Press release
CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2022
Record revenue of $77.2 million; $150m in orders since the beginning of 2022 MIGDAL HAEMEK, Israel, May 12, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT)
About this update from Camtek Ltd.
[{"type":"text","content":"Record revenue of $77.2 million; $150m in orders since the beginning of 2022 \nMIGDAL HAEMEK, Israel, May 12, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2022.\nHighlights of the First Quarter of 2022\nRecord quarterly revenues of $77.2 million; a 35% increase year-over-year;GAAP operating income of $19.5 million; non-GAAP operating income of $22.2 million, representing an operating margin of 25.3% and 28.8% respectively;GAAP net income of $18.4 million and non-GAAP net income of $21.0 millionForward-Looking Expectations\nManagement expects continued growth for the second quarter with revenues to be $77-80 million. \nManagement Comment \nRafi Amit, Camtek's CEO commented, \"We have started 2022 with strong results and we are continuing to experience an impressive flow of orders. Despite the negative global geopolitical environment and the ongoing COVID-19 implications, specifically the lockdown in Shanghai area, the Company has received orders from China and from other territories of more than $150 million since the beginning of the year. The orders were received from a broad range of customers and will be used for various applications such as Advanced Interconnect Packaging including DRAM, Front End and CIS. This strengthens our expectations for another record year with year-over-year revenue growth of mid to high teens.\"\nFirst Quarter 2022 Financial Results \nRevenues for the first quarter of 2022 were $77.2 million. This compares to first quarter 2021 revenues of $57.4 million, a growth of 35%.\nGross profit on a GAAP basis in the quarter totaled $39.9 million (51.7% of revenues), up 38% compared to a gross profit of $29.0 million (50.5% of revenues) in the first quarter of 2021.\nGross profit on a non-GAAP basis in the quarter totaled $40.2 million (52.0% of revenues), up 38% compared to a gross profit of $29.1 million (50.7% of revenues) in the first quarter of 2021.\nOperating profit on a GAAP basis in the quarter totaled $19.5 million (25.3% of revenues), an increase of 36% compared to an operating profit of $14.4 million (25.1% of revenues) in the first quarter of 2021.\nOperating profit on a non-GAAP basis in the quarter totaled $22.2 million (28.8% of revenues), an increase of 42% compared to $15.6 million (27.2% of revenues...