Camtek Announces Record Results For The Fourth Quarter And Full

Camtek Announces Record Results For The Fourth Quarter And Full Year Of 2020

Record Revenues of $48.6 million; Expects revenues of $54-56 million in the first quarter and over $110 million in the first half of 2021

MIGDAL HAEMEK, Israel, Feb. 9, 2021 — (PRNewswire) — Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2020.

Highlights of the Fourth Quarter of 2020

Revenues of $48.6 million; a 46% increase year-over-year;
GAAP operating income of $8.0 million; non-GAAP operating income of $9.2 million, representing an operating margin of 16.5% and 18.9% respectively;
GAAP net income of $7.7 million and non-GAAP net income of $8.8 million; and
Strong operating cash flow of $8.3 million.

Highlights of the Full Year 2020

Revenues of $155.9 million; a 16% increase year-over-year;
GAAP operating income of $22.6 million; Non-GAAP operating income of $26.8 million; representing operating margins of 14.5% and 17.2% respectively;
GAAP net income of $21.8 million; Non-GAAP net income of $26.0 million; and
Operating cash flow of $25.8 million in 2020, which, along with the successful public offering in November, led to year-end net cash and short-term deposits balance of $177.8 million.

Forward-Looking Expectations

Management expects continued revenue growth in the first quarter of 2021, with revenues of between $54-56 million. Just in the last two weeks the Company has received multiple systems orders from several customers totaling $25 million. The orders received so far, together with the sales pipeline, point to a strong revenue forecast for the first half of 2021. Management is anticipating revenues of over $110 million in the first half of 2021, implying at least 65% growth over the first half of 2020.

Management Comment

Rafi Amit, Camtek's CEO commented, "A record fourth quarter concluded an exceptional year for Camtek. While we started 2020 with a lot of concerns due to COVID-19, we ended the year with unprecedented business momentum. We have leveraged our flexible operational infrastructure and increased our support team in the field in order to successfully meet this growth.

"In 2020, we extended our market presence by penetrating new customers as well as expanding our presence at existing customers. From a financial perspective, in the second half of 2020, we saw improved margins and we see this trend continuing into 2021."

Concluded Mr. Amit, "2021 has started with strong order momentum and we expect it to be a record year in sales and growth, along with improved profitability."

Fourth Quarter 2020 Financial Results

Revenues for the fourth quarter of 2020 were $48.6 million. This compares to fourth quarter 2019 revenues of $33.2 million, a growth of 46%.

Gross profit on a GAAP basis in the quarter totaled $23.3 million (47.9% of revenues), up 47% compared to a gross profit of $15.8 million (47.7% of revenues) in the fourth quarter of 2019. Gross profit on a non-GAAP basis in the quarter totaled $23.4 million (48.2% of revenues), up 47% compared to a gross profit of $15.9 million (48.0% of revenues) in the fourth quarter of 2019.

Operating profit on a GAAP basis in the quarter totaled $8.0 million (16.5% of revenues), an increase of 75% compared to an operating profit of $4.6 million (13.8% of revenues) in the fourth quarter of 2019. Operating profit on a non-GAAP basis in the quarter totaled $9.2 million (18.9% of revenues), an increase of 70% compared to $5.4 million (16.3% of revenues) in the fourth quarter of 2019.

Net income on a GAAP basis in the quarter totaled $7.7 million, or $0.18 per diluted share, compared to net income of $4.6 million, or $0.12 per diluted share, in the fourth quarter of 2019. Net income on a non-GAAP basis in the quarter totaled $8.8 million, or $0.21 per diluted share, compared to a non-GAAP net income of $5.4 million, or $0.14 per diluted share, in the fourth quarter of 2019.

Full Year 2020 Results Summary

Revenues for 2020 were $155.9 million, an increase of 16.3% over the $134.0 million reported in 2019.

Gross profit on a GAAP basis totaled $73.2 million (47.0% of revenues), an increase of 13% compared to $64.8 million (48.3% of revenues) in 2019. Gross profit on a non-GAAP basis totaled $73.7 million (47.3% of revenues), an increase of 13% compared to $65.1 million (48.6% of revenues) in 2019.

Operating income on a GAAP basis totaled $22.6 million (14.5% of revenues), compared to operating income of $22.0 million (16.4% of revenues) in 2019. Operating income on a non-GAAP basis totaled $26.8 million (17.2% of revenues), an increase of 8% compared to $25.0 million (18.7% of revenues) in 2019.

Net income on a GAAP basis totaled $21.8 million, or $0.54 per diluted share. This compares to net income of $22.0 million, or $0.57 per diluted share, in 2019. Net income on a non-GAAP basis totaled $26.0 million, or $0.64 per diluted share. This is an increase of 9% compared to net income of $23.9 million, or $0.62 per diluted share, in 2019.

Cash and cash equivalents and short-term deposits, as of December 31, 2020 , were $177.8 million compared to $89.5 million as of December 31, 2019 and $106.0 million as of September 30, 2020 . During the fourth quarter, the Company generated an operating cash flow of $8.3 million and raised net proceeds of $64.3 million via a public offering.

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