Orbotech Updates Third Quarter 2008 Revenue Estimate
2008年10月13日 - 5:04PM
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ORBOTECH LTD. (NASDAQ/NM SYMBOL: ORBK) is today revising its
previous estimate regarding revenues in the third quarter of 2008.
Recently certain of the Company�s PCB customers have deferred
deliveries for the Company�s PCB systems, due to the increased
continuing difficulties which they are facing in securing credit
facilities in respect of previously-confirmed orders. However, the
Company has not experienced any changes in current deliveries,
orders or backlog for its FPD inspection products. Principally as a
result of the recent developments in the Company�s PCB business,
Orbotech currently estimates overall revenues in the third quarter
of 2008 at approximately $90-95 million, which is 10-15% less than
previously anticipated, and expects to report a moderate net loss
for the quarter. In light of the current highly uncertain worldwide
economic conditions, of which the above deferrals are symptomatic,
the Company has recently adopted measures designed to re-align its
infrastructure. Orbotech will, as planned, continue to tailor its
investments to support planned growth and provide superior
equipment and service and support solutions for its customers, both
of which the Company considers critical to maintaining its strong
positions in the industries which it serves. Commenting on this
announcement, Rani Cohen, Chief Executive Officer, said: �The
decline in our third quarter 2008 revenues reflects the very high
levels of uncertainty currently prevailing throughout the global
economy. We do not believe that this in any way relates to the
quality and technical superiority of the Company�s products or its
high standard of provision of service and customer support.
Furthermore, the Company maintains confidence in the long-term
strength of the PCB and FPD industries, and its ability to preserve
its own leadership position.� Mr. Cohen added: �The Company places
a very high priority on the management of its cash flows. Our
proven ability to manage cash, including in times of difficulty,
will be a critical factor in enabling the Company to emerge
strongly from the current period of uncertainty.� The Company will
discuss these matters during its conference call for the third
quarter 2008 results, which is scheduled for Monday, November 17,
2008, at 9:00 a.m. EDT. About Orbotech Ltd. Orbotech is principally
engaged in the design, development, manufacture, marketing and
service of yield-enhancing and production solutions for specialized
applications in the supply chain of the electronics industry.
Orbotech�s products include automated optical inspection (�AOI�)
and process control systems for bare and assembled printed circuit
boards (�PCB�s), imaging solutions for PCB production and AOI, test
and repair systems for flat panel displays (�FPD�s). Orbotech also
markets computer-aided manufacturing and engineering (�CAM�)
solutions for PCB production. In addition, through its subsidiary,
Orbograph Ltd., Orbotech develops and markets automatic check
reading solutions to banks and other financial institutions, and
has developed a proprietary technology for web-based,
location-independent data entry for check processing and forms
processing; and, through its subsidiaries, Orbotech Medical Denmark
A/S and Orbotech Medical Solutions Ltd., is engaged in the research
and development, manufacture and sale of specialized products for
application in medical nuclear imaging. 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. Orbotech�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,
credit availability 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.
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