Camtek Announces Record Results For The Fourth Quarter And Full

Camtek Announces Record Results For The Fourth Quarter And Full Year Of 2020

Net income per ordinary share:
	Year ended December 31,		Three Months ended December 31,
	2020	2019	2020	2019
	U.S. dollars		U.S. dollars

Basic earnings from continuing operation	0.55	0.55	0.19	0.12

Basic earnings from discontinued
operation *	-	0.03	-	-

Basic net earnings	0.55	0.58	0.19	0.12

Diluted earnings from continuing
operation	0.54	0.54	0.18	0.12

Diluted earnings from discontinued
operation *	-	0.03	-	-

Diluted net earnings	0.54	0.57	0.18	0.12

Weighted average number of
ordinary shares outstanding:

Basic	39,383	37,626	40,894	38,630

Diluted	40,372	38,432	41,964	39,497

Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)
	Year ended December 31,		Three Months ended December 31,
	2020	2019	2020	2019
	U.S. dollars		U.S. dollars

Reported net income attributable to Camtek Ltd. on GAAP basis	21,778	21,986	7,666	4,607
Share-based compensation	4,224	2,892	1,171	824
Chroma transaction expenses (1)	-	136	-	-
Attributable to discontinued operations	-	(1,163)	-	-
Non-GAAP net income	26,002	23,851	8,837	5,431

Non–GAAP net income per diluted share	0.63	0.62	0.21	0.14
Gross margin on GAAP basis	47.0%	48.3%	47.9%	47.7%
Reported gross profit on GAAP basis	73,321	64,784	23,306	15,841
Share-based compensation	429	292	121	85
Non-GAAP gross margin	47.3%	48.6%	48.2%	48.0%
Non-GAAP gross profit	73,750	65,076	23,427	15,926

Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis	22,624	21,972	8,025	4,588
Share-based compensation	4,224	2,892	1,171	824
Chroma transaction expenses (1)	-	136	-	-
Non-GAAP operating income	26,848	25,000	9,196	5,412




(1) In the second and third quarters of 2019, certain transaction expenses were incurred in relation to the technological cooperation agreement with Chroma. These were recorded under operating expenses.