SMT & Inspection | August 07, 2006
Orbotech presents increasing revenue
Orbotech Ltd. today announced its consolidated financial results for the second quarter and six months ended June 30, 2006. Revenues for the second quarter of 2006 totaled $104.9 million, compared to $101.4 million recorded in the first quarter of 2006 and $89.3 million in the second quarter a year ago.
Net income for the second quarter of 2006 was $15.3 million, or $0.46 per share (diluted), compared to net income of $14.1 million, or $0.43 per share (diluted), in the first quarter of 2006 and $9.5 million, or $0.29 per share (diluted), in the second quarter of 2005. These results reflect the adoption, on January 1, 2006, of revised Financial Accounting Standard No.123, 'Share Based Payment', which resulted in increased compensation expenses totaling approximately $1.4 million, without any reduction in income taxes, and a corresponding decrease in diluted earnings per share of $0.04 for the second quarter. Excluding these compensation expenses, net income would have been $16.7 million, or $0.50 per share, for the second quarter of 2006. Revenues for the first six months of 2006 totaled $206.3 million, compared to $189.8 million recorded in the first half of 2005. Net income for the first six months of 2006 was $29.4 million, or $0.89 per share (diluted), compared to net income of $20.1 million, or $0.61 per share (diluted), in the first six months of 2005. Sales of equipment to the printed circuit board ('PCB') industry relating to bare PCBs were $44.0 million in the second quarter of 2006, compared to $41.0 million in the first quarter of 2006, and $35.1 million in the second quarter of 2005. Sales of flat panel display ('FPD') inspection equipment were $29.3 million, compared to $30.0 million in the first quarter of 2006, and $27.5 million in the second quarter of last year. Sales of equipment to the PCB industry relating to assembled PCBs were $9.4 million, compared to $9.2 million in the first quarter this year, and $5.4 million in the second quarter of 2005. Sales of automatic check reading products were $1.9 million in the second quarter of 2006, compared to $2.3 million in the first quarter of 2006, and $2.0 million recorded in the second quarter of 2005. In addition, service revenue for the second quarter increased to $20.1 million from $18.9 million in the first quarter of 2006, and $19.3 million in the second quarter of 2005. The Company completed the quarter with cash, cash equivalents and marketable securities of approximately $236.1 million, compared to $207.9 million at the end of the first quarter, due principally to a positive operating cash flow for the quarter of approximately $24 million. Non-operating disbursements totaled approximately $1.6 million, comprised mainly of capital expenditures. The increase in revenues from bare and assembled PCB equipment reflects the continued strong sales of the Company's Discovery PCB-AOI series, the Paragon solid state laser direct imaging systems and the Symbion Assembly AOI series, and contributed to another quarter of record AOI and Direct Imaging systems delivered to its customers. In the FPD industry, several manufacturers have recently announced delays in their capacity expansion plans due to excess inventories. While this is expected to affect the Company's 2006 FPD revenues, the Company believes this will be short lived as end-user LCD product demand is expected to pick up in late 2006. Commenting on the results, Rani Cohen, Chief Executive Officer, said: 'We are pleased with our strong financial results for the quarter, which are a reflection of our diverse product portfolio and strong operational capabilities. While the PCB industry remains strong, the FPD industry may have somewhat over-extended its capacity expansion in the short term. However, we do not anticipate any change in the long term outlook for the LCD television sector of this industry, which is still in its early stages, and believe that we are well positioned to benefit from the future growth opportunities that it will offer.'
Bel acquires CUI Inc. power assets Bel Fuse Inc. has closed on its previously-announced deal with CUI Global for the majority of the power business of its subsidiary, CUI Inc.
Accel Robotics more than quadruples initial funding San Diego-based start-up Accel Robotics has announced a USD 30 million Series A funding round led by SoftBank Group Co.
General Motors, LG Chem partner in Ohio General Motors and LG Chem have announced plans to form a joint, equally-owned company to mass-produce electric vehicle battery cells.
Swissbit opens electronics production facility in Berlin Swissbit has been manufacturing in Germany since 2002 and has now official opened its new electronics production facility in Berlin.
