MIGDAL HAEMEK, Israel,
April 7, 2020 /PRNewswire/ --
Camtek Ltd. (NASDAQ: CAMT); (TASE: CAMT),
today announced that, in view of the Coronavirus pandemic,
management has decided to provide a business update.
First quarter 2020 shipments of machines from Israel to customers amounted to approximately
$33 million, in line with the
company's original guidance for the quarter. However, revenues are
expected to be approximately $30
million. Coronavirus caused delays in installations and as
the company recognizes system revenue after installation, it
impacted revenue recognition of a number of systems which were
delivered but installation was not completed during the first
quarter. There were several reasons for our inability to install
the systems on customers' sites including a significant drop in the
number of flights available, some customers requiring our engineers
to stay in quarantine for several days before entering their
facilities to perform the installation, as well as other
restrictions imposed by some countries and regions.
Regarding the second quarter: as reflected by yesterday's
announcement regarding the $8 million
order, the company is currently experiencing a strong business
momentum. The demand we see from our customers and the orders on
hand for various applications point to a strong second quarter,
which is within our capacity and execution potential. We are well
organized and making all efforts to execute our plan. However, it
is difficult to anticipate the full magnitude of the Coronavirus
crisis and the actual impact it may have on the company's ability
to build, ship and install systems during the second quarter.
Rafi Amit Camtek's CEO commented, "We are happy to report
that, to the best of our knowledge, all our employees around the
world are well, and our customers in Asia are in the process of getting back to
working as usual. They have not postponed orders and are even
pushing us to make timely delivery of their orders. In Israel, we are currently defined as a
Critical Manufacturer. This allows us to continue our
operations to ensure business continuity. At the same time, we are
taking every precaution to protect and ensure the safety of our
employees. To date, we have been able to manage our supply chain. I
wish everyone throughout the world who is suffering from the virus
a speedy recovery and hope this reality will be behind us soon,"
concluded Mr. Amit.
ABOUT CAMTEK LTD.
Camtek is a leading manufacturer of metrology and inspection
equipment serving the Advanced Interconnect Packaging, Memory, CMOS
Image Sensors, MEMS, RF and other segments of the semiconductor
industry.
Camtek provides dedicated Inspection solutions and crucial
yield-enhancement data, enabling manufacturers to improve yield and
drive down their production costs.
With eight offices around the world, Camtek has best-in-class
sales and customer support organization, providing tailor-made
solutions in line with customers' requirements.
This press release is available
at http://www.camtek.com
This press release may contain projections or other
forward-looking statements regarding future events or the future
performance of the Company. These statements are only predictions
and may change as time passes. Camtek does not assume any
obligation to update that information. It is important to note,
there is no way to predict how the coronavirus situation will
evolve further and impact Camtek's business. Actual events or
results may differ materially from those projected, including as a
result of changing industry and market trends, reduced demand for
our products, the timely development of new products and their
adoption by the market, increased competition in the industry,
the length and severity of the recent COVID-19 (coronavirus)
outbreak, including its impacts across our businesses on demand,
operations and our global supply chains ,, intellectual property
litigation, price reductions as well as due to risks identified in
the documents filed by the Company with the SEC.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972-4-604-8308
Mobile: +972-54-900-7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft
Tel: (US) +1-646-201-9246
camtek@gkir.com
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SOURCE Camtek Ltd