SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
(Translation of Registrant’s Name into English)
P.O. Box 544
Migdal Haemek 23150
ISRAEL
(Address of Principal Corporate Offices)
CAMTEK LTD.
(Registrant) By: /s/ Moshe Eisenberg —————————————— Moshe Eisenberg, Chief Financial Officer |
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: [email protected] Web site: http://www.camtek.com
|
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
|
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040 |
MIGDAL HAEMEK, Israel – August 1, 2024 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the second quarter, ended June 30, 2024.
• |
Record revenues of $102.6 million, a 39% year-over-year (YoY) increase;
|
• |
GAAP operating income of $25.9 million (up 73% YoY) and non-GAAP operating income of $30.8 million (up 69% YoY), representing operating margins of 25.2% and 30.0%, respectively;
|
• |
GAAP net income of $28.0 million and non-GAAP net income of $32.6 million; and
|
• |
Strong positive operating cash flow of $49.2 million.
|
June 30,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
U.S. Dollars
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
86,201
|
119,968
|
||||||
Short-term deposits
|
256,250
|
215,250
|
||||||
Marketable securities
|
23,615
|
18,816
|
||||||
Trade accounts receivable, net
|
68,151
|
87,300
|
||||||
Inventories
|
99,215
|
85,905
|
||||||
Other current assets
|
27,048
|
19,548
|
||||||
Total current assets
|
560,480
|
546,787
|
||||||
Long-term deposits
|
6,000
|
21,000
|
||||||
Marketable securities
|
81,817
|
73,576
|
||||||
Long-term inventory
|
9,553
|
9,023
|
||||||
Deferred tax asset, net
|
2,642
|
2,642
|
||||||
Other assets, net
|
1,947
|
1,370
|
||||||
Property, plant and equipment, net
|
44,246
|
41,987
|
||||||
Intangible assets, net
|
15,145
|
16,937
|
||||||
Goodwill
|
74,345
|
74,345
|
||||||
Total non- current assets
|
235,695
|
240,880
|
||||||
Total assets
|
796,175
|
787,667
|
||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
37,757
|
42,187
|
||||||
Other current liabilities
|
69,777
|
54,487
|
||||||
Total current liabilities
|
107,534
|
96,674
|
||||||
Long-term liabilities
|
||||||||
Deferred tax liabilities, net
|
5,845
|
7,541
|
||||||
Other long-term liabilities
|
9,988
|
10,473
|
||||||
Convertible notes
|
197,378
|
196,831
|
||||||
Total long-term liabilities
|
213,211
|
214,845
|
||||||
Total liabilities
|
320,745
|
311,519
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity
|
||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2024 and at December 31, 2023;
|
||||||||
47,410,314 issued shares at June 30, 2024 and 46,993,998 at December 31, 2023;
|
||||||||
45,317,938 shares outstanding at June 30, 2024 and 44,901,622 at December 31, 2023
|
177
|
176
|
||||||
Additional paid-in capital
|
207,090
|
200,389
|
||||||
Accumulated other comprehensive income (loss)
|
(9
|
)
|
129
|
|||||
Retained earnings
|
270,070
|
277,352
|
||||||
477,328
|
478,046
|
|||||||
Treasury stock, at cost (2,092,376 shares as of June 30, 2024 and December 31, 2023)
|
(1,898
|
)
|
(1,898
|
)
|
||||
Total shareholders' equity
|
475,430
|
476,148
|
||||||
