FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of
Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934
For the month of
May 2008
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.
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Press release issued by the Registrant on, and dated, May 12, 2008, and entitled Orbotech Announces First Quarter 2008 Results.
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2.
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Registrants Condensed Consolidated Balance Sheet at March 31, 2008.
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3.
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Registrants Condensed Consolidated Statements of Income for the Three Month Period ended March 31, 2008.
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* * * *
* *
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 FIRST QUARTER 2008 RESULTS
YAVNE, ISRAEL
May 12, 2008 ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the first quarter ended March 31, 2008.
Revenues for the first quarter of 2008 totaled $100.5 million, compared to $103.6 million recorded in the fourth quarter of 2007 and the $86.1 million recorded in the first quarter a year ago. Net income for the first
quarter of 2008 was $3.7 million, or $0.11 per share (diluted), compared to a net loss of $1.1 million, or $0.03 per share (diluted), in the fourth quarter of 2007, and net income of $5.6 million, or $0.17 per share (diluted), in the first quarter
of 2007.
Sales of equipment to the printed circuit board (PCB) industry relating to bare PCBs were $36.5 million in the first
quarter of 2008, compared to $50.0 million in the fourth quarter, and $35.5 million in the first quarter, of 2007. Sales of flat panel display (FPD) inspection equipment were $20.4 million, compared to $10.6 million in the fourth
quarter, and $19.1 million in the first quarter, of last year. Sales of equipment to the PCB industry relating to assembled PCBs were $8.1 million, compared to $8.3 million in the fourth quarter, and $6.8 million in the first quarter, of last year.
Sales of automatic check reading products were $2.0 million, compared to $3.6 million in the fourth quarter, and $2.4 million in the first quarter, of 2007. Sales of medical imaging equipment in the first quarter of 2008 were $7.3 million, compared
to $6.1 million in the fourth quarter of 2007 (the Company acquired this business in August 2007). In addition, service revenue for the first quarter of 2008 was $25.5 million, compared to $25.0 million in the fourth quarter, and $22.2 million in
the first quarter, of 2007.
The Company completed the quarter with cash, cash equivalents and marketable securities of approximately $202
million, compared with approximately $206 million at the end of 2007. Non-operating disbursements totaled approximately $2.7 million, comprised mainly of capital expenditures. The Companys marketable securities currently include approximately
$33 million of auction rate securities which are tied to student loans and which have experienced a lack of liquidity during the last three months. However, $5.5 million of these securities were recently tendered at par and will be redeemed later
this month. The Company believes that there is no credit risk as to the remaining $27.5 million.
The weakness in the United States dollar
vis-à-vis the Sheqel adversely impacted net income during the first quarter of 2008 by approximately four cents per share compared with the fourth quarter of 2007. If the Sheqel-Dollar exchange rate remains at current levels, it is expected
to result in a similar adverse impact on net income in the second quarter of 2008.
The Company believes that the decline in revenues from
its PCB business during the first quarter resulted from the currently prevailing global economic uncertainty, particularly in North America, and this may continue to impact PCB revenues in the near term. Nevertheless, the long-term success of
Orbotechs Discovery PCB-AOI system has reinforced the Companys overall leadership position in the PCB industry.
The increase
in revenues from sales of FPD products reflects an initial increase in capital investments by LCD manufacturers, resulting from a strengthening demand for panels, a trend which is expected to continue throughout 2008 and into 2009. The Company had
another strong quarter in bookings and finished the quarter with a record backlog.
Commenting on the results, Rani Cohen, Chief Executive
Officer, said: Our financial results for the quarter, particularly in our PCB business, reflect the challenging global economic environment. On the other hand, we continue to benefit from the strength in the LCD industry, which has led to
large orders from LCD manufacturers. Given the ongoing weakness of the dollar, we are continuing to monitor our expenses very closely in order to maintain and improve margins. We remain optimistic as to the long-term demand for our principal
products, and are confident that our consistent emphasis on research and development, together with our recent acquisitions, continue to lay a sound foundation for the Companys future growth.
An earnings conference call is scheduled for Monday, May 12, 2008, at 9:00 a.m. EDT. The dial-in
number for the conference call is 210-234-0003, and a replay will be available on telephone number 203-369-0531 until May 26, 2008. The pass code is Q1. A live web cast of the conference call and a replay can also be heard by accessing the
investor relations section on the Companys website at www.orbotech.com.
About Orbotech Ltd.
