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CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2023

MIGDAL HAEMEK, Israel, May 10, 2023 — (PRNewswire) — Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2023.

Camtek Logo

Highlights of the First Quarter of 2023

Forward-Looking Expectations

For the second quarter, management expects similar level of revenues as achieved in the first quarter.

Management Comment

Rafi Amit, Camtek's CEO commented, "We continue to see solid business, particularly in our main segment, Advanced Packaging, which accounted for 60% of our revenues. In the first quarter, we shipped multiple systems to six tier-1 customers in the Advanced Packaging and Heterogeneous Integration space, contributing more than 40% of quarterly revenues. Among others, we received a strategically important order for nine machines from a tier-1 customer for Advanced Packaging applications, to be delivered in the second and third quarters of this year."

Concluded Mr Amit "Following our strong growth in recent years and given the current slowdown in our end-markets, we are currently making efforts to optimize our cost structure, mainly on the gross margin level, while maintaining flexibility at the inventory level to support growth once the market picks up again. At the same time, we continue our investment in R&D with plans to release new products later this year."

First Quarter 2023 Financial Results

Revenues for the first quarter of 2023 were $72.5 million. This compares to first quarter 2022 revenues of $77.2 million, a decrease of 6%, which reflect market trends.

Gross profit on a GAAP basis in the quarter totaled $33.9 million (46.7% of revenues), a decline of 15% compared to a gross profit of $39.9 million (51.7% of revenues) in the first quarter of 2022.

Gross profit on a non-GAAP basis in the quarter totaled $34.3 million (47.3% of revenues), a decline of 15% compared to a gross profit of $40.2 million (52.0% of revenues) in the first quarter of 2022.

Operating profit on a GAAP basis in the quarter totaled $14.2 million (19.6% of revenues), a decrease of 27% compared to an operating profit of $19.5 million (25.3% of revenues) in the first quarter of 2022.

Operating profit on a non-GAAP basis in the quarter totaled $17.4 million (24.0% of revenues), a decrease of 22% compared to $22.2 million (28.8% of revenues) in the first quarter of 2022.

Net income on a GAAP basis in the quarter totaled $17.2 million, or $0.36 per diluted share, compared to net income of $18.4 million, or $0.39 per diluted share, in the first quarter of 2022.

Net income on a non-GAAP basis in the quarter totaled $20.4 million, or $0.42 per diluted share, compared to a non-GAAP net income of $21.0 million, or $0.44 per diluted share, in the first quarter of 2022. 

Cash and cash equivalents and deposits, as of March 31, 2023, were $492.7 million compared to $478.7 million as of December 31, 2022. During the first quarter, the Company generated net operating cash of $17.1 million.

Zoom Conference Call

Camtek will host a Zoom conference call today, May 10, 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 Zoom call, please register using the following link, which will email the link with which to access the video call:

https://us06web.zoom.us/webinar/register/WN_4CeLUvhsTPaYbgfP8aQGOQ

For those wishing to listen via phone, following registration, investors may dial: 1 929 205 6099 with webinar ID 841 8425 9353.

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 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.

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

 

Camtek Ltd.

Consolidated Statement of Income (unaudited)


(in thousands, except share data)



Three months ended

March 31,

Year ended

December 31,



2023

2022

2022



U.S. dollars (In thousands)

 

 

Revenues


72,457

77,166

320,909

Cost of revenues


38,593

37,308

161,053






Gross profit


33,864

39,858

159,856






Operating expenses:





Research and development


7,554

7,677

28,859

Selling, general and administrative


12,115

12,655

49,499






Total operating expenses


19,669

20,332

78,358






Operating profit


14,195

19,526

81,498






Financial income, net


5,110

633

6,690






Income before incomes taxes


19,305

20,159

88,188






Income tax expense


(2,060)

(1,781)

(8,239)






Net income


17,245

18,378

79,949






 





Basic net earnings per share (in US dollars)

0.39

0.42

1.81









Diluted net earnings per share (in US dollars)

0.36

0.39

1.66





Weighted average number of




  ordinary shares outstanding (in thousands):








Basic

44,522

43,852

44,158





Diluted

48,436

48,146

48,229

 

 

Camtek Ltd.

Reconciliation of GAAP To Non-GAAP result


(In thousands, except share data)



Three months ended

 March 31,

Year ended
December 31


2023

2022

2022


U.S. dollars

U.S. dollars





Reported net income attributable
     to Camtek Ltd. on GAAP basis

17,245

18,378

79,949





Share-based compensation

3,194

2,665

10,523

Non-GAAP net income

20,439

21,043

90,472





Non –GAAP net income per share,
diluted

 

0.42

 

0.44

 

1.88

Gross margin on GAAP basis

46.7 %

51.6 %

49.8 %

Reported gross profit on GAAP basis

 

33,864

39,858

159,856

Share-based compensation

392

302

1,217

Non- GAAP gross margin

47.3 %

52.0 %

50.2 %

Non-GAAP gross profit

34,256

40,160

161,073





Reported operating income

attributable to Camtek Ltd. on
GAAP basis

14,195

19,526

81,498

Share-based compensation

3,194

2,665

10,523

Non-GAAP operating income

17,389

22,191

92,021

 

CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

Email Contactm

 

 

INTERNATIONAL INVESTOR RELATIONS  

EK Global Investor Relations

Ehud Helft
Tel: (US) 1 212 378 8040

Email Contact

 

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Company Name: Camtek Ltd.
Financial data for Camtek Ltd.