabilities
3,188
3,260
3,314
3,260
Total liabilities
66,674
60,644
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized
at March 31, 2021 and at December 31, 2020;
45,422,581 issued shares at March 31, 2021 and 45,365,354 at
December 31, 2020;
43,330,205 shares outstanding at March 31, 2021 and 43,272,978 at
December 31, 2020
171
171
Additional paid-in capital
171,869
170,497
Retained earnings
71,854
58,494
243,894
229,162
Treasury stock, at cost (2,092,376 as of March 31, 2021 and December
31, 2020)
(1,898)
(1,898)
Total shareholders' equity
241,996
227,264
Total liabilities and shareholders' equity
308,670
287,908
Camtek Ltd.
Consolidated Statements of Operations
(in thousands, except share data)
Three months ended
March 31,
Year ended
December 31,
2021
2020
2020
U.S. dollars (In thousands)
Revenues
57,352
30,179
155,859
Cost of revenues
28,375
16,622
82,628
Gross profit
28,977
13,557
73,231
Research and development costs
5,478
4,130
19,575
Selling, general and administrative expenses
9,100
6,559
31,032
Total operating expenses
14,578
10,689
50,607
Operating income
14,399
2,868
22,624
Financial income, net
386
375
775
Income before incomes taxes
14,785
3,243
23,399
Income tax expense
(1,425)
(463)
(1,621)
Net income
13,360
2,780
21,778
Basic net earnings per share
0.31
0.07
0.55
Diluted net earnings per share
0.30
0.07
0.54
Weighted average number of
ordinary shares outstanding:
Basic
43,289
38,665
39,383
Diluted
44,478
39,628
40,372
Camtek Ltd.
Reconciliation of GAAP to Non-GAAP results
(In thousands, except share data)
Three months ended
March 31,
Year ended
December 31,
2021
2020
2020
U.S. dollars
U.S. dollars
Reported net income attributable to
Camtek Ltd. on GAAP basis
13,360
2,780
21,778
Share-based compensation
1,211
817
4,224
Non-GAAP net income
14,571
3,597
26,002
Non –GAAP net income per share, basic
and diluted
0.33
0.09
0.63
Gross margin on GAAP basis
50.5%
44.9%
47.0%
Reported gross profit on GAAP basis
28,977
13,557
73,321
Share-based compensation
128
86
429
Non- GAAP gross margin
50.7%
45.2%
47.3%
Non-GAAP gross profit
29,105
13,643
73,750
Reported operating income
attributable to Camtek Ltd. on GAAP
basis
14,399
2,868
22,624
Share-based compensation
1,211
817
4,224
Non-GAAP operating income
15,610
3,685
26,848
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft
Tel: (US) 1 646 688 3559
camtek@gkir.com
Cision View original content:http://www.prnewswire.com/news-releases/camtek-reports-first-quarter-2021-results-301278846.html
SOURCE Camtek Ltd
Copyright 2021 PR Newswire
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