Press release
Camtek Announces Record Results For The Fourth Quarter And Full Year Of 2020
Record Revenues of $48.6 million; Expects revenues of $54-56 million in the first quarter and over $110 million in the first half of 2021 MIGDAL HAEMEK,
About this update from Camtek Ltd.
[{"type":"text","content":"Record Revenues of $48.6 million; Expects revenues of $54-56 million in the first quarter and over $110 million in the first half of 2021\n\n\nMIGDAL HAEMEK, Israel, Feb. 9, 2021 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2020. \nHighlights of the Fourth Quarter of 2020\nRevenues of $48.6 million; a 46% increase year-over-year; GAAP operating income of $8.0 million; non-GAAP operating income of $9.2 million, representing an operating margin of 16.5% and 18.9% respectively; GAAP net income of $7.7 million and non-GAAP net income of $8.8 million; and Strong operating cash flow of $8.3 million.Highlights of the Full Year 2020\nRevenues of $155.9 million; a 16% increase year-over-year; GAAP operating income of $22.6 million; Non-GAAP operating income of $26.8 million; representing operating margins of 14.5% and 17.2% respectively; GAAP net income of $21.8 million; Non-GAAP net income of $26.0 million; and Operating cash flow of $25.8 million in 2020, which, along with the successful public offering in November, led to year-end net cash and short-term deposits balance of $177.8 million.Forward-Looking Expectations\nManagement expects continued revenue growth in the first quarter of 2021, with revenues of between $54-56 million. Just in the last two weeks the Company has received multiple systems orders from several customers totaling $25 million. The orders received so far, together with the sales pipeline, point to a strong revenue forecast for the first half of 2021. Management is anticipating revenues of over $110 million in the first half of 2021, implying at least 65% growth over the first half of 2020.\nManagement Comment \nRafi Amit, Camtek's CEO commented, \"A record fourth quarter concluded an exceptional year for Camtek. While we started 2020 with a lot of concerns due to COVID-19, we ended the year with unprecedented business momentum. We have leveraged our flexible operational infrastructure and increased our support team in the field in order to successfully meet this growth. \n\"In 2020, we extended our market presence by penetrating new customers as well as expanding our presence at existing customers. From a financial perspective, in the second half of 2020, we saw improved margins and we see this trend continuing into 2021...