CAMTEK LTD.
(Registrant) By: /s/ Moshe Eisenberg —————————————— Moshe Eisenberg, Chief Financial Officer |
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Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha’Emek 23150, ISRAEL
Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523
E-Mail: Info@camtek.com Web site: http://www.camtek.com
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CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
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INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040 camtek@ekgir.com
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• |
Record revenues of $97.0 million, a 34% year-over-year (YoY) increase;
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• |
GAAP operating income of $21.2 million (up 50% YoY) and non-GAAP operating profit of $29.0 million (up 67% YoY), representing operating margins of 21.9% and 29.9%, respectively;
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• |
GAAP net income of $24.8 million and non-GAAP net income of $31.3 million; and
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• |
Strong positive operating cash flow of $20.2 million.
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March 31,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
U.S. Dollars
|
||||||||
Assets
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||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
123,035
|
119,968
|
||||||
Short-term deposits
|
242,250
|
215,250
|
||||||
Marketable securities
|
11,941
|
18,816
|
||||||
Trade accounts receivable, net
|
86,365
|
87,300
|
||||||
Inventories
|
92,080
|
85,905
|
||||||
Other current assets
|
23,257
|
19,548
|
||||||
Total current assets
|
578,928
|
546,787
|
||||||
Long-term deposits
|
6,000
|
21,000
|
||||||
Marketable securities
|
83,781
|
73,576
|
||||||
Long-term inventory
|
9,984
|
9,023
|
||||||
Deferred tax asset, net
|
2,642
|
2,642
|
||||||
Other assets, net
|
1,829
|
1,370
|
||||||
Property, plant and equipment, net
|
42,767
|
41,987
|
||||||
Intangible assets, net
|
16,030
|
16,937
|
||||||
Goodwill
|
74,345
|
74,345
|
||||||
Total non- current assets
|
237,378
|
240,880
|
||||||
Total assets
|
816,306
|
787,667
|
||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
38,871
|
42,187
|
||||||
Other current liabilities
|
59,237
|
54,487
|
||||||
Dividend payable
|
60,041
|
-
|
||||||
Total current liabilities
|
158,149
|
96,674
|
||||||
Long-term liabilities
|
||||||||
Deferred tax liabilities, net
|
6,368
|
7,541
|
||||||
Other long-term liabilities
|
11,107
|
10,473
|
||||||
Convertible notes
|
197,104
|
196,831
|
||||||
Total long-term liabilities
|
214,579
|
214,845
|
||||||
Total liabilities
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372,728
|
311,519
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity
|
||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at March 31, 2024 and at December 31, 2023;
|
||||||||
47,235,723 issued shares at March 31, 2024 and 46,993,998 at December 31, 2023;
|
||||||||
45,143,347 shares outstanding at March 31, 2024 and 44,901,622 at December 31, 2023
|
176
|
176
|
||||||
Additional paid-in capital
|
143,559
|
200,389
|
||||||
Accumulated other comprehensive income (loss)
|
(410
|
)
|
129
|
|||||
Retained earnings
|
302,151
|
277,352
|
||||||
445,476
|
478,046
|
|||||||
Treasury stock, at cost (2,092,376 as of March 31, 2024 and December 31, 2023)
|
(1,898
|
)
|
(1,898
|
)
|
||||
Total shareholders' equity
|
443,578
|
476,148
|
||||||
Total liabilities and shareholders' equity
|
816,306
|
787,667
|
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2024
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2023 |
2023 |
||||||||||
U.S. dollars (In thousands)
|
||||||||||||
Revenues
|
97,010
|
72,457
|
315,375
|
|||||||||
Cost of revenues
|
52,287
|
38,593
|
167,742
|
|||||||||
Gross profit
|
44,723
|
33,864
|
147,633
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
8,912
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7,554
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31,470
|
|||||||||
Selling, general and administrative
|
14,573
|
12,115
|
50,751
|
|||||||||
Total operating expenses
|
23,485
|
19,669
|
82,221
|
|||||||||
Operating profit
|
21,238
|
14,195
|
65,412
|
|||||||||
Financial income, net
|
5,610
|
5,110
|
22,218
|
|||||||||
Income before incomes taxes
|
26,848
|
19,305
|
87,630
|
|||||||||
Income tax expense
|
(2,049
|
)
|
(2,060
|
)
|
(8,998
|
)
|
||||||
Net income
|
24,799
|
17,245
|
78,632
|
|||||||||
Basic net earnings per share (in US dollars)
|
0.55
|
0.39
|
1.76
|
|||||||||
Diluted net earnings per share (in US dollars)
|
0.51
|
0.36
|
1.63
|
|||||||||
Weighted average number of
|
||||||||||||
ordinary shares outstanding (in thousands):
|
||||||||||||
Basic
|
45,074
|
44,522
|
44,725
|
|||||||||
Diluted
|
49,253
|
48,436
|
48,863
|
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2024 |
2023
|
2023
|
||||||||||
U.S. dollars
|
U.S. dollars
|
|||||||||||
Reported net income attributable to Camtek Ltd. on GAAP basis
|
24,799
|
17,245
|
78,632
|
|||||||||
Acquisition of FRT related expenses (1)
|
3,384
|
-
|
4,550
|
|||||||||
Share-based compensation
|
3,118
|
3,194
|
12,525
|
|||||||||
Non-GAAP net income
|
31,301
|
20,439
|
95,707
|
|||||||||
Non –GAAP net income per share, diluted
|
0.63
|
0.42
|
1.96
|
|||||||||
Gross margin on GAAP basis
|
46.1
|
%
|
46.7
|
%
|
46.8
|
%
|
||||||
Reported gross profit on GAAP basis
|
44,723
|
33,864
|
147,633
|
|||||||||
Acquisition of FRT related expenses (1)
|
3,972
|
-
|
3,492
|
|||||||||
Share-based compensation
|
398
|
392
|
1,591
|
|||||||||
Non-GAAP gross profit
|
49,093
|
34,256
|
152,716
|
|||||||||
Non- GAAP gross margin
|
50.6
|
%
|
47.3
|
%
|
48.4
|
%
|
||||||
Reported operating profit attributable to Camtek Ltd. on GAAP basis
|
21,238
|
14,195
|
65,412
|
|||||||||
Acquisition of FRT related expenses (1)
|
4,671
|
-
|
5,406
|
|||||||||
Share-based compensation
|
3,118
|
3,194
|
12,525
|
|||||||||
Non-GAAP operating profit
|
29,027
|
17,389
|
83,343
|
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