CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2024
Q2 revenue guidance of
MIGDAL HAEMEK,
Highlights of the First Quarter of 2024
- Record revenues of
$97.0 million , a 34% year-over-year (YoY) increase; - GAAP operating income of
$21.2 million (up 50% YoY) and non-GAAP operating profit of$29.0 million (up 67% YoY), representing operating margins of 21.9% and 29.9%, respectively; - GAAP net income of
$24.8 million and non-GAAP net income of$31.3 million ; and - Strong positive operating cash flow of
$20.2 million .
Forward-Looking Expectations
Management expects revenues in the second quarter of 2024 between
Management Comment
Concluded
First Quarter 2024 Financial Results
Revenues for the first quarter of 2024 were
Gross profit on a GAAP basis in the quarter totaled
Gross profit on a non-GAAP basis in the quarter totaled
Operating profit on a GAAP basis in the quarter totaled
Operating profit on a non-GAAP basis in the quarter totaled
Net income on a GAAP basis in the quarter totaled
Net income on a non-GAAP basis in the quarter totaled
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of
Conference Call
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ABOUT
With manufacturing facilities in
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
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
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.
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Consolidated Balance Sheets |
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(In thousands) |
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2024 |
2023 |
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Assets |
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Current assets |
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Cash and cash equivalents |
123,035 |
119,968 |
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Short-term deposits |
242,250 |
215,250 |
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Marketable securities |
11,941 |
18,816 |
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Trade accounts receivable, net |
86,365 |
87,300 |
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Inventories |
92,080 |
85,905 |
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Other current assets |
23,257 |
19,548 |
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Total current assets |
578,928 |
546,787 |
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Long-term deposits |
6,000 |
21,000 |
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Marketable securities |
83,781 |
73,576 |
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Long-term inventory |
9,984 |
9,023 |
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Deferred tax asset, net |
2,642 |
2,642 |
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Other assets, net |
1,829 |
1,370 |
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Property, plant and equipment, net |
42,767 |
41,987 |
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Intangible assets, net |
16,030 |
16,937 |
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74,345 |
74,345 |
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Total non- current assets |
237,378 |
240,880 |
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Total assets |
816,306 |
787,667 |
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Liabilities and shareholders' equity |
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Current liabilities |
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Trade accounts payable |
38,871 |
42,187 |
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Other current liabilities |
59,237 |
54,487 |
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Dividend payable |
60,041 |
- |
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Total current liabilities |
158,149 |
96,674 |
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Long-term liabilities |
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Deferred tax liabilities, net |
6,368 |
7,541 |
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Other long-term liabilities |
11,107 |
10,473 |
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Convertible notes |
197,104 |
196,831 |
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Total long-term liabilities |
214,579 |
214,845 |
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Total liabilities |
372,728 |
311,519 |
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Commitments and contingencies |
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Shareholders' equity |
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Ordinary shares |
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4
7,235,723
issued shares at |
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4
5,143,347
shares outstanding at |
176 |
176 |
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Additional paid-in capital |
143,559 |
200,389 |
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Accumulated other comprehensive income (loss) |
(410) |
129 |
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Retained earnings |
302,151 |
277,352 |
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445,476 |
478,046 |
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(1,898) |
(1,898) |
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Total shareholders' equity |
443,578 |
476,148 |
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Total liabilities and shareholders' equity |
816,306 |
787,667 |
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Camtek Ltd. |
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Consolidated Statement of Income (unaudited) |
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(in thousands, except share data) |
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Three months ended |
Year ended |
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2024 |
2023 |
2023 |
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Revenues |
97,010 |
72,457 |
315,375 |
Cost of revenues |
52,287 |
38,593 |
167,742 |
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Gross profit |
44,723 |
33,864 |
147,633 |
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Operating expenses: |
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Research and development |
8,912 |
7,554 |
31,470 |
Selling, general and administrative |
14,573 |
12,115 |
50,751 |
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Total operating expenses |
23,485 |
19,669 |
82,221 |
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Operating profit |
21,238 |
14,195 |
65,412 |
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Financial income, net |
5,610 |
5,110 |
22,218 |
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Income before incomes taxes |
26,848 |
19,305 |
87,630 |
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Income tax expense |
(2,049) |
(2,060) |
(8,998) |
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Net income |
24,799 |
17,245 |
78,632 |
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Basic net earnings per share (in US dollars) |
0.55 |
0.39 |
1.76 |
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Diluted net earnings per share (in US dollars) |
0.51 |
0.36 |
1.63 |
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Weighted average number of |
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ordinary shares outstanding (in thousands): |
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Basic |
45,074 |
44,522 |
44,725 |
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Diluted |
49,253 |
48,436 |
48,863 |
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Reconciliation of GAAP To Non-GAAP results |
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(In thousands, except share data) |
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Three months ended March 31, |
Year ended
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2024 |
2023 |
2023 |
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Reported net income attributable to |
24,799 |
17,245 |
78,632 |
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Acquisition of FRT related expenses (1) |
3,384 |
- |
4,550 |
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Share-based compensation |
3,118 |
3,194 |
12,525 |
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Non-GAAP net income |
31,301 |
20,439 |
95,707 |
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Non –GAAP net income per share, diluted |
0.63 |
0.42 |
1.96 |
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Gross margin on GAAP basis |
46.1 % |
46.7 % |
46.8 % |
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Reported gross profit on GAAP basis |
44,723 |
33,864 |
147,633 |
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Acquisition of FRT related expenses (1) |
3,972 |
- |
3,492 |
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Share-based compensation |
398 |
392 |
1,591 |
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Non-GAAP gross profit |
49,093 |
34,256 |
152,716 |
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Non- GAAP gross margin |
50.6 % |
47.3 % |
48.4 % |
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Reported operating profit attributable to Camtek Ltd. on GAAP basis |
21,238 |
14,195 |
65,412 |
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Acquisition of FRT related expenses (1) |
4,671 |
- |
5,406 |
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Share-based compensation |
3,118 |
3,194 |
12,525 |
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Non-GAAP operating profit |
29,027 |
17,389 |
83,343 |
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(1) During the three-month period ended |
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
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