MIGDAL HAEMEK, Israel,
Feb. 9, 2021 /PRNewswire/
-- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today
announced its financial results for the quarter and year ended
December 31, 2020.
Highlights of the Fourth Quarter of 2020
- Revenues of $48.6 million; a 46%
increase year-over-year;
- GAAP operating income of $8.0
million; non-GAAP operating income of $9.2 million, representing an operating margin of
16.5% and 18.9% respectively;
- GAAP net income of $7.7 million
and non-GAAP net income of $8.8
million; and
- Strong operating cash flow of $8.3
million.
Highlights of the Full Year
2020
- Revenues of $155.9 million; a 16%
increase year-over-year;
- GAAP operating income of $22.6
million; Non-GAAP operating income of $26.8 million; representing operating margins of
14.5% and 17.2% respectively;
- GAAP net income of $21.8 million;
Non-GAAP net income of $26.0 million;
and
- Operating cash flow of $25.8
million in 2020, which, along with the successful public
offering in November, led to year-end net cash and short-term
deposits balance of $177.8
million.
Forward-Looking Expectations
Management expects continued revenue growth in the first quarter
of 2021, with revenues of between $54-56 million. Just in the last two weeks the
Company has received multiple systems orders from several customers
totaling $25 million. The orders
received so far, together with the sales pipeline, point to a
strong revenue forecast for the first half of 2021. Management is
anticipating revenues of over $110
million in the first half of 2021, implying at least 65%
growth over the first half of 2020.
Management Comment
Rafi Amit, Camtek's CEO
commented, "A record fourth quarter concluded an exceptional
year for Camtek. While we started 2020 with a lot of concerns due
to COVID-19, we ended the year with unprecedented business
momentum. We have leveraged our flexible operational infrastructure
and increased our support team in the field in order to
successfully meet this growth.
"In 2020, we extended our market presence by penetrating new
customers as well as expanding our presence at existing customers.
From a financial perspective, in the second half of 2020, we saw
improved margins and we see this trend continuing into 2021."
Concluded Mr. Amit, "2021 has started with strong order
momentum and we expect it to be a record year in sales and growth,
along with improved profitability."
Fourth Quarter 2020 Financial Results
Revenues for the fourth quarter of 2020 were
$48.6 million. This compares to
fourth quarter 2019 revenues of $33.2
million, a growth of 46%.
Gross profit on a GAAP basis in the quarter totaled
$23.3 million (47.9% of revenues), up
47% compared to a gross profit of $15.8
million (47.7% of revenues) in the fourth quarter of 2019.
Gross profit on a non-GAAP basis in the quarter totaled
$23.4 million (48.2% of revenues), up
47% compared to a gross profit of $15.9
million (48.0% of revenues) in the fourth quarter of
2019.
Operating profit on a GAAP basis in the quarter totaled
$8.0 million (16.5% of revenues), an
increase of 75% compared to an operating profit of $4.6 million (13.8% of revenues) in the fourth
quarter of 2019. Operating profit on a non-GAAP basis in the
quarter totaled $9.2 million (18.9%
of revenues), an increase of 70% compared to $5.4 million (16.3% of revenues) in the fourth
quarter of 2019.
Net income on a GAAP basis in the quarter totaled
$7.7 million, or $0.18 per diluted share, compared to net income
of $4.6 million, or $0.12 per diluted share, in the fourth quarter of
2019. Net income on a non-GAAP basis in the quarter totaled
$8.8 million, or $0.21 per diluted share, compared to a non-GAAP
net income of $5.4 million, or
$0.14 per diluted share, in the
fourth quarter of 2019.
Full Year 2020 Results Summary
Revenues for 2020 were $155.9
million, an increase of 16.3% over the $134.0 million reported in 2019.
Gross profit on a GAAP basis totaled $73.2 million (47.0% of revenues), an increase of
13% compared to $64.8 million (48.3%
of revenues) in 2019. Gross profit on a non-GAAP basis
totaled $73.7 million (47.3% of
revenues), an increase of 13% compared to $65.1 million (48.6% of revenues) in
2019.
Operating income on a GAAP basis totaled $22.6 million (14.5% of revenues), compared
to operating income of $22.0
million (16.4% of revenues) in 2019. Operating
income on a non-GAAP basis totaled $26.8
million (17.2% of revenues), an increase of 8% compared to
$25.0 million (18.7% of revenues) in
2019.
