Camtek Receives an Order for approximately $25M from a tier-1 manufacturer for High Bandwidth Memory (HBM)

Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, March 25, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received a new order for approximately $25 million from a tier-1 HBM manufacturer, for the inspection and metrology of High Bandwidth Memory (HBM). Most of the systems are expected to be delivered in the second half of 2024.

Camtek logo
HBM is a key component for high-performance computing (HPC) applications and is expected to grow at a CAGR of 25% in the coming years.

Rafi Amit, CEO of Camtek commented, "I am pleased with this order that continues the momentum of orders for HBM from the second half of 2023. Camtek systems continue to be the tool of choice by major manufacturers supporting the increased demand of HBM. This order improves our visibility for the second half of 2024. We anticipate more orders for HBM later this year, which is expected to be a record year for Camtek."

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.

This press release is available at www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the future contribution of HBM and Chiplet applications to the Company business; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.



CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com



INTERNATIONAL INVESTOR RELATIONS

EK Global Investor Relations

Ehud Helft
Tel: (US) 1 212 378 8040

camtek@ekgir.com

Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-an-order-for-approximately-25m-from-a-tier-1-manufacturer-for-high-bandwidth-memory-hbm-302098119.html

SOURCE Camtek Ltd.


Copyright 2024 PR Newswire

Camtek Declares a Cash Dividend of $1.33 per Share

Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, March 21, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that its Board of Directors has declared a cash dividend in the amount of US$1.33 per share, representing an aggregate distribution of approximately US$60 million.

Camtek Ltd. Logo
The dividend is payable on April 18, 2024, in US dollars, to all shareholders of record at the close of the NASDAQ Global Select Market on April 4, 2024. From the dividend payment, tax will be withheld according to applicable law.

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries. With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.

This press release is available at www.camtek.com.

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including statements relating to statements about future dividends. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the risks discussed in our Annual Report on Form 20-F and other documents filed by Camtek with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

Contact:

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com

Logo: https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-declares-a-cash-dividend-of-1-33-per-share-302096016.html

SOURCE Camtek Ltd.

Camtek Receives Order for 25 Metrology & Inspection Systems from a Leading OSAT for Advanced Packaging Applications

Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, Dec. 18, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received an order of 25 systems from a leading Outsourced Semiconductor Assembly and Test (OSAT) for various Advanced Packaging applications. Delivery of the systems to the customer is expected in 2024.

Camtek_logo
Rafi Amit, CEO of Camtek commented, "This order is a repeat order from an OSAT who specializes in Advanced Packaging and specifically, Heterogeneous Integration. It affirms Camtek's ongoing commitment in providing industry-leading inspection and metrology solutions that meet the evolving demands of the semiconductor landscape. Our strong order flow is a testament to Camtek's leading market position and as we continue to receive notable orders such as this, it strengthens our confidence that 2024 will be a record year for Camtek."

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.

This press release is available at www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the future contribution of HBM and Chiplet applications to the Company business, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the effect of the evolving nature of the recent war in Gaza between Israel and the Hamas; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com

Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-order-for-25-metrology--inspection-systems-from-a-leading-osat-for-advanced-packaging-applications-302017682.html

SOURCE Camtek Ltd.


Copyright 2023 PR Newswire

CAMTEK ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2023

Source: PR Newswire (US)
EXPECTS 30% YoY GROWTH IN THE FIRST QUARTER WITH RECORD REVENUE IN FY 2024

MIGDAL HAEMEK, Israel, Feb. 20, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the fourth quarter and year ended December 31, 2023.

Camtek Logo
Highlights of the Fourth Quarter of 2023

Revenues of $88.7 million, an 8% increase year-over-year;
GAAP operating income of $17.2 million; non-GAAP operating income of $25.5 million, representing an operating margin of 19.4% and 28.7% respectively;
GAAP net income of $20.8 million and non-GAAP net income of $28.2 million;
Strong operating cash flow of $34.2 million; and
Completion of FRT metrology acquisition.
Highlights of the Full Year 2023

Revenues of $315.4 million, 1.7% below those of last year;
GAAP operating income of $65.4 million; non-GAAP operating income of $83.3 million; representing operating margins of 20.7% and 26.4%, respectively;
GAAP net income of $78.6 million; non-GAAP net income of $95.7 million; and
Operating cash flow of $79.3 million in 2023, which led to a year-end total cash, short-term and long-term deposits and marketable securities balance of $449 million.
Forward-Looking Expectations

Management expects revenues in the first quarter of 2024 between $93-95 million, representing a mid-point 30% increase over the first quarter of 2023, with further growth leading to a year of record revenue for Camtek.

Management Comment

Rafi Amit, Camtek's CEO commented, "The high demand for high performance computing (HPC) was the main driver behind our record fourth quarter, bringing our full year 2023 revenues to $315 million. We received orders for close to 300 systems in the second half of 2023, which puts us in an excellent position going into 2024. This achievement was primarily due to our strong position with tier-1 customers that manufacture HBM (High Bandwidth Memory) and chiplet devices for AI applications. In addition, we have seen continued strong demand from our OSAT customers, driven by other advanced packaging applications."

Continued Mr. Amit, "During the fourth quarter of 2023 we completed the acquisition of FRT and we are confident that this business will meet our expectations in 2024 and beyond. Looking ahead, we anticipate 2024 to be a record year for Camtek even without the contribution of FRT to our results."

Fourth Quarter 2023 Financial Results

Revenues for the fourth quarter of 2023 were $88.7 million. This compares to fourth quarter 2022 revenues of $82.2 million, a year-over-year growth of 8%.

Gross profit on a GAAP basis in the quarter totaled $39.8 million (44.9% of revenues), compared to a gross profit of $39.9 million (48.6% of revenues) in the fourth quarter of 2022.

Gross profit on a non-GAAP basis in the quarter totaled $43.7 million (49.2% of revenues), up 9% compared to a gross profit of $40.2 million (49.0% of revenues) in the fourth quarter of 2022.

Operating profit on a GAAP basis in the quarter totaled $17.2 million (19.4% of revenues), compared to an operating profit of $20.5 million (24.9% of revenues) in the fourth quarter of 2022.

Operating profit on a non-GAAP basis in the quarter totaled $25.5 million (28.7% of revenues), an increase of 12% compared to $22.8 million (27.8% of revenues) in the fourth quarter of 2022.

Net income on a GAAP basis in the quarter totaled $20.8 million, or $0.42 per diluted share, compared to net income of $21.7 million, or $0.45 per diluted share, in the fourth quarter of 2022.

Net income on a non-GAAP basis in the quarter totaled $28.2 million, or $0.57 per diluted share, compared to a non-GAAP net income of $24.0 million, or $0.50 per diluted share, in the fourth quarter of 2022.

Full Year 2023 Results Summary

Revenues for 2022 were $315.4 million, compared to the $320.9 million reported in 2022, a slight decline of 1.7%.

Gross profit on a GAAP basis totaled $147.6 million (46.8% of revenues), compared to $159.9 million (49.8% of revenues) in 2022.

Gross profit on a non-GAAP basis totaled $152.7 million (48.4% of revenues), compared to $161.1 million (50.2% of revenues) in 2022.

Operating income on a GAAP basis totaled $65.4 million (20.7% of revenues), compared to operating income of $81.5 million (25.4% of revenues) in 2022.

Operating income on a non-GAAP basis totaled $83.3 million (26.4% of revenues), an increase of 20% compared to $92.0 million (28.7% of revenues) in 2022.

Net income on a GAAP basis totaled $78.6 million, or $1.61 per diluted share. This is compared to net income of $79.9 million, or $1.66 per diluted share, in 2022.

Net income on a non-GAAP basis totaled $95.7 million, or $1.96 per diluted share. This is an increase of 27% compared to net income of $90.5 million, or $1.88 per diluted share, in 2022.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of December 31, 2023, were $448.6 million compared to $478.7 million as of December 31, 2022 and $517.1 million as of September 30, 2023. During the fourth quarter, the Company generated an operating cash flow of $34.2 million.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on Tuesday, February 20, 2024, 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 provide access to the video call:

https://us06web.zoom.us/webinar/register/WN_bNKd27BfSJmYAcuLiB6DZQ

For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek's investor relations a few hours in advance of the call.

For those unable to participate, a recording will be available on Camtek's website at http://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 high-end inspection and metrology equipment provider for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers in various phases of the production process of semiconductor devices, from front-end and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect and measures wafers for some of the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.

This press release is available at http://www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the effects of the evolving nature of the war situation in Israel, including in Gaza with the Hamas and in Lebanon with the Hezbollah and the related evolving regional conflict, including without limitation, the Houti attacks on marine vessels; the impact of war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, ; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea, some of which might be subject to the trade restrictions referred to above or involved in trade wars with countries which might impose such trade restrictions; changing industry and market trends; reduced demand for our products; potential adverse reactions or changes to business relationships resulting from the completion of the transaction with FRT, and ongoing or potential litigations or disputes, incidental to the conduct of FRT's business and other risks related to the integration of FRT's business into Camtek business; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) acquisition related expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.

