Camtek Announces Record Results for the First Quarter of 2019

About this update from Camtek Ltd.

[{"type":"text","content":"MIGDAL HAEMEK, Israel , May 6, 2019 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter ended March 31, 2019. \nHighlights of the First Quarter 2019\nRevenues were a record at $34.0 million, up 25% year-over-year; GAAP Gross margin at 50.5% versus 47.7% in Q1 last year; Non-GAAP gross margin at 50.6% versus 48.5% GAAP operating income was $6.7 million and non-GAAP operating income was $7.3 million, representing margins of 19.6% and 21.5%, respectively; GAAP net income of $6.0 million or $0.16 per diluted share and non-GAAP net income of $6.7 million or $0.18 per diluted share, representing year-over-year growth of 70% and 59%, respectively; and Operating cash flow of $6.3 million with $61 million in net cash at quarter-end;Forward Looking Guidance \nSecond quarter 2019 revenues are expected to be slightly ahead of those of the first quarter.\nManagement Comment \nRafi Amit Camtek's CEO commented, \"We are very pleased with our results, especially given the background of the macro-environment in the semiconductor market. We succeeded in maintaining our growth in the quarter, up 25% year-over-year, and even more significantly, we improved our operating income by over 70% year-over-year.\"\nContinued Mr. Amit, \"Our momentum remains positive as witnessed by the orders we received in the past few weeks for various applications. Looking ahead, we expect to maintain and even slightly increase our current revenue levels going into the second quarter.\" \nFirst Quarter 2019 Financial Results \nRevenues for the first quarter of 2019 were $34.0 million. This compares to first quarter 2018 revenues of $27.3 million, a growth of 25%. \nGross profit on a GAAP basis in the quarter totaled $17.2 million (50.5% of revenues), up 32% compared to a gross profit of $13.0 million (47.7% of revenues) in the first quarter of 2018. Gross profit on a non-GAAP basis in the quarter totaled $17.2 million (50.6% of revenues), up 30% compared to a gross profit of $13.2 million (48.5% of revenues) in the first quarter of 2018. The improvement in gross margin was mainly a result of the product and sales mix delivered in the quarter.\nOperating profit on a GAAP basis in the quarter totaled $6.7 million (19.6% of revenues), up 87% compared to an operating income of $3.6 million (13.0% of revenues) in the...

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