Orbotech is principally engaged in the design, development, manufacture, marketing and service of yield-enhancing and production solutions for
specialized applications in the supply chain of the electronics industry. The Companys products include automated optical inspection (AOI) and process control systems for bare and assembled printed circuit boards (PCBs)
and for flat panel displays (FPDs), and imaging solutions for PCB production. The Company also markets computer-aided manufacturing and engineering (CAM) solutions for PCB production. In addition, through its subsidiary,
Orbograph Ltd., the Company develops and markets automatic check reading solutions to banks and other financial institutions, and has developed a proprietary technology for web-based, location-independent data entry for check processing and forms
processing; and, through its subsidiaries, 3D Danish Diagnostic Development A/S and Orbotech Medical Solutions Ltd., is engaged in the research and development, manufacture and sale of specialized products for application in medical nuclear
imaging. 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
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Michelle Harnish
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Corporate Vice President of
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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 MARCH 31, 2008
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March 31
2008
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December 31
2007
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U. S. dollars in thousands
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Assets
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CURRENT ASSETS:
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Cash and cash equivalents
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135,762
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120,913
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Marketable securities
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46,610
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52,713
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Accounts receivable:
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Trade
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159,637
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151,173
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Other
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23,909
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22,964
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Deferred income taxes
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4,657
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4,317
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Inventories
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86,351
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77,570
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Total current assets
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456,926
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429,650
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INVESTMENTS AND NON-CURRENT ASSETS:
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Marketable securities
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19,888
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32,410
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Other long-term Investment
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530
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780
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Non-current trade receivables
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234
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231
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Severance pay fund
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15,045
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14,099
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Deferred income taxes
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647
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843
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36,344
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48,363
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PROPERTY, PLANT AND EQUIPMENT,
net of accumulated depreciation and amortization
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28,654
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28,142
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GOODWILL AND OTHER INTANGIBLE ASSETS,
net of accumulated amortization
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68,822
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67,016
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590,746
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573,171
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Liabilities and shareholders equity
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CURRENT LIABILITIES:
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Accounts payable and accruals:
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Trade
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41,670
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34,405
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Deferred income
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14,767
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15,445
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Other
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37,308
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37,194
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Total current liabilities
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93,745
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87,044
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ACCRUED SEVERANCE PAY
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30,160
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28,610
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DEFERRED TAX LIABILITY
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17,006
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16,565
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Total liabilities
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140,911
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132,219
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MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY
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1,368
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1,330
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SHAREHOLDERS EQUITY:
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Share capital
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1,703
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1,699
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Additional paid-in capital
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147,724
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144,991
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Retained earnings
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350,113
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346,447
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Accumulated other comprehensive income
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6,119
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3,677
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505,659
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496,814
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Less treasury stock, at cost
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(57,192
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)
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(57,192
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)
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Total shareholders equity
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448,467
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439,622
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590,746
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573,171
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ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2008
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3 months ended
March 3 1
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12 months
ended
December 31
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2008
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2007
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2007
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U.S. dollars in thousands
(except per share data)
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REVENUES
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100,484
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86,105
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360,662
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COST OF REVENUES:
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COST
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59,621
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49,883
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210,616
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WRITE DOWN OF INVENTORY
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4,821
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GROSS PROFIT
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40,863
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36,222
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145,225
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RESEARCH AND DEVELOPMENT COSTS
net
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19,154
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15,575
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67,923
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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17,868
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16,395
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66,989
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AMORTIZATION OF OTHER INTANGIBLE ASSETS
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1,139
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145
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4,728
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RESTRUCTURING CHARGES
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510
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IMPAIRMENT OF GOODWILL AND INTELLECTUAL PROPERTY
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4,739
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OPERATING INCOME
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2,702
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4,107
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336
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FINANCIAL INCOME
net
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1,574
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2,691
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9,110
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WRITE-DOWN OF LONG-TERM INVESTMENTS
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(5,000
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INCOME BEFORE TAXES ON INCOME
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4,276
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6,798
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4,446
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TAXES ON INCOME
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571
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963
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2,280
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INCOME FROM OPERATIONS OF THE COMPANY AND ITS SUBSIDIARIES AND JOINT VENTURE
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3,705
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5,835
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2,166
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MINORITY INTEREST IN PROFITS OF CONSOLIDATED SUBSIDIARY
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(39
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)
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(42
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(416
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SHARE IN LOSSES OF AN ASSOCIATED COMPANY
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(223
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(266
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)
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NET INCOME
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3,666
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5,570
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1,484
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EARNINGS PER SHARE:
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BASIC
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$0.11
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$0.17
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$0.04
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DILUTED
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$0.11
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$0.17
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$0.04
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WEIGHTED AVERAGE NUMBER OF SHARES (IN THOUSANDS) USED IN COMPUTATION OF EARNINGS PER SHARE:
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BASIC
|
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33,256
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33,171
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33,091
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DILUTED
|
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33,256
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33,331
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33,190
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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)
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By:
|
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/s/ Amichai Steimberg
|
|
|
Amichai Steimberg
Executive Vice President
and Chief Financial Officer
|
Date: May 13, 2008
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