Revenues for the first quarter of 2012 totaled $100.2 million, compared to $133.3 million in the fourth quarter, and $134.2 million in the first quarter of 2011.
GAAP net income for the first quarter of 2012 was $1.6 million, compared to GAAP net income of $2.5 million for the fourth quarter of 2011 and GAAP net income of $11.2 million, or , in the first quarter of 2011. GAAP net income for the first quarter of 2012 including a $1.9 million restructuring charge relating to the Company's cost reduction program.
Commenting on the quarter, Rani Cohen, President and Chief Executive Officer, said: "We are satisfied with our first quarter financial results. We are particularly pleased with the improvement in our gross margins, reflecting our operating efficiencies and favorable product mix, and the record revenues from our customer support operations, a reflection of our continued success in securing service contracts".
"After a somewhat slow start to the year, in recent weeks we are seeing significantly improved sales of our PCB equipment," Cohen continued.
Cohen said the company expects first half 2012 revenues of approximately $200 million and full year 2012 revenues of approximately $500 million.