Orbotech (NASDAQ/NM SYMBOL: ORBK) today announced its consolidated financial results for the first quarter ended March 31, 2000.
Revenues for the first quarter of 2000 totaled $82.3 million, an increase of 28% from the $64.2 million recorded in the first quarter a year ago. Net income for the first quarter of 2000 was $16.6 million, or $0.76 per share (diluted), an increase of 38% compared to net income of $11.6 million, or $0.55 per share (diluted), in the first quarter of 1999.
Sales of equipment to the printed circuit board (``PCB'') industry were $46.5 million, an increase from the $42.2 million recorded in the first quarter of 1999. Sales of flat panel display (``FPD'') inspection equipment were $12.6 million, a significant increase compared to $3.5 million in the same period last year. Sales of electronics assembly inspection equipment were $4.3 million, compared to $2.6 million in the first quarter of last year. On a geographical basis, sales in all regions were strong, with a particularly good performance in Japan. A record level of profitability was reached in the quarter due primarily to increased sales volume and product mix.
Commenting on the results, Yochai Richter, President and Chief Executive Officer, said, ``I am pleased to report a strong start to the new year. Our new products contributed favorably to our results and demand increased in core markets.
``Our PCB inspection business continued to experience strong demand, especially for our recently introduced PC-Micro II system, reflecting the ongoing industry trend towards increasingly complex applications. Additionally, we realized robust sales of our InSpire-9060 system, demonstrating its acceptance throughout the industry as a high performance solution for mainstream applications. During the quarter, we announced major equipment orders from Sony Neagari, Corp. and Gold Circuit Electronics Ltd. In addition, we made important progress in solidifying our leadership position in Direct Imaging technology.
``We are continuing to experience a high level of demand for our Flat Panel Display inspection equipment derived from accelerated worldwide growth in the production of FPDs. During the quarter, we announced two major orders, from Samsung Electronics Co., Ltd. in Korea and Sharp Corporation in Japan. Our systems are now being widely accepted as essential yield management solutions for fine-tuning the process during the initial stage of production ramp-up and for process monitoring throughout mass production.
``We also saw a significant increase in demand for our new Trion-2000 family of electronics assembly inspection systems, especially in Taiwan and Singapore. We announced a major order from GVC Corporation for multiple units and were also very encouraged by the number of repeat orders we received during the quarter.''
Richter concluded, ``The results reflect the increase in activity experienced going into 2000 and successful implementation of our strategic plan.''
Published by Israel's Business Arena on May 4, 2000.