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Orbotech Announces Second Quarter 2012 Results

ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the second quarter and six months ended June 30, 2012.

Revenues for the second quarter of 2012 totaled $101.3 million, compared to $100.2 million in the first quarter of 2012 and $153.4 million in the second quarter of 2011. GAAP net loss for the second quarter of 2012 was $0.8 million, or $0.02 per share, compared to GAAP net income of $1.6 million, or $0.04 per share (diluted) for the first quarter of 2012 and GAAP net income of $18.9 million, or $0.48 per share (diluted), in the second quarter of 2011.

Revenues for the first six months of 2012 totaled $201.6 million, compared to $287.6 million recorded in the first six months of 2011. GAAP net income for the first six months of 2012 was $0.8 million, or $0.02 per share (diluted), compared to a GAAP net income of $30.1 million, or $0.80 per share (diluted), in the first six months of 2011.

Non-GAAP net income for the second quarter of 2012 was $3.1 million, or $0.07 per share (diluted), compared to non-GAAP net income of $21.8 million, or $0.56 per share (diluted), in the second quarter of 2011. Non-GAAP net income for the first six months of 2012 was $10.6 million, or $0.24 per share (diluted), compared to non-GAAP net income of $37.0 million, or $0.98 per share (diluted), in the first six months of 2011. 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.

In the Company’s Production Solutions for Electronics Industry segment, sales of equipment to the PCB industry were $48.6 million in the second quarter of 2012, compared to $48.5 million in the first quarter of 2012 and $58.7 million in the second quarter of 2011; and sales of equipment to the FPD industry were $12.3 million in the second quarter of 2012, compared to $11.8 million in the first quarter of 2012 and $56.7 million in the second quarter of 2011. In the Company’s Recognition Software segment, sales were $1.7 million in the second quarter of 2012, compared to $2.0 million in the first quarter of 2012 and $1.6 million in the second quarter of 2011. In addition, service revenue for the second quarter of 2012 reached a quarterly record $38.7 million, compared to $37.9 million in the first quarter of 2012 and $36.4 million in the second quarter of 2011.

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