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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 | |
---|---|---|---|---|---|---|---|---|---|---|
3.30 | 4.18% | 82.16 | 81.59 | 82.83 | 83.35 | 80.36 | 80.73 | 256,855 | 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
|
|
• |
Revenues of $33.2 million, similar to the fourth quarter 2018 and in line with guidance;
|
|
• |
GAAP operating income of $4.6 million; non-GAAP operating income of $5.4 million, representing an operating margin of 13.8% and 16.3%, respectively;
|
|
• |
GAAP net income of $4.6 million and non-GAAP net income of $5.4 million; and
|
|
• |
Strong operating cash flow of $7.5 million.
|
|
• |
Revenues of $134 million; a 9% year-over-year increase;
|
|
• |
GAAP operating income of $22.0 million;
|
|
• |
Non-GAAP operating income of $25.0 million;
|
|
• |
GAAP net income of $22.0 million;
|
|
• |
Non-GAAP net income of $23.9 million; and
|
|
• |
Strong operating cash flow of $24.7 million in 2019 leading to year-end net cash balance of $89.5 million.
|
December 31,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
|
U.S. Dollars (In thousands)
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
38,047
|
54,935
|
||||||
Short-term deposits
|
51,500
|
-
|
||||||
Trade accounts receivable, net
|
31,443
|
31,644
|
||||||
Inventories
|
23,803
|
30,109
|
||||||
Other current assets
|
2,909
|
2,613
|
||||||
Total current assets
|
147,702
|
119,301
|
||||||
Fixed assets, net
|
*18,526
|
17,117
|
||||||
Long term inventory
|
2,791
|
2,056
|
||||||
Deferred tax asset
|
746
|
2,366
|
||||||
Other assets, net
|
113
|
231
|
||||||
Intangible assets, net
|
491
|
476
|
||||||
4,141
|
5,129
|
|||||||
Total assets
|
170,369
|
141,547
|
||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
11,334
|
15,541
|
||||||
Other current liabilities
|
*20,272
|
23,179
|
||||||
Total current liabilities
|
31,606
|
38,720
|
||||||
Long term liabilities
|
||||||||
Other long term liabilities
|
*2,461
|
1,420
|
||||||
2,461
|
1,420
|
|||||||
Total liabilities
|
34,067
|
40,140
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity
|
||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2019 and at December 31, 2018;
|
||||||||
40,742,355 issued shares at December 31, 2019 and 38,535,445 at December 31, 2018;
|
||||||||
38,649,979 shares outstanding at December 31, 2019 and 36,443,069 at December 31, 2018
|
157
|
151
|
||||||
Additional paid-in capital
|
101,327
|
81,873
|
||||||
Retained earnings
|
36,716
|
21,281
|
||||||
138,200
|
103,305
|
|||||||
Treasury stock, at cost (2,092,376 as of December 31, 2019 and December 31, 2018)
|
(1,898
|
)
|
(1,898
|
)
|
||||
Total shareholders' equity
|
136,302
|
101,407
|
||||||
Total liabilities and shareholders' equity
|
170,369
|
141,547
|
Year ended December 31,
|
Three Months ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
U.S. dollars
|
U.S. dollars
|
|||||||||||||||
Revenues
|
134,019
|
123,174
|
33,201
|
33,174
|
||||||||||||
Cost of revenues
|
69,235
|
62,378
|
17,360
|
16,457
|
||||||||||||
Gross profit
|
64,784
|
60,796
|
15,841
|
16,717
|
||||||||||||
Research and development costs
|
16,331
|
14,581
|
4,440
|
4,125
|
||||||||||||
Selling, general and administrative expense
|
26,481
|
26,182
|
6,813
|
6,390
|
||||||||||||
42,812
|
40,763
|
11,253
|
10,515
|
|||||||||||||
Operating income
|
21,972
|
20,033
|
4,588
|
6,202
|
||||||||||||
Financial income, net
|
801
|
728
|
461
|
237
|
||||||||||||
Income before income taxes
|
22,773
|
20,761
|
5,049
|
6,439
|
||||||||||||
Income taxes (expense)
|
(1,950
|
)
|
(2,030
|
)
|
(442
|
)
|
(666
|
)
|
||||||||
Net income from continuing operations
|
20,823
|
18,731
|
4,607
|
5,773
|
||||||||||||
Discontinued operations *
|
||||||||||||||||
Income from discontinued operations
|
||||||||||||||||
Income before tax expense
|
1,257
|
-
|
-
|
-
|
||||||||||||
Income taxes (expense)
|
(94
|
)
|
-
|
-
|
-
|
|||||||||||
Income from discontinued operations
|
1,163
|
-
|
-
|
-
|
||||||||||||
Net income
|
21,986
|
18,731
|
4,607
|
5,773
|
Year ended December 31,
|
Three Months ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
U.S. dollars
|
U.S. dollars
|
|||||||||||||||
Reported net income attributable to Camtek Ltd. on GAAP basis
|
21,986
|
18,731
|
4,607
|
5,773
|
||||||||||||
Share-based compensation
|
2,892
|
1,682
|
824
|
654
|
||||||||||||
Chroma transaction expenses (1)
|
136
|
-
|
-
|
-
|
||||||||||||
Attributable to discontinued operations
|
(1,163
|
)
|
-
|
-
|
-
|
|||||||||||
Effect of FIT reorganization (2)
|
-
|
506
|
-
|
-
|
||||||||||||
Non-GAAP net income
|
23,851
|
20,919
|
5,431
|
6,427
|
||||||||||||
Non–GAAP net income per diluted share
|
0.62
|
0.57
|
0.14
|
0.17
|
||||||||||||
Gross margin on GAAP basis
|
48.3
|
%
|
49.4
|
%
|
47.7
|
%
|
50.4
|
%
|
||||||||
Reported gross profit on GAAP basis
|
64,784
|
60,796
|
15,841
|
16,717
|
||||||||||||
Share-based compensation
|
292
|
167
|
85
|
62
|
||||||||||||
Effect of FIT reorganization (2)
|
-
|
205
|
-
|
-
|
||||||||||||
Non-GAAP gross margin
|
48.6
|
%
|
49.7
|
%
|
48.0
|
%
|
50.6
|
%
|
||||||||
Non-GAAP gross profit
|
65,076
|
61,168
|
15,926
|
16,779
|
||||||||||||
Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis
|
21,972
|
20,033
|
4,588
|
6,202
|
||||||||||||
Share-based compensation
|
2,892
|
1,682
|
824
|
654
|
||||||||||||
Chroma transaction expenses (1)
|
136
|
-
|
-
|
-
|
||||||||||||
Effect of FIT reorganization (2)
|
-
|
506
|
-
|
-
|
||||||||||||
Non-GAAP operating income
|
25,000
|
22,221
|
5,412
|
6,854
|
|
(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.
|
|
(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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