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
February 2009
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, February 23, 2009, and entitled Orbotech Announces Fourth Quarter and Full Year Results for 2008.
|
2.
|
Registrants Condensed Consolidated Balance Sheet at December 31, 2008.
|
3.
|
Registrants Condensed Consolidated Statements of Income for the Twelve Month and Three Month Periods ended December 31, 2008.
|
* * * * * *
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, Registration No. 333-127979 and Registration
No. 333-154394) of Orbotech Ltd. previously filed with the Securities and Exchange Commission.
FOR IMMEDIATE RELEASE
ORBOTECH ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS FOR 2008
YAVNE, ISRAEL
February 23, 2009 ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2008.
Revenues for the fourth quarter of 2008 were $129.2 million, compared to $94.8 million in the third quarter of 2008 and $103.6 million recorded in the
fourth quarter of 2007. Revenues for the fourth quarter of 2008 include $45.2 million attributable to the business of Photon Dynamics, Inc. (PDI), which was acquired by the Company on October 2, 2008. Net loss for the fourth quarter
of 2008, including an impairment charge of $88.0 million, was $101.2 million, or $2.98 per share (diluted). This compares to a net loss of $43.1 million, or $1.29 per share (diluted), in the third quarter of 2008, and a net loss of $1.1 million, or
$0.03 per share (diluted), in the fourth quarter of 2007.
Net loss for the fourth quarter of 2008 reflects:
(a) the above-noted impairment charge of $88.0 million related to goodwill associated with the Companys flat panel display (FPD)
business, which was triggered primarily by the decrease in the Companys market capitalization and was recorded in compliance with FASB Statement No. 142 Goodwill and Other Intangible Assets;
(b) $5.1 million in amortization of intangible assets arising principally from the PDI acquisition and a write-off of $6.5 million relating to in-process
research and development relating to that transaction;
(c) a charge of $5.1 million in connection with the scaling down of the
Companys assembled printed circuit board (PCB) operations, including the write-down of $3.3 million of raw material inventories relating to this business; and
(d) a restructuring charge of $3.4 million relating to the second phase of the Companys previously announced 2008 cost reduction program.
Revenues for the year ended December 31, 2008 totaled $429.5 million, compared to the $360.7 million recorded in 2007. Net loss for
the year ended December 31, 2008 was $135.3 million, or $4.04 per share (diluted), compared to net income of $1.5 million, or $0.04 per share (diluted), for the year ended December 31, 2007.
Sales of equipment to the PCB industry relating to bare PCBs in the fourth quarter of 2008 were $14.7 million, compared to $27.7 million in the third
quarter of 2008 and $50.0 million in the fourth quarter of 2007. Sales of FPD equipment in the fourth quarter of 2008 were $76.4 million ($40.9 million of which was attributable to the business of PDI), compared to $31.7 million in the third quarter
of 2008 and $10.6 million in the fourth quarter of 2007. Sales of equipment to the PCB industry relating to assembled PCBs in the fourth quarter of 2008 were $2.6 million, compared to $3.9 million in the third quarter of 2008 and $8.3 million in the
fourth quarter of 2007. Sales of automatic check reading products in the fourth quarter of 2008 were $3.0 million, compared to $2.0 million in the third quarter of 2008 and $3.6 million in the fourth quarter of 2007. Sales of medical imaging
equipment in the fourth quarter of 2008 were $3.7 million, compared to $3.4 million in the third quarter of 2008 and $6.1 million in the fourth quarter of 2007. In addition, service revenue for the fourth quarter increased to $28.8 million ($4.3
million of which was attributable to the business of PDI), from $26.0 million recorded in the third quarter of 2008 and $25.0 million in the fourth quarter of 2007.
The Company completed the quarter and the year with cash, cash equivalents, marketable securities and long-term investments of approximately $125 million, including $19.2 million of auction-rate securities (ARS)
primarily tied to student loans; and $160 million in debt, which it borrowed from Israel Discount Bank in connection with the PDI acquisition. This loan is for an initial term expiring on December 31, 2009, is extendable at the Companys
option for up to five years and currently bears interest at three-month LIBOR + 1.45%. The Company is in compliance with all applicable covenants with respect to this loan. The Company continues to place a very high priority on the management of its
cash flows and believes that its proven ability to manage cash, including in times of difficulty, will be a critical factor in enabling Orbotech to emerge strongly from the current global recession.
Commencing in the third quarter of 2008, as part of the re-focusing of its strategic plan, the Company
scaled back its activities in the assembled PCB business. During the first quarter of 2009, the Company signed an agreement with Orpro Services s.r.l. of Italy, for the sale of Orbotechs assembled PCB business in Europe and the Americas. The
transaction is subject to customary conditions to closing, including any requisite regulatory approvals. Prodelec S.p.A., an affiliate of Orpro Services, has been one of the Companys business partners for the past twelve years; and Orbotech is
committed to working together with Orpro Services and its affiliates to ensure a smooth transition and minimal disruption to its client base of European and American PCB assembly houses. The Company plans to continue to support and service its
installed base of assembled PCB systems in the Asia Pacific region.
