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:
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.
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.
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