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Electronics Production | February 14, 2012

Orbotech revenue down

Orbotech announced its consolidated financial results for the fourth quarter and year ended December 31, 2011; and is providing preliminary guidance for 2012.
Revenues for the fourth quarter of 2011 totaled $133.3 US million compared to $144.4 million in the third quarter of 2011 and $128.4 million in the fourth quarter of 2010. GAAP net income for the fourth quarter of 2011 was $2.5 million, compared to GAAP net income of $14.7 million for the third quarter of 2011 and GAAP net income of $4.0 million in the fourth quarter of 2010.

Revenues for the year ended December 31, 2011 totaled $565.3 million, compared to $529.4 million in 2010. GAAP net income for the year ended December 31, 2011 was $47.3 million compared to a GAAP net income of $34.1 million in 2010.

Non-GAAP net income from continuing operations for the fourth quarter of 2011 was $6.5 million compared to non-GAAP net income from continuing operations of $10.7 million in the fourth quarter of 2010.

Rani Cohen, President and Chief Executive Officer, said: "During the year we saw healthy growth in the global demand for sophisticated devices such as smartphones, tablets and other mobile connected devices. This trend helped us achieve 30% year over year growth in our PCB business, including touch screen and other electronics component manufacturing which has added considerably to our total available market, confirming our industry leadership".

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