Beginning in the fourth quarter of 2008, the Company has been
experiencing a decline in new FPD equipment orders. The current overall limited market visibility makes it difficult to predict exactly when FPD manufacturers will renew their fabrication expansion plans.
The Company is investing substantial effort in the integration of PDI into the Orbotech group, which is proceeding ahead of schedule and is already in
its second phase. The Company expects to realize operational synergies of approximately $20 million related to the PDI acquisition in 2009.
As previously announced, during the second half of 2008, in light of the difficult worldwide economic conditions, the Company adopted measures designed to re-align its infrastructure, including a reduction in the Companys worldwide
workforce in the second half of 2008 and other cost-cutting measures. These measures, combined with the operational synergies relating to the PDI acquisition, are anticipated to result in total cost savings of approximately $65-70 million in
2009. The costs associated with these savings are reflected in the restructuring charges recorded in 2008.
Commenting on the results, Rani
Cohen, Chief Executive Officer, said: We have taken prompt and decisive steps to re-align the Companys cost structure in light of the downturn in our business resulting from the worldwide economic situation. As has been our consistent
practice in the past, even in these challenging times we will continue to develop and provide to our customers new and innovative FPD, PCB, recognition and medical solutions, based on the latest and most advanced technologya recent example of
which is our delivery, during the fourth quarter of 2008, of the worlds first FPD-AOI system for Generation 10 glass panels. This will enable the Company to maintain its leadership position in the industries that it serves and, looking
forward, to capitalize on the business opportunities that will arise when economic conditions improve.
An earnings conference call
is scheduled for Monday, February 23, 2009, at 9:00 a.m. EST. The dial-in number for the conference call is 210-795-2680, and a replay will be available at 203-369-1278, until March 9, 2009. The pass code is Q4. 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 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. Orbotechs products include automated optical inspection (AOI), production and process control systems for
bare printed circuit boards (PCBs), imaging solutions for PCB production and AOI, test and repair systems for flat panel displays (FPDs). The Company also markets computer-aided manufacturing and engineering (CAM)
solutions for PCB production. In addition, through its subsidiary, Orbograph Ltd., Orbotech 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, Orbotech Medical Denmark 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.
Orbotechs 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 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 managements expectations and beliefs concerning future events affecting Orbotech and are subject to uncertainties and factors relating to its operations
and business environment, all of which are difficult to predict and many of which are beyond the Companys control. Many factors could cause the actual results to differ materially from those projected, including cyclicality in the industries
in which the Company operates, a sustained continuation or worsening of the worldwide economic slowdown, 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 and other risks detailed in the Companys SEC reports, including the Companys Annual Report on Form 20-F. 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.
|
|
|
|
|
COMPANY CONTACTS:
|
|
|
|
|
|
|
|
Adrian Auman
|
|
Michelle Harnish
|
|
|
Corporate Vice President of
|
|
Marketing Communications Manager
|
|
|
Finance and Investor Relations
|
|
Orbotech, Inc.
|
|
|
Orbotech Ltd.
|
|
+1-978-901-5120
|
|
|
+972-8-942-3560
|
|
|
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2008
|
|
|
|
|
|
|
|
|
December 31
2008
|
|
|
December 31
2007
|
|
|
|
U. S. dollars in thousands
|
|
Assets
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
105,127
|
|
|
120,913
|
|
Marketable securities
|
|
320
|
|
|
52,713
|
|
Accounts receivable:
|
|
|
|
|
|
|
Trade
|
|
180,701
|
|
|
151,173
|
|
Other
|
|
27,106
|
|
|
22,964
|
|
Deferred income taxes
|
|
5,222
|
|
|
4,317
|
|
Inventories
|
|
122,152
|
|
|
77,570
|
|
|
|
|
|
|
|
|
Total current assets
|
|
440,628
|
|
|
429,650
|
|
|
|
|
|
|
|
|
INVESTMENTS AND NON-CURRENT ASSETS:
|
|
|
|
|
|
|
Marketable securities
|
|
19,241
|
|
|
32,410
|
|
