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 May 2014
Commission File Number 000-12790
ORBOTECH
LTD
.
(Translation of Registrants name into English)
7 SANHEDRIN BOULEVARD,
NORTH INDUSTRIAL ZONE, YAVNE 8110101, 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, May 1, 2014, and entitled Orbotech Announces First Quarter 2014 Results.
|
2.
|
Registrants Condensed Consolidated Balance Sheets at March 31, 2014.
|
3.
|
Registrants Condensed Consolidated Statements of Income for the Three Months ended March 31, 2014.
|
4.
|
Registrants Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2014.
|
5.
|
Registrants Reconciliation of GAAP to non-GAAP Results from Continuing Operations for the Three Months ended March 31, 2014.
|
* * * * * *
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 FIRST QUARTER 2014 RESULTS
|
|
|
Revenues: $104.8 million
|
|
|
|
Non-GAAP net income: $0.19 per share (diluted)
|
|
|
|
GAAP net income: $0.15 per share (diluted)
|
|
|
|
Revenue guidance: approximately $110 - $115 million
|
YAVNE, ISRAEL
May 1, 2014 ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced its consolidated financial results for the first quarter ended March 31, 2014.
Revenues for the first quarter of 2014 totaled $104.8 million, compared to $122.2 million in the fourth quarter, and $95.5 million in the
first quarter, of 2013. GAAP net income for the first quarter of 2014 was $6.3 million, or $0.15 per share (diluted), compared to GAAP net income of $12.6 million, or $0.30 per share (diluted), in the fourth quarter of 2013 and GAAP net income of
$5.0 million, or $0.11 per share (diluted), in the first quarter of 2013.
Commenting on the results, Asher Levy, Chief Executive Officer,
said: We are pleased to report a good opening to 2014. While the PCB industry experienced a low level of production utilization in certain segments during the first quarter, our FPD business experienced a very strong quarter, with over $65
million in new bookings for our recently introduced products, expected to be delivered mainly in late 2014 and early 2015. This was driven, in turn, by large planned investments in China for anticipated demand for small to midsize electronic devices
and a consumer trend towards larger LCD television screens. We expect this FPD booking trend to continue into the second quarter. During the quarter, we also recorded initial revenues from our plasma-enhanced chemical vapor deposition (PECVD) tool
for the recovering solar energy industry, which we believe continues to offer a significant opportunity for Orbotech.
Mr. Levy
added: In terms of the Companys capital allocation, during the quarter we announced, and commenced, a new share repurchase program in the amount of $30 million. At the same time, we are continuing to pursue additional opportunities
within the electronic component manufacturing and other adjacent industries.
Non-GAAP net income for the first quarter of 2014 was
$8.2 million, or $0.19 per share (diluted), compared to non-GAAP net income of $6.8 million, or $0.16 per share (diluted), in the first quarter of 2013. 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 industry were $41.5 million in the first quarter of 2014, compared to $45.3 million in the fourth quarter, and $47.4 million in the first quarter, of 2013; and sales of equipment to the flat panel display
industry were $23.1 million in the first quarter of 2014, compared to $37.2 million in the fourth quarter, and $13.2 million in the first quarter, of 2013. In the Companys Recognition Software segment, sales were $1.4 million in the first
quarter of 2014, compared to $1.7 million in the fourth quarter, and $1.8 million in the first quarter, of 2013; and the Company also recorded initial revenues of $1.8 million in the first quarter of 2014 in its Solar Energy segment.
1
In addition, service revenue for the first quarter of 2014 was $37.0 million, compared to $38.0
million in the fourth quarter, and $33.1 million in the first quarter, of 2013.
The Company completed the first quarter of 2014 with
cash, cash equivalents, short-term bank deposits and marketable securities of approximately $211.6 million.
