Press release
Camtek Announces First Quarter 2020 Results
First quarter revenue $30.2 million; Second quarter expected between $36-38 million; Record backlog and strong visibility into the second and third quarters
About this update from Camtek Ltd.
[{"type":"text","content":"First quarter revenue $30.2 million; Second quarter expected between $36-38 million;\n Record backlog and strong visibility into the second and third quarters\n\n\nMIGDAL HAEMEK, Israel, May 11, 2020 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter 2020. \nHighlights of the First Quarter of 2020\nRevenues of $30.2 million; - Shipments to customers amounted to approximately $33 million, however, about $3 million of this was not recognized due to the Coronavirus related delays in installations and in accordance with our revenue recognition policy; GAAP operating income of $2.9 million; non-GAAP operating income of $3.7 million; GAAP net income of $2.8 million and non-GAAP net income of $3.6 million; and Operating cash flow of $1.3 million.Forward-Looking Expectations\nManagement expects revenues for the second quarter to be between $36-38 million. Based on orders on hand, management further expects continued revenue growth and improved profitability in the third quarter. \nManagement Comment\nRafi Amit, Camtek's CEO, commented, \"Camtek is the leader in the 3D metrology arena. Our strategy is to become a leading supplier in the 2D inspection segment as well. In the first half of 2020, we have expanded and strengthened our position in this segment. Some of our customers ordered multiple 2D Inspection machines with basic configuration which affected our average selling price (ASP). We expect these customers to purchase in the future machines for more complex applications with higher ASPs and margins.\" \nContinued Mr. Amit, \"We are seeing strong business momentum. We entered the second quarter with record backlog resulting in good visibility and we expect a significant increase in revenue to between $36-38 million. In the third quarter, we see increased orders for machines with more advanced capabilities and we expect to show an improvement in profitability. It is important to stress that we are still within the Coronavirus pandemic and it is difficult to anticipate its full magnitude and impact on our business in the coming months.\" \nFirst Quarter 2020 Financial Results \nRevenues for the first quarter of 2020 were $30.2 million, a decrease of 11% compared with the first quarter of 2019. \nGross profit on a GAAP basis in the quarter totaled $13.6 million (44.9% ...