Published: August 01, 2011
Orbotech Announces Second Quarter 2011 Results and Updates Earnings Per Share Guidance
YAVNE, Israel - (BUSINESS WIRE) - ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated
financial results for the second quarter and sixth months ended June 30,
2011.
Commenting on the second quarter, Rani Cohen, President and Chief
Executive Officer, said: "We recorded a strong quarter, with revenue
results on track and improved margins. Demand in the primary industries
that we serve remains healthy; and we are pursuing significant
additional opportunities within the electronic component manufacturing
and other adjacent industries. We have already begun to deploy some of
these solutions to touch screen manufacturers. Overall, we are
encouraged by the current positive business environment in the
electronics industry and believe that we will post a strong second half
of 2011."
The Company's printed circuit board ("PCB" ) business continues to
benefit from strong consumer demand for complex and sophisticated mobile
electronic devices such as smart phones, tablets and ultra-thin laptop
computers. The growing intricacy of these devices and their embedded
components has led to increased demand for Orbotech's sophisticated
manufacturing solutions, especially its laser direct imaging tool. In
early July, the Company received acceptance for its new Emerald UV laser
drilling system and will recognize initial revenues from this product in
the third quarter of 2011.
During the second quarter, the Company delivered its leading flat panel
display ("FPD" ) solutions to several major manufacturers in China
and received new orders for applications for mobile devices, as well as
preliminary indications of new mobile-related investments. The Company
is also seeing the emergence of a growing opportunity for sales based on
its existing installed base, as manufacturers upgrade existing plants
that have older applications with newer, more demanding applications,
such as those required for mobile devices.
Revenues for the second quarter of 2011 totaled $153.4 million, compared
to $134.2 million in the first quarter of 2011 and $144.9 million in the
second quarter of 2010. GAAP net income for the second quarter of 2011
was $18.9 million, or $0.48 per share (diluted), compared to GAAP net
income of $11.2 million, or $0.31 per share (diluted) for the first
quarter of 2011 and GAAP net income of $12.4 million, or $0.35 per share
(diluted), in the second quarter of 2010. GAAP net income from
continuing operations for the second quarter of 2011 was $17.6 million,
or $0.45 per share (diluted), compared to GAAP net income from
continuing operations of $11.1 million, or $0.30 per share (diluted) for
the first quarter of 2011 and GAAP net income from continuing operations
of $14.1 million, or $0.39 per share (diluted), in the second quarter of
2010.
Revenues for the first six months of 2011 totaled $287.6 million,
compared to $244.9 million recorded in the first six months of 2010.
GAAP net income for the first six months of 2011 was $30.1 million, or
$0.80 per share (diluted), compared to a GAAP net income of $14.0
million, or $0.39 per share (diluted), in the first six months of 2010.
GAAP net income from continuing operations for the first six months of
2011 was $28.7 million, or $0.76 per share (diluted), compared to GAAP
net income from continuing operations of $17.6 million, or $0.49 per
share (diluted) for the first six months of 2010.
Non-GAAP net income from continuing operations for the second quarter of
2011 was $21.8 million, or $0.56 per share (diluted), compared to
non-GAAP net income from continuing operations of $18.8 million, or
$0.52 per share (diluted), in the second quarter of 2010. Non-GAAP net
income for the first six months of 2011 was $37.0 million, or $0.98 per
share (diluted), compared to non-GAAP net income of $27.3 million, or
$0.76 per share (diluted), in the first six months of 2010. A
reconciliation of each of the Company's non-GAAP measures to the
comparable GAAP measure is included at the end of this press release.
Sales of equipment to the PCB industry were $58.8 million in the second
quarter of 2011, compared to $57.1 million in the first quarter of 2011,
and $41.5 million in the second quarter of 2010. Sales of equipment to
the FPD industry were $56.6 million in the second quarter of 2011,
compared to $43.2 million in the first quarter of 2011, and $72.5
million in the second quarter of last year. Sales of character
recognition products were $1.6 million in the second quarter of 2011,
compared to $1.4 million in the first quarter of 2011, and $1.6 million
recorded in the second quarter of 2010. In addition, service revenue for
the second quarter of 2011 reached a record $36.4 million, compared to
$32.5 million in the first quarter of 2011, and $29.4 million in the
second quarter of 2010.
