YAVNE, Israel, May 3, 2017 /PRNewswire/ --
2017 first quarter highlights
- Revenues of $187.6
million
- Gross margin of 46.4%
- GAAP EPS of $0.31 (diluted);
non-GAAP EPS of $0.46
(diluted)
2017 second quarter guidance
- Revenue range: $200 million to $210
million
- Gross margin of 46.0% based on current expectations of
product mix
ORBOTECH LTD. (NASDAQ: ORBK) (the "Company") today
announced its consolidated financial results for the first quarter
of 2017.
Commenting on the results, Asher
Levy, Chief Executive Officer, said: "Our results for the
first quarter of 2017 reflect a solid start to the year, and are
marked by particularly strong execution in our PCB division -
mainly from new product sales. We see the current growth
opportunities in our existing served industries, such as advanced
smartphones, automotive applications and flex OLED screens, as well
as the plans for additional panel fabrication capacity by Chinese
FPD manufacturers, as being strongly supportive of our growth for
the remainder of 2017. As we have previously indicated, we
anticipate that our 2017 results will be more backend loaded than
previous years, and we expect to post revenue growth and ongoing
profitability improvement during the year."
Revenues for the first quarter of 2017 totaled $187.6 million, compared with $190.4 million in the first quarter of 2016, and
$215.0 million in the fourth quarter
of 2016.
In the Company's Production Solutions for Electronics Industry
segment:
- Revenues from the Company's semiconductor device ("SD")
business were $52.5 million
(including $41.5 million in equipment
sales) in the first quarter of 2017. This compares to SD
revenues of $72.5 million (including
$62.4 million in equipment sales) in
the first quarter of 2016.
- Revenues from the Company's printed circuit board
("PCB") business were $77.5
million (including $49.8
million in equipment sales) in the first quarter of
2017. This compares to PCB revenues of $68.0 million (including $39.9 million in equipment sales) in the first
quarter of 2016.
- Revenues from the Company's flat panel display ("FPD")
business were $53.4 million
(including $43.0 million in equipment
sales) in the first quarter of 2017. This compares to FPD
revenues of $44.7 million (including
$35.6 million in equipment sales) in
the first quarter of 2016.
Revenues in the Company's other segments totaled $4.2 million in the first quarter of 2017,
compared with $5.3 million in the
first quarter of 2016.
Service revenues for the first quarter of 2017 were $50.9 million, compared with $49.5 million in the first quarter of 2016.
Gross profit and gross margin in the first quarter of 2017 were
$87.1 million and 46.4%,
respectively, compared with $85.6
million and 45.0%, respectively, in the first quarter of
2016.
GAAP net income and GAAP net income margin in the first quarter
of 2017 were $14.9 million and 8.0%
respectively, compared with $15.8
million, and 8.3% respectively in the first quarter of
2016.
GAAP earnings per share (diluted) for the first quarter of 2017
were $0.31, compared with
$0.36, for the first quarter of
2016.
Adjusted EBITDA (as defined below) and adjusted EBITDA margin
for the first quarter of 2017 were $32.5
million and 17.3%, respectively, compared with $35.3 million and 18.5%, respectively, in the
first quarter of 2016.
Non-GAAP net income and non-GAAP net income margin for the first
quarter of 2017 were $22.3 million
and 11.9%, respectively, compared with $23.2
million and 12.2%, respectively, for the first quarter of
2016.
Non-GAAP earnings per share (diluted) for the first quarter of
2017 were $0.46, compared with
$0.53 per share, for the first
quarter of 2016.
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, 2017, the Company
had cash, cash equivalents (including restricted cash), short term
bank deposits and marketable securities of $222.3 million, and debt of $88.5 million. During the first quarter of
2017, the Company utilized cash from operations of $9.2 million. As of March 31, 2017, the actual number of ordinary
shares outstanding was approximately 47.9 million.
Second Quarter 2017 Guidance
The Company expects revenues for the second quarter of 2017 to
be in the range of $200 million to $210
million, and gross margin of 46.0% based on current
expectations of product mix.
Conference Call
An earnings conference call for the Company's first quarter 2017
results is scheduled for today, May 3,
2017, at 9:00 a.m. EDT.
