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06
August
2012

Orbotech revenue falls 50 percent in YoY loss

Revenues for the second quarter of 2012 totaled 101.3 million USD, compared to 100.2 million in the first quarter of 2012 and down considerably from 153.4 million in the second quarter of 2011.
GAAP net loss for the second quarter of 2012 was 0.8 million compared to GAAP net income of 1.6 million for the first quarter of 2012 and GAAP net income of 18.9 million in the second quarter of 2011.

Revenues for the first six months of 2012 totaled 201.6 million, compared to 287.6 million recorded in the first six months of 2011.

In the Company’s Production Solutions for Electronics Industry segment, sales of equipment to the PCB industry were 48.6 million in the second quarter of 2012, compared to 48.5 million in the first quarter of 2012 and 58.7 million in the second quarter of 2011.

Commenting on the quarter, Rani Cohen, President and Chief Executive Officer, said:

“After a somewhat slow start to the year, in recent weeks we are seeing increased order activity related to our PCB equipment, in particular related to direct imaging systems for touch screen manufacturers, after the end of the quarter. In addition, FPD manufacturers are beginning to report higher levels of planned capital expenditures, which we believe will translate into new orders for the Company in the next few months. We are pleased with our cash generation and the posting of a third successive quarter of record revenues from our customer support operations, which we look on as a vote of confidence from our expanding customer base. We continue the close monitoring of our operating expenses which - net of the Korean matter - decreased as compared with the first quarter of 2012.”

Mr. Cohen added: “Although we recently reduced our revenue guidance for the second half of 2012, we believe that global consumer demand for advanced mobile devices will create strong business conditions for Orbotech in the latter part of 2012 and in 2013. As in the past, we expect that our exceptional product portfolio will position us well to take advantage of existing strong consumer demand for sophisticated devices such as smartphones, tablets and other electronic devices, and anticipated demand for advanced panel devices once the FPD industry begins to recover.”
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