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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Camtek Ltd | NASDAQ:CAMT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.19 | 1.43% | 84.47 | 84.01 | 85.07 | 85.6699 | 83.74 | 84.43 | 455,285 | 01:00:00 |
CAMTEK LTD.
(Registrant) By: /s/ Moshe Eisenberg —————————————— Moshe Eisenberg, Chief Financial Officer |
|
Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha’Emek 23150, ISRAEL
Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523
E-Mail: Info@camtek.com Web site: http://www.camtek.com
|
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/Gavriel Frohwein
Tel: (US) 1 646 688 3559
camtek@gkir.com
|
|
• |
Revenues were a record at $34.3 million, up 13% year-over-year;
|
|
• |
GAAP gross margin at 48.2% versus 48.9% in Q2 last year; Non-GAAP gross margin at 48.4% versus 49.0%;
|
|
• |
GAAP operating income was $6.4 million and non-GAAP operating income was $7.0 million, representing margins of 18.5% and 20.5%, respectively;
|
|
• |
GAAP net income of $7.2 million or $0.19 per diluted share, and non-GAAP net income of $6.7 million, or $0.18 per diluted share, representing year-over-year growth of 66% and 46%, respectively; and
|
|
• |
Operating cash flow of $7.3 million with $85.3 million in cash at quarter-end;
|
|
o |
Cash includes $16 million from the issuance of new shares to Chroma and a full earn-out payment of $1.3 million related to the sale of the PCB;
|
US:
|
1 866 744 5399
|
at 9:30 am Eastern Time
|
Israel:
|
03 918 0685
|
at 4:30 pm Israel Time
|
International:
|
+972 3 918 0685
|
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
U.S. Dollars (In thousands)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
85,268
|
54,935
|
||||||
Trade accounts receivable, net
|
26,387
|
31,644
|
||||||
Inventories
|
29,809
|
30,109
|
||||||
Other current assets
|
2,464
|
2,613
|
||||||
Total current assets
|
143,928
|
119,301
|
||||||
Fixed assets, net
|
*18,212
|
17,117
|
||||||
Long term inventory
|
2,462
|
2,056
|
||||||
Deferred tax asset
|
1,456
|
2,366
|
||||||
Other assets, net
|
231
|
231
|
||||||
Intangible assets, net
|
502
|
476
|
||||||
4,651
|
5,129
|
|||||||
Total assets
|
166,791
|
141,547
|
||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
12,132
|
15,541
|
||||||
Other current liabilities
|
*19,939
|
23,179
|
||||||
Total current liabilities
|
32,071
|
38,720
|
||||||
Long term liabilities
|
||||||||
Other long term liabilities
|
*2,495
|
1,420
|
||||||
2,495
|
1,420
|
|||||||
Total liabilities
|
34,566
|
40,140
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity
|
||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2019 and at December 31, 2018;
|
||||||||
40,615,239 issued shares at June 30, 2019 and 38,535,445 at December 31, 2018;
|
||||||||
38,522,863 shares outstanding at June 30, 2019 and 36,443,069 at December 31, 2018
|
157
|
151
|
||||||
Additional paid-in capital
|
99,469
|
81,873
|
||||||
Retained earnings
|
34,497
|
21,281
|
||||||
134,123
|
103,305
|
|||||||
Treasury stock, at cost (2,092,376 as of June 30, 2019 and December 31, 2018)
|
(1,898
|
)
|
(1,898
|
)
|
||||
Total shareholders' equity
|
132,225
|
101,407
|
||||||
Total liabilities and shareholders' equity
|
166,791
|
141,547
|
Six Months ended
June 30,
|
Three Months
ended June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2018
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Revenues
|
68,348
|
57,736
|
34,346
|
30,462
|
123,174
|
|||||||||||||||
Cost of revenues
|
34,623
|
29,840
|
17,777
|
15,563
|
62,378
|
|||||||||||||||
Gross profit
|
33,725
|
27,896
|
16,569
|
14,899
|
60,796
|
|||||||||||||||
Research and development costs
|
7,727
|
6,955
|
3,803
|
3,406
|
14,581
|
|||||||||||||||
Selling, general and administrative expenses
|
12,987
|
12,664
|
6,412
|
6,775
|
26,182
|
|||||||||||||||
20,714
|
19,619
|
10,215
|
10,181
|
40,763
|
||||||||||||||||
Operating income
|
13,011
|
8,277
|
6,354
|
4,718
|
20,033
|
|||||||||||||||
Financial income, net
|
152
|
