ORBOTECH LTD. (NASDAQ/NM SYMBOL: ORBK) today announced its
consolidated financial results for the fourth quarter and full year
ended December 31, 2007. Revenues for the fourth quarter of 2007
were $103.6 million, compared to $82.3 million recorded in the
third quarter of 2007 and $103.3 million in the fourth quarter of
2006. Net loss for the fourth quarter of 2007 was $1.1 million, or
$0.03 per share (diluted), compared to net income of $0.4 million,
or $0.01 per share (diluted), in the third quarter of 2007, and net
income of $9.4 million, or $0.28 per share (diluted), in the fourth
quarter of 2006. Net loss for the fourth quarter of 2007 reflects:
(a) $1.9 million of amortization of intangible assets arising
principally from the acquisitions of 3 D - Danish Diagnostic
Development A/S (�DDD�) and New System Srl during 2007 (compared to
amortization of $2.3 million in the third quarter of 2007 and $0.1
million in the fourth quarter of 2006); (b) $0.9 million of
share-based compensation expenses in the fourth quarter of 2007
without reduction in income taxes (compared to $1.4 million in the
third quarter of 2007 and $0.8 million in the fourth quarter of
2006 - both without reduction in income taxes); (c) an impairment
charge of $4.7 million relating to a write-down of the goodwill and
intellectual property of Orbotech Medical Solutions Ltd; and (d) a
follow-on restructuring charge of $0.5 million in connection with
the Company�s 2006 program to centralize its assembled PCB research
and development activities at corporate headquarters in Israel
(compared to the original restructuring charge of $3.3 million in
the fourth quarter of 2006). Revenues for the year ended December
31, 2007 totaled $360.7 million, compared to $416.5 million
recorded in 2006. Net income for the year ended 2007 was $1.5
million, or $0.04 per share (diluted), compared to net income of
$55.0 million, or $1.65 per share (diluted), for the year ended
December 31, 2006. Sales of equipment to the printed circuit board
(�PCB�) industry relating to bare PCBs in the fourth quarter of
2007 were $50.0 million, compared to $37.2 million in the third
quarter of 2007 and $40.8 million in the fourth quarter of 2006.
Sales of flat panel display (�FPD�) inspection equipment in the
fourth quarter of 2007 were $10.6 million, compared to $8.8 million
in the third quarter of 2007 and $27.8 million in the fourth
quarter of 2006. Sales of equipment to the PCB industry relating to
assembled PCBs in the fourth quarter of 2007 were $8.3 million,
compared to $5.7 million in the third quarter of 2007 and $8.5
million in the fourth quarter of 2006. Sales of automatic check
reading products in the fourth quarter of 2007 were $3.6 million,
compared to $2.9 million in the third quarter of 2007 and $3.2
million in the fourth quarter of 2006. Sales of medical imaging
equipment in the fourth quarter of 2007 were $6.1 million, compared
to $3.4 million in the period from the date of acquisition of DDD
(August 6, 2007) to the end of the third quarter of 2007. In
addition, service revenue for the fourth quarter increased to $25.0
million from $24.3 million recorded in the third quarter of 2007
and $22.9 million in the fourth quarter of 2006. The Company
completed the quarter with cash, cash equivalents and marketable
securities of approximately $206 million, compared to approximately
$198 million at the end of the third quarter. The Company had a
positive operating cash flow for the quarter of approximately $10.5
million. Non-operating disbursements totaled approximately $3.2
million, comprised of investments in fixed assets. The Company�s
marketable securities currently include approximately $33 million
of Auction Rate Securities which are tied to student loans. These
securities have experienced a lack of liquidity during the last
week. The Company believes that there is no credit risk attached to
these funds, and that the Company�s other available cash and cash
equivalents are sufficient to meet its cash needs for the next
twelve months. Revenues from bare and assembled PCB-related
products increased significantly in the fourth quarter, reflecting
strong customer demand in these areas of the Company�s business. A
record of 26 Paragon solid state laser direct imaging systems were
sold during the quarter, bringing Paragon sales for 2007 to an
annual record of 97 systems. During the quarter, the Company also
sold six Maxiprint legend ink jet printer systems, which were
developed by the Company�s recently acquired Italian subsidiary,
New System Srl. The Company recorded annual FPD revenues for 2007
of $49.7 million, which was in line with expectations. As a result
of strong demand for panels and the stabilization of panel prices
during the fourth quarter, LCD customers have reportedly finalized
their plans for new fabrication facilities to be constructed during
2008 and 2009. This is reflected in the Company�s record bookings
during the quarter, which included primarily large orders from
first-tier LCD manufacturers. Research and development expenses
increased by approximately $3 million during the quarter, as the
Company invested significantly in new products and solutions for
both the PCB and FPD industries, which continue to constitute the
core of the Company�s business and to hold substantial opportunity.
The Company also incurred a fourth quarter impairment charge of
$4.7 million relating to the goodwill and intellectual property
associated with its CZT development and production business
acquired in March 2005, following a determination that the carrying
value of that goodwill and intellectual property exceeded its fair
value. Commenting on the results, Rani Cohen, Chief Executive
Officer, said: �Our financial results for 2007 as a whole reflect
the challenging environment experienced during the year by the
industries in which we operate, particularly in the case of flat
panel display manufacturers. During the year we increased our
investments in the research and development of new products,
including inspection and production solutions for both PCB and FPD
manufacturers, and the Company has new product releases scheduled
for 2008. Looking forward, PCB manufacturers are planning expansion
programs, although these could be impacted by the uncertain global
economic environment. FPD manufacturers are accelerating their
investment plans, due partly to an anticipated shortage in display
panels, and also in reflection of the underlying strength of this
industry. Orbotech is entering 2008 with an outstanding product
portfolio in all areas of its business, and we believe that this,
together with our continued close monitoring of operating expenses,
should enable us to maintain our position as the leading provider
of yield-enhancing, production support solutions for the industries
we serve, and improve our profitability.� An earnings conference
call is scheduled for Tuesday, February 19, 2008, at 9:00 a.m. EST.
