Camtek Announces Results For The Third Quarter Of 2020

This press release provides financial measures that exclude: (i) share based compensation expenses; (ii) certain Chroma transaction expenses; and (iii) discontinued operations, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.

CAMTEK LTD. and its subsidiaries Consolidated Balance Sheets
(In thousands)


	September 30,		December 31,
	2020		2019
	U.S. Dollars (In thousands)
Assets

Current assets
Cash and cash equivalents		26,042		38,047
Short-term deposits		80,000		51,500
Trade accounts receivable, net		33,747		31,443
Inventories		34,436		23,803
Other current assets		3,032		2,909

Total current assets		177,257		147,702


Fixed assets, net		18,886		18,526

Long term inventory		4,090		2,791
Deferred tax asset, net		8		746
Other assets, net		80		113
Intangible assets, net		619		491

		4,797		4,141

Total assets		200,940		170,369

Liabilities and shareholders' equity

Current liabilities
Trade accounts payable	20,468			11,334
Other current liabilities	24,283			20,272

Total current liabilities	44,751			31,606

Long term liabilities
Other long term liabilities	2,191			2,461
	2,191			2,461

Total liabilities	46,942			34,067

Commitments and contingencies

Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at September 30, 2020 and at December 31, 2019;
41,303,757 issued shares at September 30, 2019 and 40,742,355 at December 31, 2019;
39,211,381 shares outstanding at September 30, 2020 and 38,649,979 at December 31, 2019	159			157
Additional paid-in capital	104,909			101,327
Retained earnings	50,828			36,716
	155,896			138,200
Treasury stock, at cost (2,092,376 as of September 30, 2020 and December 31, 2019)	(1,898)			(1,898)

Total shareholders' equity	153,998			136,302

Total liabilities and shareholders' equity	200,940			170,369

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