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 2013
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, February 19, 2013, and entitled Orbotech Announces Fourth Quarter and Full Year Results for 2012.
|
2.
|
Registrants Condensed Consolidated Balance Sheets at December 31, 2012.
|
3.
|
Registrants Condensed Consolidated Statements of Income for the year and three months ended December 31, 2012.
|
4.
|
Registrants Condensed Consolidated Statements of Cash Flows for the year and three months ended December 31, 2012.
|
5.
|
Registrants Reconciliation of GAAP to non-GAAP Results from Continuing Operations for the year and three months ended December 31, 2012.*
|
* * *
* * *
*
|
Amounts have been corrected as described therein.
|
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.
FOR IMMEDIATE RELEASE
ORBOTECH ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS FOR 2012
YAVNE, ISRAEL February 19, 2013 ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial
results for the fourth quarter and year ended December 31, 2012.
Revenues for the fourth quarter of 2012 totaled $100.3
million, compared to $98.9 million in the third quarter of 2012 and $133.3 million in the fourth quarter of 2011. GAAP net loss for the fourth quarter of 2012 was $0.7 million, or $0.02 per share, compared to GAAP net loss of $45.7 million, or $1.05
per share, in the third quarter of 2012 and a GAAP net income of $2.5 million, or $0.06 per share (diluted), in the fourth quarter of 2011. Net loss for the fourth quarter of 2012 includes a restructuring charge of $3.2 million relating to certain
measures taken to realign the Companys infrastructure with current revenue levels and business conditions, including a reduction in worldwide workforce, consolidation of certain Company facilities and other cost-cutting measures.
Commenting on the results, Asher Levy, Chief Executive Officer, said: 2012 was an extremely challenging year for the Company,
primarily due to lower capital expenditures by LCD manufacturers and the deferral of capital expenditures by PCB manufacturers in response to highly uncertain global economic conditions. During the fourth quarter, we took steps to reduce our expense
structure, which will better position us to benefit from the improvement we are already beginning to see in the FPD industry and from the expected growth in the PCB industry. In 2013, these measures should result in savings of approximately $10
million in operating expenses and will afford us significant operating leverage. However, they will not impact our service business nor diminish our ability to continue to develop the best solutions to meet our customers needs.
Revenues for the year ended December 31, 2012 totaled $400.7 million, compared to $565.3 million in 2011. GAAP net loss
for the year ended December 31, 2012 was $45.6 million, or $1.05 per share, compared to a GAAP net income of $47.3 million, or $1.16 per share (diluted), in 2011.
GAAP net loss for the year reflects: (a) an impairment charge of $30.1 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 non-cancelable 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; (c) $4.0 million of net costs associated with the previously-disclosed charges filed in Korea against the Korean subsidiary of Orbotech Ltd. and six employees thereof (the
Korean Matter
); and (d) $5.1
million in restructuring charges related to the Companys cost reduction programs.
1
Non-GAAP net income from continuing operations for the fourth quarter of 2012 was $3.9
million, or $0.09 per share (diluted), compared to non-GAAP net income from continuing operations of $6.5 million, or $0.15 per share (diluted), in the fourth quarter of 2011.
Non-GAAP net income from continuing operations for the year ended December 31, 2012 was $2.3 million, or $0.05 per share (diluted), compared to non-GAAP net income from continuing operations of $62.2
million, or $1.52 per share (diluted), for the year ended December 31, 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 $42.2 million in the fourth quarter of 2012, compared to $42.0 million in the third quarter of 2012, and $52.6 million in the fourth quarter of 2011. Sales of equipment to the FPD industry were $17.6 million in
the fourth quarter of 2012, compared to $15.3 million in the third quarter of 2012, and $42.5 million in the fourth quarter of last year. In the Companys Recognition Software segment, sales were $2.5 million in the fourth quarter of 2012,
compared to $2.0 million in the third quarter of 2012, and $2.1 million in the fourth quarter of 2011. In addition, service revenue for the fourth quarter of 2012 was $38.0 million, compared to $39.6 million in the third quarter of 2012, and $36.0
million in the fourth quarter of 2011.
The Company completed the quarter with cash, cash equivalents, short-term bank
deposits and marketable securities of approximately $278.8 million; and debt of $64.0 million, compared with cash, cash equivalents and short-term bank deposits of approximately $276.2 million; and debt of $72.0 million at the end of the third
quarter of 2012. The Company generated cash of $12.7 million from continuing operations in the fourth quarter of 2012. Additionally, during February 2013, the Company prepaid $32.0 million of its loan from the Israel Discount Bank Ltd. and estimates
that this will result in a reduction of approximately $1.8 million in its financial expenses for 2013. The remaining $32.0 million loan from Israel Discount Bank Ltd. is due by December 21, 2013 and, accordingly has been classified as a current
liability.