436
|
135
|
146
|
728
|
|||||||||||||||
Income from continuing operations
|
||||||||||||||||||||
before income taxes
|
13,163
|
8,713
|
6,489
|
4,864
|
20,761
|
|||||||||||||||
Income tax expense
|
1,110
|
848
|
463
|
533
|
2,030
|
|||||||||||||||
Net income from continuing operations
|
12,053
|
7,865
|
6,026
|
4,331
|
18,731
|
|||||||||||||||
Discontinued operations *
|
||||||||||||||||||||
Income from discontinued operations
|
||||||||||||||||||||
Income before tax expense
|
1,257
|
1,257
|
||||||||||||||||||
Income tax expense
|
94
|
-
|
94
|
-
|
-
|
|||||||||||||||
Net income from discontinued operations
|
1,163
|
-
|
1,163
|
-
|
-
|
|||||||||||||||
Net income
|
13,216
|
7,865
|
7,189
|
4,331
|
18,731
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2018 | ||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Basic earnings from continuing operation
|
0.33
|
0.22
|
0.16
|
0.12
|
0.52
|
|||||||||||||||
Basic earnings from discontinued operation
|
0.03
|
-
|
0.03
|
-
|
-
|
|||||||||||||||
Basic net earnings
|
0.36
|
0.22
|
0.19
|
0.12
|
0.52
|
|||||||||||||||
Diluted earnings from continuing operation
|
0.32
|
0.22
|
0.16
|
0.12
|
0.51
|
|||||||||||||||
Diluted earnings from discontinued operation
|
0.03
|
-
|
0.03
|
-
|
-
|
|||||||||||||||
Diluted net earnings
|
0.35
|
0.22
|
0.19
|
0.12
|
0.51
|
|||||||||||||||
Weighted average number of
|
||||||||||||||||||||
ordinary shares outstanding:
|
||||||||||||||||||||
Basic
|
36,644
|
36,050
|
36,816
|
36,090
|
36,190
|
|||||||||||||||
Diluted
|
37,476
|
36,512
|
37,734
|
36,632
|
36,747
|
Six Months ended
June 30,
|
Three Months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2019 |
2018
|
2019 |
2018
|
2018
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Reported net income (loss) attributable to
Camtek Ltd. on GAAP basis
|
13,216
|
7,865
|
7,189
|
4,331
|
18,731
|
|||||||||||||||
Share-based compensation
|
1,250
|
395
|
605
|
249
|
1,682
|
|||||||||||||||
Chroma transaction expenses (1)
|
73
|
-
|
73
|
-
|
-
|
|||||||||||||||
Attributable to discontinued operations
|
(1,163
|
)
|
-
|
(1,163
|
)
|
-
|
-
|
|||||||||||||
Effect of FIT reorganization (2)
|
|
506
|
|
-
|
506
|
|||||||||||||||
Non-GAAP net income
|
13,376
|
8,766
|
6,704
|
4,580
|
20,919
|
|||||||||||||||
Non–GAAP net income per diluted share
|
0.37
|
0.24
|
0.18
|
0.13
|
0.57
|
|||||||||||||||
Gross margin on GAAP basis from continuing operations
|
49.4
|
%
|
48.4
|
%
|
48.3
|
%
|
48.9
|
%
|
49.4
|
%
|
||||||||||
Reported gross profit on GAAP basis
|
33,725
|
27,896
|
16,569
|
14,899
|
60,796
|
|||||||||||||||
Share-based compensation
|
122
|
44
|
61
|
28
|
167
|
|||||||||||||||
Effect of FIT reorganization (1)
|
|
-
|
|
-
|
205
|
|||||||||||||||
Non- GAAP gross margin
|
33,847
|
28,145
|
16,630
|
14,927
|
61,168
|
|||||||||||||||
Non-GAAP gross profit
|
49.5
|
%
|
48.8
|
%
|
48.4
|
%
|
49.0
|
%
|
49.7
|
%
|
||||||||||
Reported operating income attributable to Camtek Ltd. on GAAP basis from continuing operations
|
13,011
|
8,277
|
6,354
|
4,718
|
20,033
|
|||||||||||||||
Share-based compensation
|
1,250
|
395
|
605
|
249
|
1,682
|
|||||||||||||||
Chroma transaction expenses (1)
|
73
|
-
|
73
|
-
|
-
|
|||||||||||||||
Effect of FIT reorganization (2)
|
|
506
|
|
-
|
506
|
|||||||||||||||
Non-GAAP operating income
|
14,334
|
9,178
|
7,032
|
4,967
|
22,221
|
|
(1) |
In the second quarter of 2019, certain transaction expenses were incurred in relation to the technological cooperation agreement with Chroma. These were recorded under operating expenses.
|
|
(2) |
At the end of the first quarter of 2018, the Company ceased its efforts to utilize the remaining inventory and equipment related to FIT development and recorded a one-time write-off in the amount of $0.5 million, consisting of: (1)
inventory write-offs of $0.2 million, recorded under the cost of revenue line item; and (2) fixed asset write-offs of $0.3 million recorded under operating expenses.
|
1 Year Camtek Chart |
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