Net income on a GAAP basis totaled $21.8 million, or $0.54 per diluted share. This compares to net
income of $22.0 million, or
$0.57 per diluted share, in 2019.
Net income on a non-GAAP basis totaled $26.0 million, or $0.64 per diluted share. This is an increase of
9% compared to net income of $23.9
million, or $0.62 per diluted
share, in 2019.
Cash and cash equivalents and short-term deposits, as of
December 31, 2020, were $177.8 million compared to $89.5 million as of December 31, 2019 and $106.0 million as of September 30, 2020. During the fourth quarter,
the Company generated an operating cash flow of $8.3 million and raised net proceeds of
$64.3 million via a public
offering.
Conference Call
Camtek will host a video conference call/webinar today via Zoom,
February 9, 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 visit the link in the
investor relations section of Camtek's website:
http://www.camtek.com/investors/overview
Passcode: 039565
or click here.
Passcode: 039565
For those wishing to listen via phone, please dial:
US: +1 312 626 6799 or +1 346 248 7799 or +1 646 558
8656 or +1 669 900 9128 or +1 253 215 8782 or +1
301 715 8592
Israel: +972 553 301762 or +972 3
978 6688
Webinar ID: 847 4246 6872
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 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
forward-looking 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.
This press release provides financial measures that exclude:
(i) share based compensation expenses; (ii) certain Chroma
transaction expenses; and (iii) discontinued operations, 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,
|
|
2020
|
2019
|
|
U.S. Dollars (In
thousands)
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
105,815
|
38,047
|
Short-term
deposits
|
72,000
|
51,500
|
Trade accounts
receivable, net
|
41,001
|
31,443
|
Inventories
|
39,736
|
23,803
|
Other current
assets
|
3,366
|
2,909
|
|
|
|
Total current
assets
|
261,918
|
147,702
|
|
|
|
Fixed assets,
net
|
20,398
|
18,526
|
|
|
|
Long term
inventory
|
4,416
|
2,791
|
Deferred tax asset,
net
|
482
|
746
|
Other assets,
net
|
85
|
113
|
Intangible assets,
net
|
609
|
491
|
|
5,592
|
4,141
|
Total
assets
|
287,908
|
170,369
|
Liabilities and
shareholders' equity
|
|
|
Current
liabilities
|
|
|
Trade accounts
payable
|
27,180
|
11,334
|
Other current
liabilities
|
30,204
|
20,272
|
Total current
liabilities
|
57,384
|
31,606
|
Long term
liabilities
|
|
|
Other long term
liabilities
|
3,260
|
2,461
|
|
3,260
|
2,461
|
Total
liabilities
|
60,644
|
34,067
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Shareholders'
equity
|
|
|
Ordinary shares NIS
0.01 par value, 100,000,000 shares authorized at
December 31, 2020 and at December 31, 2019;
|
|
|
45,365,354 issued
shares at December 31, 2019 and 40,742,355 at
December 31, 2019;
|
|
|
43,272,978 shares
outstanding at December 31, 2020 and
38,649,979 at December 31, 2019
|
171
|
157
|
Additional paid-in
capital
|
170,497
|
101,327
|
Retained
earnings
|
58,494
|
36,716
|
|
229,162
|
138,200
|
Treasury stock, at
cost (2,092,376 as of December 31, 2020 and
December 31, 2019)
|
(1,898)
|
(1,898)
|
Total shareholders'
equity
|
227,264
|
136,302
|
Total liabilities
and shareholders' equity
|
287,908
|
170,369
|
Camtek
Ltd.
|
Consolidated
Statements of Operations
|
|
(in thousands,
except share data)
|
|
Year ended
December 31,
|
Three Months ended
December 31,
|
|
2020
|
2019
|
2020
|
2019
|
|
U.S.
dollars
|
U.S.
