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 2012
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):
Attached hereto and incorporated by reference herein are the following documents:
1.
|
Press release issued by the Registrant on, and dated, November 5, 2012, and entitled Orbotech Announces Third Quarter 2012 Results.
|
2.
|
Registrants Condensed Consolidated Balance Sheets at September 30, 2012.
|
3.
|
Registrants Condensed Consolidated Statements of Income for the Nine and Three Month Periods ended September 30, 2012.
|
4.
|
Registrants Condensed Consolidated Statements of Cash Flows for the Nine and Three Month Periods Month Period ended September 30, 2012.
|
5.
|
Registrants Reconciliation of GAAP to non-GAAP Results from Continuing Operations for the Nine and Three Month Periods ended September 30, 2012.
|
6.
|
Press release issued by the Registrant on, and dated, November 5, 2012, and entitled Orbotech Announces Share Repurchase Program.
|
* * *
* * *
Except as set forth below, the
information on this Form 6-K, including the exhibits attached hereto, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it
be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
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, Registration No. 333-154394 and Registration No. 333-169146) of Orbotech Ltd. previously filed with the
Securities and Exchange Commission.
2
FOR IMMEDIATE RELEASE
ORBOTECH ANNOUNCES THIRD QUARTER 2012 RESULTS
YAVNE, ISRAEL November 5, 2012 ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the third quarter and nine months ended September 30,
2012.
Revenues for the third quarter of 2012 totaled $98.9 million, compared to $101.3 million in the second quarter of 2012
and $144.4 million recorded in the third quarter of 2011. GAAP net loss for the third quarter of 2012 was $45.7 million, or $1.05 per share, compared to GAAP net loss of $0.8 million, or $0.02 per share in the second quarter of 2012 and GAAP net
income of $14.7 million, or $0.34 per share (diluted), in the third quarter of 2011.
GAAP net loss for the third quarter of
2012 reflects: (a) a non-cash impairment charge of $30.0 million, or $0.69 per share, relating to intangible assets allocated to the Companys flat panel display (
FPD
) business, following the assessment and testing of
the value of those assets in light of the changed FPD industry and business conditions; (b) a write-down of inventories and a provision for open commitments in the amount of $14.3 million, or $0.33 per share, relating primarily to components
for the Companys FPD products, which takes into consideration the Companys current inventory levels and its assessment as to anticipated future demand for its FPD products; and (c) $1.7 million of costs in connection with the
ongoing Korean litigation, which are recorded in general and administrative expenses.
Revenues for the first nine months of
2012 totaled $300.4 million, compared to $432.0 million recorded in the first nine months of 2011. GAAP net loss for the first nine months of 2012 was $44.8 million, or $1.03 per share, compared to GAAP net income of $44.8 million, or $1.13 per
share (diluted), in the first nine months of 2011.
Non-GAAP net loss for the third quarter of 2012 was $12.3 million, or
$0.28 per share, compared to non-GAAP net income of $18.6 million, or $0.42 per share (diluted), in the third quarter of 2011. Non-GAAP net loss for the first nine months of 2012 was $1.7 million, or $0.04 per share, compared to non-GAAP net income
of $55.7 million, or $1.40 per share (diluted), in the first nine months of 2011. A reconciliation of each of the Companys non-GAAP measures to the comparable GAAP measure is included at the end of this press release.
In the Companys Production Solutions for Electronics Industry segment, sales of equipment to the printed circuit board
(
PCB
) industry were $42.0 million in the third quarter of 2012, compared to $48.6 million in the second quarter of 2012 and $56.6 million in the third quarter of 2011; and sales of equipment to the FPD industry were $15.3 million
in the third quarter of 2012, compared to $12.3 million in the second quarter of 2012 and $49.6 million in the third quarter of 2011. In the Companys Recognition Software segment, sales were $2.0 million in the third quarter of 2012, compared
to $1.7 million in the second quarter of 2012 and $1.8 million in the third quarter of 2011. In addition, service revenue for the third quarter of 2012 reached a quarterly record $39.6 million, compared to $38.7 million in the second quarter of 2012
and $36.4 million in the third quarter of 2011.
