Orbotech's Q2 - twice as good as Q1

Revenues for the second quarter of 2013 totaled USD 108.8 million, compared to USD 95.5 million in the first quarter of 2013 and USD 97.8 million in the second quarter of 2012. GAAP net income for the second quarter of 2013 was USD 10.5 million, compared to GAAP net income of USD 5.0 million for the first quarter of 2013 and a GAAP net loss of USD 0.8 million in the second quarter of 2012. Commenting on the results, Asher Levy, Chief Executive Officer, said: “We are pleased to report a strong second quarter, in which we posted revenues which exceeded our guidance and recorded net income approximately double that of the first quarter. These reflected improved business conditions as well as the operational efficiency measures that we adopted at the end of last year. Solid consumer demand for sophisticated electronic devices continues to give us grounds for a certain amount of cautious optimism. In the FPD industry we are seeing increased activity as our customers solidify their future investment plans, particularly in China. We believe that in all areas our product development roadmap is successfully addressing the increasingly demanding requirements of our customers, by consistently providing them with innovative and state-of-the-art solutions. At the same time, we are continuing to pursue additional opportunities within the electronic component manufacturing and other adjacent industries.” Revenues for the first six months of 2013 totaled USD 204.3 million, compared to USD 194.3 million recorded in the first six months of 2012. GAAP net income for the first six months of 2013 was USD 15.5 million, compared to GAAP net income of USD 0.8 million in the first six months of 2012. 2013 second quarter:

• Revenues: $108.8 million
• Gross margin - improved to 42.8%
• Non-GAAP net income: $0.29 per share (diluted)
• GAAP net income: $0.24 per share (diluted)
• Operating cash flow: $18.1 million

2013 third quarter:

• Revenue guidance: $110 - $115 million