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SMT & Inspection | November 02, 2009

Orbotech positively affected by PCB manufacturing increase

Equipment maker Orbotech reported revenues for the 3Q/2009 totalled $92.3 million, compared to $94.0 million recorded in the 2Q/2009 and $94.8 million in the 3Q/2008.

GAAP net loss for the third quarter of 2009 was $5.5 million, compared to GAAP net loss of $1.2 million for the second quarter of 2009 and GAAP net loss of $43.1 million, in the third quarter of 2008. Revenues for the first nine months of 2009 totalled $278.2 million, compared to $300.3 million recorded during the corresponding period in 2008. GAAP net loss for the first nine months of 2009 was $14.6 million, or $0.42 per share, compared to GAAP net loss of $34.1 million, or $1.02 per share in the first nine months of 2008. Sales of equipment to the printed circuit board ("PCB") industry were $20.3 million in the third quarter of 2009, compared to $17.0 million in the second quarter of 2009, and $31.6 million in the third quarter of 2008. Sales of equipment to the flat panel display ("FPD") industry were $37.6 million, compared to $41.4 million in the second quarter of 2009, and $31.7 million in the third quarter of last year. Sales of character recognition products were $2.4 million in the third quarter of 2009, compared to $2.0 million in the second quarter of 2009, and $2.0 million recorded in the third quarter of 2008. Sales of medical imaging equipment were $4.1 million in the third quarter of 2009, compared to $6.2 million in the second quarter of 2009, and $3.4 million in the third quarter of 2008. In addition, service revenue for the third quarter of 2009 was $27.9 million, compared to $27.3 million in the second quarter of 2009, and $26.0 million in the third quarter of 2008. The financial data, including revenue data, presented in respect of the third quarter of 2008 does not include results attributable to the business of Photon Dynamics, Inc. ("PDI"), which was acquired on October 2, 2008. The impact of currency rates in the third quarter of 2009 was similar to that in the first and second quarters of 2009. During the third quarter of 2009, many PCB manufacturing customers, primarily in the Far East, were reporting plant utilization rates at over 80% capacity, driven mainly by communications, consumer and computer-related products. This trend towards increased capacity utilization has had a positive sequential effect on the Company`s sales of PCB equipment. FPD fabrication facilities have recently been running at close to full capacity utilization, with supply and demand appearing to be in approximate equilibrium. During the quarter certain of the Company`s FPD customers requested to expedite delivery of previously-ordered systems, which positively impacted FPD revenues for the quarter. Growth in this industry is being driven by higher demand from China and emerging economies, which the Company expects will lead to greater capital expenditure in the FPD industry during the latter part of 2010, and continuing into 2011.
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