CAMTEK ANNOUNCES RECORD RESULTS FOR THE FIRST QUARTER OF 2019
Revenues of $34 Million, 25% YoY growth; Operating Margin of 21.5%
MIGDAL HAEMEK, Israel –May 6, 2019 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter ended March 31, 2019.
Highlights of the First Quarter 2019
- Revenues were a record at $34.0 million, up 25% year-over-year;
- GAAP Gross margin at 50.5% versus 47.7% in Q1 last year; Non-GAAP gross margin at 50.6% versus 48.5%
- GAAP operating income was $6.7 million and non-GAAP operating income was $7.3 million, representing margins of 19.6% and21.5%, respectively;
- GAAP net income of $6.0 million or $0.16 per diluted share and non-GAAP net income of $6.7 million or $0.18 per diluted share, representing year-over-year growth of 70% and 59%, respectively; and
- Operating cash flow of $6.3 million with $61 million in net cash at quarter-end;
Forward Looking Guidance
Second quarter 2019 revenues are expected to be slightly ahead of those of the first quarter.
Rafi Amit Camtek’s CEO commented, “We are very pleased with our results, especially given the background of themacro-environment in the semiconductor market. We succeeded in maintaining our growth in the quarter, up 25% year-over-year, and even more significantly, we improved our operating income by over 70% year-over-year.”
Continued Mr. Amit, “Our momentum remains positive as witnessed by the orders we received in the past few weeks for various applications. Looking ahead, we expect to maintain and even slightly increase our current revenue levels going into the second quarter.”
First Quarter 2019 Financial Results
Revenuesfor the first quarter of 2019 were $34.0 million. This compares to first quarter 2018 revenues of $27.3 million, a growth of 25%.
Gross profit on a GAAP basis in the quarter totaled $17.2 million (50.5% of revenues), up 32% compared to a gross profit of $13.0 million (47.7% of revenues) in the first quarter of 2018. Gross profiton a non-GAAP basis in the quarter totaled $17.2 million (50.6% of revenues), up 30% compared to a gross profit of $13.2 million (48.5% of revenues) in the first quarter of 2018. The improvement in gross margin was mainly a result of the product and sales mix deliveredin the quarter.
Operating profit on a GAAP basis in the quarter totaled $6.7 million (19.6% of revenues), up 87% compared to an operating income of $3.6 million (13.0% of revenues) in the first quarter of 2018. Operating profiton a non-GAAP basis in the quarter totaled $7.3 million (21.5% of revenues), up 73% compared to $4.2 million (15.4% of revenues) in the first quarter of 2018. The improvement is a result of the higher gross margin in the quarter,
Net income on a GAAP basis in the quarter totaled $6.0 million, or $0.16 per diluted share, up 71% compared to net income of $3.5 million, or $0.10 per diluted share, in the first quarter of 2018. Net income on a non-GAAP basis in the quarter totaled $6.7 million, or $0.18 per diluted share, up 59% compared to a non-GAAP net income of $4.2 million, or $0.12 per diluted share, in the first quarter of 2018.
Cash and cash equivalents, as of March 31, 2019, were $61.0 million compared to $54.9 million as of December 31, 2018. During the quarter the Company generated a positive operating cash flow of $6.3 million.
Camtek will host a conference call today, May 6, 2019, at 10:00 am ET.
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, please call one of the following telephone numbers a few minutes before the start of the call.
US: 1 888 668 9141 at 10:00 am Eastern Time
Israel: 03 918 0609 at 5:00 pm Israel Time
International: +972 3 918 0609
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.
A summary presentation of the quarterly results will also be available on Camtek’s website.