YAVNE, Israel, May 4, 2016 /PRNewswire/ --
2016 first
quarter highlights
- Revenues of $190
million
- Gross margin of 45.0%
- Non-GAAP EPS of $0.53
(diluted); GAAP EPS of $0.36
(diluted)
- Term loan repayment of $26
million
2016 second quarter guidance
- Revenue range: $190
million to $198 million
- Gross margin range: 45.0% to 45.5%
ORBOTECH LTD. (NASDAQ: ORBK) (the "Company") today
announced its consolidated financial results for the quarter ended
March 31, 2016.
Commenting on the results, Asher
Levy, Chief Executive Officer, said: "We are very pleased
with our financial results for the first quarter, which mark a
strong start to the year. Industry conditions have developed
generally as we anticipated at the beginning of the year. In
particular, the acceleration in technological changes is a clear
positive driver for the Company, and our broad portfolio of high
quality solutions enable our customers' production facilities to
answer the challenges posed by this trend."
Revenues for the first quarter of 2016 totaled $190.4 million, up from $184.8 million in the first quarter, and
$188.2 million in the fourth quarter,
of 2015.
In the Company's Production Solutions for Electronics Industry
segment:
- Revenues from the Company's semiconductor device ("SD")
business were $72.5 million
(including $62.4 million in equipment
sales) in the first quarter of 2016. This compares to SD
revenues of $61.4 million (including
$46.6 million in equipment sales) in
the first quarter of 2015.
- Revenues from the Company's printed circuit board
("PCB") business were $68.0
million (including $39.9
million in equipment sales) in the first quarter of 2016.
This compares to PCB revenues of $58.0
million (including $31.3
million in equipment sales) in the first quarter of
2015.
- Revenues from the Company's flat panel display ("FPD")
business were $44.7 million
(including $35.6 million in equipment
sales) in the first quarter of 2016. This compares to FPD
revenues of $57.4 million (including
$47.3 million in equipment sales) in
the first quarter of 2015.
Revenues in the Company's other segments totaled $5.3 million in the first quarter of 2016,
compared with $8.0 million in the
first quarter of 2015.
Service revenues for the first quarter of 2016 were $49.5 million, compared with $53.4 million in the first quarter of 2015.
Gross profit and gross margin in the first quarter of 2016 were
$85.6 million and 45.0%,
respectively, compared with $83.1
million and 45.0%, respectively, in the first quarter of
2015.
GAAP net income for the first quarter of 2016 was $15.7 million, or $0.36 per share (diluted), up from $11.8 million, or $0.28 per share (diluted), for the first quarter
of 2015.
Adjusted EBITDA (as defined below) and adjusted EBITDA margin
for the first quarter of 2016 were $35.3
million and 18.5%, respectively, up from $33.8 million and 18.3%, respectively, in the
first quarter of 2015.
Non-GAAP net income and non-GAAP net income margin for the first
quarter of 2016 were $23.1 million
and 12.2%, respectively, up from $20.8
million and 11.2%, for the first quarter of 2015.
Non-GAAP earnings per share (diluted) for the first quarter of
2016 were $0.53, up from $0.48 per share (diluted), for the first quarter
of 2015.
A reconciliation of each of the Company's non-GAAP measures to
the comparable GAAP measure (the "Reconciliation") is
included at the end of this press release.
As of March 31, 2016, the Company
had cash, cash equivalents (including restricted cash), short-term
bank deposits and marketable securities of approximately
$176.8 million, and debt of
$214.0 million. In the first
quarter of 2016, the Company generated cash of $15.7 million from operations and repaid
$25.6 million of its term loan.
Second Quarter 2016 Guidance
The Company expects revenues for the second quarter of 2016 to
be in the range of $190 million to $198
million, and gross margin to be in the range of 45.0% to
45.5%.
Conference Call
An earnings conference call for the Company's first quarter 2016
results is scheduled for today, May 4,
2016 at 9:00 a.m. EDT.