3
The Company completed the quarter with cash, cash equivalents, short-term bank deposits and
marketable securities of $276.2 million and debt of $72 million, compared with cash, cash equivalents, short-term bank deposits and marketable securities of $279.1 million and debt of $80 million at the end of the second quarter of 2012. The Company
generated cash of $7.9 million from continuing operations in the third quarter of 2012.
As previously announced, the Company
is adopting certain measures designed to realign its infrastructure with current revenue levels and business conditions. These include a reduction in the Companys worldwide workforce in the fourth quarter of 2012, consolidation of certain
Company facilities and other cost-cutting measures, that will result in a restructuring charge of approximately $4.0 million, which will be recorded in the fourth quarter of 2012. The Company expects these measures to result in a reduction of
approximately $10 - 12 million of annual operating expenses during 2013. Orbotech is continuing to invest in research and development programs to foster future growth, improve its technological leadership and enhance its worldwide customer service
and support infrastructure.
As previously reported, the Companys Korean subsidiary and six local employees have been
indicted in Korea, and the investigation into the actions of employees of the Company and its subsidiaries outside Korea is ongoing. On October 26, 2012, the Korean court released on bail the three Korean employees who had previously been
arrested. These legal proceedings are ongoing and the Companys Korean subsidiary continues to co-operate with the Korean authorities in this matter.
The Company is also separately announcing today that, pursuant to approval granted by its Board of Directors, it proposes to allocate $30 million to undertake the purchase of its Ordinary Shares. Such
purchases will be subject, among other things, to the share price and market conditions and will be made in accordance with all applicable laws and regulations.
Commenting on the quarter, Rani Cohen, President and Chief Executive Officer, said: The lower than expected revenue levels recorded for the third, and anticipated for the fourth, quarters of 2012
reflect the challenging business environment and associated high degree of uncertainty currently prevailing in our industries and throughout the global economy. These factors have impacted commercial and consumer spending, causing a number of PCB
manufacturers to defer capital expenditure decisions. At the same time, while FPD manufacturers are beginning to experience higher utilization rates, which we believe will in the future translate into new orders for the Company, they remain very
cautious at this time about placing new orders. We expect this overall business environment to continue through the first half of 2013, and are therefore taking action to realign our worldwide organization and workforce, while still investing in key
product development capabilities. This will enhance our ability to maintain - and even improve - our leadership position within the industries that we serve and will allow us to capitalize on opportunities arising once business conditions begin to
improve.
4
An earnings conference call for the Companys third quarter 2012 results is scheduled
for Monday, November 5, 2012, at 9:00 a.m. EST. The dial-in number for the conference call is 773-756-4789, and a replay will be available on telephone number 203-369-3180 until November 19, 2012. The pass code is Q3. 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 Ltd. (NASDAQ/GSM: ORBK) has been at
the cutting edge of the electronics industry supply chain, as an innovator of enabling technologies used in the manufacture of the worlds most sophisticated consumer and industrial products, for over 30 years. The Company is a leading provider
of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic components; and today, virtually every electronic device is produced using Orbotech technology. The Company
also applies its core expertise and resources in other advanced technology areas, including character recognition for check and forms processing and solar photovoltaic manufacturing. Headquartered in Israel and operating from multiple locations
internationally, Orbotechs highly talented and inter-disciplinary professionals design, manufacture, sell and service the Companys end-to-end portfolio of solutions for the benefit of customers the world over. For more information please
see the Companys filings with the U.S. Securities and Exchange Commission at www.sec.gov. and visit the Companys corporate website at www.orbotech.com. The corporate website is not incorporated herein by reference and is included as an
inactive textual reference only.
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 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, without limitation, the timing, terms and success of any
strategic transaction, the outcome and impact of the pending 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 Companys customers, which may result in monetary judgments or settlements, expenses associated with the Korean matter, cyclicality in the industries in which the Company operates, the Companys
production capacity, timing and occurrence of product acceptance, 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 and other risks detailed in
the Companys SEC reports, including the Companys Annual Report on Form 20-F for the year ended December 31, 2011. 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.
