Interim Unaudited Condensed Consolidated Financial Statements as at June 30, 2023
Page | |
Interim Unaudited Condensed Consolidated Balance Sheets |
F-3 |
Interim Unaudited Condensed Consolidated Statements of Operations |
F-4 to F-5 |
Interim Unaudited Condensed Consolidated Statements of Shareholders' Equity |
F-6 |
Interim Unaudited Condensed Consolidated Statements of Cash Flows |
F-7 to F-8 |
Notes to the Interim Unaudited Condensed Consolidated Financial Statements |
F-9 to F-16 |
F - 2
Camtek Ltd. and its Subsidiaries
June 30, |
December 31, | ||||||||||
2023 |
2022 | ||||||||||
Note |
U.S. Dollars (in thousands) | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents |
4A |
232,787 |
148,156 | ||||||||
Short-term deposits |
198,500 |
251,500 | |||||||||
Trade accounts receivable |
79,025 |
80,611 | |||||||||
Inventories |
4B |
61,207 |
65,541 | ||||||||
Other current assets |
4C |
14,998 |
11,156 | ||||||||
Total current assets |
586,517 |
556,964 | |||||||||
Long term deposits |
75,000 |
79,000 | |||||||||
Long term inventory |
4B |
7,125 |
5,357 | ||||||||
Deferred tax assets |
724 |
1,004 | |||||||||
Other assets |
2,557 |
1,024 | |||||||||
Property, plant and equipment, net |
4D |
37,131 |
33,141 | ||||||||
Intangible assets, net |
4E |
602 |
597 | ||||||||
Total non-current assets |
123,139 |
120,123 | |||||||||
Total assets |
709,656 |
677,087 | |||||||||
Liabilities and shareholders' equity | |||||||||||
Current liabilities | |||||||||||
Trade accounts payable |
31,238 |
31,667 | |||||||||
Other current liabilities |
4F |
45,529 |
56,833 | ||||||||
Total current liabilities |
76,767 |
88,500 | |||||||||
Long term liabilities | |||||||||||
Other long-term liabilities |
10,198 |
8,748 | |||||||||
Convertible notes | 4G |
196,284 |
195,737 | ||||||||
206,482 |
204,485 | ||||||||||
Total liabilities |
283,249 |
292,985 | |||||||||
Shareholders' equity | |||||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2023 and at December 31, 2022; | |||||||||||
46,811,504 issued shares at June 30, 2023 and 46,505,318 at December 31, 2022; | |||||||||||
44,719,128 shares outstanding at June 30, 2023 and 44,412,942 at December 31, 2022; |
3 | 175 |
175 | ||||||||
Additional paid-in capital |
193,626 |
187,105 | |||||||||
Retained earnings |
234,504 |
198,720 | |||||||||
428,305 |
386,000 | ||||||||||
Treasury stock, at cost (2,092,376 shares as of June 30, 2023 and December 31, 2022) |
(1,898 |
) |
(1,898 |
) | |||||||
Total shareholders' equity |
426,407 |
384,102 | |||||||||
Total liabilities and shareholders' equity |
709,656 |
677,087 |
F - 3
Camtek Ltd. and its Subsidiaries
Six months ended
June 30, | Year ended
December 31, | ||||||||||||||
2023 |
2022 |
2022 | |||||||||||||
Note |
U.S. dollars |
U.S. dollars | |||||||||||||
Revenues |
146,215 |
156,744 |
320,909 | ||||||||||||
Cost of revenues |
77,378 |
76,693 |
161,053 | ||||||||||||
Gross profit |
68,837 |
80,051 |
159,856 | ||||||||||||
Research and development costs |
15,672 |
15,199 |
28,859 | ||||||||||||
Selling, general and administrative expenses |
5A |
24,037 |
24,451 |
49,499 | |||||||||||
39,709 |
39,650 |
78,358 | |||||||||||||
Operating income |
29,128 |
40,401 |