CAMT new 52 week high

Camtek Receives Order for 28 Systems from a tier-1 manufacturer for High Bandwidth Memory (HBM) and Heterogenous Integration (HI) Applications

Source: PR Newswire (US)
Since the beginning of the third quarter to-date, Camtek has received orders for 240 systems

MIGDAL HAEMEK, Israel, Nov. 13, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received a new order for 28 systems from a tier-1 manufacturer, for the inspection & metrology of High Bandwidth Memory (HBM) and Heterogenous Integration (HI) applications. This order adds to the already strong backlog of systems that are expected to be delivered during 2024.

Camtek Ltd. Logo


HBM is a critical component in chips enabling high-speed data processing in applications ranging from artificial intelligence and gaming to data centers.

HI is a new technology which can lead to higher overall chip performance, energy efficiency and reduced footprint, by enabling the integration of various components such as processors, memory and sensors, all into a single package.

Camtek's state-of-the-art inspection and metrology systems play a pivotal role in ensuring the quality, reliability and performance of the chip leveraging today's newest chip fabrication technologies.

Rafi Amit, CEO of Camtek commented, "Our strong momentum continues into the fourth quarter of 2023, with the receipt of this significant 28 system order from a leading tier-1 manufacturer. Since the beginning of the third quarter we have received orders for 240 systems which solidifies our expectations of a strong year and record 2024 for Camtek."

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.

This press release is available at www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the future contribution of HBM and Chiplet applications to the Company business, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the effect of the evolving nature of the recent war in Gaza between Israel and the Hamas; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS

EK Global Investor Relations

Ehud Helft

Tel: (US) 1 212 378 8040

camtek@ekgir.com



Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-order-for-28-systems-from-a-tier-1-manufacturer-for-high-bandwidth-memory-hbm-and-heterogenous-integration-hi-applications-301986179.html

SOURCE Camtek Ltd.


Copyright 2023 PR Newswire

FOR IMMEDIATE RELEASE

Camtek Announces the Closing of its Acquisition of FRT Metrology

MIGDAL HAEMEK, Israel – November 1, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), a leading manufacturer of metrology and inspection equipment, is pleased to announce today the closing of its acquisition of FRT Metrology ("FRT") business for $100 million in cash, subject to customary purchase price adjustments, from FormFactor (Nasdaq: FORM) which was initially announced September 18, 2023.

Rafi Amit, CEO of Camtek commented, “We are very excited to have closed this strategic transaction that expands our available markets and allows us to offer advanced solutions to additional process steps in semiconductor manufacturing. FRT’s portfolio supports our strategic goal to deliver comprehensive metrology solutions. With this expanded product and technology offering, supported by the synergy in our markets, Camtek is well-positioned for continued growth in its strategic market segments.”

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek’s systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek’s systems inspect and measure wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry’s leading global IDMs, OSATs, and foundries.

With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers’ requirements.

This press release is available at www.camtek.com

This press release contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek’s current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “may,” “expect,” “estimate,” “project,” “positioned,” “strategy,” and similar expressions that are intended to identify forward-looking statements, including statements relating to the semiconductors manufacturing market and our position in this market. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including statements regarding the companies’ products, prospects and results following the transaction and markets, the effect of the evolving nature of the recent war in Gaza between Israel and the Hamas; the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; as well as those other factors discussed in our Annual Report on Form 20-F and other documents filed by Camtek.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

CAMTEK ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2023

Expecting continued growth fueled by chiplet modules and HBM driven by AI

MIGDAL HAEMEK, Israel – July 31, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2023.

Highlights of the Second Quarter of 2023

Quarterly revenues of $73.8 million; ahead of expectations;
GAAP operating income of $14.9 million; non-GAAP operating income of $18.3 million, representing an operating margin of 20.2% and 24.8% respectively;
GAAP net income of $18.5 million and non-GAAP net income of $21.9 million;
Positive operating cash flow of $15.6 million.
Forward-Looking Expectations

Management expects third quarter revenues to be $77-79 million with continued growth in the fourth quarter and into 2024.

Management Comment

Rafi Amit, Camtek’s CEO commented, “We are pleased to see the improvement in our results from the first quarter, in terms of both revenues and margins. We are particularly encouraged by the momentum in the industry and the flow of orders. In addition to our recently reported 42 system orders received, a tier one HBM (High Bandwidth Memory) manufacturer has placed an order for 10 systems, and more orders for HBM applications are in the pipeline. We expect that chiplet modules and HBM will account for over 30% of our business in 2024.

Continued Mr Amit, “This will translate into initial growth in the second half of 2023 and to a full extent in 2024, that we believe will be a record year for Camtek. The momentum is fueled by the major industry investment in AI. Camtek’s role as a key equipment supplier to the manufacturers of chiplet modules and HBM will benefit from this trend. With new technologies in the industry and the business momentum, we believe that 2024 will be an important step in reaching our next milestone of becoming a 500-million-dollar company.”

Second Quarter 2023 Financial Results

Revenues for the second quarter of 2023 were $73.8 million, a decrease of 7% compared to the second quarter of 2022.

Gross profit on a GAAP basis in the quarter totaled $35.0 million (47.4% of revenues), compared to a gross profit of $40.2 million (50.5% of revenues) in the second quarter of 2022. Gross profit on a non-GAAP basis in the quarter totaled $35.4 million (48.0% of revenues), compared to $40.5 million (50.9% of revenues) in the second quarter of 2022.

Operating profit on a GAAP basis in the quarter totaled $14.9 million (20.2% of revenues), compared to an operating profit of $20.9 million (26.2% of revenues) in the second quarter of 2022. Operating profit on a non-GAAP basis in the quarter totaled $18.3 million (24.8% of revenues), compared to $23.8 million (29.9% of revenues) in the second quarter of 2022.

Net income on a GAAP basis in the quarter totaled $18.5 million, or $0.38 per diluted share, compared to net income of $19.2 million, or $0.40 per diluted share, in the second quarter of 2022. Net income on a non-GAAP basis in the quarter totaled $21.9 million, or $0.45 per diluted share, compared to non-GAAP net income of $22.1 million, or $0.46 per diluted share, in the second quarter of 2022.

Cash and cash equivalents, short-term and long-term deposits, as of June 30, 2023 were $506.3 million compared to $492.7 million as of March 31, 2023. During the quarter, Camtek generated $15.6 million in operating cash flow.

Conference Call

Camtek will host a video conference call today via Zoom, July 31, 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 call, please register using the following link, which will email the link with which to access the video call:

https://us06web.zoom.us/webinar/register/WN_pV6GHff9Se2rqbF_JJbxLw

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.

Camtek to Acquire FormFactor's FRT Metrology Business

Source: GlobeNewswire Inc.

Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), together with FormFactor, Inc. (NASDAQ: FORM), are pleased to announce that they have entered into an agreement for the acquisition by Camtek of FormFactor, Inc.’s FRT Metrology (“FRT”) business for $100 million in cash, subject to customary purchase price adjustments.
FRT, headquartered in Bergisch Gladbach, Germany, is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets. Camtek is a market leader of inspection and 3D metrology in the semiconductor industry. This acquisition is expected to leverage Camtek’s and FRT’s advanced technologies of Advanced Packaging and Silicon Carbide that require new inspection and metrology steps in the semiconductor manufacturing processes. Camtek, with the addition of FRT’s unique hybrid multi-sensor SurfaceSens™ technology, will be able to provide customers with broader and more comprehensive solutions for inspection and metrology.

“We welcome FRT and its employees to the Camtek family,” said Mr. Rafi Amit, Camtek’s CEO. “We expect this acquisition to solidify Camtek’s leading market position and contribute approximately 10% to the annual revenues in 2024 and be accretive within 12 months following the acquisition. Beyond the immediate financial contribution, we expect further synergies that will contribute to Camtek’s overall growth prospects in 2024 and beyond. We look forward to capturing a larger share of the unique growth opportunities ahead of us.”

Mike Slessor, FormFactor’s CEO, commented “I’m extremely proud of the FRT team’s innovation and growth since FormFactor’s acquisition of this business in 2019 and would like to thank the team for the strong results they have delivered as part of the FormFactor family. I’m also excited for the opportunity this team has to leverage Camtek’s established scale and expertise in inspection and metrology to deliver the next stage of growth from this business. FormFactor remains committed to developing and providing industry-leading test and measurement solutions for advanced packaging, helping enable the next phase of semiconductor innovation in applications like generative AI and co-packaged optics. We expect this transaction to maximize present and future FormFactor shareholder value by realizing a robust return on our investment while allowing us to focus our resources on strategic initiatives and industry-leading businesses where we have market leadership and significant scale.”

The transaction is expected to close in Q4 2023, subject to the satisfaction of customary closing conditions.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek’s systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek’s systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry’s leading global IDMs, OSATs, and foundries.

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.