5
ORBOTECH LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
AT SEPTEMBER 30, 2012
|
|
|
|
|
|
|
|
|
|
|
September 30
2012
|
|
|
December 31
2011
|
|
|
|
U. S. dollars in thousands
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
231,617
|
|
|
|
151,237
|
|
Short-term bank deposits
|
|
|
29,708
|
|
|
|
145,292
|
|
Marketable securities
|
|
|
3,810
|
|
|
|
|
|
Accounts receivable:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
179,434
|
|
|
|
196,232
|
|
Other
|
|
|
28,098
|
|
|
|
26,163
|
|
Deferred income taxes
|
|
|
7,600
|
|
|
|
6,580
|
|
Inventories
|
|
|
97,936
|
|
|
|
105,109
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
578,203
|
|
|
|
630,613
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS AND NON-CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
11,106
|
|
|
|
|
|
Funds in respect of employee rights upon retirement
|
|
|
11,758
|
|
|
|
11,846
|
|
Deferred income taxes
|
|
|
11,598
|
|
|
|
8,999
|
|
Other long-term investments
|
|
|
2,221
|
|
|
|
2,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,683
|
|
|
|
23,271
|
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT,
net
|
|
|
25,729
|
|
|
|
26,664
|
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
12,444
|
|
|
|
12,444
|
|
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS,
net
|
|
|
15,595
|
|
|
|
54,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
668,654
|
|
|
|
747,483
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Current maturities of long-term bank loan
|
|
|
32,000
|
|
|
|
32,000
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
34,733
|
|
|
|
32,357
|
|
Other
|
|
|
47,654
|
|
|
|
57,590
|
|
Deferred income
|
|
|
19,367
|
|
|
|
25,910
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
133,754
|
|
|
|
147,857
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
Long-term bank loan
|
|
|
40,000
|
|
|
|
64,000
|
|
Liability for employee rights upon retirement
|
|
|
27,240
|
|
|
|
26,797
|
|
Deferred income taxes
|
|
|
1,708
|
|
|
|
1,759
|
|
Other tax liabilities
|
|
|
17,216
|
|
|
|
16,938
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
86,164
|
|
|
|
109,494
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
219,918
|
|
|
|
257,351
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
2,101
|
|
|
|
2,092
|
|
Additional paid-in capital
|
|
|
274,071
|
|
|
|
270,966
|
|
Retained earnings
|
|
|
229,303
|
|
|
|
274,148
|
|
Accumulated other comprehensive income (loss)
|
|
|
(112
|
)
|
|
|
(1,460
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
505,363
|
|
|
|
545,746
|
|
Less treasury shares, at cost
|
|
|
(57,192
|
)
|
|
|
(57,192
|
)
|
|
|
|
|
|
|
|
|
|
Total Orbotech Ltd. shareholders equity
|
|
|
448,171
|
|
|
|
488,554
|
|
Non-controlling interest
|
|
|
565
|
|
|
|
1,578
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
448,736
|
|
|
|
490,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
668,654
|
|
|
|
747,483
|
|
|
|
|
|
|
|
|
|
|
6
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE AND THREE MONTH
PERIODS ENDED SEPTEMBER 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended
September 30
|
|
|
3 months ended
September 30
|
|
|
12 months ended
December 31
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
2011
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
REVENUES
|
|
|
300,430
|
|
|
|
431,980
|
|
|
|
98,876
|
|
|
|
144,364
|
|
|
|
565,313
|
|
COST OF REVENUES
|
|
|
174,246
|
|
|
|
251,405
|
|
|
|
59,568
|
|
|
|
83,675
|
|
|
|
329,442
|
|
WRITE- DOWN OF INVENTORIES
|
|
|
14,255
|
|
|
|
|
|
|
|
14,255
|
|
|
|
|
|
|
|
6,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
