UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange
Act of 1934
For the month of November 2007
Commission File Number 000-12790
ORBOTECH LTD.
(Translation of registrants name into English)
SANHEDRIN BOULEVARD, NORTH INDUSTRIAL ZONE, YAVNE 81101, ISRAEL
(Address of principal executive
offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F
x
Form
40-F
¨
Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
¨
Indicate by check mark whether by furnishing
the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
¨
No
x
Attached hereto and incorporated by reference herein are the following documents:
1.
|
Press release issued by the Registrant on, and dated, November 5, 2007, and entitled Orbotech Announces Third Quarter 2007 Results.
|
2.
|
Registrants Condensed Consolidated Balance Sheet at September 30, 2007.
|
3.
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Registrants Condensed Consolidated Statements of Income for the Nine Month and Three Month Periods ended September 30, 2007.
|
* * * *
* *
This report on Form
6-K is incorporated by reference into the Registration Statements on Form S-8 (Registration No. 33-25782, Registration No. 33-78196, Registration No. 333-05440, Registration No. 333-06542, Registration No. 333-08404,
Registration No. 333-09342, Registration No. 333-11124, Registration No. 333-12692 and Registration No. 333-127979) of Orbotech Ltd. previously filed with the Securities and Exchange Commission.
FOR IMMEDIATE RELEASE
ORBOTECH ANNOUNCES THIRD QUARTER 2007 RESULTS
YAVNE, ISRAEL
November 5, 2007 ORBOTECH LTD. (NASDAQ/NM SYMBOL: ORBK) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2007.
Revenues for the third quarter of 2007 were $82.3 million, compared to $88.6 million recorded in the second quarter of 2007 and $106.9 million in the
third quarter a year ago. Net income for the third quarter of 2007 was $0.4 million, or $0.01 per share (diluted), compared to a net loss of $3.4 million, or $0.10 per share (diluted), in the second quarter of 2007, and net income of $16.2 million,
or $0.49 per share (diluted), in the third quarter of 2006.
Net income for the third quarter of 2007 reflects: (a) $2.3 million of
amortization of intangible assets arising principally from the acquisitions of 3 D - Danish Diagnostic Development A/S (DDD) and New System Srl earlier this year (compared to amortization of $0.3 million in the second quarter of this
year and $0.1 million in the third quarter of 2006); and (b) $1.4 million of share-based compensation expenses in the third quarter of 2007 without reduction in income taxes (compared to $1.1 million in the second quarter of this year and $1.6
million in the third quarter of 2006).
Revenues for the first nine months of 2007 totaled $257.0 million, compared to $313.2 million
recorded during the corresponding period in 2006. Net income for the first nine months of 2007 was $2.6 million, or $0.08 per share (diluted), compared to net income of $45.6 million, or $1.38 per share (diluted), for the corresponding period last
year.
Sales of equipment to the printed circuit board (PCB) industry relating to bare PCBs were $37.2 million in the third
quarter of 2007, compared to $44.3 million in the second quarter of 2007, and $44.0 million in the third quarter of 2006. Sales of flat panel display (FPD) inspection equipment were $8.8 million, compared to $11.2 million in the second
quarter of 2007, and $30.5 million in the third quarter of last year. Sales of equipment to the PCB industry relating to assembled PCBs were $5.7 million, compared to $7.5 million in the second quarter this year, and $9.3 million in the third
quarter of 2006. Sales of automatic check reading products were $2.9 million in the third quarter of 2007, compared to $2.8 million in the second quarter of 2007, and $1.5 million recorded in the third quarter of 2006. Sales of medical imaging
equipment for the period from the date of acquisition of DDD (August 6, 2007) to the end of the third quarter were $3.4 million. In addition, service revenue for the third quarter increased to $24.3 million from $22.6 million in the second quarter
of 2007, and $21.3 million recorded in the third quarter of 2006.
The Company completed the quarter with cash, cash equivalents and
marketable securities of approximately $198 million, compared to approximately $234 million at the end of the second quarter. The Company had a positive operating cash flow for the quarter of approximately $4.4 million. Non-operating disbursements
totaled approximately $43.6 million, comprised mainly of $39.5 million paid in connection with the previously-announced acquisition of DDD, a Danish company that develops and manufactures gamma cameras for nuclear medicine, and approximately $2.0
million for the repurchase of 93,630 ordinary shares of the Company pursuant to the Companys repurchase program.
Revenues from the
PCB industry were lower than expected for the quarter, but the Company believes that the overall business environment remains strong. Based on customers expansion plans, the Company expects a stronger fourth quarter in this area of its
business. Sales of the Companys Paragon solid state laser direct imaging systems are still expected to reach the goal of 100 systems for fiscal 2007.
The Company believes that the current FPD industry downturn has now reached its low point. Based on FPD manufacturers intentions respecting new fabrication facilities to be constructed during 2008 and 2009, the
Company expects strong bookings for FPD equipment in the fourth quarter, leading, in turn, to a corresponding rebound in FPD revenues in the second half of 2008.