To date, the Company has
repurchased approximately 520,000 of its Ordinary Shares, at a cost of approximately $7.7 million, under the new share repurchase program approved by the Board of Directors and announced and commenced in the first quarter of 2014. Pursuant to this
program, the Company will continue to repurchase shares up to the approved total of $30 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. To date, under the current repurchase program and the repurchase program approved in November 2012, the Company has repurchased an aggregate amount of approximately 2,960,000 of its Ordinary Shares, at a total cost of approximately
$35.5 million.
The Company continues to remain focused on enhancing long-term shareholder value.
An earnings conference call for the Companys first quarter 2014 results is scheduled for Thursday, May 1, 2014, at 9:00 a.m. EDT.
The dial-in number for the conference call is 415-228-3912, and a replay will be available on telephone number 203-369-1957 until May 24 2014. The pass code is Q1. A live web cast of the conference call and a replay can also be heard by
accessing the investor relations section on the Companys website at www.orbotech.com.
About Orbotech Ltd.
Orbotech 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. 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 (the
SEC
) 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.
2
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 or other transaction, cyclicality in the industries in which the Company operates, the Companys production capacity, timing and occurrence of product acceptance (the Company defines bookings as purchase arrangements with
customers that are based on mutually agreed terms which, in some cases, may still be subject to completion of written documentation and may be changed or cancelled by the customer, often without penalty), 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, the final outcome and impact of the criminal matter and ongoing investigation in Korea, including its 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 and other risks detailed in the Companys SEC reports, including the Companys Annual Report on Form 20-F for the year ended December 31, 2013, and subsequent SEC filings. 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.
3
ORBOTECH LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
AT MARCH 31, 2014
|
|
|
|
|
|
|
|
|
|
|
March 31
2014
|
|
|
December 31
2013
|
|
|
|
U. S. dollars in thousands
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
151,642
|
|
|
|
161,155
|
|
Short-term bank deposits
|
|
|
42,174
|
|
|
|
38,650
|
|
Marketable securities
|
|
|
5,133
|
|
|
|
5,265
|
|
Accounts receivable:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
190,026
|
|
|
|
198,203
|
|
Other
|
|
|
30,888
|
|
|
|
31,546
|
|
Deferred income taxes
|
|
|
8,253
|
|
|
|
8,094
|
|
Inventories
|
|
|
100,993
|
|
|
|
93,938
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
529,109
|
|
|
|
536,851
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS AND NON-CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
12,637
|
|
|
|
13,106
|
|
Funds in respect of employee rights upon retirement
|
|
|
11,042
|
|
|
|
11,024
|
|
Deferred income taxes
|
|
|
14,714
|
|
|
|
15,130
|
|
Equity method investee and other receivable
|
|
|
9,845
|
|
|
|
9,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,238
|
|
|
|
49,171
|
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, net
|
|
|
28,633
|
|
|
|
27,715
|
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
12,444
|
|
|
|
12,444
|
|
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS, net
|
|
|
9,392
|
|
|
|
10,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
627,816
|
|
|
|
636,582
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
40,511
|
|
|
|
43,663
|
|
Other
|
|
|
50,629
|
|
|
|
55,482
|
|
Deferred income
|
|
|
21,366
|
|
|
|
24,854
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
112,506
|
|
|
|
123,999