111,929
|
|
|
|
180,575
|
|
|
|
25,053
|
|
|
|
60,689
|
|
|
|
229,128
|
|
RESEARCH AND DEVELOPMENT COSTS
- net
|
|
|
54,062
|
|
|
|
62,582
|
|
|
|
17,938
|
|
|
|
21,332
|
|
|
|
84,180
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
|
57,160
|
|
|
|
53,689
|
|
|
|
19,203
|
|
|
|
17,993
|
|
|
|
72,583
|
|
AMORTIZATION OF INTANGIBLE ASSETS
|
|
|
8,916
|
|
|
|
9,213
|
|
|
|
2,852
|
|
|
|
3,071
|
|
|
|
12,304
|
|
RESTRUCTURING CHARGES
|
|
|
1,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPAIRMENT OF INTANGIBLE ASSETS
|
|
|
29,980
|
|
|
|
|
|
|
|
29,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (LOSS)
|
|
|
(40,107
|
)
|
|
|
55,091
|
|
|
|
(44,920
|
)
|
|
|
18,293
|
|
|
|
60,061
|
|
FINANCIAL EXPENSES
- net
|
|
|
5,247
|
|
|
|
5,706
|
|
|
|
1,808
|
|
|
|
1,810
|
|
|
|
6,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES ON INCOME
|
|
|
(45,354
|
)
|
|
|
49,385
|
|
|
|
(46,728
|
)
|
|
|
16,483
|
|
|
|
53,510
|
|
TAXES ON INCOME (TAX BENEFIT)
|
|
|
222
|
|
|
|
5,822
|
|
|
|
(742
|
)
|
|
|
1,703
|
|
|
|
7,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,576
|
)
|
|
|
43,563
|
|
|
|
(45,986
|
)
|
|
|
14,780
|
|
|
|
45,833
|
|
SHARE IN LOSSES OF ASSOCIATED COMPANY
|
|
|
115
|
|
|
|
109
|
|
|
|
50
|
|
|
|
49
|
|
|
|
179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
|
(45,691
|
)
|
|
|
43,454
|
|
|
|
(46,036
|
)
|
|
|
14,731
|
|
|
|
45,654
|
|
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
|
|
|
|
|
|
|
1,363
|
|
|
|
|
|
|
|
|
|
|
|
1,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
|
(45,691
|
)
|
|
|
44,817
|
|
|
|
(46,036
|
)
|
|
|
14,731
|
|
|
|
47,017
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE NON-CONTROLLING INTEREST
|
|
|
(846
|
)
|
|
|
25
|
|
|
|
(342
|
)
|
|
|
25
|
|
|
|
(322
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.
|
|
|
(44,845
|
)
|
|
|
44,792
|
|
|
|
(45,694
|
)
|
|
|
14,706
|
|
|
|
47,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNTS ATTRIBUTABLE TO ORBOTECH LTD.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
|
(44,845
|
)
|
|
|
43,429
|
|
|
|
(45,694
|
)
|
|
|
14,706
|
|
|
|
45,976
|
|
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
|
|
|
|
|
|
|
1,363
|
|
|
|
|
|
|
|
|
|
|
|
1,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.
|
|
|
(44,845
|
)
|
|
|
44,792
|
|
|
|
(45,694
|
)
|
|
|
14,706
|
|
|
|
47,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
$
|
(1.03
|
)
|
|
$
|
1.12
|
|
|
$
|
(1.05
|
)
|
|
$
|
0.34
|
|
|
$
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
$
|
(1.03
|
)
|
|
$
|
1.09
|
|
|
$
|
(1.05
|
)
|
|
$
|
0.34
|
|
|
$
|
1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
$
|
(1.03
|
)
|
|
$
|
1.15
|
|
|
$
|
(1.05
|
)
|
|
$
|
0.34
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
$
|
(1.03
|
)
|
|
$
|
1.13
|
|
|
$
|
(1.05
|
)
|
|
$
|
0.34
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF EARNINGS PER SHARE - IN THOUSANDS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
43,482
|
|
|
|
38,785
|
|
|
|
43,537
|
|
|
|
43,177
|
|
|
|
39,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
|
43,482
|
|
|
|
39,759
|
|
|
|
43,537
|
|
|
|
43,872
|
|
|
|
40,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE AND THREE
MONTH PERIODS ENDED SEPTEMBER 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended
September 3 0
|
|
|
3 months ended
September 3 0
|
|
|
12 months
ended
December 31
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
2011
|
|
|
|
U.S. dollars in thousands
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
(45,691
|
)
|
|
|
44,817
|
|
|
|
(46,036
|
)
|
|
|
14,731
|
|
|
|
47,017
|
|
