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25% YoY growth for Camtek
Camtek Ltd.reported record revenues at USD 34.0 million, up 25% year-over-year ( for the quarter ending March 31, 2019).
Rafi Amit Camtek’s CEO commented, “We are very pleased with our results, especially given the background of themacro-environment in the semiconductor market. We succeeded in maintaining our growth in the quarter, up 25% year-over-year, and even more significantly, we improved our operating income by over 70% year-over-year. Our momentum remains positive as witnessed by the orders we received in the past few weeks for various applications. Looking ahead, we expect to maintain and even slightly increase our current revenue levels going into the second quarter." First Quarter 2019 Financial Results Revenues for the first quarter of 2019 were $34.0 million. This compares to first quarter 2018 revenues of $27.3 million, a growth of 25%. Gross profit on a GAAP basis in the quarter totalled $17.2 million (50.5% of revenues), up 32% compared to a gross profit of $13.0 million (47.7% of revenues) in the first quarter of 2018. Gross profit on a non-GAAP basis in the quarter totalled $17.2 million (50.6% of revenues), up 30% compared to a gross profit of $13.2 million (48.5% of revenues) in the first quarter of 2018. The improvement in gross margin was mainly a result of the product and sales mix delivered in the quarter. Operating profit on a GAAP basis in the quarter totalled $6.7 million (19.6% of revenues), up 87% compared to an operating income of $3.6 million (13.0% of revenues) in the first quarter of 2018. Operating profit on a non-GAAP basis in the quarter totalled $7.3 million (21.5% of revenues), up 73% compared to $4.2 million (15.4% of revenues) in the first quarter of 2018. The improvement is a result of the higher gross margin in the quarter, Net income on a GAAP basis in the quarter totalled $6.0 million, or $0.16 per diluted share, up 71% compared to net income of $3.5 million, or $0.10 per diluted share, in the first quarter of 2018. Net income on a non-GAAP basis in the quarter totalled $6.7 million, or $0.18 per diluted share, up 59% compared to a non-GAAP net income of $4.2 million, or $0.12 per diluted share, in the first quarter of 2018. Second quarter 2019 revenues are expected to be slightly ahead of those of the first quarter, the Israel-based company said in a press release.
COVID-19 highlights the gravity of the secondary market for SME Cha Jin-Seok, Chief Financial Officer of SK Hynix, said it best in the company’s Q1 earnings call, “Because of a never experienced pandemic, even basic business activities such as maintaining normal operations and predicting future demand have become challenging tasks.”
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