81,498 | ||||||||||||
Financial income, net |
5B |
10,864 |
860 |
6,690 | |||||||||||
Income before income taxes |
39,992 |
41,261 |
88,188 | ||||||||||||
Income tax expense |
(4,208 |
) |
(3,700 |
) |
(8,239 |
) | |||||||||
Net income |
35,784 |
37,561 |
79,949 |
F - 4
Camtek Ltd. and its Subsidiaries
Six months ended
June 30, | Year ended
December 31, | ||||||||||||||
2023 |
2022 |
2022 | |||||||||||||
Note |
U.S. dollars |
U.S. dollars | |||||||||||||
Basic net earnings per share |
0.80 |
0.86 |
1.81 | ||||||||||||
Diluted net earnings per share |
0.74 |
0.78 |
1.66 | ||||||||||||
Weighted average number of ordinary shares outstanding
(in thousands): | |||||||||||||||
Basic |
44,562 |
43,929 |
44,158 | ||||||||||||
Diluted |
48,531 |
48,150 |
48,229 |
F - 5
Camtek Ltd. and its Subsidiaries
Interim Unaudited Condensed Consolidated Statements of Shareholders' Equity
Ordinary Shares |
Number of |
Additional |
Total | |||||||||||||||||||||||||
NIS 0.01 par value |
Treasury |
Treasury |
paid-in |
Retained |
shareholders' | |||||||||||||||||||||||
Number of |
U.S. Dollars |
Shares |
Shares |
earnings |
earnings |
equity | ||||||||||||||||||||||
Shares Issued |
(in thousands) |
U.S. Dollars (in thousands) | ||||||||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
December 31, 2021 |
45,939,019 |
172 |
(2,092,376 |
) |
(1,898 |
) |
176,582 |
118,771 |
293,627 | |||||||||||||||||||
Share-based | ||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||
expense |
- |
- |
- |
- |
5,592 |
- |
5,592 | |||||||||||||||||||||
Exercise of share | ||||||||||||||||||||||||||||
options and RSUs |
416,840 |
2 |
- |
- |
- |
- |
2 | |||||||||||||||||||||
Net income |
- |
- |
- |
- |
- |
37,561 |
37,561 | |||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
June 30, 2022 |
46,355,859 |
174 |
(2,092,376 |
) |
(1,898 |
) |
182,174 |
156,332 |
336,782 | |||||||||||||||||||
Share-based | ||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||
expense |
- |
- |
- |
- |
4,931 |
- |
4,931 | |||||||||||||||||||||
Exercise of share | ||||||||||||||||||||||||||||
options and RSUs |
149,459 |
1 |
- |
- |
- |
- |
1 | |||||||||||||||||||||
Net income |
- |
- |
- |
- |
- |
42,388 |
42,388 | |||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
December 31, 2022 |
46,505,318 |
175 |
(2,092,376 |
) |
(1,898 |
) |
187,105 |
198,720 |
384,102 | |||||||||||||||||||
Share-based | ||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||
expense |
- |
- |
- |
- |
6,521 |
- |
6,521 | |||||||||||||||||||||
Exercise of share | ||||||||||||||||||||||||||||
options and RSUs |
306,186 |
* |
- |
- |
- |
- |
- | |||||||||||||||||||||
Net income |
- |
- |
- |
- |
- |
35,784 |
35,784 | |||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
June 30, 2023 |
46,811,504 |
175 |
(2,092,376 |
) |
(1,898 |
) |
193,626 |
234,504 |
426,407 |
F - 6
Camtek Ltd. and its Subsidiaries
Six months ended
June 30, |
Year ended
December 31, | |||||||||||
2023 |
2022 |
2022 | ||||||||||
U.S. dollars |
U.S. dollars | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income |
35,784 |
37,561 |
79,949 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||
cash provided by operating activities: | ||||||||||||