Adjustment to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
|
|
|
|
(1,363
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,363
|
)
|
Depreciation and amortization
|
|
|
14,724
|
|
|
|
15,073
|
|
|
|
4,791
|
|
|
|
5,095
|
|
|
|
19,958
|
|
Impairment of Intangible assets
|
|
|
29,980
|
|
|
|
|
|
|
|
29,980
|
|
|
|
|
|
|
|
|
|
Compensation relating to equity awards granted to employees and others - net
|
|
|
2,286
|
|
|
|
2,915
|
|
|
|
480
|
|
|
|
778
|
|
|
|
3,728
|
|
Increase (decrease) in liability for employee rights upon retirement
|
|
|
720
|
|
|
|
(54
|
)
|
|
|
626
|
|
|
|
(516
|
)
|
|
|
(704
|
)
|
Non-cash expenses in respect of restructuring
|
|
|
601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
(3,670
|
)
|
|
|
2,335
|
|
|
|
(2,471
|
)
|
|
|
1,038
|
|
|
|
2,584
|
|
Loss from sales and write down of marketable securities
|
|
|
|
|
|
|
395
|
|
|
|
|
|
|
|
|
|
|
|
395
|
|
Others
|
|
|
1,142
|
|
|
|
1,069
|
|
|
|
847
|
|
|
|
1,023
|
|
|
|
1,224
|
|
Decrease (increase) in accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
16,798
|
|
|
|
(43,485
|
)
|
|
|
2,889
|
|
|
|
(12,703
|
)
|
|
|
(42,714
|
)
|
Other
|
|
|
(1,860
|
)
|
|
|
1,121
|
|
|
|
(462
|
)
|
|
|
1,524
|
|
|
|
2,698
|
|
Increase (decrease) in accounts payable and accruals:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
2,376
|
|
|
|
13,271
|
|
|
|
5,008
|
|
|
|
(12,841
|
)
|
|
|
5,822
|
|
Deferred income and other
|
|
|
(15,161
|
)
|
|
|
5,753
|
|
|
|
739
|
|
|
|
3,508
|
|
|
|
6,105
|
|
Decrease (increase) in inventories
|
|
|
7,574
|
|
|
|
(8,116
|
)
|
|
|
11,504
|
|
|
|
1,805
|
|
|
|
6,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities - continuing operations
|
|
|
9,819
|
|
|
|
33,731
|
|
|
|
7,895
|
|
|
|
3,442
|
|
|
|
51,620
|
|
Net cash used in operating activities - discontinued operations
|
|
|
|
|
|
|
(740
|
)
|
|
|
|
|
|
|
0
|
|
|
|
(787
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
9,819
|
|
|
|
32,991
|
|
|
|
7,895
|
|
|
|
3,442
|
|
|
|
50,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(6,561
|
)
|
|
|
(5,188
|
)
|
|
|
(3,102
|
)
|
|
|
(2,803
|
)
|
|
|
(7,554
|
)
|
Withdraw (placement) of bank deposits
|
|
|
115,584
|
|
|
|
(127,300
|
)
|
|
|
50,010
|
|
|
|
(67,300
|
)
|
|
|
(142,325
|
)
|
Realization (purchase) of marketable securities
|
|
|
(14,935
|
)
|
|
|
1,967
|
|
|
|
|
|
|
|
|
|
|
|
1,967
|
|
Other investment
|
|
|
|
|
|
|
(2,310
|
)
|
|
|
|
|
|
|
(810
|
)
|
|
|
(2,810
|
)
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
Decrease (increase) in funds in respect of employee rights upon retirement
|
|
|
(189
|
)
|
|
|
(13
|
)
|
|
|
41
|
|
|
|
200
|
|
|
|
331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities - continuing operations
|
|
|
93,899
|
|
|
|
(132,809
|
)
|
|
|
46,949
|
|
|
|
(70,713
|
)
|
|
|
(150,356
|
)
|
Net cash provided by investing activities - discontinued operations
|
|
|
|
|
|
|
9,155
|
|
|
|
|
|
|
|
|
|
|
|
9,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
93,899
|
|
|
|
(123,654
|
)
|
|
|
46,949
|
|
|
|
(70,713
|
)
|
|
|
(141,201
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term bank loan
|
|
|
(24,000
|
)
|
|
|
(24,000
|
)
|
|
|
(8,000
|
)
|
|
|
(8,000
|
)
|
|
|
(32,000
|
)
|
Employee stock options exercised
|
|
|
662
|
|
|
|
1,649
|
|
|
|
51
|
|
|
|
219
|
|
|
|
2,063
|
|
Proceeds from issuance of shares, net
|
|
|
|
|
|
|
90,683
|
|
|
|
|
|
|
|
|
|
|
|
90,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(23,338
|
)
|
|
|
68,332
|
|
|
|
(7,949
|
)
|
|
|
(7,781
|
)
|
|
|
60,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
80,380
|
|
|
|
(22,331
|
)
|
|
|
46,895