The Company completed the quarter with cash, cash equivalents,
short-term bank deposits and marketable securities of approximately
$296.5 million; and debt of $112.0 million, compared with cash, cash
equivalents, short-term bank deposits and marketable securities of
approximately $195.1 million; and debt of $120.0 million at the end of
the first quarter of 2011. The Company generated cash of $22.4 million
from continuing operations in the second quarter of 2011; as well as
approximately $90.7 million net from the issuance and sale of 7,705,000
Ordinary Shares in the public offering which was launched on May 18, and
consummated on May 31, 2011. The weighted average number of Ordinary
Shares used in the computation of the Company's earnings per share for
each period is included in the financial statements included as part of
this press release. As at June 30, 2011, the number of Ordinary Shares
outstanding was approximately 43.1 million. The estimated average number
of Ordinary Shares anticipated for 2011 for purposes of the Company's
2011 per share guidance is 41.2 million after taking into account the
public offering completed during the second quarter. With the completion
of this public offering, the Company has accomplished its capital
raising goals for the foreseeable future.
The Company has completed the disposal of its discontinued operations
and does not anticipate future material income or other adjustments
related to such business.
An earnings conference call for the Company's second quarter 2011
results is scheduled for Monday, August 1, 2011, at 9:00 a.m. EDT. The
dial-in number for the conference call is 212-287-1850, and a replay
will be available on telephone number 203-369-3959 until August 14,
2011. The pass code is Q2. A live web cast of the conference call and a
replay can also be heard by accessing the investor relations section on
the Company's website at www.orbotech.com.
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ/GSM: ORBK) has been at the cutting edge of the
electronics industry supply chain, as an innovator of enabling
technologies used in the manufacture of the world's most sophisticated
consumer and industrial products, for over 30 years. The Company is a
leading provider of yield-enhancing and production solutions, primarily
for manufacturers of printed circuit boards and flat panel displays; and
today, virtually every electronic device is produced using Orbotech
technology. The Company also applies its core expertise and resources in
other advanced technology areas, including character recognition for
check and forms processing and solar photovoltaic manufacturing.
Headquartered in Israel and operating from multiple locations
internationally, Orbotech's highly talented and inter-disciplinary
professionals design, manufacture, sell and service the Company's
end-to-end portfolio of solutions for the benefit of customers the world
over. For more information visit www.orbotech.com.
Cautionary Statement Regarding Forward-Looking
Statements and Non-GAAP Financial Measures
Except for historical information, the matters discussed in this press
release are forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
relate to, among other things, future prospects, developments and
business strategies and involve certain risks and uncertainties. The
words "anticipate," "believe," "could," "will," "plan," "expect" and
"would" and similar terms and phrases, including references to
assumptions, have been used in this press release to identify
forward-looking statements. These forward-looking statements are made
based on management's expectations and beliefs concerning future events
affecting Orbotech and are subject to uncertainties and factors relating
to its operations and business environment, all of which are difficult
to predict and many of which are beyond the Company's control. Many
factors could cause the actual results to differ materially from those
projected including, without limitation, cyclicality in the industries
in which the Company operates, the Company's production capacity, timing
and occurrence of product acceptance, worldwide economic conditions
generally, especially in the industries in which the Company operates,
the timing and strength of product and service offerings by the Company
and its competitors, changes in business or pricing strategies, changes
in the prevailing political and regulatory framework in which the
relevant parties operate or in economic or technological trends or
conditions, including currency fluctuations, inflation and consumer
confidence, on a global, regional or national basis, the level of
consumer demand for sophisticated devices such as smartphones, tablets
and other electronic devices, the impact of the recent events in Japan
and other risks detailed in the Company's SEC reports, including the
Company's Annual Report on Form 20-F for the year ended December 31,
2010. The Company assumes no obligation to update the information in
this press release to reflect new information, future events or
otherwise, except as required by law.
