Strong third quarter for Orbotech

Revenues for the third quarter of 2013 totaled USD 113.4 million, compared to USD 108.8 million in the second quarter of 2013 and USD 95.6 million in the third quarter of 2012. GAAP net income for the third quarter of 2013 was USD 11.9 million, compared to GAAP net income of USD 10.5 million in the second quarter of 2013 (GAAP net loss of USD 45.7 million, in the third quarter of 2012). Commenting on the results, Asher Levy, Chief Executive Officer, said: “We are pleased to report a strong third quarter, in which we posted increased revenues and improved gross margins and operating income. While revenues from our traditional PCB business were slightly lower than in the second quarter, we posted record quarterly revenues of more than USD 10 million in our electronics component manufacturing business.” “In the FPD industry, we are seeing increased activity as manufacturers solidify their investment plans, particularly in China. Our service organization continues to provide highest quality service to our customers, as is clearly reflected in our results for the quarter which included record service revenues,” Asher Levy continued. Revenues for the first nine months of 2013 totaled USD 317.8 million, compared to USD 289.9 million recorded in the first nine months of 2012. GAAP net income for the first nine months of 2013 was USD 27.4 million, compared to GAAP net loss of USD 44.8 million, in the first nine months of 2012. As previously announced, Orbotech has recently established two new corporate units: ‘Strategy and Business Development’ and ‘Global Product Organization’. Orbotech believe that these new business units better position the company in pursuing selective strategic business transactions, including acquisitions of related businesses, as part of its corporate strategy.