To date, the Company has repurchased 429,812 of its Ordinary Shares, at a total cost of approximately $3.74
million, under the share repurchase program approved and announced in November 2012. Pursuant to approval granted by its Board of Directors, the Company will continue to repurchase shares, up to the originally approved total of $30.0 million. 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.
Hearings on the Korean Matter remain ongoing, as does the investigation by the prosecutor into the actions of employees of the Company outside of Korea, in connection with which the Companys Korean
subsidiary continues to co-operate with the Korean authorities. The Company recorded $4.0 million in net costs in 2012 in connection with the Korean Matter, and expects to continue to incur fees and expenses associated therewith.
2
Due to the elimination of the proportionate method of consolidation for joint ventures under
applicable Israeli GAAP, which became effective on January 1, 2013, commencing from the first quarter of 2013 the Company will account for its interest in Frontline P.C.B. Solutions Limited Partnership (
Frontline
) using the
equity method and, as a result, will report its investment as a one line item within investments and other non-current assets in the consolidated balance sheets; and its share of earnings on one line in the Companys consolidated statement of
operations. This presentation will be applied in the Companys financial statements for all prior periods for consistency. Accordingly, the Companys reported financial statements for prior periods, including the financial
statements in this press release, will change in future periods. The Companys share in the earnings of Frontline will be presented under operating income since Frontline is integrated into the operations of the Company.
The Company expects that revenues for the first quarter of 2013, which it anticipates will be the lowest quarter for the year, will be
approximately $93 - $94 million, or about $90 million under the new accounting treatment in connection with Frontline, as discussed above.
An earnings conference call for the Companys fourth quarter 2012 results is scheduled for Tuesday, February 19, 2013, at 9:00 a.m. EST. The dial-in number for the conference call is
517-308-9494, and a replay will be available on telephone number 402-220-9088 until March 5, 2013. The pass code is Q4. 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
3
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; and its reports on Form 6-K filed with the SEC on May 16, June 11, June 28, August 6, August 7 and November 6,
2012. 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.
4
ORBOTECH LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2012
|
|
|
|
|
|
|
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2012
|
|
|
2011
|
|
|
|
U. S. dollars in thousands
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
260,761
|
|
|
|
151,237
|
|
Short-term bank deposits
|
|
|
3,014
|
|
|
|
145,292
|
|
Marketable securities
|
|
|
2,238
|
|
|
|
|
|
Accounts receivable:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
164,498
|
|
|
|
196,232
|
|
Other
|
|
|
29,908
|
|
|
|
26,163
|
|
Deferred income taxes
|
|
|
7,862
|
|
|
|
6,580
|
|
Inventories
|
|
|
93,854
|
|
|
|
105,109
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
562,135
|
|
|
|
630,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS AND NON-CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
12,788
|
|
|
|
|
|
Funds in respect of employee rights upon retirement
|
|
|
11,280
|
|
|
|
11,846
|
|
Deferred income taxes
|
|
|
13,634
|
|
|
|
8,999
|
|
Other long-term investments
|
|
|
1,880
|
|
|
|
2,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,582
|
|
|
|
23,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT,
net
|
|
|
24,715
|
|
|
|
26,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
12,444
|
|
|
|
12,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS,
net
|
|
|
14,442
|
|
|
|
54,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
653,318
|
|
|