|
|
|
|
(75,052
|
)
|
|
|
(29,622
|
)
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
151,237
|
|
|
|
180,859
|
|
|
|
184,722
|
|
|
|
233,580
|
|
|
|
180,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
|
231,617
|
|
|
|
158,528
|
|
|
|
231,617
|
|
|
|
158,528
|
|
|
|
151,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
ORBOTECH LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS FROM CONTINUING OPERATIONS
FOR THE NINE AND THREE MONTH PERIODS ENDED SEPTEMBER 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended
September 30
|
|
|
3 months ended
September 30
|
|
|
12 months
ended
December 31
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
2011
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
Reported operating income (loss) on GAAP basis
|
|
|
(40,107
|
)
|
|
|
55,091
|
|
|
|
(44,920
|
)
|
|
|
18,293
|
|
|
|
60,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based compensation expenses
|
|
|
2,230
|
|
|
|
2,915
|
|
|
|
480
|
|
|
|
778
|
|
|
|
3,728
|
|
Restructuring charges
|
|
|
1,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of Intangible assets
|
|
|
29,980
|
|
|
|
|
|
|
|
29,980
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
8,916
|
|
|
|
9,213
|
|
|
|
2,852
|
|
|
|
3,071
|
|
|
|
12,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
2,937
|
|
|
|
67,219
|
|
|
|
(11,608
|
)
|
|
|
22,142
|
|
|
|
76,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income (loss) attributable to Orbotech Ltd. on GAAP basis
|
|
|
(44,845
|
)
|
|
|
44,792
|
|
|
|
(45,694
|
)
|
|
|
14,706
|
|
|
|
47,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based compensation expenses
|
|
|
2,230
|
|
|
|
2,915
|
|
|
|
480
|
|
|
|
778
|
|
|
|
3,728
|
|
Amortization of intangible assets
|
|
|
8,916
|
|
|
|
9,213
|
|
|
|
2,852
|
|
|
|
3,071
|
|
|
|
12,304
|
|
Income from discontinued operations
|
|
|
|
|
|
|
(1,363
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,363
|
)
|
Restructuring charges
|
|
|
1,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of Intangible assets
|
|
|
29,980
|
|
|
|
|
|
|
|
29,980
|
|
|
|
|
|
|
|
|
|
Share in losses of associated company
|
|
|
115
|
|
|
|
109
|
|
|
|
50
|
|
|
|
49
|
|
|
|
179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) from continuing operations
|
|
|
(1,686
|
)
|
|
|
55,666
|
|
|
|
(12,332
|
)
|
|
|
18,604
|
|
|
|
62,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share
|
|
$
|
(0.04
|
)
|
|
$
|
1.40
|
|
|
$
|
(0.28
|
)
|
|
$
|
0.42
|
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per diluted share calculation-in thousands
|
|
|
43,482
|
|
|
|
39,759
|
|
|
|
43,537
|
|
|
|
43,872
|
|
|
|
40,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
Non-GAAP Financial Measures
Non-GAAP net income, non-GAAP net income from continuing operations and non-GAAP net income from continuing operations 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 and impairment
of intangibles; (iii) discontinued operations; (iv) restructuring charges; and/or (v) share in losses of associated company. Management uses these non-GAAP measures to evaluate the Companys 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 Companys business from the same perspective as the Companys management and facilitate comparisons with results for prior periods. 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 Companys consolidated financial
statements prepared in accordance with GAAP. The reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures are set forth below. For a detailed explanation of the
adjustments made to comparable GAAP measures, please see the Reconciliation.