Total liabilities and shareholders' equity
|
796,175
|
787,667
|
Six months ended
June 30,
|
Three months
ended June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Revenues
|
199,601
|
146,215
|
102,591
|
73,758
|
315,375
|
|||||||||||||||
Cost of revenues
|
103,638
|
77,378
|
51,447
|
38,785
|
167,742
|
|||||||||||||||
Gross profit
|
95,963
|
68,837
|
51,144
|
34,973
|
147,633
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development costs
|
18,146
|
15,672
|
9,196
|
8,118
|
31,470
|
|||||||||||||||
Selling, general and administrative costs
|
30,694
|
24,037
|
16,063
|
11,922
|
50,751
|
|||||||||||||||
Total operating expenses
|
48,840
|
39,709
|
25,259
|
20,040
|
82,221
|
|||||||||||||||
Operating income
|
47,123
|
29,128
|
25,885
|
14,933
|
65,412
|
|||||||||||||||
Financial income, net
|
10,624
|
10,864
|
5,014
|
5,754
|
22,218
|
|||||||||||||||
Income before income taxes
|
57,747
|
39,992
|
30,899
|
20,687
|
87,630
|
|||||||||||||||
Income tax expense
|
(4,984
|
)
|
(4,208
|
)
|
(2,935
|
)
|
(2,148
|
)
|
(8,998
|
)
|
||||||||||
Net income
|
52,763
|
35,784
|
27,964
|
18,539
|
78,632
|
Earnings per share information:
|
Six months ended
June 30,
|
Three months
ended June 30,
|
Year ended
December 31,
|
|||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Basic net earnings per share
|
1.17
|
0.80
|
0.62
|
0.42
|
1.76
|
|||||||||||||||
Diluted net earnings per share
|
1.08
|
0.74
|
0.57
|
0.38
|
1.63
|
|||||||||||||||
Weighted average number of
|
||||||||||||||||||||
ordinary shares outstanding
|
||||||||||||||||||||
(in thousands):
|
||||||||||||||||||||
Basic
|
45,160
|
44,562
|
45,246
|
44,572
|
44,725
|
|||||||||||||||
Diluted
|
49,283
|
48,531
|
49,310
|
48,628
|
48,863
|
Six Months ended
June 30,
|
Three Months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Reported net income attributable to Camtek Ltd. on GAAP basis
|
52,763
|
35,784
|
27,964
|
18,539
|
78,632
|
|||||||||||||||
Acquisition of FRT related expenses (1)
|
4,034
|
-
|
650
|
-
|
4,550
|
|||||||||||||||
Share-based compensation
|
7,109
|
6,520
|
3,991
|
3,326
|
12,525
|
|||||||||||||||
Non-GAAP net income
|
63,906
|
42,304
|
32,605
|
21,865
|
95,707
|
|||||||||||||||
Non–GAAP net income per diluted share
|
1.30
|
0.87
|
0.66
|
0.44
|
1.96
|
|||||||||||||||
Gross margin on GAAP basis
|
48.1
|
%
|
47.1
|
%
|
49.9
|
%
|
47.4
|
%
|
46.8
|
%
|
||||||||||
Reported gross profit on GAAP basis
|
95,963
|
68,837
|
51,144
|
34,973
|
147,633
|
|||||||||||||||
Acquisition of FRT related expenses (1)
|
4,582
|
-
|
610
|
-
|
3,492
|
|||||||||||||||
Share-based compensation
|
1,006
|
807
|
608
|
415
|
1,591
|
|||||||||||||||
Non- GAAP gross profit
|
101,551
|
69,644
|
52,362
|
35,388
|
152,716
|
|||||||||||||||
Non-GAAP gross margin
|
50.9
|
%
|
47.6
|
%
|
51.0
|
%
|
48.0
|
%
|
48.4
|
%
|
||||||||||
Reported operating income attributable to Camtek Ltd. on GAAP basis
|
47,123
|
29,128
|
25,885
|
14,933
|
65,412
|
|||||||||||||||
Acquisition of FRT related expenses (1)
|
5,599
|
-
|
928
|
-
|
5,406
|
|||||||||||||||
Share-based compensation
|
7,109
|
6,520
|
3,991
|
3,326
|
12,525
|
|||||||||||||||
Non-GAAP operating income
|
59,831
|
35,648
|
30,804
|
18,259
|
83,343
|