|
747,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Current maturities of long-term bank loan
|
|
|
64,000
|
|
|
|
32,000
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
27,587
|
|
|
|
32,357
|
|
Other
|
|
|
51,895
|
|
|
|
57,590
|
|
Deferred income
|
|
|
17,388
|
|
|
|
25,910
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
160,870
|
|
|
|
147,857
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
Long-term bank loan
|
|
|
|
|
|
|
64,000
|
|
Liability for employee rights upon retirement
|
|
|
26,221
|
|
|
|
26,797
|
|
Deferred income taxes
|
|
|
2,236
|
|
|
|
1,759
|
|
Other tax liabilities
|
|
|
16,478
|
|
|
|
16,938
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
44,935
|
|
|
|
109,494
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
205,805
|
|
|
|
257,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
2,102
|
|
|
|
2,092
|
|
Additional paid-in capital
|
|
|
274,856
|
|
|
|
270,966
|
|
Retained earnings
|
|
|
228,569
|
|
|
|
274,148
|
|
Accumulated other comprehensive income (loss)
|
|
|
628
|
|
|
|
(1,460
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
506,155
|
|
|
|
545,746
|
|
Less treasury shares, at cost
|
|
|
(59,151
|
)
|
|
|
(57,192
|
)
|
|
|
|
|
|
|
|
|
|
Total Orbotech Ltd. shareholders equity
|
|
|
447,004
|
|
|
|
488,554
|
|
Non-controlling interest
|
|
|
509
|
|
|
|
1,578
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
447,513
|
|
|
|
490,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
653,318
|
|
|
|
747,483
|
|
|
|
|
|
|
|
|
|
|
5
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEAR AND THREE
MONTHS ENDED DECEMBER 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months ended
|
|
|
3 months ended
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
|
|
|
|
|
REVENUES
|
|
|
400,731
|
|
|
|
565,313
|
|
|
|
100,301
|
|
|
|
133,333
|
|
|
|
|
|
|
COST OF REVENUES
|
|
|
235,223
|
|
|
|
329,442
|
|
|
|
60,977
|
|
|
|
78,037
|
|
|
|
|
|
|
WRITE-DOWN OF INVENTORIES
|
|
|
14,255
|
|
|
|
6,743
|
|
|
|
|
|
|
|
6,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
151,253
|
|
|
|
229,128
|
|
|
|
39,324
|
|
|
|
48,553
|
|
|
|
|
|
|
RESEARCH AND DEVELOPMENT COSTS
- net
|
|
|
71,815
|
|
|
|
84,180
|
|
|
|
17,752
|
|
|
|
21,598
|
|
|
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
|
75,142
|
|
|
|
72,583
|
|
|
|
17,982
|
|
|
|
18,894
|
|
|
|
|
|
|
AMORTIZATION OF INTANGIBLE ASSETS
|
|
|
9,907
|
|
|
|
12,304
|
|
|
|
991
|
|
|
|
3,091
|
|
|
|
|
|
|
RESTRUCTURING CHARGES
|
|
|
5,063
|
|
|
|
|
|
|
|
3,145
|
|
|
|
|
|
|
|
|
|
|
IMPAIRMENT OF INTANGIBLE ASSETS
|
|
|
30,142
|
|
|
|
|
|
|
|
162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (LOSS)
|
|
|
(40,816
|
)
|
|
|
60,061
|
|
|
|
(708
|
)
|
|
|
4,970
|
|
|
|
|
|
|
FINANCIAL EXPENSES (INCOME)
- net
|
|
|
5,100
|
|
|
|
6,551
|
|
|
|
(146
|
)
|
|
|
845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES ON INCOME
|
|
|
(45,916
|
)
|
|
|
53,510
|
|
|
|
(562
|
)
|
|
|
4,125
|
|
|
|
|
|
|
TAXES ON INCOME
|
|
|
456
|
|
|
|
7,677
|
|
|
|
234
|
|
|
|
1,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(46,372
|
)
|
|
|
45,833
|
|
|
|
(796
|
)
|
|
|
2,270
|
|
|
|
|
|
|
SHARE IN LOSSES OF ASSOCIATED COMPANY
|
|
|
165
|
|
|
|
179
|
|
|
|
50
|
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
|
(46,537
|
)
|
|
|
45,654
|
|
|
|
(846
|
)
|
|
|
2,200
|
|
|
|
|
|
|
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
|
|
|
|
|
|
|
1,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
|
(46,537
|
)
|
|
|
47,017
|
|
|
|
(846
|
)
|
|
|
2,200
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
|
|
|
(958
|
)
|
|
|
(322
|
)
|
|
|
(112
|
)
|
|
|
(347
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.
|
|
|
(45,579
|
)
|
|
|
47,339
|
|
|
|
(734
|
)
|
|
|
2,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNTS ATTRIBUTABLE TO ORBOTECH LTD.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
|
(45,579
|
)
|
|
|
45,976
|
|
|
|
(734
|
)
|
|
|
2,547
|
|
|
|
|
|
|
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
|
|
|
|
|
|
|
1,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.