The dial-in number for the conference call is +1-646-254-3366 or
(US toll-free) 877-280-1254 and a replay will be available on
telephone number +1-347-366-9565 or (US toll-free) 866-932-5017
until May 17, 2017. The pass
code is 8775823 or Orbotech Q1. A live webcast of the
conference call can also be heard by accessing the Company's
website at: http://edge.media-server.com/m/p/obsiwi8y. 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 leading global supplier of
yield-enhancing and process-enabling solutions for the manufacture
of electronics products. The Company provides cutting-edge
solutions for use in the manufacture of PCBs, FPDs and SDs,
designed to enable the production of innovative, next generation
electronic products and improve the cost effectiveness of existing
and future electronics production processes. The Company's
core business lies in enabling electronic device manufacturers to
inspect and understand PCBs and FPDs to verify their quality
('reading'); pattern the desired electronic circuitry on the
relevant substrate and perform three dimensional shaping of
metalized circuits on multiple surfaces ('writing'); and utilize
advanced vacuum deposition and etching processes in SD and
semiconductor manufacturing ('connecting'). Orbotech refers
to this 'reading', 'writing' and 'connecting' as enabling the
'Language of Electronics'. 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, within and among divisions, 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,
including as a result of the 'Brexit' process and administration
change in the United States, 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 timing and
outcome of tax audits, including the ongoing audit of tax years
2012-2014 in Israel, 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 and outcome, and impact of the
criminal matter 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, and ongoing or increased hostilities in
Israel and the surrounding
areas. In addition, the Company expects to receive an
assessment from the Israel Tax Authority in the coming months with
respect to the ongoing tax audit in Israel, which assessment may be with respect
to a material amount of taxable income and for a material amount of
tax and, while the Company believes that it has provided adequately
for any reasonably foreseeable outcomes related to the tax audit,
future results may include unfavorable material adjustments to
estimated tax liabilities in the period when the assessment is
received or resolved or the audit is closed. The Company is
subject to the foregoing 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, 2016, 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; (v) share
in losses of equity method investee and amounts associated with
non-controlling interests company; and/or (vi) charges associated
with the financing activities related to the retirement of the
Company's credit Agreement entered into in 2014.
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 and other expenses and 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, financial 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 and dispositions. 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 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.
The effects of a sale or disposition of a business have also
been excluded from the non-GAAP measures. This item is
inconsistent in amount and frequency. By excluding the item
from the non-GAAP measures, management is better able to evaluate
the Company's ability to utilize its existing businesses and
estimate the long-term value that remaining businesses will
generate for the Company. Furthermore, the Company believes
that this adjustment correlates more closely with the
sustainability of the Company's operating performance.
Adjusted EBITDA is 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. Adjusted EBITDA margin is a measurement
of Orbotech's adjusted EBITDA as a percentage of its
revenues. Although the Company believes its presentation of
adjusted EBITDA is useful, its adjusted EBITDA measure may not be
comparable to similarly named 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,
2016, and its other SEC filings.
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U. S. dollars
in thousands
|
(Unaudited)
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash equivalents
|
$
201,378
|
|
$
216,292
|
Restricted cash
|
12,292
|
|
12,487
|
Marketable securities
|
207
|
|
|
Short-term bank deposits
|
801
|
|
789
|
Accounts receivable - trade
|
353,784
|
|
326,343
|
Prepaid expenses and other current assets
|
42,035
|
|
47,258
|
Inventories
|
140,720
|
|
132,435
|
T o t a l current assets
|
751,217
|
|
735,604
|
|
|
|
|
INVESTMENTS AND
NON-CURRENT ASSETS:
|
|
|
|
Marketable securities
|
7,647
|
|
7,012
|
Funds in respect of employee rights upon retirement
|
9,679
|
|
8,375
|
Deferred income taxes
|
16,566
|
|
19,840
|
Equity method investee and other receivables
|
4,742
|
|
9,113
|
|
38,634
|
|
44,340
|
|
|
|
|
PROPERTY, PLANT
AND EQUIPMENT, net
|
63,267
|
|
62,375
|
|
|
|
|
OTHER INTANGIBLE
ASSETS, net
|
86,639
|
|
84,210
|
|
|
|
|
GOODWILL
|
176,804
|
|
176,374
|
|
|
|
|
T o t a l assets
|
$
1,116,561
|
|
$
1,102,903
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current
maturities of long-term loan
|
$
16,364
|
|
$
16,364
|
Accounts payable and accruals:
|
|
|
|
Trade
|
70,990
|
|
72,085
|
Other
|
103,281
|
|
114,692
|
Deferred income
|
29,792
|
|
28,576
|
T o t a l current liabilities
|
220,427
|
|
231,717
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
Long-term loan, net
|
72,134
|
|
72,002
|
Liability with respect to Applied Microstructure, Inc.