Depreciation and amortization |
2,406 |
1,849 |
4,094 | |||||||||
Deferred tax expense |
280 |
110 |
(777 |
) | ||||||||
Amortization of debt issuance costs |
547 |
547 |
1,094 | |||||||||
Loss on disposal of fixed assets |
233 |
- |
- | |||||||||
Share based compensation expense |
6,521 |
5,592 |
10,523 | |||||||||
Change in provision for doubtful debts |
- |
- |
(7 |
) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Trade accounts receivable |
1,829 |
(14,252 |
) |
(21,984 |
) | |||||||
Inventories |
171 |
(13,512 |
) |
(9,518 |
) | |||||||
Due from related parties |
- |
(2 |
) |
- | ||||||||
Other assets |
(5,375 |
) |
(2,079 |
) |
(6,337 |
) | ||||||
Trade accounts payable |
(231 |
) |
1,244 |
(2,113 |
) | |||||||
Other current liabilities |
(9,449 |
) |
(4,111 |
) |
2,875 | |||||||
Net cash provided by operating activities |
32,716 |
12,947 |
57,799 | |||||||||
Cash flows from investing activities: | ||||||||||||
Redemption (investment) of short-term deposits |
57,000 |
(179,000 |
) |
(95,500 |
) | |||||||
Investment of long-term deposits
| - |
(15,000 |
) |
(47,000 |
) | |||||||
Purchase of fixed assets |
(4,782 |
) |
(3,786 |
) |
(8,197 |
) | ||||||
Purchase of intangible assets |
(60 |
) |
(28 |
) |
(97 |
) | ||||||
Net cash provided by (used in) investing activities |
52,158 |
(197,814 |
) |
(150,794 |
) |
Cash flows from financing activities: | ||||||||||||
Proceeds from exercise of share options |
- |
2 |
3 | |||||||||
Net cash provided by financing activities |
- |
2 |
3 | |||||||||
Effect of change in exchange rate on cash and cash equivalents |
(243 |
) |
(1,037 |
) |
(795 |
) | ||||||
Net increase (decrease) in cash and cash equivalents |
84,631 |
(185,902 |
) |
(93,787 |
) | |||||||
Cash and cash equivalents at beginning of the period |
148,156 |
241,943 |
241,943 | |||||||||
Cash and cash equivalents at end of the period |
232,787 |
56,041 |
148,156 |
F - 7
Camtek Ltd. and its Subsidiaries
Six months ended
June 30, |
Year ended
December 31, | |||||||||||
2023 |
2022 |
2022 | ||||||||||
U.S. dollars |
U.S. dollars | |||||||||||
Supplementary cash flows information: | ||||||||||||
Income taxes paid |
9,626 |
454 |
11,836 | |||||||||
Interest received |
6,911 |
1,030 |
4,293 | |||||||||
Lease payments |
735 |
689 |
1,480 | |||||||||
Non-cash transactions: | ||||||||||||
Fixed assets purchased with supplier credit |
371 |
680 |
569 |
F - 8
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
A. | Camtek Ltd. ("Camtek" or the "Company"), an Israeli corporation, is jointly controlled 21.5% by Priortech Ltd., an Israeli corporation listed on the Tel-Aviv Stock Exchange and 17.5% by Chroma Ate Inc., a Taiwanese company ("Chroma"). Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing product yield and reliability, and enabling and supporting customers' latest technologies in the semiconductor fabrication industry. |
F - 9
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
F - 10
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
The total share-based compensation expense amounted to $6,521, $5,592, and $10,523 for the six-month periods ended June 30, 2023 and 2022 and the year ended December 31, 2022, respectively.