Commenting on the results, Rani Cohen, Chief Executive Officer, said: Our financial results for the
quarter reflect the challenging environment currently prevailing in the industries we serve, particularly among FPD manufacturers. In light of the anticipated rebound in 2008, we are continuing to invest significantly in the research and development
of new products and solutions for both the PCB and FPD industries. As always, we are monitoring our operating expenses very closely in order to maintain and improve our operating margins. During the quarter we completed our acquisition of DDD, which
represents an important step in our strategy for diversification into the medical imaging industry.
An earnings conference call is
scheduled for Monday, November 5, 2007, at 9:00 a.m. EST. The dial-in number for the conference call is 210-234-0003, and a replay will be available at 203-369-1273, until November 19, 2007. The pass code is Q3. A live web cast of the
conference call can also be heard by accessing the investor relations section on the Companys website at www.orbotech.com.
About Orbotech Ltd.
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). The Company designs, develops, manufactures, markets and services automated optical inspection
(AOI) systems for bare and assembled PCBs and for FPDs, and imaging solutions for PCB production. The Companys innovative AOI, imaging and computer-aided manufacturing (CAM) technologies enable customers to achieve the increased yields and
throughput essential to remaining at the forefront of electronics production. Through its subsidiary, Orbograph Ltd., the Company also develops and markets automatic check reading software to banks and other financial institutions. In addition, the
Company is engaged in the development and manufacture of specialized application products for the nuclear medical imaging industry. Of Orbotechs employees, more than one quarter are scientists and engineers, who integrate their
multi-disciplinary knowledge, talents and skills to develop and provide sophisticated solutions and technologies designed to meet customers long-term needs. Orbotech maintains its headquarters and its primary research, development and
manufacturing facilities in Israel, and more than 30 offices worldwide. The Companys extensive network of marketing, sales and customer support teams throughout North America, Europe, the Pacific Rim, China and Japan deliver its knowledge and
expertise directly to customers the world over. For more information visit www.orbotech.com.
Except for historical information, the
matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties which could cause the actual results to differ materially from those projected, including industry trends, the timing and
strength of product and service offerings, 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 and other risks detailed from time to time in the Companys SEC reports. The Company assumes no obligation to update the information in this press
release.
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COMPANY CONTACTS:
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|
|
|
|
Adrian Auman
|
|
Michelle Harnish
|
Corporate Vice President of
|
|
Marketing Communications Manager
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Finance and Investor Relations
|
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Orbotech, Inc.
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Orbotech Ltd.
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+1-978-901-5120
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+972-8-942-3560
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|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT SEPTEMBER 30, 2007
|
|
|
|
|
|
|
|
|
September 30
2007
|
|
|
December 31
2006
|
|
|
|
U. S. dollars in thousands
|
|
Assets
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
105,048
|
|
|
187,187
|
|
Marketable securities
|
|
56,959
|
|
|
41,373
|
|
Accounts receivable:
|
|
|
|
|
|
|
Trade
|
|
144,421
|
|
|
142,444
|
|
Other
|
|
21,954
|
|
|
21,572
|
|
Deferred income taxes
|
|
4,402
|
|
|
3,369
|
|
Inventories
|
|
78,716
|
|
|
78,349
|
|
|
|
|
|
|
|
|
Total current assets
|
|
411,500
|
|
|
474,294
|
|
|
|
|
|
|
|
|
INVESTMENTS AND NON-CURRENT ASSETS:
|
|
|
|
|
|
|
Marketable securities
|
|
35,579
|
|
|
41,100
|
|
Other long-term Investments
|
|
1,510
|
|
|
7,106
|
|
Non-current trade receivables
|
|
379
|
|
|
738
|
|
Severance pay fund