Non-GAAP net income, non-GAAP net income from continuing operations and
non-GAAP net income from continuing operations per share detailed in the
Reconciliation exclude charges, income or losses, as applicable, related
to one or more of the following: (i) equity-based compensation expenses;
(ii) certain items associated with acquisitions, including amortization
and impairment of intangibles; and/or (iii) our discontinued operations.
Management uses these non-GAAP measures to evaluate the Company's
operating and financial performance in light of business objectives and
for planning purposes. These measures are not in accordance with GAAP
and may differ from non-GAAP methods of accounting and reporting used by
other companies. Orbotech believes that these measures enhance
investors' ability to review the Company's business from the same
perspective as the Company's management and facilitate comparisons with
results for prior periods. The presentation of this additional non-GAAP
information should not be considered in isolation or as a substitute for
net income , net income attributable to Orbotech Ltd. or earnings per
share prepared in accordance with GAAP, and should be read only in
conjunction with the Company's consolidated financial statements
prepared in accordance with GAAP. For a detailed explanation of the
adjustments made to comparable GAAP measures, the reasons why management
uses these measures, the usefulness of these measures and the material
limitations on the usefulness of these measures please see the
Reconciliation.
To supplement the Company's financial results presented on a GAAP basis,
the Company uses the non-GAAP measures indicated in the Reconciliation,
which exclude equity based compensation expenses, amortization of
intangible assets, in-process research and development charges and
impairment and restructuring charges, as well as certain financial
expenses and non-recurring income items that are believed to be helpful
in understanding and comparing past operating and financial performance
with current results. However, the non-GAAP measures presented are
subject to limitations as an analytical tool because they do not include
certain recurring items as described below and because they do not
reflect certain cash expenditures that are required to operate the
Company's business, such as interest expense and taxes. Accordingly,
these non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP measures and should be
read only in conjunction with the Company's consolidated financial
statements prepared in accordance with GAAP. Management regularly
utilizes supplemental non-GAAP financial measures internally to
understand, manage and evaluate the Company's business and make
operating decisions. These non-GAAP measures are among the primary
factors management uses in planning for and forecasting future periods.
Non-GAAP financial measures reflect adjustments based on the following
items, as well as the related income tax effects.
The effect of equity-based compensation expenses has been excluded from
the non-GAAP measures. Although equity-based compensation is a key
incentive offered to employees, and the Company believes such
compensation contributed to the revenues earned during the periods
presented and also believes it will contribute to the generation of
future period revenues, the Company continues to evaluate its business
performance excluding equity based compensation expenses. Equity-based
compensation expenses will recur in future periods.
The effects of amortization of intangible assets have also been excluded
from the measures. This item is inconsistent in amount and frequency and
is significantly affected by the timing and size of acquisitions.
Investors should note that the use of intangible assets contributed to
revenues earned during the periods presented and will contribute to
future period revenues as well. Amortization of intangible assets will
recur in future periods and the Company may be required to record
additional impairment charges in the future. The Company believes that
it is useful for investors to understand the effects of these items on
total operating expenses. For more information about these items, see
the Reconciliation and the Company's Annual Report on Form 20-F filed
with the SEC for the year ended December 31, 2010.