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com

ABOUT FORMFACTOR

FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle - from metrology and inspection, characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor's products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. FormFactor serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit FormFactor's website at www.formfactor.com.

Investor Contact
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com

Forward-looking Statements:

This press release contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek’s and FormFactor current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “may,” “expect,” “estimate,” “project,” “positioned,” “strategy,” and similar expressions that are intended to identify forward-looking statements, including expectations and statements relating to the proposed transaction between Camtek and FormFactor, including statements regarding the benefits and the timing of the transaction as well as statements regarding the companies’ products, prospects and results following the transaction and markets. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of both Camtek and FormFactor to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the companies’ businesses and the price of their securities; uncertainties as to the timing of the consummation of the transaction and the potential failure to satisfy the conditions to the consummation of the transaction; delays, disruptions or increased costs in the integration of FRT’s business with Camtek; unanticipated restructuring costs may be incurred or undisclosed liabilities assumed; attempts to retain key personnel, customers, and vendors may not succeed; risks related to diverting management’s attention from Camtek’s ongoing business operations; exposure to inflation, currency rate and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of Camtek’s and FormFactor’s traded securities; the impact of general economic conditions on the on Camtek’s and FRT’s business; ongoing or potential litigations or disputes, incidental to the conduct of FRT’s ongoing business, with customers, suppliers, landlords, or other third parties; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; potential negative changes in general economic conditions in the regions or the industries in which Camtek and Form Factor operate; and those other factors discussed in Camtek’s and FormFactor’s Annual Reports on Form 20-F and 10-K, respectively, and other documents filed by the Camtek and FormFactor with the SEC as well as other documents that may be subsequently filed by the companies from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek and FormFactor do not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

Source: FormFactor, Inc.

FORM-F



Primary Logo

Camtek Receives New Orders for 46 Systems for High Bandwidth Memory (HBM)

Source: PR Newswire (US)
Recent deal flow also indicates potential upswing in demand in other segments of the semiconductor market

MIGDAL HAEMEK, Israel, Sept. 12, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that since its prior press release issued on August 29, 2023, it has received further orders amounting to an additional 46 systems from several tier-1 High Bandwidth Memory (HBM) manufacturers. Most of the The systems are expected to be delivered during 2024.

Camtek Logo
High Bandwidth Memory (HBM) is a critical component enabling high performance computing in applications ranging from artificial intelligence and gaming to data centers. Camtek's state-of-the-art inspection and metrology systems play a pivotal role in ensuring the quality, reliability, and performance of HBM devices.

Rafi Amit, CEO of Camtek commented, "We are very pleased to have received these significant orders from Tier-1 manufacturers of High Bandwidth Memory. These new orders further solidify Camtek's reputation as a leading provider of advanced inspection and metrology solutions for HBM. The news follows our previous announcements and further strengthens our expectations that the growing demand for high performance computing is leading to increased production of HBM. Our recent deal flow since the beginning of the third quarter also points to an potential upswing in demand in other areas of the semiconductor market."

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

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.

This press release is available at www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the future contribution of HBM and Chiplet applications to the Company business, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com

Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-new-orders-for-46-systems-for-high-bandwidth-memory-hbm-301924469.html

SOURCE Camtek Ltd.


Copyright 2023 PR Newswire

CAMTEK RECEIVES ORDERS FOR ~45 SYSTEMS SINCE THE BEGINNING OF AUGUST 2023

Source: PR Newswire (US)
Orders for ~100 systems received to-date in the second half of 2023

MIGDAL HAEMEK, Israel, Aug. 29, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received orders for approximately 45 systems since the beginning of August 2023 which adds up to approximately 100 systems since the beginning of July 2023. The systems will be delivered during the fourth quarter of 2023 and in 2024.

Camtek Logo
30% of the orders received in August are for HBM and Chiplet applications and the rest are for multiple applications from more than 10 different customers. This strengthens Management's expectations that 2024 will be a record year.

"We are very pleased with the volume and variety of this order flow," said Mr. Rafi Amit, Camtek's CEO. "Camtek is uniquely positioned to benefit from the upswing in demand for HBM and Chiplets, along with several other segments within the market. "

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

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.

This press release is available at www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the future contribution of HBM and Chiplet applications to the Company business, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg



CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com



INTERNATIONAL INVESTOR RELATIONS

EK Global Investor Relations

Ehud Helft
Tel: (US) 1 212 378 8040

camtek@ekgir.com



Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-orders-for-45-systems-since-the-beginning-of-august-2023-301912315.html

SOURCE Camtek Ltd.


Copyright 2023 PR Newswire

Camtek Receives Orders for 42 Systems from Tier-1 Manufacturers for Heterogeneous Integration, HBM and Fan-out Applications

Source: PR Newswire (US)
Order momentum increases expectations for a stronger second half of 2023

MIGDAL HAEMEK, Israel, July 13, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has recently received orders for 42 systems from several tier-1 semiconductor manufacturers. A significant portion of the orders are for the manufacture of chiplet modules and High Bandwidth Memory (HBM) for heterogeneous integration. The systems are expected to be delivered during the second half of 2023.



Camtek Logo


Chiplet modules have emerged as critical components in enhancing computing power. Applications include artificial intelligence (AI), data center processing and gaming. The integration of chiplets with several HBM modules results in processing units (CPU/GPU) with superior performance.

These new orders underscore Camtek's strong position as a preferred supplier of inspection and metrology systems in the rapidly expanding market of heterogenous integration.

"We are excited to have secured these significant orders from top-tier semiconductor manufacturers which increase our expectations for a stronger second half of 2023" commented Mr. Rafi Amit, Camtek's CEO. "We expect that the trend of growing demand for increased computing power supporting AI and data centers will continue, and will lead to increasing capacity of chiplet modules and HBM for heterogeneous integration. Given the trend, we anticipate receiving further orders for similar applications in the near future."

For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Memory, CMOS Image Sensors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

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.

This press release is available at www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expected revenue for the second quarter of 2023 and full year 2023 and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; the impact of the war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, and continuing or new effects as a result of the COVID-19 pandemic; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchases of our products; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com

Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-orders-for-42-systems-from-tier-1-manufacturers-for-heterogeneous-integration-hbm-and-fan-out-applications-301876527.html

SOURCE Camtek Ltd


Copyright 2023 PR Newswire

CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2022

Source: PR Newswire (US)
Record annual revenue of $321 million, 19% YoY growth

MIGDAL HAEMEK, Israel, Feb. 16, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2022.

Camtek Logo
Highlights of the Fourth Quarter of 2022

Revenues of $82.2 million; an 11% increase year-over-year;
GAAP operating income of $20.5 million; non-GAAP operating income of $22.8 million, representing an operating margin of 24.9% and 27.8% respectively;
GAAP net income of $21.7 million and non-GAAP net income of $24.0 million;
Strong operating cash flow of $19.6 million;
Highlights of the Full Year 2022

Revenues of $320.9 million; a 19% increase year-over-year;
GAAP operating income of $81.5 million; non-GAAP operating income of $92.0 million; representing operating margins of 25.4% and 28.7%, respectively;
GAAP net income of $79.9 million; non-GAAP net income of $90.5 million; and
Operating cash flow of $57.8 million in 2022, which led to a year-end total cash, short-term and long-term deposits balance of $479 million.
Forward-Looking Expectations

Management expects revenues in the first quarter of 2023 between $71-74 million, representing a mid-point 6% decline from the first quarter of 2022.

Management Comment

Rafi Amit, Camtek's CEO commented, "I am pleased to report record revenues for the fifth year in a row. In the last two years our revenues have more than doubled, while our operating profit has more than tripled. We remain well positioned in the fastest growing segments of our industry such as Heterogenous Integration and Compound Semiconductors, and we expect to benefit from this growth in the future."

Continued Mr. Amit, "We believe that our leading position in the specific segments, broad and diversified customer base and long-term strategic relationships with customers will enable us to again outperform the wafer fabrication equipment (WFE) which is predicted to decline by 20-30% in 2023."

Fourth Quarter 2022 Financial Results

Revenues for the fourth quarter of 2022 were $82.2 million. This compares to fourth quarter 2021 revenues of $74.2 million, a growth of 11%.

Gross profit on a GAAP basis in the quarter totaled $39.9 million (48.6% of revenues), up 6% compared to a gross profit of $37.6 million (50.7% of revenues) in the fourth quarter of 2021.

Gross profit on a non-GAAP basis in the quarter totaled $40.2 million (49.0% of revenues), up 6% compared to a gross profit of $37.8 million (50.9% of revenues) in the fourth quarter of 2021.

Operating profit on a GAAP basis in the quarter totaled $20.5 million (24.9% of revenues), an increase of 6% compared to an operating profit of $19.3 million (26.0% of revenues) in the fourth quarter of 2021.

Operating profit on a non-GAAP basis in the quarter totaled $22.8 million (27.8% of revenues), an increase of 9% compared to $20.9 million (28.2% of revenues) in the fourth quarter of 2021.

