Press release
CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2022
Record annual revenue of $321 million, 19% YoY growth MIGDAL HAEMEK, Israel, Feb. 16, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today
About this update from Camtek Ltd.
[{"type":"text","content":"Record annual revenue of $321 million, 19% YoY growth\nMIGDAL HAEMEK, Israel, Feb. 16, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2022.\nHighlights of the Fourth Quarter of 2022\nRevenues of $82.2 million; an 11% increase year-over-year;GAAP operating income of $20.5 million; non-GAAP operating income of $22.8 million, representing an operating margin of 24.9% and 27.8% respectively;GAAP net income of $21.7 million and non-GAAP net income of $24.0 million;Strong operating cash flow of $19.6 million;Highlights of the Full Year 2022\nRevenues of $320.9 million; a 19% increase year-over-year;GAAP operating income of $81.5 million; non-GAAP operating income of $92.0 million; representing operating margins of 25.4% and 28.7%, respectively;GAAP net income of $79.9 million; non-GAAP net income of $90.5 million; andOperating cash flow of $57.8 million in 2022, which led to a year-end total cash, short-term and long-term deposits balance of $479 million.Forward-Looking Expectations\nManagement expects revenues in the first quarter of 2023 between $71-74 million, representing a mid-point 6% decline from the first quarter of 2022.\nManagement Comment \nRafi Amit, Camtek's CEO commented, \"I am pleased to report record revenues for the fifth year in a row. In the last two years our revenues have more than doubled, while our operating profit has more than tripled. We remain well positioned in the fastest growing segments of our industry such as Heterogenous Integration and Compound Semiconductors, and we expect to benefit from this growth in the future.\"\nContinued Mr. Amit, \"We believe that our leading position in the specific segments, broad and diversified customer base and long-term strategic relationships with customers will enable us to again outperform the wafer fabrication equipment (WFE) which is predicted to decline by 20-30% in 2023.\"\nFourth Quarter 2022 Financial Results \nRevenues for the fourth quarter of 2022 were $82.2 million. This compares to fourth quarter 2021 revenues of $74.2 million, a growth of 11%.\nGross profit on a GAAP basis in the quarter totaled $39.9 million (48.6% of revenues), up 6% compared to a gross profit of $37.6 million (50.7% of revenues) in the fourth quarter of 2021.\nGross profit on a non-GAAP ba...