Camtek Announces Results For The Third Quarter Of 2020
Record Revenues of $40.1M; Backlog and Pipeline Point to $42-44M in Q4-20 & Strong H1-21
MIGDAL HAEMEK, Israel, Oct. 27, 2020 /PRNewswire/ — Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter ended September 30, 2020.
Highlights of the Third Quarter 2020
- Revenues were a quarterly record at $40.1 million, up 23% year-over-year;
- GAAP gross margin at 48.5%; Non-GAAP gross margin at 48.8%;
- GAAP operating income was $6.3 million and non-GAAP operating income was $7.6 million, representing margins of 15.8% and 19.0%, respectively;
- GAAP net income of $6.0 million, or $0.15 per diluted share, non-GAAP net income of $7.3 million, or $0.18 per diluted share; and
- Operating cash flow of $5.0 million, with $106.0 million in net cash and short-term deposits at quarter-end.
Based on orders in hand, the Company expects continued revenue growth in the fourth quarter, with revenues to be between $42-44 million, representing 30% growth year-over-year at the mid-point. Based upon orders received and current pipeline, the Company believes that revenue in the first half of 2021 will be similar to the revenue level in the second half of 2020, representing approximately 25% growth over the first half of 2020
Rafi Amit, Camtek's CEO commented, "Camtek's third quarter results reflect continued momentum for our products, from existing and new customers.
We are benefitting from increased demand for our products, particularly in the advanced packaging, CMOS Image Sensor and RF devices. In addition, we are expanding our presence in the Front-End, mainly for Macro Inspection applications. This significantly increases our total available market."
Continued Mr. Amit, "We continue to collaborate with the leading IDM's to develop metrology and inspection solutions for the next generations of Advanced Packaging. We expect these applications to become meaningful to our business. The market drivers, the performance of our systems, our increasing market presence and our customers satisfaction give us a sense of optimism towards 2021."
Third Quarter 2020 Financial Results
Revenues for the third quarter of 2020 were $40.1 million. This compares to third quarter 2019 revenues of $32.5 million, a growth of 23%.
Gross profit on a GAAP basis in the quarter totaled $19.4 million (48.5% of revenues), up 28% compared to a gross profit of $15.2 million (46.9% of revenues) in the third quarter of 2019. Gross profit on a non-GAAP basis in the quarter totaled $19.5 million (48.8% of revenues), up 28% compared to a gross profit of $15.3 million (47.1% of revenues) in the third quarter of 2019.
Operating profit on a GAAP basis in the quarter totaled $6.3 million (15.8% of revenues), compared to an operating profit of $4.4 million (13.5% of revenues) in the third quarter of 2019. Operating profit on a non-GAAP basis in the quarter totaled $7.6 million (19.0% of revenues), compared to $5.3 million (16.2% of revenues) in the third quarter of 2019.
Net income on a GAAP basis in the quarter totaled $6.0 million, or $0.15 per diluted share, compared to net income of $4.2 million, or $0.11 per diluted share, in the third quarter of 2019. Net income on a non-GAAP basis in the quarter totaled $7.3 million, or $0.18 per diluted share, compared to a non-GAAP net income of $5.0 million, or $0.13 per diluted share, in the third quarter of 2019.
Cash and cash equivalents and short-term deposits, as of September 30, 2020, were $106.0 million compared to $89.5 million as of December 31, 2019. During the quarter, the Company generated a positive operating cash flow of $5.0 million.
Camtek will host a conference call today, October 27, 2020, at 9:00 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: 1 866 229 7198 at 9:00 am Eastern Time
Israel 03 918 0609 at 3:00 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.