("AMST")
|
1,471
|
|
1,471
|
Liability for employee rights upon retirement
|
23,089
|
|
22,973
|
Deferred income taxes
|
13,778
|
|
14,392
|
Other tax liabilities
|
7,302
|
|
7,567
|
T o t a l long-term liabilities
|
117,774
|
|
118,405
|
|
|
|
|
T o t a l liabilities
|
338,201
|
|
350,122
|
|
|
|
|
EQUITY:
|
|
|
|
Share capital
|
2,383
|
|
2,381
|
Additional paid-in capital
|
423,068
|
|
420,185
|
Retained earnings
|
455,079
|
|
440,159
|
Accumulated other comprehensive loss
|
(6,057)
|
|
(9,221)
|
|
874,473
|
|
853,504
|
Less treasury shares, at cost
|
(99,539)
|
|
(99,539)
|
T o t a l Orbotech Ltd. equity
|
774,934
|
|
753,965
|
Non-controlling interest
|
3,426
|
|
(1,184)
|
T o t a l equity
|
778,360
|
|
752,781
|
|
|
|
|
T o t a l liabilities and equity
|
$
1,116,561
|
|
$
1,102,903
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
March 31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
Revenues
|
$187,649
|
|
$190,427
|
|
$806,402
|
Cost of
revenues
|
100,524
|
|
104,824
|
|
433,995
|
Gross
profit
|
87,125
|
|
85,603
|
|
372,407
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
28,675
|
|
26,569
|
|
107,095
|
Selling, general and
administrative
|
33,953
|
|
30,023
|
|
124,356
|
Equity in earnings of
Frontline
|
(1,050)
|
|
(636)
|
|
(3,445)
|
Amortization of
intangible assets
|
5,893
|
|
6,295
|
|
27,456
|
Total operating
expenses
|
67,471
|
|
62,251
|
|
255,462
|
|
|
|
|
|
|
Operating
income
|
19,654
|
|
23,352
|
|
116,945
|
Financial expenses -
net
|
2,006
|
|
4,664
|
|
21,042
|
|
|
|
|
|
|
Income before taxes
on income
|
17,648
|
|
18,688
|
|
95,903
|
Taxes on
income
|
2,868
|
|
2,845
|
|
16,308
|
Share in losses of
equity method investee
|
|
|
150
|
|
600
|
|
|
|
|
|
|
Net income
|
14,780
|
|
15,693
|
|
78,995
|
Net loss attributable
to the non-controlling interests
|
(140)
|
|
(61)
|
|
(443)
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd.
|
$14,920
|
|
$15,754
|
|
$79,438
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$0.31
|
|
$0.36
|
|
$1.74
|
|
|
|
|
|
|
Diluted earnings per
share
|
$0.31
|
|
$0.36
|
|
$1.71
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
used in computation
of:
|
|
|
|
|
|
Basic earnings per
share
|
47,839
|
|
43,186
|
|
45,534
|
Diluted earnings per
share
|
48,768
|
|
44,062
|
|
46,461
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
March 31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income on GAAP basis
|
$19,654
|
|
$23,352
|
|
$116,945
|
Equity-based
compensation expenses
|
2,218
|
|
1,680
|
|
6,356
|
Amortization of
intangible assets
|
5,893
|
|
6,295
|
|
27,456
|
Non-GAAP operating
income
|
$27,765
|
|
$31,327
|
|
$150,757
|
|
|
|
|
|
|
Reported net income
attributable to Orbotech Ltd. on GAAP basis
|
$14,920
|
|
$15,754
|
|
$79,438
|
Equity-based
compensation expenses
|
2,218
|
|
1,680
|
|
6,356
|
Amortization of
intangible assets
|
5,893
|
|
6,295
|
|
27,456
|
Tax effect of
non-GAAP adjustments
|
(748)
|
|
(729)
|
|
(3,205)
|
Share in losses of equity method
investee
|
|
|
150
|
|
600
|
Charges associated
with the retirement of the 2014 Credit Agreement
|
|
|
|
|
6,228
|
Non-GAAP net
income
|
$22,283
|
|
$23,150
|
|
$116,873
|
|
|
|
|
|
|
GAAP earnings per
diluted share
|
$0.31
|
|
$0.36
|
|
$1.71
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$0.46
|
|
$0.53
|
|
$2.52
|
|
|
|
|
|
|
Shares used in
earnings per diluted share computation- in thousands
|
48,768
|
|
44,062
|
|
46,461
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
U.S. dollars in
thousands
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
March 31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$14,920
|
|
$15,754
|
|
$79,438
|
Minority interest and