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
Liability for employee rights upon retirement
|
|
|
24,955
|
|
|
|
25,845
|
|
Deferred income taxes
|
|
|
2,406
|
|
|
|
2,406
|
|
Other tax liabilities
|
|
|
14,610
|
|
|
|
17,178
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
41,971
|
|
|
|
45,429
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
154,477
|
|
|
|
169,428
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
2,141
|
|
|
|
2,124
|
|
Additional paid-in capital
|
|
|
285,467
|
|
|
|
281,159
|
|
Retained earnings
|
|
|
274,857
|
|
|
|
268,570
|
|
Accumulated other comprehensive income
|
|
|
77
|
|
|
|
409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
562,542
|
|
|
|
552,262
|
|
Less treasury shares, at cost
|
|
|
(89,120
|
)
|
|
|
(84,946
|
)
|
|
|
|
|
|
|
|
|
|
Total Orbotech Ltd. shareholders equity
|
|
|
473,422
|
|
|
|
467,316
|
|
Non-controlling interest
|
|
|
(83
|
)
|
|
|
(162
|
)
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
473,339
|
|
|
|
467,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
627,816
|
|
|
|
636,582
|
|
|
|
|
|
|
|
|
|
|
4
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
March 3 1
|
|
|
12 months ended
December 31
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
REVENUES
|
|
|
104,793
|
|
|
|
95,477
|
|
|
|
439,995
|
|
COST OF REVENUES
|
|
|
59,136
|
|
|
|
55,347
|
|
|
|
248,455
|
|
WRITE-DOWN OF INVENTORIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
45,657
|
|
|
|
40,130
|
|
|
|
191,540
|
|
RESEARCH AND DEVELOPMENT COSTS - net
|
|
|
18,461
|
|
|
|
16,314
|
|
|
|
69,573
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
|
19,592
|
|
|
|
17,262
|
|
|
|
75,948
|
|
EQUITY IN EARNINGS OF FRONTLINE
|
|
|
(1,504
|
)
|
|
|
(1,183
|
)
|
|
|
(5,553
|
)
|
AMORTIZATION OF INTANGIBLE ASSETS
|
|
|
1,010
|
|
|
|
1,010
|
|
|
|
4,041
|
|
RESTRUCTURING CHARGES
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPAIRMENT OF INTANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
8,098
|
|
|
|
6,727
|
|
|
|
47,531
|
|
FINANCIAL EXPENSES - net
|
|
|
327
|
|
|
|
678
|
|
|
|
1,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS BEFORE TAXES ON INCOME
|
|
|
7,771
|
|
|
|
6,049
|
|
|
|
46,340
|
|
TAXES ON INCOME
|
|
|
1,350
|
|
|
|
1,164
|
|
|
|
6,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,421
|
|
|
|
4,885
|
|
|
|
39,413
|
|
SHARE IN LOSSES OF ASSOCIATED COMPANY
|
|
|
69
|
|
|
|
45
|
|
|
|
252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
6,352
|
|
|
|
4,840
|
|
|
|
39,161
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST
|
|
|
65
|
|
|
|
(171
|
)
|
|
|
(840
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ORBOTECH LTD.
|
|
|
6,287
|
|
|
|
5,011
|
|
|
|
40,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
$
|
0.15
|
|
|
$
|
0.12
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF EARNINGS PER SHARE - IN THOUSANDS:
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
41,842
|
|
|
|
43,321
|
|
|
|
42,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
|
|
|
42,835
|
|
|
|
43,739
|
|
|
|
43,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
March 31
|
|
|
12 months ended
December 31
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
6,352
|
|
|
|
4,840
|
|
|
|
39,161
|
|
Adjustment to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
3,471
|
|
|
|
2,812
|
|
|
|
13,261
|
|
Impairment of Intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation relating to equity awards granted to employees and others - net
|
|
|
816
|
|
|
|
773
|
|
|
|
3,182
|
|
Increase (decrease) in liability for employee rights upon retirement
|
|
|
(890
|
)
|
|
|
(640
|
)
|
|
|
624
|
|
Deferred income taxes
|
|
|
257
|
|
|
|
(53
|
)
|
|
|
(1,558
|
)
|
Non-cash expenses in respect of restructuring
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of premium and accretion of discount on marketable Securities, net
|
|
|
157
|
|
|
|
91
|
|
|
|
554
|
|
Equity in earnings of Frontline, net of dividend received
|
|
|
(195
|
)
|
|
|
902
|
|
|
|
446
|
|
Other