|
|
|
(45,579
|
)
|
|
|
47,339
|
|
|
|
(734
|
)
|
|
|
2,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
($
|
1.05
|
)
|
|
$
|
1.15
|
|
|
($
|
0.02
|
)
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
($
|
1.05
|
)
|
|
$
|
1.13
|
|
|
($
|
0.02
|
)
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
($
|
1.05
|
)
|
|
$
|
1.19
|
|
|
($
|
0.02
|
)
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
($
|
1.05
|
)
|
|
$
|
1.16
|
|
|
($
|
0.02
|
)
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF EARNINGS PER SHARE - IN THOUSANDS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
43,501
|
|
|
|
39,909
|
|
|
|
43,537
|
|
|
|
43,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
|
43,501
|
|
|
|
40,816
|
|
|
|
43,537
|
|
|
|
43,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR AND THREE
MONTHS ENDED DECEMBER 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months ended
|
|
|
3 months ended
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
U.S. dollars in thousands
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
(46,537
|
)
|
|
|
47,017
|
|
|
|
(846
|
)
|
|
|
2,200
|
|
Adjustment to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
|
|
|
|
(1,363
|
)
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
17,964
|
|
|
|
19,958
|
|
|
|
3,240
|
|
|
|
4,885
|
|
Impairment of Intangible assets
|
|
|
30,142
|
|
|
|
|
|
|
|
162
|
|
|
|
|
|
Compensation relating to equity awards granted to employees and others
|
|
|
3,070
|
|
|
|
3,728
|
|
|
|
784
|
|
|
|
813
|
|
Decrease in liability for employee rights upon retirement
|
|
|
(576
|
)
|
|
|
(704
|
)
|
|
|
(1,296
|
)
|
|
|
(650
|
)
|
Deferred income taxes
|
|
|
(5,440
|
)
|
|
|
2,584
|
|
|
|
(1,770
|
)
|
|
|
249
|
|
Non-cash expenses in respect of restructuring
|
|
|
601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from sales and write down of marketable securities
|
|
|
|
|
|
|
395
|
|
|
|
|
|
|
|
|
|
Amortization of premium and accretion of discount on marketable Securities, net
|
|
|
588
|
|
|
|
|
|
|
|
151
|
|
|
|
|
|
Other, including capital loss (gain)
|
|
|
1,455
|
|
|
|
1,224
|
|
|
|
315
|
|
|
|
155
|
|
Decrease (increase) in accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
31,734
|
|
|
|
(42,714
|
)
|
|
|
14,936
|
|
|
|
771
|
|
Other
|
|
|
(2,743
|
)
|
|
|
2,698
|
|
|
|
(883
|
)
|
|
|
1,577
|
|
Increase (decrease) in accounts payable and accruals:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
(4,770
|
)
|
|
|
5,822
|
|
|
|
(7,147
|
)
|
|
|
(7,449
|
)
|
Deferred income and other
|
|
|
(14,484
|
)
|
|
|
6,105
|
|
|
|
676
|
|
|
|
352
|
|
Decrease in inventories
|
|
|
11,925
|
|
|
|
6,870
|
|
|
|
4,351
|
|
|
|
14,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities - continuing operations
|
|
|
22,929
|
|
|
|
51,620
|
|
|
|
12,673
|
|
|
|
17,889
|
|
Net cash used in operating activities - discontinued operations
|
|
|
|
|
|
|
(787
|
)
|
|
|
|
|
|
|
(47
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
22,929
|
|
|
|
50,833
|
|
|
|
12,673
|
|
|
|
17,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(9,611
|
)
|
|
|
(7,554
|
)
|
|
|
(3,053
|
)
|
|
|
(2,366
|
)
|
Withdraw (placement) of bank deposits
|
|
|
142,278
|
|
|
|
(142,325
|
)
|
|
|
26,694
|
|
|
|
(15,025
|
)
|
Redemption (purchase) of marketable securities
|
|
|
(15,614
|
)
|
|
|
1,967
|
|
|
|
(242
|
)
|
|
|
|
|
Other investment
|
|
|
|
|
|
|
(2,810
|
)
|
|
|
|
|
|
|
(500
|
)
|
Proceeds from disposal of property, plant and equipment
|
|
|
3,036
|
|
|
|
35
|
|
|
|
3,038
|
|
|
|
|
|
Decrease (increase) in funds in respect of employee rights upon retirement
|
|
|
(254
|
)
|
|
|
331
|
|
|
|
(64
|
)
|
|
|
344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities - continuing operations
|
|
|
119,835
|
|
|
|
(150,356
|
)
|
|
|
26,373
|
|
|
|
(17,547
|
)
|
Net cash provided by investing activities - discontinued operations
|
|
|
|
|
|
|
9,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
119,835
|
|
|
|
(141,201
|
)
|
|
|
26,373
|
|
|
|
(17,547
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term bank loan
|
|
|
(32,000
|
)
|
|
|
(32,000
|
)
|
|
|
(8,000
|
)
|
|
|
(8,000
|
)
|
Employee stock options exercised
|
|
|
719
|
|
|
|
2,063
|
|
|
|
57
|
|
|
|
414
|
|
Issuance of shares, net
|
|
|
|
|
|
|
90,683
|
|
|
|
|
|
|
|
|
|
Acquisition of treasury shares
|
|
|
(1,959
|
)
|
|
|
|
|
|
|
(1,959
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(33,240
