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 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 (unaudited) | ||
(In thousands) | ||
|
| March 31, | December 31, |
|
| 2023 | 2022 |
|
| U.S. Dollars (In thousands) | |
Assets |
|
|
|
|
|
|
Current assets |
|
|
Cash and cash equivalents | 189,199 | 148,156 |
Short-term deposits | 226,500 | 251,500 |
Trade accounts receivable, net | 66,304 | 80,611 |
Inventories | 64,536 | 65,541 |
Other current assets | 15,032 | 11,156 |
|
|
|
|
Total current assets | 561,571 | 556,964 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deposits | 77,000 | 79,000 |
Long term inventory | 6,533 | 5,357 |
Deferred tax assets, net | 874 | 1,004 |
Other assets, net | 1,566 | 1,024 |
Property, plant and equipment, net | 35,213 | 33,141 |
Intangible assets, net | 608 | 597 |
|
|
|
|
Total non-current assets | 121,794 | 120,123 |
|
|
|
|
Total assets | 683,365 | 677,087 |
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
Current liabilities |
|
|
Trade accounts payable | 28,059 | 31,667 |
Other current liabilities | 46,394 | 56,833 |
|
|
|
|
| Total current liabilities | 74,453 | 88,500 |
|
|
|
|
| Long term liabilities |
|
|
| Other long-term liabilities | 8,356 | 8,748 |
| Convertible notes | 196,010 | 195,737 |
|
| 204,366 | 204,485 |
|
|
|
|
| Total liabilities | 278,819 | 292,985 |
|
|
|
|
| Commitments and contingencies |
|
|
|
|
|
|
| Shareholders' equity |
|
|
| Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at March 31, 2023 and at December 31, 2022; |
|
|
| 46,665,240 issued shares at March 31, 2023 and 46,505,318 at December 31, 2022; |
|
|
| 44,572,864 shares outstanding at March 31, 2023 and 44,412,942 at December 31, 2022 |
175 |
175 |
| Additional paid-in capital | 190,304 | 187,105 |
| Retained earnings | 215,965 | 198,720 |
|
| 406,444 | 386,000 |
| Treasury stock, at cost (2,092,376 as of March 31, 2023 and December 31, 2022) |
(1,898) |
(1,898) |
|
|
|
|
| Total shareholders' equity | 404,546 | 384,102 |
|
|
|
|
| Total liabilities and shareholders' equity | 683,365 | 677,087 |
