In the Company’s Production Solutions for Electronics Industry segment, sales of equipment to the printed circuit board (“ PCB”) industry were $42.0 million in the third quarter of 2012, compared to $48.6 million in the second quarter of 2012 and $56.6 million in the third quarter of 2011; and sales of equipment to the FPD industry were $15.3 million in the third quarter of 2012, compared to $12.3 million in the second quarter of 2012 and $49.6 million in the third quarter of 2011. In the Company’s Recognition Software segment, sales were $2.0 million in the third quarter of 2012, compared to $1.7 million in the second quarter of 2012 and $1.8 million in the third quarter of 2011. In addition, service revenue for the third quarter of 2012 reached a quarterly record $39.6 million, compared to $38.7 million in the second quarter of 2012 and $36.4 million in the third quarter of 2011.
The Company completed the quarter with cash, cash equivalents, short-term bank deposits and marketable securities of $276.2 million and debt of $72 million, compared with cash, cash equivalents, short-term bank deposits and marketable securities of $279.1 million and debt of $80 million at the end of the second quarter of 2012. The Company generated cash of $7.9 million from continuing operations in the third quarter of 2012.
As previously announced, the Company is adopting certain measures designed to realign its infrastructure with current revenue levels and business conditions. These include a reduction in the Company’s worldwide workforce in the fourth quarter of 2012, consolidation of certain Company facilities and other cost-cutting measures, that will result in a restructuring charge of approximately $4.0 million, which will be recorded in the fourth quarter of 2012. The Company expects these measures to result in a reduction of approximately $10 - 12 million of annual operating expenses during 2013. Orbotech is continuing to invest in research and development programs to foster future growth, improve its technological leadership and enhance its worldwide customer service and support infrastructure.
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