Camtek Announces Results for the First Quarter Of 2022
Record revenue of $77.2 million; $150m in orders since the beginning of 2022
MIGDAL HAEMEK, Israel – May 12, 2022 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2022.
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 8% respectively;
- GAAP net income of $18.4 million and non-GAAP net income of $21.0 million;
Management expects continued growth for the second quarter with revenues to be $77-80 million.
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.
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:
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 https://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.