The Company completed the quarter with cash, cash equivalents, short-term bank deposits and marketable securities of approximately $279.1 million; and debt of $80 million, compared with cash, cash equivalents, short-term bank deposits and marketable securities of approximately $267.5 million; and debt of $88 million at the end of the first quarter of 2012. The Company generated cash of $21.7 million from continuing operations in the second quarter of 2012.
Commenting on the quarter, Rani Cohen, President and Chief Executive Officer, said: “After a somewhat slow start to the year, in recent weeks we are seeing increased order activity related to our PCB equipment, in particular related to direct imaging systems for touch screen manufacturers, after the end of the quarter. In addition, FPD manufacturers are beginning to report higher levels of planned capital expenditures, which we believe will translate into new orders for the Company in the next few months. We are pleased with our cash generation and the posting of a third successive quarter of record revenues from our customer support operations, which we look on as a vote of confidence from our expanding customer base. We continue the close monitoring of our operating expenses which - net of the Korean matter - decreased as compared with the first quarter of 2012.” Mr. Cohen added: “Although we recently reduced our revenue guidance for the second half of 2012, we believe that global consumer demand for advanced mobile devices will create strong business conditions for Orbotech in the latter part of 2012 and in 2013. As in the past, we expect that our exceptional product portfolio will position us well to take advantage of existing strong consumer demand for sophisticated devices such as smartphones, tablets and other electronic devices, and anticipated demand for advanced panel devices once the FPD industry begins to recover.”