The dual CamTech company today announced its financial results for the second quarter of 2020. The company’s revenues in the second quarter of 2020 amounted to $ 37 million, an increase of 8% compared to revenues of $ 34.3 million in the second quarter of 2019.
GAAP-based gross profit in the second quarter was $ 16.9 million, which is 45.8% of revenue, an increase of 2% compared to a gross profit of $ 16.6 million which is about 8.2% of revenue in the corresponding quarter last year.
GAAP net income in the second quarter of 2020 was $ 5.3 million or 13 cents per fully diluted share, compared to $ 7.2 million GAAP net income or 19 cents per full diluted share in the second quarter of 2019. Non-full earnings. GAAP totaled $ 6.3 million or 16 cents per share in full dilution in the second quarter of 2020, compared to net income on a non-GAAP basis of $ 6.7 million or 18 cents per fully diluted share in the second quarter of 2019.
As of June 30, 2020, CamTech had $ 101.5 million in cash, cash equivalents and short-term deposits, compared to $ 89.5 million as of December 31, 2019. During the quarter, the Company generated a positive cash flow of $ 11.1 million, $ 7.6 million Of these, advance payments are from customers.
The Company has issued forecasts for the rest of the year, according to which based on the orders received, the Company’s management expects continued revenue growth and improvement in profitability in the third quarter. The company’s management expects third-quarter revenue to total $ 38-39 million.
Rafi Amit, CEO of CamTech, said: “The results of the second quarter of CamTech reflect the ongoing demand for our products, especially in Asia. We have increased our market share in 2D testing mainly due to the significant improvement in our system performance and competitiveness in all 2D applications.
In addition, we benefit from our strategy in which local professional teams can independently install and support machines in all the territories in which we operate. This strategy allows us to continue to grow even during the corona plague.
Mr. Amit continued, “Second quarter revenue has reached record levels, and our customers’ continued demand for a variety of applications indicates a strong third quarter, with an encouraging backlog of orders for the fourth quarter.