News

Orbotech Ltd. has announced its consolidated financial results for the fourth quarter and year ended December 31, 2013.

Revenues for the fourth quarter of 2013 totaled $122.2 million, compared to $113.4 million in the third quarter of 2013 and $97.1 million in the fourth quarter of 2012. GAAP net income for the fourth quarter of 2013 was $12.6 million, or $0.30 per share (diluted), compared to GAAP net income of $11.9 million, or $0.28 per share (diluted), in the third quarter of 2013 and a GAAP net loss of $0.7 million, or $0.02 per share, in the fourth quarter of 2012.

Commenting on the results, Asher Levy, CEO, said, “We are pleased to report a strong 2013 in which we posted robust revenues and much improved gross, operating and net margins. These reflected improving business conditions as well as the operational efficiency measures that we adopted at the end of 2012, and we were able to capitalize on opportunities in PCB and electronic components manufacturing.

"Our FPD business picked up strongly during the year and we expect this trend to continue in 2014 as our customers solidify their future investment plans, particularly in China. We remain optimistic regarding the outlook for 2014, when we expect to further grow our business and strengthen our position as the leading provider of production solutions to the electronics industry."

Revenues for the year ended December 31, 2013 totaled $440.0 million, compared to $387.0 million in 2012. GAAP net income for the year ended December 31, 2013 was $40.0 million, or $0.92 per share (diluted), compared to a GAAP net loss of $45.6 million, or $1.05 per share (diluted), in 2012.

Non-GAAP net income from continuing operations for the fourth quarter of 2013 was $14.6 million, or $0.34 per share (diluted), compared to non-GAAP net income from continuing operations of $4.0 million, or $0.09 per share (diluted), in the fourth quarter of 2012.

Non-GAAP net income from continuing operations for the year ended December 31, 2013 was $47.5 million, or $1.10 per share (diluted), compared to non-GAAP net income from continuing operations of $2.3 million, or $0.05 per share, for the year ended December 31, 2012. 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.

In the company’s Production Solutions for Electronics Industry segment, sales of equipment to the PCB industry were $45.3 million in the fourth quarter of 2013, compared to $45.5 million in the third quarter of 2013, and $40.6 million in the fourth quarter of 2012. Sales of equipment to the flat panel display (FPD) industry were $37.2 million in the fourth quarter of 2013, compared to $26.5 million in the third quarter of 2013, and $17.7 million in the fourth quarter of last year. In the company’s Recognition Software segment, sales were $1.7 million in the fourth quarter of 2013, compared to $2.3 million in the third quarter of 2013, and $2.4 million in the fourth quarter of 2012. In addition, service revenue for the fourth quarter of 2013 was $38.0 million, compared to $39.1 million in the third quarter of 2013, and $36.4 million in the fourth quarter of 2012