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Camtek Reports First Quarter 2021 Results

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Revenue of $57.4 million; operating margin 27%; expects continued growth in the 2nd quarter.

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
Cision

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SOURCE Camtek Ltd