Other long-term Investments
|
|
29
|
|
|
780
|
|
Funds in respect of employee rights upon retirement
|
|
12,521
|
|
|
14,099
|
|
Non-current trade receivables
|
|
|
|
|
231
|
|
Deferred income taxes
|
|
8,795
|
|
|
843
|
|
|
|
|
|
|
|
|
|
|
40,586
|
|
|
48,363
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT
, net of accumulated depreciation and amortization
|
|
39,325
|
|
|
28,142
|
|
|
|
|
|
|
|
|
GOODWILL AND OTHER INTANGIBLE ASSETS
, net of accumulated amortization
|
|
114,322
|
|
|
67,016
|
|
|
|
|
|
|
|
|
|
|
634,861
|
|
|
573,171
|
|
|
|
|
|
|
|
|
Liabilities and shareholders equity
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Short term loan
|
|
160,000
|
|
|
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
Trade
|
|
36,377
|
|
|
34,405
|
|
Deferred income
|
|
22,473
|
|
|
15,445
|
|
Other
|
|
56,428
|
|
|
37,194
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
275,278
|
|
|
87,044
|
|
LONG TERM LIABILITIES:
|
|
|
|
|
|
|
Accrued severance pay
|
|
27,678
|
|
|
28,610
|
|
Deferred tax liabilities
|
|
16,208
|
|
|
16,565
|
|
Other long term liability
|
|
2,667
|
|
|
|
|
|
|
|
|
|
|
|
Total long term liabilities
|
|
46,553
|
|
|
45,175
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
321,831
|
|
|
132,219
|
|
|
|
|
|
|
|
|
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY
|
|
1,562
|
|
|
1,330
|
|
|
|
|
|
|
|
|
SHAREHOLDERS EQUITY:
|
|
|
|
|
|
|
Share capital
|
|
1,727
|
|
|
1,699
|
|
Additional paid-in capital
|
|
161,914
|
|
|
144,991
|
|
Retained earnings
|
|
211,142
|
|
|
346,447
|
|
Accumulated other comprehensive income
|
|
(6,123
|
)
|
|
3,677
|
|
|
|
|
|
|
|
|
|
|
368,660
|
|
|
496,814
|
|
Less treasury stock, at cost
|
|
(57,192
|
)
|
|
(57,192
|
)
|
|
|
|
|
|
|
|
Total shareholders equity
|
|
311,468
|
|
|
439,622
|
|
|
|
|
|
|
|
|
|
|
634,861
|
|
|
573,171
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE TWELVE MONTH AND THREE MONTH PERIODS ENDED
DECEMBER 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months ended
December 31
|
|
|
3 months ended
December 31
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
REVENUES
|
|
429,546
|
|
|
360,662
|
|
|
129,213
|
|
|
103,621
|
|
COST OF REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
COST
|
|
260,639
|
|
|
210,616
|
|
|
80,536
|
|
|
61,124
|
|
WRITE DOWN OF INVENTORIES
|
|
3,348
|
|
|
4,821
|
|
|
3,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
165,559
|
|
|
145,225
|
|
|
45,329
|
|
|
42,497
|
|
RESEARCH AND DEVELOPMENT COSTS
net
|
|
76,602
|
|
|
67,923
|
|
|
20,742
|
|
|
19,454
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
73,346
|
|
|
66,989
|
|
|
19,551
|
|
|
18,022
|
|
AMORTIZATION OF OTHER INTANGIBLE ASSETS
|
|
8,099
|
|
|
4,308
|
|
|
5,053
|
|
|
1,947
|
|
IN PROCESS RESEARCH AND DEVELOPMENT CHARGES
|
|
6,537
|
|
|
420
|
|
|
6,537
|
|
|
|
|
RESTRUCTURING CHARGES
|
|
8,800
|
|
|
510
|
|
|
5,124
|
|
|
510
|
|
IMPAIRMENT OF GOODWILL AND INTELLECTUAL PROPERTY
|
|
131,663
|
|
|
4,739
|
|
|
87,819
|
|
|
4,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (LOSS)
|
|
(139,488
|
)
|
|
336
|
|
|
(99,497
|
)
|
|
(2,175
|
)
|
FINANCIAL INCOME (EXPENSES)
net
|
|
(1,324
|
)
|
|
9,110
|
|
|
(2,760
|
)
|
|
1,629
|
|
WRITE-DOWN OF LONG-TERM INVESTMENTS
|
|
|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE TAXES ON INCOME
|
|
(140,812
|
)
|
|
4,446
|
|
|
(102,257
|
)
|
|
(546
|
)
|
INCOME TAX EXPENSES (BENEFIT)
|
|
(5,739
|
)
|
|
2,280
|
|
|
(1,152
|
)
|
|
455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS OF THE COMPANY AND ITS SUBSIDIARIES AND JOINT VENTURE
|
|
(135,073
|
)
|
|
2,166
|
|
|
(101,105
|
)
|
|
(1,001
|
)
|
MINORITY INTEREST IN PROFITS OF CONSOLIDATED SUBSIDIARY
|
|
(232
|
)
|
|
(416
|
)
|
|
(75
|
)
|
|
(242
|
)
|
SHARE IN PROFITS (LOSSES) OF AN ASSOCIATED COMPANY
|
|
|
|
|
(266
|
)
|
|
|
|
|
109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
(135,305
|
)
|
|
1,484
|
|
|
(101,180
|
)
|
|
(1,134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
($4.04
|
)
|
|
$0.04
|
|
|
($2.98
|
)
|
|
($0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
($4.04
|
)
|
|
$0.04
|
|
|
($2.98
|
)
|
|
($0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES (IN THOUSANDS) USED IN COMPUTATION OF EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
33,512
|
|
|
33,091
|
|
|
33,936
|
|
|
33,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
33,512
|
|
|
33,190
|
|
|
33,936
|
|
|
33,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: February 24, 2009
Orbotech Ltd. - Ordinary Shares (NASDAQ:ORBK)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Orbotech Ltd. - Ordinary Shares (NASDAQ:ORBK)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024