Non-GAAP net income from continuing operations for the first quarter of 2011 was $15.2 million, or $0.42 per share (diluted), compared to non-GAAP net income from continuing operations of $8.5 million, or $0.24 per share (diluted), in the first quarter of 2010. A reconciliation of each of the Company’s non-GAAP measures to the comparable GAAP measure is included at the end of this press release.
The strong trend in demand for tablets, smartphones and other electronic devices continued into the first quarter of 2011, leading to strong demand for the Company’s printed circuit board (“ PCB”) inspection and production solutions, in particular its laser direct imaging tools. The Company believes that direct imaging systems will continue to be one of the main growth drivers in 2011, and expects to sell in excess of 170 such systems during the year, compared with the 107 systems sold in 2010.
Turning to the flat panel display (“ FPD”) industry, while some manufacturers are considering the timing of their investments in new fabrication plants, others continue to pursue the build-up of new manufacturing plants in China. Elsewhere, FPD manufacturers are continuing their investments in facilities for small-to-mid size panels and in new technologies. The recent acceptances of the Company’s new Generation 8 EVision FPD-AOI system, together with its latest array checker and array saver systems, have positioned the Company to continue to provide best-in-class and optimum solutions for manufacturers of FPDs of all dimensions and technologies.
Sales of equipment to the PCB industry were $57.0 million in the first quarter of 2011, compared to $50.1 million in the fourth quarter of 2010, and $38.3 million in the first quarter of 2010. Sales of equipment to the FPD industry were $43.2 million, compared to $42.7 million in the fourth quarter of 2010, and $33.9 million in the first quarter of last year. Sales of character recognition products were $1.4 million in the first quarter of 2011, compared to $2.5 million in the fourth quarter of 2010, and $1.5 million recorded in the first quarter of 2010. In addition, service revenue for the first quarter of 2011 was $32.6 million, compared to $33.1 million in the fourth quarter of 2010, and $26.2 million in the first quarter of 2010.
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