|
)
|
|
|
60,746
|
|
|
|
(9,902
|
)
|
|
|
(7,586
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
109,524
|
|
|
|
(29,622
|
)
|
|
|
29,144
|
|
|
|
(7,291
|
)
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
151,237
|
|
|
|
180,859
|
|
|
|
231,617
|
|
|
|
158,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
|
260,761
|
|
|
|
151,237
|
|
|
|
260,761
|
|
|
|
151,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
ORBOTECH LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS FROM CONTINUING OPERATIONS
FOR THE YEAR AND THREE MONTHS ENDED DECEMBER 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months ended
|
|
|
3 months ended
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2012(1)
|
|
|
2011
|
|
|
2012(1)
|
|
|
2011
|
|
|
|
U.S. dollars in thousands (except per share data)
|
|
|
|
|
|
|
Reported operating income (loss) on GAAP basis
|
|
|
(40,816
|
)
|
|
|
60,061
|
|
|
|
(708
|
)
|
|
|
4,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based compensation expenses
|
|
|
3,070
|
|
|
|
3,728
|
|
|
|
784
|
|
|
|
813
|
|
Restructuring charges
|
|
|
5,063
|
|
|
|
|
|
|
|
3,145
|
|
|
|
|
|
Impairment of Intangible assets
|
|
|
30,142
|
|
|
|
|
|
|
|
162
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
9,907
|
|
|
|
12,304
|
|
|
|
991
|
|
|
|
3,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
7,366
|
|
|
|
76,093
|
|
|
|
4,374
|
|
|
|
8,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income (loss) attributable to Orbotech Ltd. on GAAP basis
|
|
|
(45,579
|
)
|
|
|
47,339
|
|
|
|
(734
|
)
|
|
|
2,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based compensation expenses
|
|
|
3,070
|
|
|
|
3,728
|
|
|
|
784
|
|
|
|
813
|
|
Amortization of intangible assets
|
|
|
9,907
|
|
|
|
12,304
|
|
|
|
991
|
|
|
|
3,091
|
|
Income from discontinued operations
|
|
|
|
|
|
|
(1,363
|
)
|
|
|
|
|
|
|
|
|
Restructuring charges, net of tax credit
|
|
|
4,593
|
|
|
|
|
|
|
|
2,675
|
|
|
|
|
|
Impairment of Intangible assets
|
|
|
30,142
|
|
|
|
|
|
|
|
162
|
|
|
|
|
|
Share in losses of associated company
|
|
|
165
|
|
|
|
179
|
|
|
|
50
|
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income from continuing operations
|
|
|
2,298
|
|
|
|
62,187
|
|
|
|
3,928
|
|
|
|
6,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share
|
|
$
|
0.05
|
|
|
$
|
1.52
|
|
|
$
|
0.09
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per diluted share calculation-in thousands
|
|
|
44,071
|
|
|
|
40,816
|
|
|
|
44,107
|
|
|
|
43,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The restructuring charges should have been presented in this reconciliation before giving effect to the tax credit. Accordingly, rather than reporting $4,593 and $2,675
of restructing charges, the Company should have reported $5,063 and $3,145 of restructuring charges, in each case, for the year and three months ended December 31, 2012. This resulted in a corresponding change in the Companys non-GAAP
operating income.
|
8
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 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.
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COMPANY CONTACTS:
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|
|
Adrian Auman
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|
Michelle Harnish
|
Corporate Vice President Investor Relations
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Marketing Communications Manager
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and Special Projects
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|
Orbotech, Inc.
|
Orbotech Ltd.
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+1-603-289-7937
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+972-8-942-3560
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9
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.
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|
|
ORBOTECH LTD.
|
(Registrant)
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|
|
By:
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|
/s/ Doron Abramovitch
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|
|
Doron Abramovitch
|
|
|
Corporate Vice President and
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|
|
Chief Financial Officer
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|
|
Date:
|
|
February 21, 2013
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