Camtek Announces Record Results for 2019

US: 1-888-668-9141 at 9:30am Eastern Time
Israel: 03-918-0609 at 4:30pm Israel Time
International: +972-3-918-0609

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

ABOUT CAMTEK LTD.

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

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

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

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

This press release may contain projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, the disruption to our business related to the coronavirus, including its spread and effects in and  beyond China across the Asia Pacific region, which includes, inter alia, South Korea and Taiwan, and globally, intellectual property litigation, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.

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

Consolidated Balance Sheets

(In thousands)


December 31,

December 31,


2019

2018


U.S. Dollars (In thousands)

Assets






Current assets



Cash and cash equivalents

38,047

54,935

Short-term deposits

51,500

-

Trade accounts receivable, net

31,443

31,644

Inventories

23,803

30,109

Other current assets

2,909

2,613

Total current assets

147,702

119,301




Fixed assets, net

          *18,526

17,117




Long term inventory

2,791

2,056

Deferred tax asset

746

2,366

Other assets, net

113

231

Intangible assets, net

491

476


4,141

5,129

Total assets

170,369

141,547

Liabilities and shareholders' equity



Current liabilities



Trade accounts payable

11,334

15,541

Other current liabilities

                       *20,272

23,179

Total current liabilities

31,606

38,720

Long term liabilities



Other long term liabilities

                         *2,461

1,420


2,461

1,420

Total liabilities

34,067

40,140

Commitments and contingencies



Shareholders' equity



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



40,742,355 issued shares at December 31, 2019 and 38,535,445 at December 31, 2018;



38,649,979 shares outstanding at December 31, 2019 and
36,443,069 at December 31, 2018

 

157

 

151

Additional paid-in capital

101,327

81,873

Retained earnings

36,716

21,281


138,200

103,305

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

 

(1,898)

 

(1,898)

Total shareholders' equity

136,302

101,407

Total liabilities and shareholders' equity

170,369

141,547








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