Camtek Provides Business Update in View of the Coronavirus Pandemic
April 14, 2020 | CamtekEstimated reading time: 1 minute
Camtek Ltd. recently 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 facilitiesto 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.
Suggested Items
Real Time with... IPC APEX EXPO 2024: AI Implementation at Omron
04/18/2024 | Real Time with...IPC APEX EXPOEditor Nolan Johnson and Omron Product Manager Nick Fieldhouse discuss the company's focus on AI implementation to enhance customer experience and results. They address programming challenges and how AI can help customers achieve better outcomes with less experience. Omron's AI is compatible with existing systems, facilitating easy upgrades.
Cadence Unveils Palladium Z3 and Protium X3 Systems
04/18/2024 | Cadence Design SystemsThe Palladium Z3 and Protium X3 systems offer increased capacity, and scale from job sizes of 16 million gates up to 48 billion gates, so the largest SoCs can be tested as a whole rather than just partial models, ensuring proper functionality and performance.
Ark Electronics Expands Global Manufacturing Factory Network in North America and Europe
04/17/2024 | PRNewswireElectronic Manufacturing Company Ark Electronics recently announced the expansion of its Global Factory Network with the addition of Electronics Manufacturing Service (EMS) capabilities in Mexico and Europe.
New Yorker, Geyer Electronic Sign New Distribution Agreement
04/16/2024 | New Yorker Electronics Co.New Yorker Electronics, global distributor of electronic components, recently announced a new franchised distribution agreement with Geyer Electronic. Geyer is an international manufacturer of Quart Crystals, Oscillators and Resonators.
New Version of MVTec HALCON Machine Vision Software Focuses on Usability, Strengthening Core Features
04/16/2024 | MVTec Software GmbHMVTec Software GmbH, a leading international manufacturer of machine vision software, will release the new version 24.05 of its HALCON standard machine vision software on May 16.