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Orbotech Announces Record First Quarter 1996 Results.

YAVNE, Israel--(BUSINESS WIRE)--May 6, 1996--ORBOTECH, LTD. (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 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 reached 13.7%, a record for the Company. The strong financial performance reflects strong demand for the Company's products, increased capacity utilization and good expense control.

Last week, Orbotech announced that it concluded an agreement with Jenoptik of Germany 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 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) and liquid crystal display (LCD) industries. A leader in the design, development and manufacture of automated optical inspection (AOI) systems for inspecting and identifying defects in PCBs and LCDs, ORBOTECH also produces computer-aided manufacturing (CAM) 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 Falk, 011/972-8-9423-522

Moshe Levin, 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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