|
|
13,411
|
|
|
15,617
|
|
Deferred income taxes
|
|
1,640
|
|
|
1,684
|
|
|
|
|
|
|
|
|
|
|
52,519
|
|
|
66,245
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation and amortization
|
|
26,447
|
|
|
20,124
|
|
|
|
|
|
|
|
|
GOODWILL AND OTHER INTANGIBLE ASSETS, net of accumulated amortization
|
|
64,729
|
|
|
14,350
|
|
|
|
|
|
|
|
|
|
|
555,195
|
|
|
575,013
|
|
|
|
|
|
|
|
|
Liabilities and shareholders equity
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
Trade
|
|
27,021
|
|
|
33,448
|
|
Deferred income
|
|
15,904
|
|
|
19,967
|
|
Other
|
|
37,045
|
|
|
49,420
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
79,970
|
|
|
102,835
|
|
ACCRUED SEVERANCE PAY
|
|
28,102
|
|
|
29,762
|
|
DEFERRED TAX LIABILITY
|
|
9,559
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
117,631
|
|
|
132,597
|
|
|
|
|
|
|
|
|
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY
|
|
1,088
|
|
|
914
|
|
|
|
|
|
|
|
|
SHAREHOLDERS EQUITY:
|
|
|
|
|
|
|
Share capital
|
|
1,697
|
|
|
1,680
|
|
Additional paid-in capital
|
|
143,465
|
|
|
132,578
|
|
Retained earnings
|
|
347,581
|
|
|
345,859
|
|
Accumulated other comprehensive income
|
|
925
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
493,668
|
|
|
480,124
|
|
Less treasury stock, at cost
|
|
(57,192
|
)
|
|
(38,622
|
)
|
|
|
|
|
|
|
|
Total shareholders equity
|
|
436,476
|
|
|
441,502
|
|
|
|
|
|
|
|
|
|
|
555,195
|
|
|
575,013
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTH AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended
September 30
|
|
|
3 months ended
September 30
|
|
|
12 months
ended
December 31
|
|
|
|
2007
|
|
|
2006
|
|
|
2007
|
|
|
2006
|
|
|
2006
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
REVENUES
|
|
|
257,041
|
|
|
|
313,166
|
|
|
|
82,320
|
|
|
|
106,881
|
|
|
|
416,469
|
|
COST OF REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST
|
|
|
149,492
|
|
|
|
169,732
|
|
|
|
48,910
|
|
|
|
57,084
|
|
|
|
226,908
|
|
WRITE DOWN OF INVENTORY
|
|
|
4,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
102,728
|
|
|
|
143,434
|
|
|
|
33,410
|
|
|
|
49,797
|
|
|
|
189,561
|
|
RESEARCH AND DEVELOPMENT COSTS - net
|
|
|
48,469
|
|
|
|
43,704
|
|
|
|
16,489
|
|
|
|
15,209
|
|
|
|
60,473
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
|
48,967
|
|
|
|
51,607
|
|
|
|
16,257
|
|
|
|
17,799
|
|
|
|
68,942
|
|
AMORTIZATION OF OTHER INTANGIBLE ASSETS
|
|
|
2,781
|
|
|
|
435
|
|
|
|
2,291
|
|
|
|
145
|
|
|
|
580
|
|
RESTRUCTURING CHARGES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (LOSS)
|
|
|
2,511
|
|
|
|
47,688
|
|
|
|
(1,627
|
)
|
|
|
16,644
|
|
|
|
56,234
|
|
FINANCIAL INCOME - net
|
|
|
7,481
|
|
|
|
4,926
|
|
|
|
2,490
|
|
|
|
2,144
|
|
|
|
7,404
|
|
WRITE-DOWN OF LONG-TERM INVESTMENTS
|
|
|
(5,000
|
)
|
|
|
(205
|
)
|
|
|
|
|
|
|
(205
|
)
|
|
|
(205
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE TAXES ON INCOME
|
|
|
4,992
|
|
|
|
52,409
|
|
|
|
863
|
|
|
|
18,583
|
|
|
|
63,433
|
|
TAXES ON INCOME
|
|
|
1,825
|
|
|
|
6,583
|
|
|
|
379
|
|
|
|
2,359
|
|
|
|
7,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS OF THE COMPANY AND ITS SUBSIDIARIES AND JOINT VENTURE
|
|
|
3,167
|
|
|
|
45,826
|
|
|
|
484
|
|
|
|
16,224
|
|
|
|
55,540
|
|
MINORITY INTEREST IN (PROFITS) LOSSES OF CONSOLIDATED SUBSIDIARY
|
|
|
(174
|
)
|
|
|
(53
|
)
|
|
|
(38
|
)
|
|
|
23
|
|
|
|
(255
|
)
|
SHARE IN LOSSES OF AN ASSOCIATED COMPANY
|
|
|
(375
|
)
|
|
|
(187
|
)
|
|
|
(27
|
)
|
|
|
(62
|
)
|
|
|
(315
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
2,618
|
|
|
|
45,586
|
|
|
|
419
|
|
|
|
16,185
|
|
|
|
54,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
$
|
0.08
|
|
|
$
|
1.39
|
|
|
$
|
0.01
|
|
|
$
|
0.49
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
$
|
0.08
|
|
|
$
|
1.38
|
|
|
$
|
0.01
|
|
|
$
|
0.49
|
|
|
$
|
1.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES (IN THOUSANDS) USED IN COMPUTATION OF EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
33,141
|
|
|
|
32,842
|
|
|
|
33,010
|
|
|
|
33,147
|
|
|
|
33,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
|
33,141
|
|
|
|
33,048
|
|
|
|
33,010
|
|
|
|
33,328
|
|
|
|
33,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
ORBOTECH LTD.
|
(Registrant)
|
|
|
By:
|
|
/s/ Amichai Steimberg
|
|
|
Amichai Steimberg
|
|
|
Executive Vice President and Chief Financial Officer
|
Date: November 7, 2007
Orbotech Ltd. - Ordinary Shares (NASDAQ:ORBK)
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