ORBOTECH LTD. (NASDAQ/NM SYMBOL: ORBK) today announced its
consolidated financial results for the first quarter ended March
31, 2007. Revenues for the first quarter of 2007 totaled $86.1
million, compared to the $101.4 million recorded in the first
quarter a year ago. Net income for the first quarter of 2007 was
$5.6 million, or $0.17 per share (diluted), compared with net
income for the first quarter of 2006 of $14.1 million, or $0.43 per
share (diluted). Sales of equipment to the printed circuit board
(�PCB�) industry relating to bare PCBs were $35.5 million in the
first quarter of 2007, compared to $40.8 million in the fourth
quarter, and $41.0 million in the first quarter, of 2006. Sales of
flat panel display (�FPD�) inspection equipment were $19.1 million,
compared to $27.8 million in the fourth quarter, and $30.0 million
in the first quarter, of last year. Sales of equipment to the PCB
industry relating to assembled PCBs were $6.8 million, compared to
$8.5 million in the fourth quarter, and $9.2 million in the first
quarter, of last year. Sales of automatic check reading products
were $2.4 million, compared to $3.2 million in the fourth quarter,
and $2.3 million in the first quarter, of 2006. In addition,
service revenue for the first quarter of 2007 was $22.2 million
compared to $22.9 million in the fourth quarter of 2006, and $18.9
million in the first quarter of that year. The Company completed
the quarter with cash, cash equivalents and marketable securities
of approximately $236 million, compared with approximately $270
million at the end of 2006. Non-operating disbursements totaled
approximately $19.0 million, comprised mainly of $16.5 million for
the repurchase of ordinary shares of the Company pursuant to the
Company�s buy-back program under which up to an additional
approximately 620,000 shares may be purchased, and $2.5 million in
capital expenditures. The weakening U.S. Dollar resulted in a
reduction in net income of approximately two cents per share
compared with the fourth quarter of 2006; and, if the Sheqel-Dollar
exchange rate remains at current levels, can be expected to result
in an additional reduction in net income of approximately three
cents per share in the second quarter. While overall revenues from
the Company�s PCB business experienced a temporary decline this
quarter, the Company continues to benefit from high levels of
demand for its Paragon direct imaging system, and recognized
revenue from a record number of systems this quarter. The sustained
success over the long term of the Company�s Discovery PCB-AOI
system has continued to reinforce Orbotech�s leadership position in
the PCB industry. The decrease in revenues from sales of FPD
products was the result of a significant reduction in the level of
capital investment by LCD manufacturers, a trend which is expected
to continue throughout 2007. However, based on the continuing, very
strong demand for LCD televisions, the Company believes that
capital expenditures by LCD manufacturers should pick up towards
the end of 2007 and in 2008. Commenting on the results, Rani Cohen,
Chief Executive Officer, said: �As we expected, our first quarter
operating results mark the beginning of a challenging year.
Nevertheless, we remain optimistic as to the long-term demand for
our principal products, and confident that our ongoing emphasis on
research and development, together with our strong balance sheet,
continue to lay a sound foundation for future growth.� An earnings
conference call is scheduled for Monday, May 7, 2007, at 9:00 a.m.
EDT. The dial-in number for the conference call is 210-234-0001,
and a replay will be available on telephone number 402-998-1330
until May 21, 2007. The pass code is Q1. A live web cast of the
conference call and a replay can also be heard by accessing the
investor relations section on the Company�s website at
www.orbotech.com. About Orbotech Ltd. Orbotech is a world leader in
providing yield-enhancing, production support solutions for
specialized applications in the supply chain of the electronics
industry, principally for printed circuit boards (PCBs) and flat
panel displays (FPDs). The Company designs, develops, manufactures,
markets and services automated optical inspection (AOI) systems for
bare and assembled PCBs and for FPDs, and imaging solutions for PCB
production. The Company�s innovative AOI, imaging and
computer-aided manufacturing (CAM) technologies enable customers to
achieve the increased yields and throughput essential to remaining
at the forefront of electronics production. Through its subsidiary,
Orbograph Ltd., the Company also develops and markets automatic
check reading software to banks and other financial institutions.
Of Orbotech�s employees, more than one quarter are scientists and
engineers, who integrate their multi-disciplinary knowledge,
talents and skills to develop and provide sophisticated solutions
and technologies designed to meet customers� long-term needs.