The dial-in number for the conference call is 1-312-470-7384
or (US toll-free) 888-469-1283 and a replay will be available on
telephone number +1-203-369-1922 or (US toll-free) 866-509-3935
until May 19, 2016. The pass code is
Q1. A live webcast of the conference call can also be heard
by accessing the Company's website here
http://investors.orbotech.com/phoenix.zhtml?c=71865&p=irol-EventDetails&EventId=5216447.
The webcast will remain available for 12 months at:
http://investors.orbotech.com/phoenix.zhtml?c=71865&p=irol-audioArchives
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ:ORBK) is a global innovator of enabling
technologies used in the manufacture of the world's most
sophisticated consumer and industrial products throughout the
electronics and adjacent industries. The Company is a leading
provider of yield enhancement and production solutions for
electronics reading, writing and connecting, used by manufacturers
of printed circuit boards, flat panel displays, advanced packaging,
micro-electro-mechanical systems and other electronic components.
Virtually every electronic device in the world is produced
using Orbotech systems. For more information, visit
http://www.orbotech.com.
Cautionary Statement Regarding Forward-Looking
Statements
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
Orbotech's 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 (the Company defines 'bookings' and 'backlog'
as purchase arrangements with customers that are based on mutually
agreed terms, which, in some cases for bookings and backlog, may
still be subject to completion of written documentation and may be
changed or cancelled by the customer, often without penalty),
fluctuations in product mix, 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 as well as automobiles, the Company's global
operations and its ability to comply with varying legal,
regulatory, exchange, tax and customs regimes, the Company's
ability to achieve strategic initiatives, including related to its
acquisition strategy, the Company's debt and corporate financing
activities; the final timing, outcome and impact of the criminal
matter expected in mid- to-late 2016 and ongoing investigation in
Korea, including any impact on existing or future business
opportunities in Korea and elsewhere, any civil actions related to
the Korean matter brought by third parties, including the Company's
customers, which may result in monetary judgments or settlements,
expenses associated with the Korean Matter, ongoing or increased
hostilities in Israel and the
surrounding areas, 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, 2015, and
subsequent SEC filings. 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 Financial Measures
Non-GAAP net income, non-GAAP net income margin, non-GAAP net
income 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 of
intangibles and acquisition costs; (iii) certain items associated
with sale or disposition of businesses; (iv) tax impact; and/or (v)
share in losses of associated company. The Company uses the
non-GAAP measures indicated in the Reconciliation to supplement the
Company's financial results presented on a GAAP basis. These
non-GAAP measures exclude equity based compensation expenses,
amortization of intangible assets, share in losses/profits of
associated companies, 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. Management uses all of the
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. In addition,
these non-GAAP measures are among the primary factors management
uses in planning for and forecasting future periods. However,
the non-GAAP measures presented are subject to limitations as an
analytical tool because they exclude certain recurring items (such
as, equity compensation, interest expense and amortization of
intangible assets) as described below and in the
Reconciliation. 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
quantification of the adjustments made to comparable GAAP measures,
please see the Reconciliation.
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.
Adjusted EBITDA and Credit Facility EBITDA are each also a
non-GAAP financial measure. The Company defines adjusted
EBITDA as net income attributable to Orbotech Ltd., further
adjusted, in addition to the items described above, to exclude
taxes on income, financial expenses (income) – net and
depreciation. The Company presents adjusted EBITDA because it
considers it to be an important supplemental measure and believes
it is frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in Orbotech's
industry. The presentation of adjusted EBITDA is not based on
the definition in the Credit Agreement governing the term loan
incurred in connection with the SPTS acquisition. Credit
Facility EBITDA reflects additional adjustments to adjusted EBITDA
permitted by the Credit Agreement as described in the
Reconciliation and reflects the calculation for the twelve months
ended March 31, 2016. Although the
Company believes its presentation of each of adjusted EBITDA and
Credit Facility EBITDA is useful, its adjusted EBITDA measure and
Credit Facility EBITDA may not be comparable to similarly titled
measures presented by other companies.
For more information about all of the foregoing items, see the
Reconciliation, the Company's Annual Report on Form 20-F filed with
the SEC for the year ended December 31,
2015 and its other SEC filings.
