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Orbotech Announces Second Quarter 2013 Results

Stocks in this article: ORBK

ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the second quarter and six months ended June 30, 2013.

Revenues for the second quarter of 2013 totaled $108.8 million, compared to $95.5 million in the first quarter of 2013 and $97.8 million in the second quarter of 2012. GAAP net income for the second quarter of 2013 was $10.5 million, or $0.24 per share (diluted), compared to GAAP net income of $5.0 million, or $0.11 per share (diluted) for the first quarter of 2013 and GAAP net loss of $0.8 million, or $0.02 per share, in the second quarter of 2012.

Commenting on the results, Asher Levy, Chief Executive Officer, said: “We are pleased to report a strong second quarter, in which we posted revenues which exceeded our guidance and recorded net income approximately double that of the first quarter. These reflected improved business conditions as well as the operational efficiency measures that we adopted at the end of last year. Solid consumer demand for sophisticated electronic devices continues to give us grounds for a certain amount of cautious optimism. In the FPD industry we are seeing increased activity as our customers solidify their future investment plans, particularly in China. We believe that in all areas our product development roadmap is successfully addressing the increasingly demanding requirements of our customers, by consistently providing them with innovative and state-of-the-art solutions. At the same time, we are continuing to pursue additional opportunities within the electronic component manufacturing and other adjacent industries.”

Revenues for the first six months of 2013 totaled $204.3 million, compared to $194.3 million recorded in the first six months of 2012. GAAP net income for the first six months of 2013 was $15.5 million, or $0.36 per share (diluted), compared to GAAP net income of $0.8 million, or $0.02 per share (diluted), in the first six months of 2012.

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