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Orbotech Announces Third Quarter 2011 Results

Revenues for the first nine months of 2011 totaled $432.0 million, compared to $401.0 million recorded in the first nine months of 2010. GAAP net income for the first nine months of 2011 was $44.8 million, or $1.13 per share (diluted), compared to a GAAP net income of $30.2 million, or $0.84 per share (diluted), in the first nine months of 2010.

Non-GAAP net income for the third quarter of 2011 was $18.6 million, or $0.42 per share (diluted), compared to non-GAAP net income of $23.8 million, or $0.67 per share (diluted), in the third quarter of 2010. Non-GAAP net income for the first nine months of 2011 was $55.6 million, or $1.40 per share (diluted), compared to non-GAAP net income of $51.1 million, or $1.43 per share (diluted), in the first nine months 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.

Sales of equipment to the PCB industry were $56.6 million in the third quarter of 2011, compared to $58.8 million in the second quarter of 2011, and $42.4 million in the third quarter of 2010. Sales of equipment to the FPD industry were $49.6 million in the third quarter of 2011, compared to $56.6 million in the second quarter of 2011, and $80.5 million in the third quarter of last year. Sales of character recognition products were $1.8 million in the third quarter of 2011, compared to $1.6 million in the second quarter of 2011, and $2.1 million recorded in the third quarter of 2010. In addition, service revenue for the third quarter of 2011 was $36.4 million, similar to $36.4 million in the second quarter of 2011, and compared to $31.1 million in the third quarter of 2010.

The Company completed the quarter with cash, cash equivalents, short-term bank deposits and marketable securities of approximately $288.8 million; and debt of $104.0 million, compared with cash, cash equivalents, short-term bank deposits and marketable securities of approximately $296.5 million; and debt of $112.0 million at the end of the second quarter of 2011.

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