|
|
|
207
|
|
|
|
246
|
|
|
|
268
|
|
Decrease (increase) in accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
8,177
|
|
|
|
(15,483
|
)
|
|
|
(33,721
|
)
|
Other
|
|
|
606
|
|
|
|
(1,031
|
)
|
|
|
(2,954
|
)
|
Increase (decrease) in accounts payable and accruals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
(3,152
|
)
|
|
|
(4,058
|
)
|
|
|
11,377
|
|
Deferred income and other
|
|
|
(10,718
|
)
|
|
|
(1,361
|
)
|
|
|
15,511
|
|
Decrease (increase) in inventories
|
|
|
(7,055
|
)
|
|
|
6,251
|
|
|
|
(190
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
(1,967
|
)
|
|
|
(6,711
|
)
|
|
|
45,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(3,574
|
)
|
|
|
(3,361
|
)
|
|
|
(12,978
|
)
|
Withdraw (placement) of bank deposits
|
|
|
(3,524
|
)
|
|
|
(10,986
|
)
|
|
|
(35,636
|
)
|
Purchase of marketable securities
|
|
|
(2,490
|
)
|
|
|
(570
|
)
|
|
|
(9,936
|
)
|
Redemption of marketable securities
|
|
|
2,755
|
|
|
|
306
|
|
|
|
6,037
|
|
Investment in equity method investee
|
|
|
|
|
|
|
|
|
|
|
(2,250
|
)
|
Proceeds from disposal of property, plant and equipment
|
|
|
9
|
|
|
|
|
|
|
|
39
|
|
Increase in funds in respect of employee rights upon retirement
|
|
|
(71
|
)
|
|
|
(63
|
)
|
|
|
(262
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(6,895
|
)
|
|
|
(14,674
|
)
|
|
|
(54,986
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term bank loan
|
|
|
|
|
|
|
(40,000
|
)
|
|
|
(64,000
|
)
|
Employee stock options exercised
|
|
|
3,523
|
|
|
|
273
|
|
|
|
3,312
|
|
Acquisition of treasury shares
|
|
|
(4,174
|
)
|
|
|
(2,208
|
)
|
|
|
(25,795
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(651
|
)
|
|
|
(41,935
|
)
|
|
|
(86,483
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(9,513
|
)
|
|
|
(63,320
|
)
|
|
|
(95,508
|
)
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
161,155
|
|
|
|
256,663
|
|
|
|
256,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
|
151,642
|
|
|
|
193,343
|
|
|
|
161,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
ORBOTECH LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS FROM CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
March 31
|
|
|
12 months ended
December 31
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
|
|
U.S. dollars in thousands
(except per share data)
|
|
Reported operating income on GAAP basis
|
|
|
8,098
|
|
|
|
6,727
|
|
|
|
47,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based compensation expenses
|
|
|
816
|
|
|
|
773
|
|
|
|
3,182
|
|
Amortization of intangible assets
|
|
|
1,010
|
|
|
|
1,010
|
|
|
|
4,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
9,924
|
|
|
|
8,510
|
|
|
|
54,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income attributable to Orbotech Ltd. on GAAP basis
|
|
|
6,287
|
|
|
|
5,011
|
|
|
|
40,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based compensation expenses
|
|
|
816
|
|
|
|
773
|
|
|
|
3,182
|
|
Amortization of intangible assets
|
|
|
1,010
|
|
|
|
1,010
|
|
|
|
4,041
|
|
Share in losses of associated company
|
|
|
69
|
|
|
|
45
|
|
|
|
252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income from operations
|
|
|
8,182
|
|
|
|
6,839
|
|
|
|
47,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share
|
|
$
|
0.19
|
|
|
$
|
0.16
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per diluted share calculation-in thousands
|
|
|
42,835
|
|
|
|
43,739
|
|
|
|
43,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
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 certain 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.
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, 2013.
|
|
|
COMPANY CONTACTS:
|
|
|
Adrian Auman
|
|
Michelle Harnish
|
Corporate Vice President Investor Relations
and Special Projects
|
|
Marketing Communications Manager
Orbotech,
Inc.
|
Orbotech Ltd.
|
|
+1-603-289-7937
|
+972-8-942-3560
|
|
|
8
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: May 5, 2014
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