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
AT
JUNE 30, 2011
|
|
|
|
|
|
June 30
2 0 1 1
|
|
December 31
2 0 1 0
|
|
|
|
|
|
U. S. dollars in thousands
|
|
A s s e t s
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
233,522
|
|
179,503
|
|
Short-term bank deposits
|
|
|
|
62,967
|
|
2,780
|
|
Accounts receivable:
|
|
|
|
|
|
|
|
Trade
|
|
|
|
184,300
|
|
153,518
|
|
Other
|
|
|
|
30,269
|
|
29,919
|
|
Deferred income taxes
|
|
|
|
5,900
|
|
5,913
|
|
Inventories
|
|
|
|
122,733
|
|
112,812
|
|
Assets of discontinued operations
|
|
|
|
120
|
|
12,351
|
|
T o t a l current assets
|
|
|
|
639,811
|
|
496,796
|
|
|
|
|
|
|
|
|
|
INVESTMENTS AND NON-CURRENT ASSETS:
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
|
|
|
2,549
|
|
Funds in respect of employee rights upon retirement
|
|
|
|
13,230
|
|
13,017
|
|
Deferred income taxes
|
|
|
|
11,116
|
|
12,679
|
|
Other long-term investments
|
|
|
|
1,469
|
|
29
|
|
|
|
|
|
25,815
|
|
28,274
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, net
|
|
|
|
23,370
|
|
24,842
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
|
12,034
|
|
12,034
|
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS, net
|
|
|
|
60,253
|
|
66,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
761,283
|
|
628,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Current maturities of long-term bank loan
|
|
|
|
32,000
|
|
32,000
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
|
Trade
|
|
|
|
52,647
|
|
26,535
|
|
Other
|
|
|
|
51,366
|
|
55,290
|
|
Deferred income
|
|
|
|
28,032
|
|
24,421
|
|
Liabilities of discontinued operations
|
|
|
|
44
|
|
2,172
|
|
T o t a l current liabilities
|
|
|
|
164,089
|
|
140,418
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
Long-term bank loan
|
|
|
|
80,000
|
|
96,000
|
|
Liability for employee rights upon retirement
|
|
|
|
27,963
|
|
27,501
|
|
Deferred income taxes
|
|
|
|
1,909
|
|
2,188
|
|
Other tax liabilities
|
|
|
|
15,157
|
|
12,679
|
|
T o t a l long-term liabilities
|
|
|
|
125,029
|
|
138,368
|
|
|
|
|
|
|
|
|
|
T o t a l liabilities
|
|
|
|
289,118
|
|
278,786
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
2,086
|
|
1,758
|
|
Additional paid-in capital
|
|
|
|
268,812
|
|
174,940
|
|
Retained earnings
|
|
|
|
256,895
|
|
226,809
|
|
Accumulated other comprehensive income
|
|
|
|
(272)
|
|
1,454
|
|
|
|
|
|
527,521
|
|
404,961
|
|
Less treasury shares, at cost
|
|
|
|
(57,192)
|
|
(57,192)
|
|
T o t a l Orbotech Ltd. shareholders' equity
|
|
|
|
470,329
|
|
347,769
|
|
Non-controlling interest
|
|
|
|
1,836
|
|
1,786
|
|
T o t a l equity
|
|
|
|
472,165
|
|
349,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
761,283
|
|
628,341
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2011
|
|
|
|
|
|
|
|
6 m o n t h s e n d e d
J u n e 3 0
|
|
|
3 m o n t h s e n d e d
J u n e 3 0
|
|
|
12 months
ended
December 31
|
|
|
|
|
|
2 0 1 1
|
|
2 0 1 0
|
|
|
2 0 1 1
|
|
2 0 1 0
|
|
|
2 0 1 0
|
|
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
|
|
287,616
|
|
244,887
|
|
|
153,405
|
|
144,900
|
|
|
529,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF REVENUES
|
|
|
|
167,730
|
|
142,212
|
|
|
89,214
|
|
84,311
|
|
|
312,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
|
119,886
|
|
102,675
|
|
|
64,191
|
|
60,589
