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© adam121 dreamstime.com Electronics Production | November 04, 2014

Orbotech posts solid third quarter

Israeli Orbotech had a solid third quarter with revenues totalling at USD 167.3 million.
OCommenting on the results, Asher Levy, Chief Executive Officer, said: “We are pleased to report solid results for the third quarter, which for the first time include the contribution of the SPTS acquisition. The addition of this new business has begun on a very positive note, and we anticipate that our already strong collaborative effort will enable us to capitalize on the significant growth and diversification opportunities we believe lie ahead.”

Revenues for the third quarter of 2014 totaled $167.3 million. Revenues excluding Semi IC and Systems totaled $114.0 million, compared to $113.4 million in the third quarter of 2013.

Gross profit and gross margin for the third quarter of 2014 were $74.0 million and 44.2%, respectively, compared to $50.5 million and 44.6%, respectively, in the third quarter of 2013.

Adjusted EBITDA and adjusted EBITDA margin for the third quarter of 2014 were $32.0 million and 19.1%, respectively, compared to $19.0 million and 16.7%, respectively, in the third quarter of 2013.

GAAP net income for the third quarter of 2014 was $7.4 million, compared to GAAP net income of $11.9 million in the third quarter of 2013.

“The overall business environment was solid during the quarter, notwithstanding some weakness in the PCB industry. For Orbotech, the quarter was marked by a strong momentum of innovation. As previously announced, we introduced our new Direct Imaging system, the Nuvogo, which offers a powerful value proposition designed to appeal to a wider range of customers and applications, and increases our addressable market. We also recorded initial revenues from our new flat panel repair system, the Prism, which offers state-of-the-art repair capabilities to support the production of the most advanced display technologies, including OLED displays. In addition, we commenced deliveries of our new flat panel Automated Optical Inspection system, the Quantum, in October. These new solutions collectively reflect our ongoing technological leadership, which, together with our consistent and long-standing commitment to the success of our customers, represent crucial elements in our aim to become a key enabler for the future production of consumer electronic devices,” Asher Levy concluded.

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