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Orbotech Announces First Quarter 2011 Results And Updates Guidance

Stocks in this article: ORBK

ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the first quarter ended March 31, 2011.

Commenting on the strong quarter, Rani Cohen, President and Chief Executive Officer, said: “Our solid performance in the first quarter of 2011 reflects our position as a leading supplier of enabling and essential tools for the production of advanced and sophisticated electronic devices. During the quarter, we achieved several important new product milestones. We received acceptances of our new Generation 8 EVision FPD-AOI system. We also made initial deliveries of our Emerald-100 UV laser drilling solution for high-end PCBs and IC substrates, a system which is capable of achieving significantly higher drill speeds and superior accuracy than other currently available solutions. Additionally, we received the first order for our newly-developed product for the deposition of anti-reflective coating on crystalline silicon photovoltaic wafers for solar energy panels, and we expect to recognize revenue from this product early in 2012. We believe that this quarter is indicative of what we expect to be a successful year for the Company.”

Revenues for the first quarter of 2011 totaled $134.2 million, compared to $128.4 million in the fourth quarter, and $100.0 million in the first quarter, of 2010. GAAP net income for the first quarter of 2011 was $11.2 million, or $0.31 per share (diluted), compared to GAAP net income of $4.0 million, or $0.11 per share (diluted) for the fourth quarter of 2010 and GAAP net income of $1.6 million, or $0.05 per share (diluted), in the first quarter of 2010. GAAP net income from continuing operations for the first quarter of 2011 was $11.1 million, or $0.30 per share (diluted), compared to GAAP net income from continuing operations of $6.0 million, or $0.17 per share (diluted) for the fourth quarter of 2010 and GAAP net income from continuing operations of $3.6 million, or $0.10 per share (diluted), in the first quarter of 2010.

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