As previously reported, the Company’s Korean subsidiary and six local employees have been indicted in Korea, and the investigation into the actions of employees of the Company and its subsidiaries outside Korea is ongoing. On October 26, 2012, the Korean court released on bail the three Korean employees who had previously been arrested. These legal proceedings are ongoing and the Company’s Korean subsidiary continues to co-operate with the Korean authorities in this matter.
The Company is also separately announcing today that, pursuant to approval granted by its Board of Directors, it proposes to allocate $30 million to undertake the purchase of its Ordinary Shares. Such purchases will be subject, among other things, to the share price and market conditions and will be made in accordance with all applicable laws and regulations.
Commenting on the quarter, Rani Cohen, President and Chief Executive Officer, said: “The lower than expected revenue levels recorded for the third, and anticipated for the fourth, quarters of 2012 reflect the challenging business environment and associated high degree of uncertainty currently prevailing in our industries and throughout the global economy. These factors have impacted commercial and consumer spending, causing a number of PCB manufacturers to defer capital expenditure decisions. At the same time, while FPD manufacturers are beginning to experience higher utilization rates, which we believe will in the future translate into new orders for the Company, they remain very cautious at this time about placing new orders. We expect this overall business environment to continue through the first half of 2013, and are therefore taking action to realign our worldwide organization and workforce, while still investing in key product development capabilities. This will enhance our ability to maintain - and even improve - our leadership position within the industries that we serve and will allow us to capitalize on opportunities arising once business conditions begin to improve.”
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