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Orbotech Announces Second Quarter 2004 Results
August 9, 2004 |Estimated reading time: 1 minute
Yavne, Israel — Orbotech Ltd. announces its consolidated financial results for the second quarter and six months ended June 30, 2004.
Revenues for the second quarter of 2004 totaled $77.5 million, compared to $67.2 million recorded in the first quarter of 2004 and $54.6 million in the second quarter a year ago. Net income for the second quarter of 2004 was $8.6 million, or 26 cents per share (diluted), compared to net income of $5.1 million, or 15 cents per share (diluted), in the first quarter of 2004 and $1.2 million, or 4 cents per share (diluted), in the second quarter of 2003.
Revenues for the first six months of 2004 totaled $144.7 million, compared to $108.8 million recorded in the first half of 2003. Net income for the first six months of 2004 was $13.6 million, or 41 cents per share (diluted), compared to net income of $2.3 million, or 7 cents per share (diluted), in the first six months of 2003.
Sales of equipment to the printed circuit board (PCB) industry relating to bare PCBs were $29.4 million in the second quarter of 2004, compared to $23.2 million in the first quarter of 2004, and $18.5 million in the second quarter of 2003.
The company's results for the quarter reflect the improved business climate prevalent throughout the electronics industry, which has led to increased capital expenditures across the PCB and FPD industries that the company serves.
Revenues from sales of the company's PCB-AOI products, notably the Spiron AOI series and the solid state laser direct imaging systems, both of which have been designed to meet the complex technological needs of PCB manufacturers, increased by more than 25 percent sequentially. In addition, revenues from sales of the company's assembled PCB products experienced similar increases, reflecting the growing awareness and acceptance of AOI as an integral part of the manufacturing process.
Orbotech is a leader in providing yield-enhancing, production support solutions for specialized applications in the supply chain of the electronics industry, principally for printed circuit boards (PCB) and flat panel displays (FPD). For more information, visit www.orbotech.com.