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ORBOTECH ANNOUNCES FIRST QUARTER OPERATING RESULTS (UNAUDITED)

 BILLERICA, Mass., May 14 /PRNewswire/ -- Orbotech Ltd. (NASDAQ-NMS: ORBKF) today announced unaudited consolidated financial results for the first quarter ended March 31, 1993. The following operating results also include unaudited proforma condensed combined operating results for the first quarter of 1992 which give effect to the merger of Orbot Systems Ltd. and Optrotech Ltd. as if it had occurred on Jan. 1, 1992.
 Net income for the first quarter of 1993 totaled $0.5 million, or 4 cents per share, compared to a loss of $1.6 million, or 25 cents per share for the first quarter of 1992 and compared with proforma loss of $4.4 million for the first quarter of 1992. In addition, due to implementation of FASB 109, "Accounting for Income Taxes", the company recorded a one-time profit of $0.9 million or 8 cents per share, presented as cumulative effect, at beginning of period, of an accounting change. The total unaudited net income reached $1.4 million or 12 cents per share.
 Revenues for the first quarter of 1993 were $26.3 million, compared with $18.5 million for the first quarter of 1992, and compared with proforma revenues of $29.2 million for the same period in 1992.
 The decrease in revenues in relation to the proforma revenues in 1992 stemmed mainly from the softness of the company's primary markets which continue to be adversely affected by recession. The company believes that this softness may continue in the next quarters.
 Orbotech's management reported that the restructuring and consolidation of the company's operations as a result of the recent merger led to significantly reduced expenses as estimated, which enabled the company to return to profitability despite the softness in the market.
 Orbotech is a major supplier of automatic optical inspection equipment, computer-aided design, verification, engineering and tooling generation systems and laser plotting/scanning systems for application to the production of printed circuit boards. Orbotech also supplies laser imaging equipment for use in the graphic arts industry.
 ORBOTECH LTD.
 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)
 3 Months Ended March 31
 ($ in thousands, except shares and
 per share amounts)
 Proforma
 1993 1992 1992(a)
 Revenues $26,234 $18,459 $29,156
 Net Income (Loss)
 After Taxes 1,436 (1,609) (4,377)
 Net Income (Loss)
 Per Share 12 cents (25 cents) (36 cents)
 Weighted Average Number
 of Shares Outstanding 12,418,000 6,344,000 12,320,000
 ----
 NOTE: (a) Orbotech Ltd. and Orbot Systems Ltd. Proforma consolidated condensed combined Statement of Income (unaudited), which give effect to the merger transaction as if it had occurred on Jan. 1, 1992.
 -0- 5/14/93
 /CONTACT: David Gal, vice president, finance and operations, Orbotech, Inc. at 508-667-6037/
 (ORBKF)


CO: Orbotech Ltd. ST: Massachusetts IN: CPR SU: ERN

AK -- NE004 -- 8562 05/14/93 10:46 EDT
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Publication:PR Newswire
Date:May 14, 1993
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