MIGDAL HAEMEK, ISRAEL -- Camtek reported first-quarter revenue rose 56% year-over-year to $27.5 million on increased demand from existing customers and new program wins.

For the period ended March 31, the maker of AOI systems for printed circuit board and semiconductor inspection reported net income of $2.4 million, up from a net loss of $900,000 in the year-ago quarter.

The gross margin was 46.6%, and GAAP operating income was $3 million, versus a loss of $400,000 last year.

Chief executive Roy Porat guided for second-quarter sales of $27 million to $29 million.