Camtek Announces Results for the Second Quarter of 2019

About this update from Camtek Ltd.

[{"type":"text","content":"MIGDAL HAEMEK, Israel, Aug. 6, 2019 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter ended June 30, 2019. \nHighlights of the Second Quarter 2019\nRevenues were a record at $34.3 million, up 13% year-over-year; GAAP gross margin at 48.2% versus 48.9% in Q2 last year; Non-GAAP gross margin at 48.4% versus 49.0%; GAAP operating income was $6.4 million and non-GAAP operating income was $7.0 million, representing margins of 18.5% and 20.5%, respectively; GAAP net income of $7.2 million or $0.19 per diluted share, and non-GAAP net income of $6.7 million, or $0.18 per diluted share, representing year-over-year growth of 66% and 46%, respectively; and Operating cash flow of $7.3 million with $85.3 million in cash at quarter-end; Cash includes $16 million from the issuance of new shares to Chroma and a full earn-out payment of $1.3 million related to the sale of the PCB;Dividend Announcement\nCamtek's Board of Directors declared a cash dividend in the amount of $0.17 per share representing an aggregate distribution of approximately $6.5 million. The dividend will be paid on September 4, 2019 to all shareholders of record at the close of the NASDAQ Global Select Market on August 21, 2019.\nManagement Comment \nRafi Amit Camtek's CEO commented, \"Camtek's second quarter results reflect our strong track record of execution with record revenues and robust profitability. This is despite the current weaker semiconductor market.\nOne of the consequences of the market uncertainty is that our customers are ordering equipment only for their short-term production needs and require short delivery times.\nAs a result, for the third quarter, while we still expect a solid level of revenues, our expectations are for revenues within the range of $31 - 33 million.\" \nContinued Mr. Amit, \"In the first half of 2019 we achieved an impressive revenue level of $68.3 million, 18% higher than in the first half of 2018, which itself was a record year for Camtek and the semiconductors industry. This performance demonstrates Camtek's strong position in the market. Fundamental market drivers for our equipment demand have not changed and Camtek is in an excellent position to win as the market ramps up.\" \nSecond Quarter 2019 Financial Results \nRevenues for the second quarter of 2019 were $34.3 million...

More updates from Camtek Ltd.