Orbotech maintains its headquarters and its primary research,
development and manufacturing facilities in Israel, and more than
35 offices worldwide. The Company�s extensive network of marketing,
sales and customer support teams throughout North America, Europe,
the Pacific Rim, China and Japan deliver its knowledge and
expertise directly to customers the world over. For more
information visit www.orbotech.com. Except for historical
information, the matters discussed in this press release are
forward-looking statements that are subject to certain risks and
uncertainties which could cause the actual results to differ
materially from those projected, including industry trends, the
timing and strength of product and service offerings, changes in
business or pricing strategies, changes in the prevailing political
and regulatory framework in which the relevant parties operate or
in economic or technological trends or conditions, including
currency fluctuations, inflation and consumer confidence, on a
global, regional or national basis and other risks detailed from
time to time in the Company�s SEC reports. The Company assumes no
obligation to update the information in this press release.
ORBOTECH LTD. CONDENSED CONSOLIDATED BALANCE SHEET AT MARCH 31,
2007 � March 31 December 31 2007� 2006� U. S. dollars in thousands
Assets � CURRENT ASSETS: Cash and cash equivalents 162,331�
187,187� Marketable securities 36,404� 41,373� Accounts receivable:
Trade 151,980� 142,444� Other 18,467� 21,572� Deferred income taxes
3,651� 3,369� Inventories 80,564� 78,349� Total current assets
453,397� 474,294� � INVESTMENTS AND NON-CURRENT ASSETS: Marketable
securities 37,339� 41,100� Other long-term Investments 6,670�
7,106� Non-current trade receivables 652� 738� Severance pay fund
13,399� 15,617� Deferred income taxes 1,650� 1,684� � � 59,710�
66,245� � PROPERTY, PLANT AND EQUIPMENT, net of accumulated
depreciation and amortization 20,611� 20,124� � GOODWILL AND OTHER
INTANGIBLE ASSETS, net of accumulated amortization 14,205� 14,350�
� � 547,923� 575,013� � Liabilities and shareholders' equity �
CURRENT LIABILITIES: Accounts payable and accruals: Trade 27,473�
33,448� Deferred income 19,102� 19,967� Other 30,255� 49,420� Total
current liabilities 76,830� 102,835� � ACCRUED SEVERANCE PAY
27,414� 29,762� DEFERRED TAX LIABILITY 10,215� � Total liabilities
114,459� 132,597� � MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY
956� 914� � SHAREHOLDERS' EQUITY: Share capital 1,685� 1,680�
Additional paid-in capital 135,441� 132,578� Retained earnings
350,533� 345,859� Accumulated other comprehensive income 26� 7�
487,685� 480,124� Less treasury stock, at cost (55,177) (38,622)
Total shareholders' equity 432,508� 441,502� � � 547,923� 575,013�
ORBOTECH LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE
THREE MONTH PERIOD ENDED MARCH 31, 2007 12 months 3 months ended
ended March 31 December 31 2007� 2006� 2006� U.S. dollars in
thousands (except per share data) � REVENUES 86,105� 101,402�
416,469� � COST OF REVENUES 49,883� 55,623� 226,908� � � � GROSS
PROFIT 36,222� 45,779� 189,561� � RESEARCH AND DEVELOPMENT COSTS -
net 15,575� 13,993� 60,473� � SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 16,395� 16,569� 68,942� � AMORTIZATION OF OTHER INTANGIBLE
ASSETS 145� 145� 580� � RESTRUCTURING CHARGES 3,332� � � �
OPERATING INCOME 4,107� 15,072� 56,234� � FINANCIAL INCOME - net
2,691� 1,289� 7,404� � WRITE-DOWN OF LONG-TERM INVESTMENTS (205) �
� � INCOME BEFORE TAXES ON INCOME 6,798� 16,361� 63,433� � TAXES ON
INCOME 963� 2,054� 7,893� � � � INCOME FROM OPERATIONS OF THE
COMPANY AND ITS SUBSIDIARIES AND JOINT VENTURE 5,835� 14,307�
55,540� � MINORITY INTEREST IN PROFITS OF CONSOLIDATED SUBSIDIARY
(42) (50) (255) � SHARE IN LOSSES OF AN ASSOCIATED COMPANY (223)
(140) (315) � � � NET INCOME 5,570� 14,117� 54,970� � � EARNINGS
PER SHARE: BASIC $0.17� $0.43� $1.66� � DILUTED $0.17� $0.43�
$1.65� � � WEIGHTED AVERAGE NUMBER OF SHARES (IN THOUSANDS) USED IN
COMPUTATION OF EARNINGS PER SHARE: BASIC 33,171� 32,513� 33,105� �
DILUTED 33,331� 33,016� 33,399�
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