F - 11
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
US Dollars |
226,172 |
139,644 | ||||||
New Israeli Shekels |
4,416 |
4,008 | ||||||
Other currencies |
2,199 |
4,504 | ||||||
232,787 |
148,156 |
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Components |
34,158 |
43,017 | ||||||
Work in process |
15,444 |
13,951 | ||||||
Finished products (including systems at customer locations not yet sold) |
18,730 |
13,930 | ||||||
68,332 |
70,898 |
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Current assets |
61,207 |
65,541 | ||||||
Long-term assets |
7,125 |
5,357 | ||||||
68,332 |
70,898 |
F - 12
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Interest receivable |
7,048 |
3,979 | ||||||
Prepaid expenses |
4,315 |
3,832 | ||||||
Due from Government institutions |
2,875 |
2,598 | ||||||
Other |
760 |
747 | ||||||
14,998 |
11,156 |
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Land |
863 |
863 | ||||||
Building |
20,345 |
18,490 | ||||||
Machinery and equipment |
22,590 |
19,121 | ||||||
Office furniture and equipment |
997 |
934 | ||||||
Computer equipment and software |
6,218 |
6,256 | ||||||
Automobiles |
396 |
396 | ||||||
Leasehold improvements |
2,080 |
1,894 | ||||||
Right of use assets |
5,845 |
6,087 | ||||||
59,334 |
54,041 | |||||||
Less accumulated depreciation |
22,203 |
20,900 | ||||||
37,131 |
33,141 |
F - 13
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 4 - Supplementary Financial Statements Information (cont'd)
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Patent registration costs |
2,195 |
2,135 | ||||||
Accumulated amortization and impairment |
1,593 |
1,538 | ||||||
Total intangible assets, net |
602 |
597 |
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Commissions |
18,789 |
18,048 | ||||||
Advances from customers and deferred revenues |
7,199 |
12,825 | ||||||
Accrued employee compensation and related benefits |
10,506 |
11,941 | ||||||
Accrued warranty costs (1) |
3,041 |
3,161 | ||||||
Government institutions and income tax payable |
2,844 |
7,991 | ||||||
Accrued expenses |
1,884 |
1,570 | ||||||
Operating lease obligations |
1,266 |
1,297 | ||||||
45,529 |
56,833 |
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Beginning of year |
3,161 |
3,265 | ||||||
Accruals |
2,721 |
5,823 | ||||||
Usage |
(2,841 |
) |
(5,927 |
) | ||||
Balance at end of year |
3,041 |
3,161 |
F - 14
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 4 - Supplementary Financial Statements Information (cont'd)
June 30, |
December 31, | |||||||
2023 |
2022 | |||||||
U.S. Dollars (in thousands) | ||||||||
Liability: | ||||||||
Principle: |
200,000 |
200,000 | ||||||
Unamortized issuance costs |
3,716 |
4,263 | ||||||
Net carrying amount |
196,284 |
195,737 |
F - 15
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 5 - Statements of Operations
A. |
Selling, general and administrative expenses |
Six months ended
June 30, | Year ended
December 31, | |||||||||||
2023 |
2022 |
2022 | ||||||||||
U.S. Dollars (in thousands) | ||||||||||||
Selling (1) |
17,910 |
18,840 |
38,249 | |||||||||
General and administrative |
6,127 |
5,611 |
11,250 | |||||||||
24,037 |
24,451 |
49,499 | ||||||||||
(1) Including shipping and handling costs |
1,025 |
980 |
2,294 |
Six months ended
June 30, | Year ended
December 31, | |||||||||||
2023 |
2022 |
2022 | ||||||||||
U.S. Dollars (in thousands) | ||||||||||||
Interest income |
11,838 |
2,488 |
8,648 | |||||||||
Amortization of issuance costs of convertible notes |
(547 |
) |
(547 |
) |
(1,094 |
) | ||||||
Other, net (1) |
(427 |
) |
(1,081 |
) |
(864 |
) | ||||||
10,864 |
860 |
6,690 | ||||||||||
(1) Including foreign currency expense resulting from transactions not denominated in U.S. Dollars |
(172 |
) |
(871 |
) |
(351 |
) |
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Disclaimer
Camtek Ltd. published this content on 27 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2023 10:07:13 UTC.