|
|
|
216,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESEARCH AND DEVELOPMENT COSTS - net
|
|
|
|
41,250
|
|
37,010
|
|
|
21,021
|
|
19,900
|
|
|
78,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
35,756
|
|
32,089
|
|
|
18,402
|
|
17,580
|
|
|
66,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMORTIZATION OF INTANGIBLE ASSETS
|
|
|
|
6,142
|
|
7,088
|
|
|
3,071
|
|
3,544
|
|
|
14,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
36,738
|
|
26,488
|
|
|
21,697
|
|
19,565
|
|
|
57,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL EXPENSES- net
|
|
|
|
3,896
|
|
4,533
|
|
|
1,773
|
|
2,142
|
|
|
7,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE
TAXES ON INCOME
|
|
|
|
32,842
|
|
21,955
|
|
|
19,924
|
|
17,423
|
|
|
50,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAXES ON INCOME
|
|
|
|
4,119
|
|
4,380
|
|
|
2,289
|
|
3,382
|
|
|
7,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FROM CONTINUING OPERATIONS
|
|
|
|
28,723
|
|
17,575
|
|
|
17,635
|
|
14,041
|
|
|
43,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS,
NET OF TAX
|
|
|
|
1,363
|
|
(3,600)
|
|
|
1,255
|
|
(1,660)
|
|
|
(8,717)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
|
30,086
|
|
13,975
|
|
|
18,890
|
|
12,381
|
|
|
34,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE NON-CONTROLLING INTEREST
|
|
|
|
|
|
(35)
|
|
|
|
|
(18)
|
|
|
144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ORBOTECH LTD.
|
|
|
|
30,086
|
|
14,010
|
|
|
18,890
|
|
12,399
|
|
|
34,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNTS ATTRIBUTABLE TO ORBOTECH LTD.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
28,723
|
|
17,610
|
|
|
17,635
|
|
14,059
|
|
|
42,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS,
NET OF TAX
|
|
|
|
1,363
|
|
(3,600)
|
|
|
1,255
|
|
(1,660)
|
|
|
(8,717)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ORBOTECH LTD.
|
|
|
|
30,086
|
|
14,010
|
|
|
18,890
|
|
12,399
|
|
|
34,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
$0.78
|
|
$0.51
|
|
|
$0.46
|
|
$0.40
|
|
|
$1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
|
|
$0.76
|
|
$0.49
|
|
|
$0.45
|
|
$0.39
|
|
|
$1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ORBOTECH LTD.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
$0.82
|
|
$0.40
|
|
|
$0.50
|
|
$0.36
|
|
|
$0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
|
|
$0.80
|
|
$0.39
|
|
|
$0.48
|
|
$0.35
|
|
|
$0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES USED IN
COMPUTATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OF EARNINGS PER SHARE - IN THOUSANDS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
36,618
|
|
34,859
|
|
|
37,969
|
|
34,888
|
|
|
34,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
|
|
37,731
|
|
35,829
|
|
|
38,967
|
|
35,904
|
|
|
35,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 m o n t h s e n d e d
J u n e 30
|
|
|
3 m o n t h s e n d e d
J u n e 30
|
|
|
12 months
ended
December 31
|
|
|
|
|
2 0 1 1
|
|
2 0 1 0
|
|
|
2 0 1 1
|
|
2 0 1 0
|
|
|
2 0 1 0
|
|
|
|
|
U.S. dollars in thousands
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
30,086
|
|
13,975
|
|
|
18,890
|
|
12,381
|
|
|
34,289
|
|
Adjustment to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (income) from discontinued operations
|
|
|