Net income on a GAAP basis in the quarter totaled $21.7 million, or $0.45 per diluted share, compared to net income of $12.8 million, or $0.28 per diluted share, in the fourth quarter of 2021.

Net income on a non-GAAP basis in the quarter totaled $24.0 million, or $0.50 per diluted share, compared to a non-GAAP net income of $19.7 million, or $0.43 per diluted share, in the fourth quarter of 2021.

Full Year 2022 Results Summary

Revenues for 2022 were $320.9 million, an increase of 19.0% over the $269.7 million reported in 2021.

Gross profit on a GAAP basis totaled $159.9 million (49.8% of revenues), an increase of 16% compared to $137.4 million (50.9% of revenues) in 2021.

Gross profit on a non-GAAP basis totaled $161.1 million (50.2% of revenues), an increase of 17% compared to $138.0 million (51.2% of revenues) in 2021.

Operating income on a GAAP basis totaled $81.5 million (25.4% of revenues), an increase of 15% compared to operating income of $70.9 million (26.3% of revenues) in 2021.

Operating income on a non-GAAP basis totaled $92.0 million (28.7% of revenues), an increase of 20% compared to $76.7 million (28.4% of revenues) in 2021.

Net income on a GAAP basis totaled $79.9 million, or $1.66 per diluted share. This is an increase of 33% compared to net income of $60.3 million, or $1.34 per diluted share, in 2021.

Net income on a non-GAAP basis totaled $90.5 million, or $1.88 per diluted share. This is an increase of 27% compared to net income of $71.4 million, or $1.59 per diluted share, in 2021.

Cash and cash equivalents, short-term and long-term deposits, as of December 31, 2022, were $478.7 million compared to $429.9 million as of December 31, 2021 and $460.3 million as of September 30, 2022. During the fourth quarter, the Company generated an operating cash flow of $19.6 million.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, February 16, 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 webinar, please register using the following link, which will provide access to the video call:

https://us06web.zoom.us/webinar/register/WN_JOji55tsT0KhNgNVI7MaLg

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 http://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.

This press release is available at http://www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expected revenue for the first quarter of 2023 and full year 2023 and statements relating to the compound semiconductors market our expense structure and our target operating model. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; the impact of the war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, and continuing or new effects as a result of the COVID-19 pandemic; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchases of our products; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.




CAMTEK LTD. and its subsidiaries



Consolidated Balance Sheets



(In thousands)







December 31,

December 31,


2022

2021

Assets

U.S. Dollars

Current assets



Cash and cash equivalents

148,156

241,943

Short-term deposits

251,500

156,000

Trade accounts receivable, net

80,611

57,825

Inventories

65,541

58,759

Other current assets

11,156

5,653




Total current assets

556,964

520,180










Long-term deposits

79,000

32,000

Long-term inventory

5,357

5,150

Deferred tax asset, net

1,004

227

Other assets, net

1,024

190

Fixed assets, net

33,141

25,400

Intangible assets, net

597

610





120,123

63,577




Total assets

677,087

583,757




Liabilities and shareholders' equity






Current liabilities



Trade accounts payable

31,667

33,550

Other current liabilities

56,833

56,137




Total current liabilities

88,500

89,687




Long-term liabilities



Other long-term liabilities

8,748

5,800

Convertible notes

195,737

194,643


204,485

200,443




Total liabilities

292,985

290,130




Commitments and contingencies






Shareholders' equity



Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
December 31, 2022 and at December 31, 2021;



46,505,318 issued shares at December 31, 2022 and 45,939,019 at
December 31, 2021;



44,412,942 shares outstanding at December 31, 2022 and
43,846,643 at December 31, 2021



175



172

Additional paid-in capital

187,105

176,582

Retained earnings

198,720

118,771


386,000

295,525

Treasury stock, at cost (2,092,376 as of December 31, 2022 and
December 31, 2021)



(1,898)



(1,898)




Total shareholders' equity

384,102

293,627




Total liabilities and shareholders' equity

677,087

583,757









Camtek Ltd.

Consolidated Statements of Income





(in thousands, except share data)






Year ended December 31,

Three Months ended December 31,


2022

2021

2022

2021


U.S. dollars

U.S. dollars






Revenues

320,909

269,659

82,175

74,171

Cost of revenues

161,053

132,315

42,229

36,591






Gross profit

159,856

137,344

39,946

37,580











Research and development costs

28,859

23,473

6,684

6,699

Selling, general and administrative expense

49,499

42,973

12,801

11,567


78,358

66,446

19,485

18,266











Operating income

81,498

70,898

20,461

19,314






Financial income, net

6,690

1,030

3,801

119






Income before income taxes

88,188

71,928

24,262

19,433






Income taxes expense

(8,239)

(11,651)

(2,589)

(6,673)






Net income

79,949

60,277

21,673

12,760










Net income per ordinary share:











Year ended December 31,

Three Months ended December 31,


2022

2021

2022

2021


U.S. dollars

U.S. dollars






Basic net earnings

1.81

1.38

0.49

0.29











Diluted net earnings

1.66

1.34

0.45

0.28






Weighted average number of





ordinary shares outstanding:










Basic

44,158

43,644

44,397

43,845






Diluted

48,229

45,035

48,332

46,301





Reconciliation of GAAP To Non-GAAP results






(In thousands, except share data)







Year ended December 31,

Three Months ended December 31,


2022

2021

2022

2021


U.S. dollars

U.S. dollars

Reported net income attributable to
Camtek Ltd.

on GAAP basis



79,949



60,277



21,673



12,760

Tax settlement (1)

-

5,305

-

5,305

Share-based compensation

10,523

5,815

2,371

1,622

Non-GAAP net income

90,472

71,397

24,044

19,687






Non–GAAP net income per diluted share

1.88

1.59

0.50

0.43






Gross margin on GAAP basis

49.8 %

50.9 %

48.6 %

50.7 %

Reported gross profit on GAAP basis

159,856

137,344

39,946

37,580






Share-based compensation

1,217

653

295

179

Non-GAAP gross margin

50.2 %

51.2 %

49.0 %

50.9 %

Non-GAAP gross profit

161,073

137,997

40,241

37,759






Reported operating income (loss)
attributable to Camtek Ltd. on GAAP

basis





81,498





70,898





20,461





19,314

Share-based compensation

10,523

5,815

2,371

1,622

Non-GAAP operating income

92,021

76,713

22,832

20,936



(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and recorded a one-time tax expense in respect of its historical exempt earnings.



Contacts:

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com

Logo: https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-fourth-quarter-and-full-year-of-2022-301748703.html

SOURCE Camtek Ltd.


Copyright 2023 PR Newswire

Camtek Receives an $18 Million Order for Multiple Systems from a Leading Global Compound Semiconductors Manufacturer

Source: PR Newswire (US)
Demonstrates Camtek's leadership position in the compound semi market.

MIGDAL HAEMEK, Israel, Jan. 11, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it received a multiple systems' order from a leading global Compound Semiconductors manufacturer totaling $18 million.

Camtek logo
The order is for Camtek's latest Eagle model, equipped with cutting-edge inspection technologies and designed with advanced capabilities developed specifically for this market segment.

The Eagle systems are expected to be delivered starting from the second quarter of 2023 through early 2024.

Rafi Amit, Chief Executive Officer, commented, "This is an excellent start to 2023. The compound semiconductors market is expected to present strong growth in the coming years fueled by the automotive industry and other applications. This order demonstrates our competitive position and technology leadership in this segment."

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Memory, CMOS Image Sensors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

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.

This press release is available at www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; the impact of the war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, and continuing or new effects as a result of the COVID-19 pandemic; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchases of our products; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

CAMTEK RECEIVES MULTIPLE SYSTEMS ORDERS FROM TIER-1 CUSTOMERS MOSTLY FOR DELIVERY IN 2023

Source: PR Newswire (US)
The orders support a technology change in our industry; orders for 35 systems since August 1

MIGDAL HAEMEK, Israel, Sept. 6, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received orders for 9 systems from a Tier-1 OSAT and 8 systems for Heterogenous Integration applications from two Tier-1 players. In total, Camtek received orders for 35 new systems since the beginning of August. Most of the orders will be delivered in the first half of 2023.

Camtek Ltd. Logo


Rafi Amit, Chief Executive Officer, commented, "I am very happy with these orders, which demonstrate a continuous order momentum into the first half of 2023. Most of them are repeat orders, showing a vote of confidence from our customers. The systems will mainly be used for the inspection and metrology of Advanced Packaging and Heterogenous Integration applications supporting the technology advancements and change in our industry."



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.

This press release is available at http://www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market; increased competition in the industry; price reductions; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.



CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS

EK Global Investor Relations

Ehud Helft

Tel: (US) 1 212 378 8040

camtek@ekgir.com



Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-multiple-systems-orders-from-tier-1-customers-mostly-for-delivery-in-2023-301618190.html

SOURCE Camtek Ltd.