Revenue ranking of global top 10 IC design companies The newest analysis from TrendForce shows that several U.S.-based IC design companies experienced continually expanding losses in 3Q19 revenue because of the ongoing China-U.S. trade war and because Huawei had yet to be removed from the Entity List.
Mycronic receives order for an upgrade of a Prexision system Swedish production equipment specialist, Mycronic AB, has received an order to upgrade a system to a full-scale Prexision 8.
Kurtz Ersa inaugurates new extension buildingin Asia Kurtz Ersa Asia Ltd. celebrated its 15th anniversary in China and at the same time opened its extension building in Zhuhai.
Clover Wireless acquires Teleplan Illinois-based Clover Wireless has acquired Teleplan International N.V., a global electronics supply chain services and solutions provider.
FLIR Systems, Providence Photonics finalize deal Oregon-based FLIR Systems has completed its strategic investment in Providence Photonics, developers of advanced software used to quantify invisible gas emissions using FLIR optical gas imaging (OGI) cameras.
Lucid Motors sees EV facility groundbreaking Lucid Motors has officially begun phase-one construction of its EV manufacturing facility in Arizona, representing an investment of more than USD 300 million.
Precogs’ CEO: ‘If we can’t help you, it won’t cost you’ The business model of Precogs, the company that has created a global marketplace that connects a buyers ERP with component distributors, is quite intriguing; you will only pay out of what the company can save you.
Cre8tek invests in robotics to increase efficiency and quality Danish-Chinese electronics manufacturer, Cre8tek, has recently invested in added automation in the shape of robots; which are currently moving into the company’s production plant in Shenzhen with the aim to increase efficiency and quality.
Global semiconductor sales increase 2.9% MoM in October The Semiconductor Industry Association (SIA) today announced worldwide sales of semiconductors reached USD 36.6 billion for the month of October 2019, an increase of 2.9% from the previous month's total of USD 35.6 billion, but down 13.1% compared to the October 2018 total of USD 42.1 billion.
Standex International buys Torotel Inc. Standex International Corporation and Torotel Inc. have reached a definitive agreement for Standex to acquire Torotel for approximately USD 48 million in cash.
SPEA unveils new digs in Chandler, Arizona SPEA, a provider of in-test equipment for electronics, semiconductor, MEMS, and sensor industries, has opened a new office in Chandler, Arizona, in the metropolitan area of Phoenix.
SUSS MicroTec, BRIDG team up on NA applications center SUSS MicroTec has announced a broad collaboration agreement with BRIDG, a Florida not-for-profit microelectronics fabrication facility with 200 mm (8-inch) wafer fab capabilities.
Universal adds software center in Bratislava Universal Instruments has extended its EMEA capabilities with the addition of a Software Center in its Bratislava, Slovakia corporate facility.
Sono Motors launches community funding campaign The German mobility provider Sono Motors launched one of the biggest community funding campaigns in Europe yesterday. The company’s campaign target is to generate EUR 50 million between now and December 30, 2019, with preorders from existing and new supporters.
Filtronic expands hybrid microelectronics manufacturing facility Filtronic, the designer and manufacturer of antennas, says it has invested over USD 1.3 million in new equipment for its manufacturing facility in Sedgefield, UK.
ACM Research aiming for R&D facility in Shanghai ACM Research Inc., provider of single-wafer wet cleaning equipment, has begun the bidding process to acquire land rights in the Shanghai, Lingang region.
DirectMed acquires Medical Systems Technologies San Diego-based DirectMed Parts & Service has acquired Medical Systems Technologies (MST), a specialist in magnetic resonance imaging (MRI) and computed tomography (CT) component level repair and testing.
Gowanda acquires RCD Components New York-based Gowanda Components Group has picked up New Hampshire’s RCD Components, which will be folded into the company’s Magnetics Division.
Eurocircuits biggest investment to date One thing has always been clear for PCB manufacturer Eurocircuits – continues investments have been the key for the company’s success, and investments have been made.Load more news