Press release
Camtek Announces Record Results for 2019
Expects Growth in the First Half of 2020 MIGDAL HAEMEK, Israel, Feb. 20, 2020 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its
About this update from Camtek Ltd.
[{"type":"text","content":"Expects Growth in the First Half of 2020\n\n\nMIGDAL HAEMEK, Israel, Feb. 20, 2020 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2019. \nHighlights of the Fourth Quarter of 2019\nRevenues 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. Highlights of the Full Year 2019\nRevenues 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.Forward-Looking Expectations\nBased on orders in hand, Camtek expected revenues of between $33 and $34 million for the first quarter. However, despite the demand for Camtek's products by Chinese customers, certain governmental restrictions aiming to control the spread of the Coronavirus may cause delays in installations in China, and may therefore impact upon Camtek's revenues in the first quarter. \nSince Camtek has good visibility into its second quarter revenues and, assuming the Coronavirus situation is resolved not too far into the second quarter, it is expected that revenue for the first half of 2020 would be at a record level of approximately $70 million.\nManagement Comment\nRafi Amit Camtek's CEO commented, \"Camtek closed 2019 with record revenues and profit. I am very proud of this impressive achievement, especially in light of the weaker semiconductor market last year. We were able to demonstrate 9% year-over-year growth while the semiconductor market as a whole declined by over 10%.\"\nContinued Mr. Amit, \"The market drivers for our products remain strong across different applications such as CMOS image sensors, 5G and advanced interconnect packaging.\n\"The Chinese market is significant to our business and represents an important long-term growth engine. We continue to receive orders from this region and even in recent days we have received sever...