Copyright 2022 PR Newswire

CAMTEK ANNOUNCES RECORD RESULTS FOR THE SECOND QUARTER OF 2022

Source: PR Newswire (US)
Revenue of $79.6 million & 30% operating margin; Further growth expected in third quarter

MIGDAL HAEMEK, Israel , July 27, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2022.

Camtek logo
Highlights of the Second Quarter of 2022

Record quarterly revenues of $79.6 million; a 18% increase year-over-year;
GAAP operating income of $20.9 million; non-GAAP operating income of $23.8 million, representing an operating margin of 26.2% and 29.9% respectively;
GAAP net income of $19.2 million and non-GAAP net income of $22.1 million;
Positive operating cash flow of $13.0 million.
Forward-Looking Expectations

Management expects continued growth for the third quarter with revenues to be $81-83 million.

Management Comment

Rafi Amit, Camtek's CEO commented, "We ended the second quarter with record results and 18% growth year-over-year. We are aware of concerns about the possibility of slowdown in the semiconductor industry and we are monitoring the situation. At this point we do not see any signs of declining demand for our systems. With our strong backlog, we see continued growth into the second half of the year as well.

Second Quarter 2022 Financial Results

Revenues for the second quarter of 2022 were $79.6 million, an increase of 18% compared to the second quarter of 2021.

Gross profit on a GAAP basis in the quarter totaled $40.2 million (50.5% of revenues), compared to a gross profit of $35.0 million (51.9% of revenues) in the second quarter of 2021. Gross profit on a non-GAAP basis in the quarter totaled $40.5 million (50.9% of revenues), compared to $35.2 million (52.1% of revenues) in the second quarter of 2021.

Operating profit on a GAAP basis in the quarter totaled $20.9 million (26.2% of revenues), compared to an operating profit of $17.0 million (25.3% of revenues) in the second quarter of 2021. Operating profit on a non-GAAP basis in the quarter totaled $23.8 million (29.9% of revenues), compared to $18.5 million (27.4% of revenues) in the second quarter of 2021.

Net income on a GAAP basis in the quarter totaled $19.2 million, or $0.40 per diluted share, compared to net income of $15.7 million, or $0.35 per diluted share, in the second quarter of 2021. Net income on a non-GAAP basis in the quarter totaled $22.1 million, or $0.46 per diluted share, compared to non-GAAP net income of $17.1 million, or $0.38 per diluted share, in the second quarter of 2021.

Cash and cash equivalents and short-term deposits, as of June 30, 2022 were $391.0 million compared to $383.3 million as of March 31, 2022. In addition, there were $47.0 in long-term deposits compared to $45.0 as of March 31, 2022. During the quarter, Camtek generated $13.0 million in operating cash flow.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, July 27, 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:

https://us06web.zoom.us/webinar/register/1516572081008/WN_DKB3pBczQn6NnIkC2Niu-g

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 http://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.

This press release is available at http://www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements include our expected revenues for the second and third quarter of 2022 and can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 pandemic on the global markets and on the markets in which we operate, including the impact of war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic, such as for example the impact of China-imposed lockdowns; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea, some of which might be subject to trade restrictions; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market;price reductions; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.










CAMTEK LTD. and its subsidiaries



Consolidated Balance Sheets



(In thousands)







June 30,

December 31,


2022

2021


U.S. dollars

Assets



Current assets



Cash and cash equivalents

56,041

241,943

Short-term deposits

335,000

156,000

Trade accounts receivable, net

73,114

57,825

Inventories

70,075

58,759

Other current assets

7,497

5,653




Total current assets

541,727

520,180




Long-term deposits

47,000

32,000

Long term inventory

4,878

5,150

Deferred tax asset

117

227

Other assets

427

190

Property, plant and equipment, net

30,419

25,400

Intangible assets, net

584

610




Total non-current assets

83,425

63,577




Total assets

625,152

583,757




Liabilities and shareholders' equity






Current liabilities



Trade accounts payable

35,135

33,550

Other current liabilities

51,130

56,137

Total current liabilities

86,265

89,687




Long-term liabilities



Other long-term liabilities

6,915

5,800

Convertible notes

195,190

194,643

Total long-term liabilities

202,105

200,443

Total liabilities

288,370

290,130







Shareholders' equity



Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
June 30, 2022 and at December 31, 2021;



46,355,859 issued shares at June 30, 2022 and 45,939,019 at
December 31, 2021;



44,263,483 shares outstanding at June 30, 2022 and 43,846,643 at
December 31, 2021;



172



172

Additional paid-in capital

182,176

176,582

Retained earnings

156,332

118,771


338,680

295,525

Treasury stock, at cost (2,092,376 shares as of June 30, 2022 and
December 31, 2021)



(1,898)



(1,898)




Total shareholders' equity

336,782

293,627




Total liabilities and shareholders' equity

625,152

583,757





Camtek Ltd.








Consolidated Statements of Operations

(in thousands, except share data)










Six months ended
June 30,

Three months
ended June 30,

Year ended
December 31,



2022

2021

2022

2021

2021



U.S. dollars

U.S. dollars

U.S. dollars

Revenues


156,744

124,802

79,578

67,450

269,659

Cost of revenues


76,693

60,831

39,385

32,456

132,315








Gross profit


80,051

63,971

40,193

34,994

137,344








Operating expenses:







Research and development costs


15,199

11,244

7,522

5,766

23,473

Selling, general and administrative


24,451

21,288

11,796

12,188

42,973

Total operating expenses


39,650

32,532

19,318

17,954

66,446








Operating income


40,401

31,439

20,875

17,040

70,898








Financial income, net


860

562

227

176

1,030








Income before income taxes


41,261

32,001

21,102

17,216

71,928








Income tax expense


(3,700)

(2,989)

(1,919)

(1,564)

(11,651)








Net income


37,561

29,012

19,183

15,652

60,277













Earnings per share information:









Six months ended

June 30,

Three months

ended June 30,

Year ended

December 31,


2022

2021

2022

2021

2021


U.S. dollars

U.S. dollars

U.S. dollars

Basic net earnings per share

0.86

0.67

0.44

0.36

1.38







Diluted net earnings per share

0.78

0.65

0.40

0.35

1.34







Weighted average number of






ordinary shares outstanding






(in thousands):












Basic

43,929

43,450

44,006

43,609

43,644







Diluted

48,150

44,612

48,153

44,750

45,035





Camtek Ltd.

Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)








Six Months ended

June 30,

Three Months ended
June 30,

Year ended

December 31,


2022

2021

2022

2021

2021


U.S. dollars

U.S. dollars

U.S. dollars







Reported net income attributable to
Camtek Ltd. on GAAP basis



37,561

29,012

19,183

15,652

60,277

Tax settlement (1)

-

-

-

-

5,305

Share-based compensation

5,592

2,681

2,927

1,470

5,815

Non-GAAP net income

43,153

31,693

22,110

17,122

71,397







Non–GAAP net income per diluted share



0.90

0.71

0.46

0.38

1.59

Gross margin on GAAP basis

51.1 %

51.3 %

50.5 %

51.9 %

50.9 %

Reported gross profit on GAAP basis

80,051

63,971

40,193

34,994

137,344

Share-based compensation

628

301

326

173

653

Non- GAAP gross margin

80,679

64,272

40,519

35,167

137,997

Non-GAAP gross profit

51.5 %

51.5 %

50.9 %

52.1 %

51.2 %







Reported operating income attributable
to Camtek Ltd. on GAAP basis





40,401





31,439





20,875





17,040





70,898

Share-based compensation

5,592

2,681

2,927

1,470

5,815

Non-GAAP operating income

45,993

34,120

23,802

18,510

76,713



(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and in the financial statements for the year ended December 31, 2021, recorded a one-time tax expense in respect of its historical exempt earnings.





CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS

EK Global Investor Relations

Ehud Helft
Tel: (US) 1 212 378 8040

camtek@ekgir.com



Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg







Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-second-quarter-of-2022-301594179.html

SOURCE Camtek Ltd


Copyright 2022 PR Newswire

CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2022

Source: PR Newswire (US)
Record revenue of $77.2 million; $150m in orders since the beginning of 2022

MIGDAL HAEMEK, Israel, May 12, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2022.

Camtek Logo
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 28.8% respectively;
GAAP net income of $18.4 million and non-GAAP net income of $21.0 million
Forward-Looking Expectations

Management expects continued growth for the second quarter with revenues to be $77-80 million.

Management Comment

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.

Conference Call

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:

https://us06web.zoom.us/webinar/register/8116486597123/WN_-FFiSVPcT_C1J-LvZxWSLg

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 http://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.

This press release is available at http://www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements include our expected revenues for the second and third quarter of 2022 and can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 pandemic on the global markets and on the markets in which we operate, including the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market; increased competition in the industry; price reductions; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.





