CAMTEK ANNOUNCES RECORD FIRST QUARTER 2017 RESULTS
Reports record first quarter revenues of $30.8 million, up 26% year-over-year; 13% operating margin; Continued strength expected in Q2; revenue guidance of $33-34 million, ~23% year-over-year growth
MIGDAL HAEMEK, Israel – May 9, 2017– Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter ended March 31, 2017.
Highlights of the First Quarter 2017
- Revenues of $30.8 million, ahead of guidance and a 26% year-over-year increase;
- GAAP operating income of $3.9 million (12.6% margin); non-GAAP operating income of $4.0 million (13.0% margin);
- GAAP net income of $3.3 million; non-GAAP net income of $3.4 million;
- Strong operating cash flow of $5.9 million;
- Second quarter revenue guidance of $33-34 million represents 23% year-over-year growth at the mid-point;
Rafi Amit, Camtek’s CEO, commented, “This is an excellent start to 2017, which demonstrates we are executing well on our strategy and plans. Our results mark the best quarter in our history from the revenue standpoint, with exceptionally strong cash flow and a multi-year high in margins. Our solid performance was driven by strength across all our business parts, and the advanced packaging market in particular that remains one of the fastest growing segments of the semiconductor capital equipment space.”
Added Mr. Amit, “Looking ahead, our business environment remains very positive. The outlook for the second quarter is for continued growth with revenues between $33-34 million. All signs point to another year of strong performance for Camtek.”
First Quarter 2017 Financial Results
Revenuesfor the first quarter of 2017 were $30.8 million. This compares to first quarter 2016 revenues of $24.5 million, a growth of 26% and prior quarter revenues of $29.3 million, an increase of 5%.
Gross profit on a GAAP basis in the quarter totaled $14.8 million (48.2% of revenues), compared to $10.3 million (42.2% of revenues) in the first quarter 2016 and $13.4 million in the prior quarter (45.7% of revenues).
Gross profit on a non-GAAP basis in the quarter totaled $14.8 million (48.2% of revenues), compared to $10.3 million (42.3% of revenues) in the first quarter 2016. The variance in the gross margin is a function of the specific product and sales mix in the quarter and was unusually high in the current quarter.
Operating profit on a GAAP basis in the quarter totaled $3.9 million (12.6% of revenues), compared to an operating income of $0.4 million (1.5% of revenues), in the first quarter 2016.
Operating profit on a non-GAAP basis in the quarter totaled $4.0 million (13.0% of revenues), compared to $0.5 million (1.8% of revenues), in the first quarter 2016.
Net income on a GAAP basis in the quarter totaled $3.3 million, or $0.09 per diluted share. This compares to a net income of $24 thousand, or $0.00 per diluted share, in the first quarter 2016.
Net income on a non-GAAP basis in the quarter totaled $3.4 million, or $0.10 per diluted share. This compares to net income of $0.2 million, or $0.01 per diluted share, in the first quarter 2016.
Cash, cash equivalents, short and long-term restricted deposits, as of March 31, 2017 were $24.3 million compared to $19.7 million as of December 31, 2016. The Company reported a positive operating cash flow of $5.9 million during the quarter.
Camtek will host a conference call today, May 9, 2017, at 9:00 am ET.
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, VP, head of the Semiconductors Division will host the call and will be available to answer questions after presenting the results. To participate, please call one of the following telephone numbers a few minutes before the start of the call.
US: 1 888 407 2553 at 9:00 am Eastern Time
Israel: 03 918 0610 at 4:00 pm Israel Time
International: +972 3 918 0610
For those unable to participate, the teleconference will be available for replay on Camtek’s website at https://www.camtek.com beginning 24 hours after the call.