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Orbotech Announces Third Quarter 2011 Results

Stocks in this article: ORBK

ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2011.

Commenting on the quarter, Rani Cohen, President and Chief Executive Officer, said: “We recorded a successful third quarter, both in terms of revenue and net income. We continue to develop and tailor our technological roadmap. As part of our efforts to enable our customers to meet the increasingly demanding inspection and production challenges they face with the advent of ever more sophisticated mobile devices, we are today separately announcing the introduction of new solutions across several areas of our PCB and ECM offerings. At the same time, mindful of both the prevailing mood of macro-economic uncertainty and the sharp decline in capital expenditure in the FPD industry, we are closely monitoring our operating expenditures and inventories to ensure that our infrastructure remains fully aligned to any business conditions.”

The existing global economic uncertainty has impacted commercial and consumer spending, causing a number of printed circuit board (“ PCB”) manufacturers to delay the receipt of new manufacturing equipment, which, in turn, led to slightly lower sequential PCB equipment revenues for the Company in the third quarter. At the same time, the continued strong consumer sales of mobile devices gave rise to additional revenues from opportunities realized in the electronics component manufacturing (“ ECM”) industry, particularly in the touch screen area where the Company’s revenues continue to increase sequentially. During the quarter the Company sold a record number of laser-based direct imaging systems and also recognized initial revenues from its new Emerald UV laser drilling system, which the Company anticipates will form a strategic part of its PCB product portfolio in 2012 and beyond.

Manufacturers of flat panel displays (“ FPD”s) continue to experience lower utilization rates due to the weak demand for liquid crystal display (“ LCD”) televisions. As a result, LCD manufacturers have been scaling back their capital expenditure plans for LCD televisions, as evidenced by the very low overall order activity; a state of affairs which is expected to continue through the first half of 2012. On the other hand, the Company continued to receive new orders for FPD equipment for use in the manufacture of mobile devices; and there are preliminary indications of new mobile-related fabrication plant investments as manufacturers upgrade existing plants to cater for newer, more demanding applications in this part of the industry.

Revenues for the third quarter of 2011 totaled $144.4 million, compared to $153.4 million in the second quarter of 2011 and $156.1 million in the third quarter of 2010. GAAP net income for the third quarter of 2011 was $14.7 million, or $0.34 per share (diluted), compared to GAAP net income of $18.9 million, or $0.48 per share (diluted) for the second quarter of 2011 and GAAP net income of $16.1 million, or $0.45 per share (diluted), in the third quarter of 2010.

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