CAMTEK LTD. and its subsidiaries

Consolidated Balance Sheets

(In thousands)



March 31,

December 31,


2022

2021


U.S. Dollars (In thousands)

Assets






Current assets



Cash and cash equivalents

76,254

241,943

Short-term deposits

307,000

156,000

Trade accounts receivable, net

72,489

57,825

Inventories

63,844

58,759

Other current assets

6,913

5,653




Total current assets

526,500

520,180










Long-term deposits

45,000

32,000

Long term inventory

5,238

5,150

Deferred tax asset, net

187

227

Other assets, net

311

190

Property, plant and equipment, net

28,823

25,400

Intangible assets, net

595

610




Total non-current assets

80,154

63,577




Total assets

606,654

583,757




Liabilities and shareholders' equity






Current liabilities



Trade accounts payable

37,883

33,550

Other current liabilities

52,941

56,137




Total current liabilities

90,824

89,687




Long term liabilities



Other long-term liabilities

6,224

5,800

Convertible notes

194,936

194,643


201,160

200,443




Total liabilities

291,984

290,130




Commitments and contingencies






Shareholders' equity



Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
March 31, 2022 and at December 31, 2021;



45,974,069 issued shares at March 31, 2022 and 45,939,019 at
December 31, 2021;



43,881,693 shares outstanding at March 31, 2022 and 43,846,643 at
December 31, 2021



172



172

Additional paid-in capital

179,247

176,582

Retained earnings

137,149

118,771


316,568

295,525

Treasury stock, at cost (2,092,376 as of March 31, 2022 and
December 31, 2021)



(1,898)



(1,898)




Total shareholders' equity

314,670

293,627




Total liabilities and shareholders' equity

606,654

583,757






Camtek Ltd.

Consolidated Statements of Operations

(in thousands, except share data)



Three months ended

Year ended


March 31,

December 31,


2022

2021

2021


U.S. dollars (In thousands)





Revenues

77,166

57,352

269,659

Cost of revenues

37,308

28,375

132,315





Gross profit

39,858

28,977

137,344





Operating expenses:




Research and development

7,677

5,478

23,473

Selling, general and administrative

12,655

9,100

42,973





Total operating expenses

20,332

14,578

66,446





Operating profit

19,526

14,399

70,898





Financial income, net

633

386

1,030





Income before incomes taxes

20,159

14,785

71,928





Income tax expense

(1,781)

(1,425)

(11,651)





Net income

18,378

13,360

60,277









Basic net earnings per share

0.42

0.31

1.38









Diluted net earnings per share

0.39

0.30

1.34





Weighted average number of




ordinary shares outstanding:








Basic

43,852

43,289

43,644





Diluted

48,146

44,478

45,035





Camtek Ltd.

Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)



Three months ended

March 31,

Year ended

December 31,



2022

2021

2021



U.S. dollars

U.S. dollars







Reported net income attributable to Camtek Ltd. on GAAP basis





18,378



13,360



60,277

Tax settlement (1)

-

-

5,305

Share-based compensation

2,665

1,211

5,815

Non-GAAP net income

21,043

14,571

71,397





Non –GAAP net income per share, basic and diluted





0.44



0.33



1.59

Gross margin on GAAP basis

51.6%

50.5%

50.9%

Reported gross profit on GAAP basis



39,858

28,977

137,344

Share-based compensation

302

128

653

Non- GAAP gross margin

52.0%

50.7%

51.2%

Non-GAAP gross profit

40,160

29,105

137,997





Reported operating income

attributable to Camtek Ltd. on GAAP basis



19,526



14,399



70,898

Share-based compensation

2,665

1,211

5,815

Non-GAAP operating income

22,191

15,610

76,713



(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and in the financial statements for the year ended December 31, 2021, recorded a one-time tax expense in respect of its historical exempt earnings.



CAMTEK LTD.

Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS

GK Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@gkir.com







Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-results-for-the-first-quarter-of-2022-301545911.html

SOURCE Camtek Ltd


Copyright 2022 PR Newswire

CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2021

Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, Feb. 10, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2021.

Camtek Logo
Highlights of the Fourth Quarter of 2021

Record quarterly revenues of $74.2 million; a 53% increase year-over-year;
GAAP operating income of $19.3 million; non-GAAP operating income of $20.9 million, representing an operating margin of 26.0% and 28.2% respectively;
GAAP net income of $12.8 million and non-GAAP net income of $19.7 million;
- GAAP results include a one-time $5.3 million tax provision that was recorded, taking advantage of the reduced tax rate of the 2022 temporary rule, mainly to allow certain distribution of dividends without additional corporate tax liability;
Strong operating cash flow of $21.5 million;
Highlights of the Full Year 2021

Record annual revenues of $269.7 million; a 73% increase year-over-year;
Record GAAP operating income of $70.9 million; non-GAAP operating income of $76.7 million; representing operating margins of 26.3% and 28.4%, respectively;
GAAP net income of $60.3 million; non-GAAP net income of $71.4 million; and
Operating cash flow of $61.1 million in 2021, which, along with the successful convertible notes transaction in November 2021, led to a year-end total cash, short-term and long-term deposits balance of $430 million.
Forward-Looking Expectations

With over $40 million of orders since the beginning of the year, management expects revenues in the first quarter of 2022 between $75-76 million with continued growth in the second quarter.

Management Comment

Rafi Amit, Camtek's CEO commented, "A record fourth quarter concluded an exceptional record year for Camtek in all aspects. Since 2017, revenue has grown threefold while net profit has grown sevenfold. Approximately half of our revenues last year were for advanced interconnect packaging including heterogeneous integration and Fan-Out applications. This momentum has continued with the $20 million in orders that we announced earlier this week for the same applications."

Continued Mr. Amit, "With 2021 behind us, 2022 is shaping up to be another growth year. We started the year with a healthy backlog and a strong flow of orders, leading to a very good visibility for the first half of 2022."

Fourth Quarter 2021 Financial Results

Revenues for the fourth quarter of 2021 were $74.2 million. This compares to fourth quarter 2020 revenues of $48.6 million, a growth of 53%.

Gross profit on a GAAP basis in the quarter totaled $37.6 million (50.7% of revenues), up 61% compared to a gross profit of $23.3 million (47.9% of revenues) in the fourth quarter of 2020.

Gross profit on a non-GAAP basis in the quarter totaled $37.8 million (50.9% of revenues), up 62% compared to a gross profit of $23.4 million (48.2% of revenues) in the fourth quarter of 2020.

Operating profit on a GAAP basis in the quarter totaled $19.3 million (26.0% of revenues), an increase of 241% compared to an operating profit of $8.0 million (16.5% of revenues) in the fourth quarter of 2020.

Operating profit on a non-GAAP basis in the quarter totaled $20.9 million (28.2% of revenues), an increase of 227% compared to $9.2 million (18.9% of revenues) in the fourth quarter of 2020.

Net income on a GAAP basis in the quarter totaled $12.8 million, or $0.28 per diluted share, compared to net income of $7.7 million, or $0.18 per diluted share, in the fourth quarter of 2020.

Net income on a non-GAAP basis in the quarter totaled $19.7 million, or $0.43 per diluted share, compared to a non-GAAP net income of $8.8 million, or $0.21 per diluted share, in the fourth quarter of 2020.

The Company's GAAP results include a one-time tax provision of $5.3 million, with respect to historical exempt earnings.

The Company elected to take advantage of the temporary rule of 2022 and pay a reduced tax rate on these exempt earnings to allow the Company to distribute dividends from these earnings in the future with no additional corporate tax liability.

Full Year 2020 Results Summary

Revenues for 2020 were $269.7 million, an increase of 73.0% over the $155.9 million reported in 2020.

Gross profit on a GAAP basis totaled $137.4 million (50.9% of revenues), an increase of 88% compared to $73.2 million (47.0% of revenues) in 2020.

Gross profit on a non-GAAP basis totaled $138.0 million (51.2% of revenues), an increase of 87% compared to $73.7 million (47.3% of revenues) in 2020.

Operating income on a GAAP basis totaled $70.9 million (26.3% of revenues), an increase of 314% compared to operating income of $22.6 million (14.5% of revenues) in 2020.

Operating income on a non-GAAP basis totaled $76.7 million (28.4% of revenues), an increase of 286% compared to $26.8 million (17.2% of revenues) in 2020.

Net income on a GAAP basis totaled $60.3 million, or $1.34 per diluted share. This is an increase of 277% compared to net income of $21.8 million, or $0.54 per diluted share, in 2020.

Net income on a non-GAAP basis totaled $71.4 million, or $1.59 per diluted share. This is an increase of 275% compared to net income of $26.0 million, or $0.64 per diluted share, in 2020.

Cash and cash equivalents, short-term and long-term deposits, as of December 31, 2021, were $429.9 million compared to $177.8 million as of December 31, 2020 and $199.3 million as of September 30, 2021. During the fourth quarter, the Company generated an operating cash flow of $21.5 million and raised net proceeds of $194.5 million via convertible notes.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, February 10, 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 provide access to the video call:

https://us06web.zoom.us/webinar/register/2616354941841/WN_PWTlDx-7QHSWjTz3nEZq9g

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 http://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.

