Press release
Camtek Announces Results for the Second Quarter of 2020
Record Revenues of $37.0 million, 17.2% Operating Margin, Expects Continued Growth MIGDAL HAEMEK, Israel , Aug. 5, 2020 /PRNewswire/ -- Camtek Ltd. (NASDAQ:
About this update from Camtek Ltd.
[{"type":"text","content":"Record Revenues of $37.0 million, 17.2% Operating Margin, Expects Continued Growth\n\n\nMIGDAL HAEMEK, Israel , Aug. 5, 2020 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the quarter ended June 30, 2020. \nHighlights of the Second Quarter 2020\nRevenues were a quarterly record at $37.0 million, up 8% year-over-year; GAAP gross margin at 45.8%; Non-GAAP gross margin at 46.1%; GAAP operating income was $5.4 million and non-GAAP operating income was $6.4 million, representing margins of 14.6% and 17.2%, respectively; GAAP net income of $5.3 million, or $0.13 per diluted share, non-GAAP net income of $6.3 million, or $0.16 per diluted share; and Strong operating cash flow of $11.1 million with $101.5 million in net cash and short-term deposits at quarter-end.Forward-Looking Expectations\nBased on orders on hand, management expects continued revenue growth and improved profitability in the third quarter. Management expects revenues for the third quarter to be between $38-39 million.\nManagement Comment \nRafi Amit Camtek's CEO commented, \"Camtek's second quarter results reflect continued demand for our products, especially in Asia. \n\"We have increased our market share in 2D inspection mainly as a result of the significant improvement in our system performance and competitiveness in all 2D applications. In addition, we are benefitting from our strategy of having in place local professional teams that can independently install and support machines in all our territories. This has enabled us to continue growing our business even during the COVID-19 pandemic.\"\nContinued Mr. Amit, \"The revenues in the second quarter were at a record level, and the ongoing demands from our customers for various applications point to a strong third quarter, with encouraging backlog for the fourth quarter. However, it is important to stress that we are still seeing the Coronavirus pandemic effects, which increase risks and uncertainties.\"\nSecond Quarter 2020 Financial Results \nRevenues for the second quarter of 2020 were $37.0 million. This compares to second quarter 2019 revenues of $34.3 million, a growth of 8%. \nGross profit on a GAAP basis in the quarter totaled $16.9 million (45.8% of revenues), up 2% compared to a gross profit of $16.6 million (48.2% of revenues) in the second quarter of 20...