dollars
|
|
|
|
|
|
Revenues
|
155,859
|
134,019
|
48,619
|
33,201
|
Cost of
revenues
|
82,628
|
69,235
|
25,313
|
17,360
|
|
|
|
|
|
Gross
profit
|
73,231
|
64,784
|
23,306
|
15,841
|
|
|
|
|
|
|
|
|
|
|
Research and
development costs
|
19,575
|
16,331
|
5,623
|
4,440
|
Selling, general and
administrative expense
|
31,032
|
26,481
|
9,658
|
6,813
|
|
50,607
|
42,812
|
15,281
|
11,253
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
22,624
|
21,972
|
8,025
|
4,588
|
|
|
|
|
|
Financial income
(expense), net
|
775
|
801
|
(183)
|
461
|
|
|
|
|
|
Income before
income taxes
|
23,399
|
22,773
|
7,842
|
5,049
|
|
|
|
|
|
Income taxes
expense
|
(1,621)
|
(1,950)
|
(176)
|
(442)
|
|
|
|
|
|
Net income from
continuing operations
|
21,778
|
20,823
|
7,666
|
4,607
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations *
|
|
|
|
|
Income from
discontinued operations
|
|
|
|
|
Income before tax
expense
|
-
|
1,257
|
-
|
-
|
Income taxes
(expense)
|
-
|
(94)
|
-
|
-
|
Income from
discontinued operations
|
-
|
1,163
|
-
|
-
|
|
|
|
|
|
Net
income
|
21,778
|
21,986
|
7,666
|
4,607
|
|
|
|
|
*Relates to the
earn-out payment received from the sale of the PCB
business.
|
Net income per
ordinary share:
|
|
Year ended
December 31,
|
Three Months ended
December 31,
|
|
2020
|
2019
|
2020
|
2019
|
|
U.S.
dollars
|
U.S.
dollars
|
|
|
|
|
|
Basic earnings from
continuing operation
|
0.55
|
0.55
|
0.19
|
0.12
|
|
|
|
|
|
Basic earnings from
discontinued
|
|
|
|
|
operation
*
|
-
|
0.03
|
-
|
-
|
|
|
|
|
|
Basic net
earnings
|
0.55
|
0.58
|
0.19
|
0.12
|
|
|
|
|
|
Diluted earnings
from continuing
|
|
|
|
|
operation
|
0.54
|
0.54
|
0.18
|
0.12
|
|
|
|
|
|
Diluted earnings
from discontinued
|
|
|
|
|
operation
*
|
-
|
0.03
|
-
|
-
|
|
|
|
|
|
Diluted net
earnings
|
0.54
|
0.57
|
0.18
|
0.12
|
|
|
|
|
|
Weighted average
number of
|
|
|
|
|
ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
39,383
|
37,626
|
40,894
|
38,630
|
|
|
|
|
|
Diluted
|
40,372
|
38,432
|
41,964
|
39,497
|
Reconciliation of
GAAP To Non-GAAP results
|
|
(In thousands,
except share data)
|
|
Year ended
December 31,
|
Three Months ended
December 31,
|
|
2020
|
2019
|
2020
|
2019
|
|
U.S.
dollars
|
U.S.
dollars
|
|
|
|
|
|
Reported net income
attributable to
Camtek Ltd. on GAAP
basis
|
21,778
|
21,986
|
7,666
|
4,607
|
Share-based
compensation
|
4,224
|
2,892
|
1,171
|
824
|
Chroma transaction
expenses (1)
|
-
|
136
|
-
|
-
|
Attributable to
discontinued operations
|
-
|
(1,163)
|
-
|
-
|
Non-GAAP net
income
|
26,002
|
23,851
|
8,837
|
5,431
|
|
|
|
|
|
Non–GAAP net
income per diluted share
|
0.63
|
0.62
|
0.21
|
0.14
|
Gross margin on
GAAP basis
|
47.0%
|
48.3%
|
47.9%
|
47.7%
|
Reported gross
profit on GAAP basis
|
73,321
|
64,784
|
23,306
|
15,841
|
Share-based
compensation
|
429
|
292
|
121
|
85
|
Non-GAAP gross
margin
|
47.3%
|
48.6%
|
48.2%
|
48.0%
|
Non-GAAP gross
profit
|
73,750
|
65,076
|
23,427
|
15,926
|
|
|
|
|
|
Reported operating
income (loss)
attributable to Camtek Ltd. on GAAP
basis
|
22,624
|
21,972
|
8,025
|
4,588
|
Share-based
compensation
|
4,224
|
2,892
|
1,171
|
824
|
Chroma transaction
expenses (1)
|
-
|
136
|
-
|
-
|
Non-GAAP operating
income
|
26,848
|
25,000
|
9,196
|
5,412
|
|
|
|
|
(1) In the
second and third quarters of 2019, certain transaction expenses
were incurred in relation to the technological cooperation
agreement with Chroma. These were recorded under operating
expenses.
|
|
|
|
|
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
|
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SOURCE Camtek Ltd