The dial-in number for the conference call is 210-234-0003, and a
replay will be available at 203-369-3227, until March 4, 2008. The
pass code is Q4. A live web cast of the conference call 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. In addition, the Company is engaged in the
development and manufacture of specialized application products for
the nuclear medical imaging industry. 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 30 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 DECEMBER 31,
2007 � � December 31 December 31 2 0 0 7 � 2 0 0 6 � U. S. dollars
in thousands A s s e t s � CURRENT ASSETS: Cash and cash
equivalents 120,913 187,187 Marketable securities 52,713 41,373
Accounts receivable: Trade 151,173 142,444 Other 22,964 21,572
Deferred income taxes 4,317 3,369 Inventories 77,570 � 78,349 � T o
t a l current assets 429,650 � 474,294 � � INVESTMENTS AND
NON-CURRENT ASSETS: Marketable securities 32,410 41,100 Other
long-term Investments 780 7,106 Non-current trade receivables 231
738 Severance pay fund 14,099 15,617 Deferred income taxes 843
1,684 � � 48,363 � 66,245 � � PROPERTY, PLANT AND EQUIPMENT, net of
accumulated depreciation and amortization 28,142 � 20,124 � �
GOODWILL AND OTHER INTANGIBLE ASSETS, net of accumulated
amortization 67,016 � 14,350 � � � 573,171 � 575,013 � �
Liabilities and shareholders' equity � CURRENT LIABILITIES:
Accounts payable and accruals: Trade 34,405 33,448 Deferred income
15,445 19,967 Other 37,194 � 49,420 � T o t a l current liabilities
87,044 102,835 � ACCRUED SEVERANCE PAY 28,610 29,762 DEFERRED TAX
LIABILITY 16,565 � � T o t a l liabilities 132,219 � 132,597 � �
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY 1,330 � 914 � �
SHAREHOLDERS' EQUITY: Share capital 1,699 1,680 Additional paid-in
capital 144,991 132,578 Retained earnings 346,447 345,859
Accumulated other comprehensive income 3,677 � 7 � 496,814 480,124
Less treasury stock, at cost (57,192 ) (38,622 ) T o t a l
shareholders' equity 439,622 � 441,502 � � � 573,171 � 575,013 �
ORBOTECH LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE
TWELVE MONTH AND THREE MONTH PERIODS ENDED DECEMBER 31, 2007 � � �
� � � 12 months ended 3 months ended December 31 December 31 � 2 0
0 7 � � 2 0 0 6 � 2 0 0 7 � � 2 0 0 6 � U.S. dollars in thousands
(except per share data) � REVENUES 360,662 416,469 103,621 103,303
� COST OF REVENUES: COST 210,616 226,908 61,124 57,176 WRITE DOWN
OF INVENTORY 4,821 � � � � GROSS PROFIT 145,225 189,561 42,497
46,127 � RESEARCH AND DEVELOPMENT COSTS - net 67,923 60,473 19,454
16,769 � SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 66,989 68,942
18,022 17,335 � AMORTIZATION OF OTHER INTANGIBLE ASSETS 4,728 580
1,947 145 � RESTRUCTURING CHARGES 510 3,332 510 3,332 � IMPAIRMENT
OF GOODWILL AND INTELLECTUAL PROPERTY 4,739 4,739 � � � � OPERATING
INCOME (LOSS) 336 56,234 (2,175 ) 8,546 � FINANCIAL INCOME - net
9,110 7,404 1,629 2,478 � WRITE-DOWN OF LONG-TERM INVESTMENTS
(5,000 ) (205 ) � � � � INCOME (LOSS) BEFORE TAXES ON INCOME 4,446
63,433 (546 ) 11,024 � TAXES ON INCOME 2,280 7,893 455 1,310 �
INCOME (LOSS) FROM OPERATIONS OF THE COMPANY AND � � � � ITS
SUBSIDIARIES AND JOINT VENTURE 2,166 55,540 (1,001 ) 9,714 �
MINORITY INTEREST IN PROFITS OF CONSOLIDATED SUBSIDIARY (416 ) (255
) (242 ) (202 ) � SHARE IN PROFITS (LOSSES) OF AN ASSOCIATED
COMPANY (266 ) (315 ) 109 (128 ) � � � � NET INCOME (LOSS) � 1,484
� � 54,970 � (1,134 ) � 9,384 � � EARNINGS (LOSS) PER SHARE: BASIC
$ 0.04 � $ 1.66 � ($0.03 ) $ 0.28 � � DILUTED $ 0.04 � $ 1.65 �
($0.03 ) $ 0.28 � � � WEIGHTED AVERAGE NUMBER OF SHARES (IN
THOUSANDS) USED IN COMPUTATION OF EARNINGS PER SHARE: BASIC �
33,091 � � 33,105 � 33,177 � � 33,366 � � DILUTED � 33,190 � �
33,399 � 33,177 � � 33,748 �
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