(1,363)
|
|
3,600
|
|
|
(1,255)
|
|
1,660
|
|
|
8,717
|
|
Depreciation and amortization
|
|
|
9,978
|
|
12,035
|
|
|
4,888
|
|
6,085
|
|
|
23,665
|
|
Compensation relating to equity awards granted to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
employees and others - net
|
|
|
2,137
|
|
2,564
|
|
|
1,080
|
|
1,188
|
|
|
4,725
|
|
Increase (decrease) in liability for employee rights upon retirement
|
|
|
462
|
|
191
|
|
|
825
|
|
(415)
|
|
|
2,589
|
|
Deferred income taxes
|
|
|
1,297
|
|
1,484
|
|
|
17
|
|
(40)
|
|
|
(3,866)
|
|
Loss (gain) from sales and write down of marketable securities
|
|
|
395
|
|
(46)
|
|
|
238
|
|
|
|
|
1,252
|
|
Other, including capital loss (gain)
|
|
|
46
|
|
|
|
|
46
|
|
(5)
|
|
|
(1,147)
|
|
Increase in accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
(30,782)
|
|
(31,292)
|
|
|
(18,988)
|
|
(23,196)
|
|
|
(5,755)
|
|
Other
|
|
|
(403)
|
|
(1,369)
|
|
|
681
|
|
(1,148)
|
|
|
(4,673)
|
|
Increase (decrease) in accounts payable and accruals:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
26,112
|
|
17,074
|
|
|
20,385
|
|
10,308
|
|
|
1,434
|
|
Deferred income and other
|
|
|
2,245
|
|
(292)
|
|
|
4,176
|
|
3,053
|
|
|
15,870
|
|
Increase in inventories
|
|
|
(9,921)
|
|
(7,656)
|
|
|
(8,545)
|
|
(3,676)
|
|
|
(19,018)
|
|
Net cash provided by operating activities - continuing operations
|
|
|
30,289
|
|
10,268
|
|
|
22,438
|
|
6,195
|
|
|
58,082
|
|
Net cash used in operating activities - discontinued operations
|
|
|
(740)
|
|
(5,743)
|
|
|
(1,604)
|
|
(3,227)
|
|
|
(8,972)
|
|
Net cash provided by operating activities
|
|
|
29,549
|
|
4,525
|
|
|
20,834
|
|
2,968
|
|
|
49,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(2,385)
|
|
(2,229)
|
|
|
(1,136)
|
|
(1,509)
|
|
|
(6,752)
|
|
Placement of bank deposits
|
|
|
(60,000)
|
|
|
|
|
(60,000)
|
|
|
|
|
(2,780)
|
|
Sales of marketable securities
|
|
|
1,967
|
|
|
|
|
627
|
|
|
|
|
6,742
|
|
Other investment
|
|
|
(1,500)
|
|
|
|
|
(1,500)
|
|
|
|
|
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
35
|
|
|
|
|
35
|
|
|
|
|
20
|
|
Decrease (increase) in funds in respect of employee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
rights upon retirement
|
|
|
(213)
|
|
(10)
|
|
|
(280)
|
|
447
|
|
|
(617)
|
|
Net cash used in investing activities - continuing operations
|
|
|
(62,096)
|
|
(2,239)
|
|
|
(62,254)
|
|
(1,062)
|
|
|
(3,387)
|
|
Net cash provided by (used in) investing activities - discontinued
operations
|
|
|
9,155
|
|
45
|
|
|
|
|
50
|
|
|
(268)
|
|
Net cash used in investing activities
|
|
|
(52,941)
|
|
(2,194)
|
|
|
(62,254)
|
|
(1,012)
|
|
|
(3,655)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term bank loan
|
|
|
(16,000)
|
|
(16,000)
|
|
|
(8,000)
|
|
(8,000)
|
|
|
(32,000)
|
|
Employee stock options excercised
|
|
|
1,430
|
|
57
|
|
|
363
|
|
57
|
|
|
902
|
|
Proceeds from issuance of shares, net
|
|
|
90,683
|
|
|
|
|
90,683
|
|
|
|
|
|
|
Acquisition of non-controlling interest
|
|
|
|
|
(511)
|
|
|
|
|
(511)
|
|
|
(511)
|
|
Net cash provided by (used in) financing activities
|
|
|
76,113
|
|
(16,454)
|
|
|
83,046
|
|
(8,454)
|
|
|
(31,609)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustments on cash and cash equivalents
|
|
|
|
|
(176)
|
|
|
(26)
|
|
2
|
|
|
(220)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
