CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2023

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[{"type":"text","content":"MIGDAL HAEMEK, Israel, May 10, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2023.\nHighlights of the First Quarter of 2023\nQuarterly revenues of $72.5 million; a 6% decrease year-over-year;GAAP operating income of $14.2 million; non-GAAP operating income of $17.4 million, representing an operating margin of 19.6% and 24.0% respectively;GAAP net income of $17.2 million and non-GAAP net income of $20.4 million;Positive operating cash-flow of $17 million.Forward-Looking Expectations\nFor the second quarter, management expects similar level of revenues as achieved in the first quarter.\nManagement Comment \nRafi Amit, Camtek's CEO commented, \"We continue to see solid business, particularly in our main segment, Advanced Packaging, which accounted for 60% of our revenues. In the first quarter, we shipped multiple systems to six tier-1 customers in the Advanced Packaging and Heterogeneous Integration space, contributing more than 40% of quarterly revenues. Among others, we received a strategically important order for nine machines from a tier-1 customer for Advanced Packaging applications, to be delivered in the second and third quarters of this year.\"\nConcluded Mr Amit \"Following our strong growth in recent years and given the current slowdown in our end-markets, we are currently making efforts to optimize our cost structure, mainly on the gross margin level, while maintaining flexibility at the inventory level to support growth once the market picks up again. At the same time, we continue our investment in R&D with plans to release new products later this year.\"\nFirst Quarter 2023 Financial Results \nRevenues for the first quarter of 2023 were $72.5 million. This compares to first quarter 2022 revenues of $77.2 million, a decrease of 6%, which reflect market trends.\nGross profit on a GAAP basis in the quarter totaled $33.9 million (46.7% of revenues), a decline of 15% compared to a gross profit of $39.9 million (51.7% of revenues) in the first quarter of 2022.\nGross profit on a non-GAAP basis in the quarter totaled $34.3 million (47.3% of revenues), a decline of 15% compared to a gross profit of $40.2 million (52.0% of revenues) in the first quarter of 2022.\nOperating profit on a GAAP basis in the quarter totaled $14.2 million (19.6...

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