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U. S. dollars
in thousands
|
(Unaudited)
|
|
March
31
|
|
December
31
|
|
2016
|
|
2015
|
ASSETS
|
|
|
|
CURRENT ASSETS:
|
|
|
|
Cash and cash equivalents
|
$156,244
|
|
$162,102
|
Restricted cash
|
11,374
|
|
13,617
|
Marketable
securities
|
404
|
|
409
|
Short-term bank deposits
|
3,043
|
|
9,550
|
Accounts receivable:
|
|
|
|
Trade
|
288,517
|
|
284,192
|
Other
|
58,572
|
|
55,906
|
Inventories
|
135,380
|
|
133,250
|
T o t a l current assets
|
653,534
|
|
659,026
|
INVESTMENTS AND
NON-CURRENT ASSETS:
|
|
|
|
Marketable securities
|
5,716
|
|
5,637
|
Funds in respect of employee rights upon retirement
|
8,471
|
|
8,130
|
Deferred income taxes
|
20,636
|
|
20,147
|
Equity method investee and other receivables
|
10,896
|
|
10,144
|
|
45,719
|
|
44,058
|
PROPERTY, PLANT
AND EQUIPMENT, net
|
58,490
|
|
58,982
|
OTHER INTANGIBLE
ASSETS, net
|
103,340
|
|
109,635
|
GOODWILL
|
170,177
|
|
170,177
|
T o t a l assets
|
$1,031,260
|
|
$1,041,878
|
LIABILITIES AND
EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current
maturities of long-term loan
|
$13,981
|
|
$13,937
|
Accounts payable and accruals:
|
|
|
|
Trade
|
66,675
|
|
65,037
|
Other
|
90,458
|
|
94,930
|
Deferred income
|
30,132
|
|
29,282
|
T o t a l current liabilities
|
201,246
|
|
203,186
|
LONG-TERM
LIABILITIES:
|
|
|
|
Long-term loan, net
|
193,819
|
|
218,372
|
Liability for employee rights upon retirement
|
22,183
|
|
21,535
|
Deferred income taxes
|
16,259
|
|
16,984
|
Other tax liabilities
|
10,582
|
|
14,045
|
T o t a l long-term liabilities
|
242,843
|
|
270,936
|
T o t a l liabilities
|
444,089
|
|
474,122
|
EQUITY:
|
|
|
|
Share capital
|
2,217
|
|
2,209
|
Additional paid-in capital
|
310,359
|
|
306,612
|
Retained earnings
|
376,475
|
|
360,721
|
Accumulated other comprehensive loss
|
(1,539)
|
|
(1,506)
|
|
687,512
|
|
668,036
|
Less treasury shares, at cost
|
(99,539)
|
|
(99,539)
|
T o t a l Orbotech Ltd. shareholders' equity
|
587,973
|
|
568,497
|
Non-controlling interest
|
(802)
|
|
(741)
|
T o t a l equity
|
587,171
|
|
567,756
|
T o t a l liabilities and equity
|
$1,031,260
|
|
$1,041,878
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
3 months
ended
|
|
12 months
ended
|
|
March 31
|
|
December 31
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
Revenues
|
$190,427
|
|
$184,784
|
|
$752,517
|
Cost of
revenues
|
104,824
|
|
101,707
|
|
412,719
|
Gross
profit
|
85,603
|
|
83,077
|
|
339,798
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
26,569
|
|
25,779
|
|
103,854
|
Selling, general and
administrative
|
30,023
|
|
28,973
|
|
117,493
|
Equity in earnings of
Frontline
|
(636)
|
|
(871)
|
|
(5,849)
|
Amortization of
intangible assets
|
6,295
|
|
8,918
|
|
30,224
|
Gain from the sale of
the Thermal activity
|
|
|
|
|
(628)
|
Total operating
expenses
|
62,251
|
|
62,799
|
|
245,094
|
Operating
income
|
23,352
|
|
20,278
|
|
94,704
|
Financial expenses -
net
|
4,664
|
|
6,471
|
|
23,585
|
Income before taxes
on income
|
18,688
|
|
13,807
|
|
71,119
|
Taxes on
income
|
2,845
|
|
1,752
|
|
13,788
|
Share in losses of
equity method investee
|
150
|
|
100
|
|
615
|
Net income
|
15,693
|
|
11,955
|
|
56,716
|
Net gain (loss)
attributable to
|
|
|
|
|
|
the non-controlling
interests
|
(61)
|
|
153
|
|
(55)
|
Net income
attributable to Orbotech Ltd.