This press release is available at http://www.camtek.com

This press release contains statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Camtek Ltd. ("we," "us" and "our"). Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including as a result of the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including the risk of the continuation of disruptions to our and our customers', providers', business partners' and contractors' businesses as a result of the COVID-19 pandemic; our expectations regarding sufficiency of cash on hand; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; the highly competitive nature of the markets we serve, some of which have dominant market participants with greater resources than us; the rapid evolvement of technology in the markets in which we operate, and our ability to adequately predict these changes or keep pace with emerging industry standards; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market; increased competition in the industry; price reductions; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.

This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.



CAMTEK LTD. and its subsidiaries



Consolidated Balance Sheets



(In thousands)




December 31,

December 31,


2021

2020


U.S. Dollars

Assets



Current assets



Cash and cash equivalents

241,943

105,815

Short-term deposits

156,000

72,000

Trade accounts receivable, net

57,825

41,001

Inventories

58,759

39,736

Other current assets

5,653

3,366




Total current assets

520,180

261,918







Long-term deposits

32,000

-

Long-term inventory

5,150

4,416

Deferred tax asset, net

227

482

Other assets, net

190

85

Fixed assets, net

25,400

20,398

Intangible assets, net

610

609





63,577

25,990




Total assets

583,757

287,908




Liabilities and shareholders' equity






Current liabilities



Trade accounts payable

33,550

27,180

Other current liabilities

56,137

30,204




Total current liabilities

89,687

57,384




Long-term liabilities



Other long-term liabilities

5,800

3,260

Convertible notes

194,643

-


200,443

3,260




Total liabilities

290,130

60,644




Commitments and contingencies






Shareholders' equity



Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at

December 31, 2021 and at December 31, 2020;



45,939,019 issued shares at December 31, 2021 and 45,365,354 at
December 31, 2020;



43,846,643 shares outstanding at December 31, 2021 and
43,272,978 at December 31, 2020

172

171

Additional paid-in capital

176,582

170,497

Retained earnings

118,771

58,494


295,525

229,162

Treasury stock, at cost (2,092,376 as of December 31, 2021 and
December 31, 2020)

(1,898)

(1,898)




Total shareholders' equity

293,627

227,264




Total liabilities and shareholders' equity

583,757

287,908













Camtek Ltd.

Consolidated Statements of Income



(In thousands, except share data)




Year ended December 31,

Three Months ended December 31,


2021

2020

2021

2020


U.S. dollars

U.S. dollars






Revenues

269,659

155,859

74,171

48,619

Cost of revenues

132,315

82,628

36,591

25,313






Gross profit

137,344

73,231

37,580

23,306











Research and development costs

23,473

19,575

6,699

5,623

Selling, general and administrative expense

42,973

31,032

11,567

9,658


66,446

50,607

18,266

15,281











Operating income

70,898

22,624

19,314

8,025






Financial income (expense), net

1,030

775

119

(183)






Income before income taxes

71,928

23,399

19,433

7,842






Income taxes expense

(11,651)

(1,621)

(6,673)

(176)






Net income

60,277

21,778

12,760

7,666








Net income per ordinary share:


Year ended December 31,

Three Months ended December 31,


2021

2020

2021

2020


U.S. dollars

U.S. dollars






Basic net earnings

1.38

0.55

0.29

0.19











Diluted net earnings

1.34

0.54

0.28

0.18






Weighted average number of





ordinary shares outstanding:










Basic

43,644

39,383

43,845

40,894






Diluted

45,035

40,372

46,301

41,964





Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)






Year ended December 31,

Three Months ended December 31,


2021

2020

2021

2020


U.S. dollars

U.S. dollars

Reported net income attributable to
Camtek Ltd. on GAAP basis

60,277

21,778

12,760

7,666






Tax settlement (1)

5,305

-

5,305

-

Share-based compensation

5,815

4,224

1,622

1,171

Non-GAAP net income

71,397

26,002

19,687

8,837






Non–GAAP net income per diluted share

1.59

0.63

0.43

0.21






Gross margin on GAAP basis

50.9%

47.0%

50.7%

47.9%

Reported gross profit on GAAP basis

137,344

73,321

37,580

23,306






Share-based compensation

653

429

179

121

Non-GAAP gross margin

51.2%

47.3%

50.9%

48.2%

Non-GAAP gross profit

137,997

73,750

37,759

23,427






Reported operating income (loss)

attributable to Camtek Ltd. on GAAP

basis

70,898

22,624

19,314

8,025

Share-based compensation

5,815

4,224

1,622

1,171

Non-GAAP operating income

76,713

26,848

20,936

9,196

(1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and recorded a one-time tax expense in respect of its historical exempt earnings.



CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS

GK Investor Relations

Ehud Helft

Tel: (US) 1 212 378 8040

camtek@gkir.com

Logo: https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/camtek-announces-record-results-for-the-fourth-quarter-and-full-year-of-2021-301479631.html

SOURCE Camtek Ltd.


Copyright 2022 PR Newswire

Camtek Receives ~$60 Million In Orders Since Beginning Of April

Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, June 8, 2021 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced, ahead of the Stifel 2021 virtual investor conference, that since the beginning of April it has received orders for inspection and metrology systems totaling about $60 million, predominantly for advanced packaging and front-end applications.

The systems are expected to be delivered primarily during the second half of 2021.

Rafi Amit, Chief Executive Officer, commented, "I am pleased with the current flow of orders which strengthen our confidence that the business momentum will continue into the second half of 2021. 2021 is shaping up to be another record year for Camtek."

Camtek will be presenting at the upcoming Stifel 2021 Cross Sector Insight Conference. The conference is scheduled to take place between June 8-10, 2021. Camtek's management will participate in a fireside chat session on June 8, at 8am ET, followed by one-on-one meetings. If you wish to arrange a meeting, please contact investor relations at Camtek.

ABOUT CAMTEK LTD.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Memory, CMOS Image Sensors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.

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.

This press release is available at www.camtek.com

This press release contains projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions that represent our views only as of the date they are made and may change as time passes. We do not assume any obligation to update that information, except as required by law. These forwardlooking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected, including as a result of the effects of general economic conditions; the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers', providers', business partners and contractors' business as a result of the outbreak and effects of the COVID-19 pandemic; the risks relating to the concentration of a significant portion of Camtek's expected business in certain countries, particularly China, from which we expect to generate significant portion of our revenues for the coming few quarters, but also Taiwan and Korea, including the risks of deviations from our expectations regarding timing and size of orders from customers in these countries; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market; increased competition in the industry; price reductions; as well as due to other risks identified in our Annual Report on Form 20-F and other documents filed by the Company with the SEC. Although Camtek believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements, including Camtek's outlook for 2021 and orders expected to be delivered, will be achieved or will occur. Except as required by law, Camtek undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this press release, to conform these statements to actual results or to changes in its expectations.

CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft
Tel: (US) 1 646 688 3559
camtek@gkir.com

Cision View original content:http://www.prnewswire.com/news-releases/camtek-receives-60-million-in-orders-since-beginning-of-april-301307552.html

SOURCE Camtek Ltd.


Copyright 2021 PR Newswire

Camtek Reports First Quarter 2021 Results

Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, April 28, 2021 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter of 2021.

Highlights of the First Quarter of 2021

Revenues of $57.4 million;
GAAP gross margin of 50.5%; non-GAAP gross margin of 50.7%;
GAAP operating income of $14.4 million (25.1% of revenue); non-GAAP operating income of $15.6 million (27.2% of revenue);
GAAP net income of $13.4 million and non-GAAP net income of $14.6 million; and
Positive operating cash flow of $2.7 million.
Forward-Looking Expectations

Management expects revenues for the second quarter to be between $63-65 million.

Based on orders in hand and business in the pipeline, management believes the positive momentum will continue into the third quarter.

Management Comment

Rafi Amit, Camtek's CEO, commented, "High demand in our markets, the excellent performance of our systems and the strong position that Camtek has gained in the market, are allowing us to continue to demonstrate record financial performance quarter after quarter.

"Our growth in profitability is a result of the rapid increase in sales and a favorable product mix. Camtek is strongly positioned in the market and, as things stand today, 2021 is expected to be a record year in sales, growth and profitability."

First Quarter 2021 Financial Results

Revenues for the first quarter of 2021 were $57.4 million, an increase of 90% compared with the first quarter of 2020.

Gross profit on a GAAP basis in the quarter totaled $29.0 million (50.5% of revenues), compared to a gross profit of $13.6 million (44.9% of revenues) in the first quarter of 2020. Gross profit on a non-GAAP basis in the quarter totaled $29.1 million (50.7% of revenues), compared to $13.6 million (45.2% of revenues) in the first quarter of 2020. The increase in the gross margin was due to higher revenue and a more favorable product mix in the quarter.

Operating profit on a GAAP basis in the quarter totaled $14.4 million (25.1% of revenues), compared to an operating profit of $2.9 million (9.5% of revenues) in the first quarter of 2020. Operating profit on a non-GAAP basis in the quarter totaled $15.6 million (27.2% of revenues), compared to $3.7 million (12.2% of revenues) in the first quarter of 2020.

