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SMT & Inspection | February 15, 2005

Orbotech announces full year 2004 results

Orbotech Ltd. announced its consolidated financial results for the fourth quarter and full year ended December 31, 2004.
Revenues for the fourth quarter of 2004 were $87.8 million, compared with $62.3 million in the fourth quarter a year ago. Net income for the fourth quarter of 2004 was $6.5 million, or $0.20 per share (diluted), compared with a net loss of $7.3 million, or $0.23 per share (diluted), in the fourth quarter of last year. The results for the fourth quarter of 2004 include a special charge of $2.9 million related to the Company's write-down of its venture capital investment in an Israeli company. The results for the fourth quarter of 2003 included special charges aggregating $10.9 million, net of taxes.

Revenues for the year ended December 31, 2004 totaled $315.2 million, compared with the $228.4 million recorded in 2003. Net income for the year ended December 31, 2004 was $29.5 million, or $0.90 per share (diluted), compared with net loss of $3.0 million, or $0.09 per share (diluted), for the year ended December 31, 2003.

Sales of equipment to the PCB industry relating to bare PCBs in the fourth quarter of 2004 were $32.7 million, compared with $33.0 million in the third quarter of 2004 and $23.7 million in the fourth quarter of 2003. Sales of equipment to the PCB industry relating to assembled PCBs were $8.3 million, compared with $7.4 million in the third quarter of 2004 and $5.2 million in the fourth quarter of 2003. Sales of FPD inspection equipment in the fourth quarter of 2004 were $26.4 million, compared with $24.1 million in the third quarter of 2004 and $14.3 million in the fourth quarter of 2003. Sales of automatic check reading products in the fourth quarter of 2004 were $2.0 million, compared with $1.1 million in the third quarter of 2004 and $2.3 million in the fourth quarter of 2003. In addition, service revenue for the fourth quarter of 2004 was $18.4 million, compared with $17.1 million in the third quarter of 2004 and $16.7 million in the fourth quarter of 2003.

The Company's results for the fourth quarter reflect increased capital expenditure by PCB and FPD manufacturers, especially on Orbotech's more sophisticated and technologically advanced products which are particularly suited to meet the complex technological needs of customers in the industries which the Company serves. During the quarter, the Company recorded initial revenues from its new 'Discovery' PCB-AOI systems and its 'Paragon' direct imaging products, both of which were well received by customers.

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