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Orbotech Announces First Quarter 2004 Results
May 10, 2004 |Estimated reading time: 1 minute
Yavne, Israel — Orbotech Ltd. announces its consolidated financial results for the first quarter ended March 31, 2004.
Revenues for the first quarter of 2004 totaled $67.2 million, compared to the $54.2 million recorded in the first quarter a year ago. Net income for the first quarter of 2004 was $5.1 million, or 15 cents per share (diluted), compared with net income of $1 million, or 3 centsper share (diluted), in the first quarter of 2003.
Sales of equipment to the printed circuit board (PCB) industry relating to bare PCBs were $23.3 million in the first quarter of 2004, compared to $23.7 million in the fourth quarter, and $17.6 million in the first quarter, of 2003. Sales of flat panel display (FPD) inspection equipment were $18.6 million, compared to $14.3 million in the fourth quarter, and $14.5 million in the first quarter, of last year. Sales of equipment to the PCB industry relating to assembled PCBs were $6.6 million, compared to $5.2 million in the fourth quarter, and $4.5 million in the first quarter, of last year.
The Company's results for the first quarter reflect the global trend towards increased capital expenditure as the general business climate improves. Orders for PCB products, and particularly those more technologically advanced models better suited to meeting the complex technological needs of PCB manufacturers, continue to rise and are partially reflected in results for the quarter. The company says that demand for FPD products, driven by significant investment growth in new sixth- and seventh-generation fabrication plants, is strong.
Orbotech is a world leader in providing yield enhancing production support solutions for specialized applications in the supply chain of the electronics industry, principally for printed circuit boards (PCBs) and flat panel displays (FPDs). For more information, visit www.orbotech.com.