Net income on a GAAP basis in the quarter totaled $13.4 million, or $0.30 per diluted share, compared to net income of $2.8 million, or $0.07 per diluted share, in the first quarter of 2020. Net income on a non-GAAP basis in the quarter totaled $14.6 million, or $0.33 per diluted share, compared to non-GAAP net income of $3.6 million, or $0.09 per diluted share, in the first quarter of 2020.

Cash and cash equivalents and short-term deposits, as of March 31, 2021 were $169.9 million compared to $177.8 million as of December 31, 2020. In addition, there were $10.0 in long-term deposits. During the quarter, Camtek generated $2.7 million in operating cash flow.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, April 28, 2021, 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 video call please use the following link:
https://zoom.us/webinar/register/2716190805690/WN_jC8KnSCPRKqVZ2EOS4PPsw

For those wishing to listen via phone, please dial: +1-301-715-8592 (United States) or +972 3 978 6688 (Israel) with meeting ID 956 8662 6048. For other dial in numbers, please visit: https://zoom.us/zoomconference.

For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com the day 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 developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry.

Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end, and up to the beginning of assembly (Post Dicing).

Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Memory, CMOS Image Sensors, MEMS and RF, serving the industry's leading global IDMs, OSATs and foundries.

Camtek's world-class sales and customer support infrastructure is organized around eight subsidiaries based in the US, Europe, Japan, China, Hong Kong, Taiwan, Korea and Singapore.

This press release is available at www.camtek.com

This press release contains projections or other statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are only predictions that are based on the current beliefs, expectations and assumptions of Camtek's management about Camtek's business, financial condition, results of operations, market trends and other issues addressed or reflected therein, only as of the date they are made. Although we believe that the predictions reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. We do not assume any obligation to update that information, except as required by law. Examples of forward-looking statements include: projections of demand, revenues, net income, growth prospects, cost assumptions and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as "may", "plans", "anticipates", "believes", "estimates", "targets", "expects", "intends", "potential" or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected, including, but not limited to, as a result of the effects of general economic conditions; the effect of the COVID-19 pandemic on the global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers', providers', business partners' and contractors' business; the risks relating to the concentration of a significant portion of Camtek's expected business in certain countries, particularly China, from which we expect to generate significant portion of our revenues for the coming few quarters, as well as Taiwan and Korea, including the risks of deviations from our expectations regarding timing and size of orders from customers in these countries; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market; increased competition in the industry; price reductions; as well as other risks identified in our Annual Report on Form 20-F and other documents filed by Camtek with the SEC.

This press release provides financial measures that exclude share based compensation expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.





CAMTEK LTD. and its subsidiaries

Consolidated Balance Sheets

(In thousands)





March 31,

December 31,


2021

2020


U.S. Dollars (In thousands)

Assets



Current assets



Cash and cash equivalents

54,947

105,815

Short-term deposits

115,000

72,000

Trade accounts receivable, net

54,414

41,001

Inventories

44,645

39,736

Other current assets

3,959

3,366

Total current assets

272,965

261,918




Long-term deposits

10,000

-

Long term inventory

4,570

4,416

Deferred tax asset, net

-

482

Other assets, net

64

85

Fixed assets, net

20,455

20,398

Intangible assets, net

616

609

Total non-current assets

35,705

25,990

Total assets

308,670

287,908




Liabilities and shareholders' equity



Current liabilities



Trade accounts payable

27,333

27,180

Other current liabilities

36,027

30,204




Total current liabilities

63,360

57,384




Long term liabilities



Deferred tax liabilities, net

126

-

Other long term liabilities

3,188

3,260


3,314

3,260

Total liabilities

66,674

60,644

Commitments and contingencies



Shareholders' equity



Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized
at March 31, 2021 and at December 31, 2020;



45,422,581 issued shares at March 31, 2021 and 45,365,354 at
December 31, 2020;



43,330,205 shares outstanding at March 31, 2021 and 43,272,978 at
December 31, 2020



171



171

Additional paid-in capital

171,869

170,497

Retained earnings

71,854

58,494


243,894

229,162

Treasury stock, at cost (2,092,376 as of March 31, 2021 and December
31, 2020)



(1,898)



(1,898)

Total shareholders' equity

241,996

227,264

Total liabilities and shareholders' equity

308,670

287,908





Camtek Ltd.

Consolidated Statements of Operations


(in thousands, except share data)


Three months ended

March 31,

Year ended

December 31,


2021

2020

2020


U.S. dollars (In thousands)





Revenues

57,352

30,179

155,859

Cost of revenues

28,375

16,622

82,628





Gross profit

28,977

13,557

73,231









Research and development costs

5,478

4,130

19,575

Selling, general and administrative expenses

9,100

6,559

31,032





Total operating expenses

14,578

10,689

50,607





Operating income

14,399

2,868

22,624





Financial income, net

386

375

775





Income before incomes taxes

14,785

3,243

23,399





Income tax expense

(1,425)

(463)

(1,621)





Net income

13,360

2,780

21,778





Basic net earnings per share

0.31

0.07

0.55





Diluted net earnings per share

0.30

0.07

0.54





Weighted average number of
ordinary shares outstanding:








Basic

43,289

38,665

39,383





Diluted

44,478

39,628

40,372





Camtek Ltd.

Reconciliation of GAAP to Non-GAAP results


(In thousands, except share data)



Three months ended

March 31,

Year ended
December 31,


2021

2020

2020


U.S. dollars

U.S. dollars

Reported net income attributable to
Camtek Ltd. on GAAP basis



13,360



2,780



21,778

Share-based compensation

1,211

817

4,224

Non-GAAP net income

14,571

3,597

26,002





Non –GAAP net income per share, basic
and diluted





0.33



0.09



0.63

Gross margin on GAAP basis

50.5%

44.9%

47.0%

Reported gross profit on GAAP basis



28,977

13,557

73,321

Share-based compensation

128

86

429

Non- GAAP gross margin

50.7%

45.2%

47.3%

Non-GAAP gross profit

29,105

13,643

73,750





Reported operating income

attributable to Camtek Ltd. on GAAP
basis



14,399



2,868



22,624

Share-based compensation

1,211

817

4,224

Non-GAAP operating income

15,610

3,685

26,848





CAMTEK LTD.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS

GK Investor Relations

Ehud Helft
Tel: (US) 1 646 688 3559

camtek@gkir.com



Cision View original content:http://www.prnewswire.com/news-releases/camtek-reports-first-quarter-2021-results-301278846.html

SOURCE Camtek Ltd


Copyright 2021 PR Newswire

JUST IN: $CAMT Camtek Receives Orders Totaling $15 Million for Front-end Macro Inspection From Two Large Manufacturers

Camtek Receives Orders Totaling $15 Million for Front-end Macro Inspection From Two Large Manufacturers The systems will be installed during the fourth quarter of 2020 and first quarter of 2021 PR Newswire MIGDAL HAEMEK, Israel, Oct. 1, 2020 MIGDAL HAEMEK, Isra...

Got this from CAMT - Camtek Receives Orders Totaling $15 Million for Front-end Macro Inspection From Two Large Manufacturers

News: $CAMT Camtek Schedules Second Quarter 2019 Results Release and Conference Call for Tuesday, August 6, 2019

MIGDAL HA'EMEK, Israel , July 22, 2019 /PRNewswire/ --  Camtek Ltd. (Nasdaq: CAMT) (TASE: CAMT) announced that it would be releasing its financial results for the second quarter of 2019 on Tuesday, August 6 , 2019.  The Company will also host a conference call on the same da...

Got this from Camtek Schedules Second Quarter 2019 Results Release and Conference Call for Tuesday, August 6, 2019

https://www.bizjournals.com/albany/prnewswire/press_releases/New_York/2019/02/11/LN49623

CAMT a monster semi with massive EPS growth! See ya at 9.50

CAMT locked and loaded!! This stock will be epic...huge move coming!!

Sorry just seeing your message. Not following the stock now. Gl

You see any uptrend now bro on CAMT? Or its just a pump today to go down hard tomorrow? Thanks.

You're welcome

Good call glad I was out... Thanks

Told ya!

I don't know which newsletter but that's what it seems since I saw 500K vol on 5 min candle. It was no short covering since pps was actually retracing at the point. Also no form 4s or 13 came out AH so no insiders buying or 5% investors filing. Read somewhere that zack subs were buying at the time. Whoever it as they will likely dump tomorrow or soon.

Also i think co wants to dump some of those 6 million shares on shelf which is why they're having this thing propped up for so long on a chart that is ridiculously over extended now. All imo.

Do you know which newsletter? And what happened at noon today? I thought some news might have come out to spur the buying frenzy.

6m shares for sale. Hmmm...

This one is pumped imo. It was retracing today but some newsletter bought and held it up. Likely co manipulating this so they can sell shares that they have on offering. 6 million of them. Filed F3 in April. This will crash hard imo.

Thanks, and it keeps going up wonder how far it goes...

Another strong day!-reconranger

Congrats