52,721
|
|
(14,299)
|
|
|
41,600
|
|
(6,496)
|
|
|
13,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
180,859
|
|
167,233
|
|
|
191,980
|
|
159,430
|
|
|
167,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
|
233,580
|
|
152,934
|
|
|
233,580
|
|
152,934
|
|
|
180,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS - CASH AND CASH EQUIVALENTS OF DISCONTINUED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS AT END OF PERIOD
|
|
|
58
|
|
600
|
|
|
58
|
|
600
|
|
|
1,356
|
|
CASH AND CASH EQUIVALENTS OF CONTINUING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS AT END OF PERIOD
|
|
|
233,522
|
|
152,334
|
|
|
233,522
|
|
152,334
|
|
|
179,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS FROM CONTINUING OPERATIONS
FOR THE SIX MONTH
PERIOD ENDED JUNE 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 m o n t h s e n d e d
J u n e 3 0
|
|
|
3 m o n t h s e n d e d
J u n e 3 0
|
|
|
12 months
ended
December 31
|
|
|
|
|
|
2 0 1 1
|
|
2 0 1 0
|
|
|
2 0 1 1
|
|
2 0 1 0
|
|
|
2 0 1 0
|
|
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income attributable to Orbotech
Ltd. on GAAP basis
|
|
|
|
30,086
|
|
14,010
|
|
|
18,890
|
|
12,399
|
|
|
34,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses - net
|
|
|
|
(3,896)
|
|
(4,533)
|
|
|
(1,773)
|
|
(2,142)
|
|
|
(7,284)
|
|
Taxes on income
|
|
|
|
(4,119)
|
|
(4,380)
|
|
|
(2,289)
|
|
(3,382)
|
|
|
(7,397)
|
|
Net loss (income) attributable to the non-controlling interest
|
|
|
|
|
|
35
|
|
|
|
|
18
|
|
|
(144)
|
|
Income (loss) from discontinued operations*
|
|
|
|
1,363
|
|
(3,600)
|
|
|
1,255
|
|
(1,660)
|
|
|
(8,717)
|
|
|
|
|
|
(6,652)
|
|
(12,478)
|
|
|
(2,807)
|
|
(7,166)
|
|
|
(23,542)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income on GAAP basis
|
|
|
|
36,738
|
|
26,488
|
|
|
21,697
|
|
19,565
|
|
|
57,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based compensation expenses
|
|
|
|
2,137
|
|
2,564
|
|
|
1,080
|
|
1,188
|
|
|
4,725
|
|
Amortization of intangible assets
|
|
|
|
6,142
|
|
7,088
|
|
|
3,071
|
|
3,544
|
|
|
14,176
|
|
Non-GAAP operating income
|
|
|
|
45,017
|
|
36,140
|
|
|
25,848
|
|
24,297
|
|
|
76,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating expenses
|
|
|
|
(6,652)
|
|
(12,478)
|
|
|
(2,807)
|
|
(7,166)
|
|
|
(23,542)
|
|
Income (loss) from discontinued operations*
|
|
|
|
1,363
|
|
(3,600)
|
|
|
1,255
|
|
(1,660)
|
|
|
(8,717)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income from continuing
operations
|
|
|
|
37,002
|
|
27,262
|
|
|
21,786
|
|
18,791
|
|
|
61,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share
|
|
|
|
$0.98
|
|
$0.76
|
|
|
$0.56
|
|
$0.52
|
|
|
$1.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per diluted share calculation-in thousands
|
|
|
|
37,731
|
|
35,829
|
|
|
38,967
|
|
35,904
|
|
|
35,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The loss from discontinued operations, net of tax, was
attributable to the re-classification during 2010 of OMS and OMD as
discontinued operations.
|
|
|
Orbotech Ltd.
Adrian Auman, +972-8-942-3560
Corporate Vice
President Investor Relations and Special Projects
or
Michelle
Harnish, +1-603-289-7937
Marketing Communications Manager
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
|
Search News
