ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the second quarter and sixth months ended June 30, 2011.
Commenting on the second quarter, Rani Cohen, President and Chief Executive Officer, said: “We recorded a strong quarter, with revenue results on track and improved margins. Demand in the primary industries that we serve remains healthy; and we are pursuing significant additional opportunities within the electronic component manufacturing and other adjacent industries. We have already begun to deploy some of these solutions to touch screen manufacturers. Overall, we are encouraged by the current positive business environment in the electronics industry and believe that we will post a strong second half of 2011.”
The Company’s printed circuit board (“
”) business continues to benefit from strong consumer demand for complex and sophisticated mobile electronic devices such as smart phones, tablets and ultra-thin laptop computers. The growing intricacy of these devices and their embedded components has led to increased demand for Orbotech’s sophisticated manufacturing solutions, especially its laser direct imaging tool. In early July, the Company received acceptance for its new Emerald UV laser drilling system and will recognize initial revenues from this product in the third quarter of 2011.
During the second quarter, the Company delivered its leading flat panel display (“
”) solutions to several major manufacturers in China and received new orders for applications for mobile devices, as well as preliminary indications of new mobile-related investments. The Company is also seeing the emergence of a growing opportunity for sales based on its existing installed base, as manufacturers upgrade existing plants that have older applications with newer, more demanding applications, such as those required for mobile devices.
Revenues for the second quarter of 2011 totaled $153.4 million, compared to $134.2 million in the first quarter of 2011 and $144.9 million in the second quarter of 2010. GAAP net income for the second quarter of 2011 was $18.9 million, or $0.48 per share (diluted), compared to GAAP net income of $11.2 million, or $0.31 per share (diluted) for the first quarter of 2011 and GAAP net income of $12.4 million, or $0.35 per share (diluted), in the second quarter of 2010. GAAP net income from continuing operations for the second quarter of 2011 was $17.6 million, or $0.45 per share (diluted), compared to GAAP net income from continuing operations of $11.1 million, or $0.30 per share (diluted) for the first quarter of 2011 and GAAP net income from continuing operations of $14.1 million, or $0.39 per share (diluted), in the second quarter of 2010.