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SMT & Inspection | August 01, 2005

Orbotech announces Q2 results

Orbotech Ltd. today announced its consolidated financial results for the second quarter and six months ended June 30, 2005. Revenues for the second quarter of 2005 totalled $89.3 million, compared to $100.5 million recorded in the first quarter of 2005 and $77.5 million in the second quarter a year ago.

Net income for the second quarter of 2005 was $9.5 million, or $0.29 per share (diluted), compared to net income of $10.6 million, or $0.32 per share (diluted), in the first quarter of 2005 and $8.6 million, or $0.26 per share (diluted), in the second quarter of 2004. Revenues for the first six months of 2005 totalled $189.8 million, compared to $144.7 million recorded in the first half of 2004. Net income for the first six months of 2005 was $20.1 million, or $0.61 per share (diluted), compared to net income of $13.6 million, or $0.41 per share (diluted), in the first six months of 2004. Sales of equipment to the printed circuit board ('PCB') industry relating to bare PCBs were $35.0 million in the second quarter of 2005, compared to $30.1 million in the first quarter of 2005, and $29.4 million in the second quarter of 2004. Sales of flat panel display ('FPD') inspection equipment were $27.5 million, compared to $43.2 million in the first quarter of 2005 (which included recognition of initial revenues exceeding $20 million from sale of the Company's seventh generation in-line FPD-AOI systems to Samsung Electronics Co. Ltd.), and $20.7 million in the second quarter of last year. Sales of equipment to the PCB industry relating to assembled PCBs were $5.4 million, compared to $6.2 million in the first quarter this year, and $8.8 million in the second quarter of 2004. Sales of automatic check reading products were $2.0 million in the second quarter of 2005, compared to $2.3 million in the first quarter of 2005, and $1.3 million recorded in the second quarter of 2004. In addition, service revenue for the second quarter increased to $19.4 million from $18.7 million in the first quarter of 2005, and $17.3 million in the second quarter of 2004. The Company completed the quarter with cash, cash equivalents and marketable securities of approximately $191 million, compared to $177 million at the end of the first quarter, due principally to a positive operating cash flow for the quarter of approximately $19 million. Non-operating disbursements totaled approximately $5.9 million, comprised of $2.4 in capital expenditures and $3.5 million paid as part of the previously announced acquisition by the Company of the assets of Imarad Imaging Systems Ltd. The increase in revenues from bare PCB inspection equipment reflects the continued strong sales of the Company's Discovery PCB-AOI series and the Paragon solid state laser direct imaging systems, both of which recorded growth, in terms of units sold, exceeding 30% sequentially. Revenues from sales of the Company's assembled PCB products continue to be affected by the heightened competition throughout this industry, giving rise to strong pricing pressures on equipment suppliers. The Company recently launched its new Symbion series of post-paste and post-reflow inspection systems for assembled boards, which has been favorably received, as evidenced by the encouraging levels of orders from customers. During the second quarter the Company recorded strong bookings for its FPD products, primarily due to the combined effect of manufacturers' ongoing, strategic investments in new sixth and seventh generation fabrication facilities for TFT-LCD televisions and the highly sophisticated technological solutions which the Company is able to offer these manufacturers.
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