To supplement the Companys financial
results presented on a GAAP basis, the Company uses the non-GAAP measures indicated in the Reconciliation, which exclude equity based compensation expenses, amortization of intangible assets, in-process research and development charges, share in
losses/profits of associated companies and impairment and restructuring charges, 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. However, the non-GAAP measures presented are subject to limitations as an analytical tool because they exclude recurring items (such as equity compensation and amortization of intangible assets) as described below
and because they do not reflect certain cash expenditures that are required to operate the Companys business, such as interest expense and taxes. Accordingly, these non-GAAP financial measures are not meant to be considered in isolation or as
a substitute for comparable GAAP measures and should be read only in conjunction with the Companys consolidated financial statements prepared in accordance with GAAP. Management regularly utilizes supplemental non-GAAP financial measures
internally to understand, manage and
10
evaluate the Companys business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Non-GAAP
financial measures reflect adjustments based on the following items, as well as the related income tax effects.
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. For more information about these items, see the Reconciliation and the Companys Annual Report on Form 20-F filed with the SEC for the year ended December 31, 2011.
|
|
|
COMPANY CONTACTS:
|
|
|
Adrian Auman
|
|
Michelle Harnish
|
Corporate Vice President Investor Relations
|
|
Marketing Communications Manager
|
and Special Projects
|
|
Orbotech, Inc.
|
Orbotech Ltd.
|
|
+1-603-289-7937
|
+972-8-942-3560
|
|
|
11
FOR IMMEDIATE RELEASE
ORBOTECH ANNOUNCES SHARE REPURCHASE PROGRAM
YAVNE, ISRAEL November 5, 2012 ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced that the Companys Board of Directors (the
Board
) approved the allocation
of $30 million for the repurchase of the Companys outstanding ordinary shares, NIS 0.14 nominal (par) value each (
Ordinary Shares
). Such repurchases may be made in the open market, in privately negotiated transactions or in
block transactions, at the discretion of the Company. The timing and amount of specific repurchases are subject to the requirements of the Securities and Exchange Commission, market conditions, alternative uses of capital and other factors. The
Company may enter into Rule 10b5-1 plans to facilitate repurchases under the program. A Rule 10b5-1 plan would generally permit the Company to repurchase the Ordinary Shares at times when it might otherwise be prevented from doing so under certain
securities laws. Purchases will be funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Ordinary Shares repurchased under the program will be held in treasury (unless retired by action of the
Board) and any Ordinary Shares held in treasury may be used by the Company in connection with the Companys equity award and other employee benefit plans and for any additional purpose as may be determined from time to time by the Board.
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ/GSM: ORBK) has been at the cutting edge of the electronics industry supply chain, as an innovator of enabling technologies used in the manufacture of the worlds most
sophisticated consumer and industrial products, for over 30 years. The Company is a leading provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic
components; and today, virtually every electronic device is produced using Orbotech technology. The Company also applies its core expertise and resources in other advanced technology areas, including character recognition for check and forms
processing and solar photovoltaic manufacturing. Headquartered in Israel and operating from multiple locations internationally, Orbotechs highly talented and inter-disciplinary professionals design, manufacture, sell and service the
Companys end-to-end portfolio of solutions for the benefit of customers the world over. For more information please see the Companys filings with the U.S. Securities and Exchange Commission at www.sec.gov. and visit the Companys
corporate website at www.orbotech.com. The corporate website is not incorporated herein by reference and is included as an inactive textual reference only.
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 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, without limitation, the timing, terms and success of any strategic transaction, the outcome and impact of the pending 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 Companys customers, which may result in monetary judgments or settlements,
expenses associated with the Korean matter, cyclicality in the industries in which the Company operates, the Companys production capacity, timing and occurrence of product acceptance, 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 and other risks detailed in the Companys SEC reports, including the Companys Annual Report on Form 20-F for the year ended December 31, 2011.
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 Investor Relations
|
|
Marketing Communications Manager
|
and Special Projects
|
|
Orbotech, Inc.
|
Orbotech Ltd.
|
|
+1-603-289-7937
|
+972-8-942-3560
|
|
|
12
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/ Doron Abramovitch
|
|
|
Doron Abramovitch
|
|
|
Corporate Vice President and
|
|
|
Chief Financial Officer
|
|
|
Date:
|
|
November 6, 2012
|
13
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