|
$15,754
|
|
$11,801
|
|
$56,771
|
Basic earnings
per share
|
$0.36
|
|
$0.28
|
|
$1.34
|
Diluted earnings per
share
|
$0.36
|
|
$0.28
|
|
$1.31
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
used in computation
of:
|
|
|
|
|
|
Basic earnings per
share
|
43,186
|
|
41,961
|
|
42,412
|
Diluted earnings per
share
|
44,062
|
|
42,860
|
|
43,322
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months
ended
|
|
12 months
ended
|
|
March 31
|
|
December
31
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
Reported operating
income on GAAP basis
|
$23,352
|
|
$20,278
|
|
$94,704
|
Equity based
compensation expenses
|
1,680
|
|
889
|
|
3,816
|
Amortization of
intangible assets
|
6,295
|
|
8,918
|
|
30,224
|
Gain from the sale of
the Thermal activity
|
|
|
|
|
(628)
|
Non-GAAP operating
income
|
$31,327
|
|
$30,085
|
|
$128,116
|
|
|
|
|
|
|
Reported net income
attributable to Orbotech Ltd. on GAAP basis
|
$15,754
|
|
$11,801
|
|
$56,771
|
Equity- based
compensation expenses
|
1,680
|
|
889
|
|
3,816
|
Amortization of
intangible assets
|
6,295
|
|
8,918
|
|
30,224
|
Gain from the sale of
the Thermal activity, net of tax effect
|
|
|
|
|
(628)
|
Tax adjustments re
non-GAAP adjustments
|
(729)
|
|
(949)
|
|
(46)
|
Share in losses of associated company
|
150
|
|
100
|
|
615
|
Non-GAAP net
income
|
$23,150
|
|
$20,759
|
|
$90,752
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$0.53
|
|
$0.48
|
|
$2.09
|
|
|
|
|
|
|
Shares used in
earnings per diluted share calculation-in thousands
|
44,062
|
|
42,860
|
|
43,322
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
U.S. dollars in
thousands
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months
ended
|
|
12 months
ended
|
|
March 31
|
|
December
31
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$15,754
|
|
$11,801
|
|
$56,771
|
Minority interest and
equity losses
|
89
|
|
253
|
|
560
|
Tax
expenses
|
2,845
|
|
1,752
|
|
13,788
|
Financial
expenses
|
4,664
|
|
6,471
|
|
23,585
|
Depreciation and
amortization
|
10,251
|
|
12,660
|
|
45,282
|
Gain from the sale of
the Thermal activity, net of tax effect
|
|
|
|
|
(628)
|
Equity- based
compensation expenses
|
1,680
|
|
889
|
|
3,816
|
ADJUSTED
EBITDA
|
$35,283
|
|
$33,826
|
|
$143,174
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP NET INCOME TO CREDIT FACILITY EBITDA
|
U.S. dollars in
thousands
|
(Unaudited)
|
|
|
|
|
|
12 months
ended
|
|
March 31
|
|
2016
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$60,724
|
Minority interest and
equity losses
|
396
|
Tax
expenses
|
14,881
|
Financial
expenses
|
21,778
|
Depreciation and
amortization
|
42,873
|
Equity- based
compensation expenses
|
4,607
|
Gain from the sale of
the Thermal activity
|
(628)
|
Litigation
expenses
|
497
|
CREDIT FACILITY
EBITDA
|
$145,128
|
|
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
(Unaudited)
|
|
|
|
3 months
ended
|
|
12 months
ended
|
|
|
|
March 31
|
|
December
|
|
|
|
2016
|
|
2015
|
|
2015
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$15,693
