CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2023
MIGDAL HAEMEK, Israel – May 10, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2023.
Highlights of the First Quarter of 2023
- Quarterly revenues of $72.5 million; a 6% decrease year-over-year;
- GAAP operating income of $14.2 million; non-GAAP operating income of $17.4 million, representing an operating margin of 19.6% and 0% respectively;
- GAAP net income of $17.2 million and non-GAAP net income of $20.4 million;
- Positive operating cash-flow of $17 million.
For the second quarter, management expects similar level of revenues as achieved in the first quarter.
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:
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 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.