equity losses
|
(140)
|
|
89
|
|
157
|
Taxes on
income
|
2,868
|
|
2,845
|
|
16,308
|
Financial expenses -
net
|
2,006
|
|
4,664
|
|
21,042
|
Depreciation and
amortization
|
10,651
|
|
10,251
|
|
44,756
|
Equity-based
compensation expenses
|
2,218
|
|
1,680
|
|
6,356
|
ADJUSTED
EBITDA
|
$32,523
|
|
$35,283
|
|
$168,057
|
|
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
(Unaudited)
|
|
|
|
Three months
ended
|
|
Year ended
|
|
|
|
March 31,
|
|
December,
|
|
|
|
2017
|
|
2016
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
14,780
|
|
$
15,693
|
|
$
78,995
|
Adjustment to
reconcile net income to net cash
|
|
|
|
|
|
|
provided by (used in)
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
10,651
|
|
10,251
|
|
44,756
|
|
Compensation relating
to equity awards granted to
|
|
|
|
|
|
|
|
employees and others
- net
|
2,218
|
|
1,680
|
|
6,356
|
|
Decrease (Increase)
in liability for employee rights upon retirement, net
|
(130)
|
|
247
|
|
943
|
|
Long- term loans
discount amortization
|
|
|
300
|
|
1,866
|
|
Deferred financing
costs amortization
|
132
|
|
798
|
|
5,692
|
|
Deferred income
taxes
|
322
|
|
(1,214)
|
|
(2,693)
|
|
Amortization of
premium and accretion of discount on marketable
|
|
|
|
|
|
|
|
Securities,
net
|
(333)
|
|
66
|
|
145
|
|
Equity in earnings of
Frontline, net of dividend received
|
26
|
|
189
|
|
1,261
|
|
Other
|
90
|
|
150
|
|
751
|
|
Decrease (increase)
in accounts receivable:
|
|
|
|
|
|
|
|
Trade
|
(27,441)
|
|
(4,325)
|
|
(41,607)
|
|
|
Other
|
5,469
|
|
(2,717)
|
|
(2,921)
|
|
Increase (decrease)
in accounts payable and accruals:
|
|
|
|
|
|
|
|
Trade
|
(1,146)
|
|
1,638
|
|
6,898
|
|
|
Deferred
income
|
1,216
|
|
850
|
|
(1,056)
|
|
|
Other
|
(6,912)
|
|
(5,744)
|
|
7,994
|
|
Decrease
(increase) in inventories
|
(8,182)
|
|
(2,130)
|
|
1,080
|
Net cash provided
by (used in) operating activities
|
(9,240)
|
|
15,732
|
|
108,460
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(4,979)
|
|
(5,757)
|
|
(23,550)
|
Consideration
received for the sale of the Thermal product business
|
|
|
|
|
12,000
|
Withdraw of
(investment in) bank deposits
|
(12)
|
|
6,507
|
|
8,761
|
Purchase of
marketable securities
|
(2,292)
|
|
(1,268)
|
|
(5,553)
|
Redemption of
marketable securities
|
1,804
|
|
1,157
|
|
4,337
|
Investment in equity
method investee
|
|
|
(1,000)
|
|
(1,000)
|
Acquisition of
AMST
|
|
|
|
|
(6,429)
|
Decrease (increase)
in funds in respect of employee
|
|
|
|
|
|
|
rights upon
retirement
|
(1,057)
|
|
60
|
|
249
|
Net cash used in
investing activities*
|
(6,536)
|
|
(301)
|
|
(11,185)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Repayment of
long-term loan
|
|
|
(25,607)
|
|
(239,635)
|
Repayment of bank
loan
|
|
|
|
|
(20,000)
|
Bank loan, net of $2
millions financing costs
|
|
|
|
|
108,031
|
Issuance of shares,
net
|
|
|
|
|
99,962
|
Employee stock
options exercised
|
667
|
|
2,075
|
|
7,427
|
Net cash provided
by (used in) financing activities
|
667
|
|
(23,532)
|
|
(44,215)
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash*
|
(15,109)
|
|
(8,101)
|
|
53,060
|
Cash, cash
equivalents and restricted cash at beginning of period*
|
228,779
|
|
175,719
|
|
175,719
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD*
|
$
213,670
|
|
$
167,618
|
|
$
228,779
|
|
|
|
|
|
|
|
|
|
*
Reclassified
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
Contact:
|
|
Rami Rozen
|
Tally Kaplan
Porat
|
Director of Investor
Relations
|
Director of Corporate
Marketing
|
Orbotech
Ltd
|
Orbotech
Ltd
|
Tel: +972-8-942
3582
|
Tel:
+972-8-942-3603
|
Rami.rozen@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-2017-results-300450453.html
SOURCE ORBOTECH LTD.