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Orbotech Announces Record First Quarter 1996 Results.



YAVNE Yavne (Hebrew: יבנה‎, Arabic: يبنة Yibnah, Latin: Iamnia , Israel--(BUSINESS WIRE)--May 6, 1996--ORBOTECH, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (NASDAQ-NM: ORBKF) today announced unaudited consolidated financial results for the first quarter ended March 31, 1996.

Revenues for the first quarter of 1996 were $37.6 million, up 27% from the $29.5 million recorded in the same period a year ago. Net income totaled $4.8 million, or $0.37 per share, an increase of 118% compared with net income of $2.2 million, or $0.17 per share recorded in the first quarter of 1995.

On a geographic basis, Orbotech experienced its most rapid growth in the Far East. Revenues in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region.  were $12.4 million, an increase of 72% over the first quarter of last year. Revenues derived from Japan grew 86% to $3.9 million. Combined revenues from the Pacific Rim and Japan rose to 43% of revenues vs. 31% from last year. Revenues in the U.S. were $12.0 million, an increase of 10% over last year.

First Quarter 1996 results reflect continuing strong demand for Orbotech's products, especially in the PCB-AOI market. The industry is experiencing healthy growth as a result of changing technologies, new applications and increasingly complex new products.

Gross margins for the quarter reached 46.6% -- up significantly from the 43.9% recorded for the full year 1995 and 42.1% for 1994. Similarly, operating margins Operating Margin

A ratio used to measure a company's pricing strategy and operating efficiency.

Calculated by:
 reached 13.7%, a record for the Company. The strong financial performance reflects strong demand for the Company's products, increased capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens.  and good expense control.

Last week, Orbotech announced that it concluded an agreement with Jenoptik Jenoptik AG is a large international photonics technology company based in Jena, Thuringia, Germany.

The group can trace its heritage back to the original Zeiss company, founded in Jena in 1846.
 of Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km).  to establish a joint venture to develop laser direct imaging systems for the manufacture of PCBs (printed circuit boards). Laser direct imaging dramatically reduces manufacturing costs by eliminating artwork Artwork may refer to:
  • Visual art, focus on the creation of works which are primarily visual in nature, such as painting, photography, printmaking, and filmmaking
 costs and scrap created by contact printing, thus resulting in fewer manufacturing steps, lower material expense, and higher accuracy.

ORBOTECH LTD., provides innovative solutions that apply machine vision and related computer-based technologies for improving the production process of printed circuit board (PCB PCB: see polychlorinated biphenyl.
PCB
 in full polychlorinated biphenyl

Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound.
) and liquid crystal display liquid crystal display (LCD)

Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light.
 (LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. ) industries. A leader in the design, development and manufacture of automated optical inspection Automated Optical Inspection (AOI) is an automated visual inspection of PCB(or LCD,transistor manufacture) where a camera autonomously scans the device under test for both catastrophic failure (eg. missing component) and quality defects (eg.  (AOI AOI Area Of Interest
AOI Automated Optical Inspection
AOI Art of Illusion (3D modeling software)
AOI Associated Oregon Industries
AOI Angle Of Incidence
AOI Age of Innocence (David Hamilton book, also a band) 
) systems for inspecting and identifying defects in PCBs and LCDs, ORBOTECH also produces computer-aided manufacturing computer-aided manufacturing (CAM), a form of automation where computers communicate work instructions directly to the manufacturing machinery. The technology evolved from the numerically controlled machines of the 1950s, which were directed by a set of coded  (CAM cam, mechanical device
cam, mechanical device for converting a rotating motion into a reciprocating, or back-and-forth, motion, or for changing a simple motion into a complex one.
) systems and laser plotters. -0-
                          Orbotech Ltd.
                    (An Israeli Corporation)
                Consolidated Statements of Income
         For the Three Month Period Ended March 31, 1996
       (U.S. dollars in thousands, except per share data)


                                          Three Months Ended
                                         03/31/96    03/31/95
                                              (Unaudited)


Revenues                                 $ 37,616    $ 29,468
Cost of revenues                           20,103      16,451
Gross profit                               17,513      13,017


Research and Development Costs -- net       4,766       3,818


Selling, general and administrative
 expenses                                   7,208       6,413


Amortization of Goodwill                      402         402
Operating Income                            5,137       2,384
Financial expenses - net                       (3)       (118)
Other income - net                             11          --
Income before taxes on income               5,145       2,266
Taxes on income                               731         322
Income before share in results of
 affiliated company                         4,414       1,944
Share in profits of affiliated company        397         262


Net Income                                $ 4,811     $ 2,206


Earnings per share                        $  0.37     $  0.17
Weighted average number of shares
   outstanding- in thousands               12,859      12,655


                          Orbotech Ltd.
                    (An Israeli Corporation)
              Condensed Consolidated Balance Sheet
                        At March 31, 1996
                   (U.S. dollars in thousands)


                                          03/31/96   12/31/95
                                        (Unaudited)  (Audited)
Assets
Current Assets:
Cash and cash equivalents                 $12,560     $12,404
Accounts receivable:
  Trade                                    25,950      25,631
  Israeli Government departments &
   agencies                                 3,041       2,699
  Other                                     3,478       2,900
Inventories                                30,575      31,391
Deferred taxes                                731         647
Total current assets                       76,335      75,672


Investment and Non-Current Receivables:
Investment in affiliated company            6,574       6,177
Non-current trade receivables               1,194       1,274
Deferred taxes                                961       1,165
                                          -------     -------
                                            8,729       8,616
Property, Plant and Equipment, net of
    accumulated depreciation and
     amortization                          10,698      10,440
INTANGIBLE ASSETS, net of accumulated
  amortization                             10,583      10,985
                                          -------     -------
                                          106,345     105,713
Liabilities and shareholders' equity
Current Liabilities:
Short-term bank credit                      3,791       9,770
Accounts payable and accruals:
  Trade                                     8,190       6,821
  Other                                    19,691      19,729


Total current liabilities                  31,672      36,320


ACCRUED SEVERANCE PAY, net of amounts
 funded                                     3,718       3,340
Total liabilities                          35,390      39,660
SHAREHOLDERS' EQUITY:
Share capital                                 930         930
Capital surplus                            57,382      57,291
Retained earnings                          12,643       7,832
                                          -------     -------
                                           70,955      66,053
                                          -------     -------
                                        $ 106,345   $ 105,713


CONTACT: Orbotech Ltd.

Dani DANI Department of Agriculture Northern Ireland
DANI Deaf Association Northern Ireland (UK) 
 Falk, 011/972-8-9423-522

Moshe Levin lev·in  
n. Archaic
Lightning.



[Middle English levene, levin; see leuk- in Indo-European roots.]
, 508/667-6037

or

Lippert/Heilshorn & Assoc.

Bharti Malkani, 212/838-3777
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:May 6, 1996
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