Camtek Announces Record Results for the Fourth Quarter and Full Year 2018

Expects Continued Strength into the First Quarter

MIGDAL HAEMEK, Israel, Feb. 13, 2019 — (PRNewswire) —  Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2018.

Highlights of the Fourth Quarter of 2018

  • Revenues of $33.2 million, up 28% year-over-year and ahead of the upper-end of the guidance range of $32-33 million;
  • GAAP operating income of $6.2 million; non-GAAP operating income of $6.9 million, representing an operating margin of 18.7% and 20.7% respectively;
  • GAAP net income of $5.8 million and non-GAAP net income of $6.4 million, representing year-over-year growth of 101% and 85%, respectively; and
  • Strong operating cash flow of $7.2 million;

Highlights of the Full Year 2018

  • Revenues of $123.2 million; a 32% year over year increase;
  • GAAP operating income of $20.0 million;
  • Non-GAAP operating income of $22.2 million, more than double that of 2017; 
  • GAAP net income of $18.7 million;
  • Non-GAAP net income of $20.9 million; $0.57 per diluted share vs. $0.27 in 2017;  
  • Strong operating cash flow of $16.8 million in 2018 leading to year-end net cash balance of $54.9 million;

Forward Looking Guidance

First quarter 2019 revenues are expected to increase to $33.5-34.5 million, implying continued sequential growth and year-over-year growth of 25% at the mid-point.

Management Comment

Rafi Amit Camtek's CEO commented, "We are very pleased with our performance in 2018.  We set ambitious targets in terms of revenue growth and improved profitability and we have exceeded them all. We ended 2018 with over 30% growth in revenue and close to 20% operating margin. We are aware of the uncertainty in the semiconductor market, however we don't see any significant change in the segments in which we operate."

Continued Mr. Amit, "Earlier this week, we announced an investment and important alliance with Chroma, a leading Taiwanese high precision test and measurement equipment corporation. Chroma will enable us to bolster our presence in Asia and especially Taiwan, and will also allow us to expand our addressable markets by leveraging our technological capabilities into new segments."

The financial results and the comparison to 2017 in this press release include only those of the continuing operations. Camtek sold its PCB operations in the third quarter of 2017.

Fourth Quarter 2018 Financial Results

Revenues for the fourth quarter of 2018 were $33.2 million. This compares to fourth quarter 2017 revenues of $25.8 million, a growth of 28%.

Gross profit on a GAAP basis in the quarter totaled $16.7 million (50.4% of revenues), compared to a gross profit of $12.3 million (47.7% of revenues) in the fourth quarter 2017. Gross profit on a non-GAAP basis in the quarter totaled $16.8 million (50.6% of revenues), compared to $12.3 million (47.8% of revenues) in the fourth quarter 2017. The variance in the gross margin between quarters is a function of the product and sales mix delivered in the quarter.

Operating profit on a GAAP basis in the quarter totaled $6.2 million (18.7% of revenues), compared to an operating income of $3.7 million (14.3% of revenues) in the fourth quarter 2017. Operating profit on a non-GAAP basis in the quarter totaled $6.9 million (20.7% of revenues), compared to $3.8 million (14.8% of revenues) in the fourth quarter 2017.

Net income on a GAAP basis in the quarter totaled $5.8 million, or $0.16 per diluted share, compared to net income from continuing operations of $3.3 million, or $0.09 per diluted share, in the fourth quarter 2017. Net income on a non-GAAP basis in the quarter totaled $6.4 million, or $0.17 per diluted share, compared to non-GAAP net income from continuing operations of $3.5 million, or $0.10 per diluted share, in the fourth quarter 2017. 

Cash and cash equivalents, as of December 31, 2018 were $54.9 million compared to $48.3 million as of September 30, 2018. During the fourth quarter, Camtek generated $7.2 million in operating cash flow.

Full Year 2018 Results Summary

Revenues for 2018 were $123.2 million, an increase of 32% over the $93.4 million reported in 2017.

Gross profit on a GAAP basis totaled $60.8 million (49.4% of revenues), compared to $45.5 million (48.7% of revenues) in 2017.  Gross profit on a non-GAAP totaled $61.2 million (49.7% of revenues), compared to $45.6 million (48.7% of revenues) in 2017. 

Operating income on a GAAP basis totaled $20.0 million (16.3% of revenues), compared to an operating loss of $3.0 million in 2017.  The GAAP operating loss in 2017 included a one-time expense of $13 million due to a settlement payment. Operating income on a non-GAAP basis totaled $22.2 million (18.0% of revenues), compared to $10.4 million (11.1% of revenues) in 2017.

Net income on a GAAP basis totaled $18.7 million, or $0.52 per diluted share. This compares to net income of $1.7 million, or $0.05 per diluted share, in 2017. Net income on a non-GAAP basis totaled $20.9 million, or $0.57 per diluted share. This compares to net income of $9.6 million, or $0.27 per diluted share, in 2017.

Conference Call

Camtek will host a conference call today, February 13, 2019, at 10 am ET.

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, please call one of the following telephone numbers a few minutes before the start of the call.

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