|
|
$11,955
|
|
$56,716
|
Adjustment to
reconcile net income to net cash
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
10,251
|
|
12,660
|
|
45,282
|
|
Compensation relating
to equity awards granted to
|
|
|
|
|
|
|
|
employees and others
- net
|
1,680
|
|
889
|
|
3,816
|
|
Decrease (increase)
in liability for employee rights upon retirement, net
|
247
|
|
176
|
|
(113)
|
|
Long- term loans
discount amortization
|
300
|
|
120
|
|
897
|
|
Deferred financing
costs amortization
|
798
|
|
312
|
|
2,010
|
|
Deferred income
taxes
|
(1,214)
|
|
2,334
|
|
(2,024)
|
|
Amortization of
premium and accretion of discount on marketable
|
|
|
|
|
|
|
|
Securities,
net
|
66
|
|
50
|
|
145
|
|
Equity in earnings of
Frontline, net of dividend received
|
189
|
|
636
|
|
(540)
|
|
Other
|
150
|
|
499
|
|
1,014
|
|
Gain from the sale of
the Thermal activity
|
|
|
|
|
(628)
|
|
Decrease (increase)
in accounts receivable:
|
|
|
|
|
|
|
|
Trade
|
(4,325)
|
|
(1,668)
|
|
(37,067)
|
|
|
Other
|
(2,717)
|
|
3,093
|
|
(5,507)
|
|
Increase (decrease)
in accounts payable and accruals:
|
|
|
|
|
|
|
|
Trade
|
1,638
|
|
2,311
|
|
353
|
|
|
Deferred
income
|
850
|
|
(846)
|
|
(7,770)
|
|
|
Other
|
(5,744)
|
|
(9,908)
|
|
13,915
|
|
Decrease (increase)
in inventories
|
(2,130)
|
|
(972)
|
|
18,765
|
Net cash provided
by operating activities
|
15,732
|
|
21,641
|
|
89,264
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(5,757)
|
|
(3,182)
|
|
(19,348)
|
Consideration
received for the sale of the Thermal activity
|
|
|
|
|
10,000
|
Withdraw of
(investment in) bank deposits
|
6,507
|
|
2,976
|
|
450
|
Purchase of
marketable securities
|
(1,268)
|
|
|
|
(1,099)
|
Redemption of
marketable securities
|
1,157
|
|
|
|
821
|
Investment in equity
method investee
|
(1,000)
|
|
(1,500)
|
|
(1,500)
|
Decrease (increase)
in restricted cash
|
2,243
|
|
(3,244)
|
|
(3,617)
|
Increase in funds in
respect of employee
|
|
|
|
|
|
|
rights upon
retirement
|
60
|
|
|
|
510
|
Net cash provided
by (used in) investing activities
|
1,942
|
|
(4,950)
|
|
(13,783)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Repayment of
long-term loan
|
(25,607)
|
|
(750)
|
|
(59,615)
|
Employee stock
options exercised
|
2,075
|
|
2,152
|
|
9,869
|
Net cash provided
by (used in) financing activities
|
(23,532)
|
|
1,402
|
|
(49,746)
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(5,858)
|
|
18,093
|
|
25,735
|
Cash and cash
equivalents at beginning of period
|
162,102
|
|
136,367
|
|
136,367
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$156,244
|
|
$154,460
|
|
$162,102
|
|
|
|
|
|
|
|
|
Company
Contact:
|
|
Anat
Earon-Heilborn
|
Tally Kaplan
Porat
|
Director of Investor
Relations
|
Head of Corporate
Marketing
|
Orbotech
Ltd
|
Orbotech
Ltd
|
Tel: +972-8-942
3582
|
Tel: +972-8-942
3603
|
anat.earon-heilborn@orbotech.com
|
Tally-Ka@orbotech.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orbotech-reports-first-quarter-2016-results-300262629.html
SOURCE Orbotech Ltd.