Orbotech Q3 net sank from 63 cents per share to 1 cent

Third-quarter revenues shrank 36% from the parallel to $61.7 million
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With Reuters Securities

Orbotech (Nasdaq:ORBK) today reported that third-quarter revenues sank 36% from the parallel to $61.7 million.

But it netted 1 cent per share, compared with consensus analyst expectations of a 1-cent per share loss. Analyst forecasts had ranged from seven-cent loss per share to a one-cent gain, according to research firm Thomson Financial/First Call.

Orbotech, which makes automated optical inspection systems for printed circuit boards, reported earnings of $400,000, excluding a one-time restructuring charge of $4 million. In the third quarter of 2000 it netted $21 million, or 63 cents a share.

Including the one-time charge, the company lost $3.6 million or 11 cents a share.

Orbotech said it does not anticipate an overall improvement in business conditions in the near term, but believes it will maintain its leadership within its industries.

"Our revenues were in line with the indications we provided at the beginning of August," commented president and chief executive officer Yochai Richter.

"During the quarter, we continued to experience the effects of the difficult economic environment, and in response to these challenges we implemented certain actions which have already resulted in significant cost reductions in the third quarter," Richter said.