YAVNE, Israel, Feb. 12, 2015 /PRNewswire/ -- ORBOTECH LTD.
(NASDAQ: ORBK) today announced its consolidated financial results
for the fourth quarter and full year ended December 31, 2014. These results reflect
the contribution of the Company's Semiconductor Device Division for
the entire fourth quarter and, for the full year, from August 7, 2014 (the acquisition date of SPTS
Technologies Group Limited ("SPTS")).
Commenting on the results, Asher
Levy, Chief Executive Officer, said: "2014 was a turning
point for Orbotech, reflecting our uncompromising commitment to
deliver on the growth strategy that we had marked out in
2013. We are pleased, as a result, to report record annual
revenues, as well as solid results for the fourth quarter,
concluding what has been a strong and transformational year for the
Company."
Mr. Levy added: "We are very gratified by the first six months
of joint operations with SPTS, which is being integrated into the
Company as the Semiconductor Device Division. While we faced
softness in the PCB industry, we enjoyed strong growth in our FPD
business and a substantial contribution from the accretive
acquisition of SPTS. 2014 was also an exceptional year of
innovation, with the launching of four new flagship
products in the latter part of the year: the next generation direct
imaging solution for the PCB industry, the Nuvogo, as well new
automated optical inspection, testing and repair solutions for
the FPD industry. We enter 2015 as a significantly
larger scale, more diversified and geographically balanced company,
all of which reinforces our confidence in our ability to capitalize
on the opportunities that lie ahead and to reinforce our
position as a key enabler for the future production of
consumer electronic devices."
Revenues for the fourth quarter of 2014 totaled $197.5 million. Revenues - other than from
the Company's semiconductor business - totaled $140.1 million, up 14.6% from $122.2 million in the fourth quarter of
2013. Revenues for the full year of 2014 totaled $582.7 million or $472.1
million excluding the Company's semiconductor business, up
7.3% from the $440.0 million recorded
in the full year of 2013. From the beginning of 2014 until its
acquisition by Orbotech on August 7,
2014, SPTS generated $76.0
million in revenues, and for the full year of 2014 recorded
$186.0 million in revenues, all on a
U.S. GAAP basis.
In the Company's Production Solutions for Electronics Industry
segment, sales of equipment to the Printed Circuit Board industry
were $39.6 million in the fourth
quarter of 2014, compared with $45.3
million in the fourth quarter of 2013; sales of equipment to
the Flat Panel Display industry were $57.5
million in the fourth quarter of 2014, an increase of 54.6%
compared with $37.2 million in the
fourth quarter of 2013; and sales of equipment to the semiconductor
industry were $43.0 million.
Sales in the Company's other segments totaled $3.3 million in the fourth quarter of 2014,
compared with $1.7 million in the
fourth quarter of 2013. In addition, service revenue for the
fourth quarter of 2014 was $54.1
million, up from $38.0 million
in the fourth quarter of 2013.
Gross profit and gross margin in the fourth quarter of 2014 were
$84.9 million and 43.0%,
respectively, compared with $54.3
million and 44.4%, respectively, in the fourth quarter of
2013. Gross profit and gross margin for the full year of 2014
were $253.2 million and 43.4%,
respectively, compared with $191.5
million and 43.5%, respectively, for the full year of
2013.
GAAP net income for the fourth quarter of 2014 was $13.1 million, or $0.31 per share (diluted), up from GAAP net
income of $12.6 million, or
$0.30 per share (diluted), for the
fourth quarter of 2013. GAAP net income for the full year of
2014 was $35.4 million, or
$0.83 per share (diluted), compared
with GAAP net income of $40.0
million, or $0.92 per share
(diluted), for the full year of 2013. GAAP net income in 2014
was negatively impacted by increased finance expenses associated
with the $300 million of debt
incurred to finance the acquisition of SPTS in August 2014, an increase in amortization of
intangible assets and other acquisition-related expenses.
Adjusted EBITDA and adjusted EBITDA margin for the fourth
quarter of 2014 were $30.1 million
and 15.2%, respectively, up from $18.5
million and 15.1%, respectively, for the fourth quarter of
2013. Adjusted EBITDA and adjusted EBITDA margin for the full
year of 2014 were $88.4 million and
15.2%, respectively, up from $64.0
million and 14.5%, respectively, for the full year of
2013.
Non-GAAP net income and Non-GAAP net income margin for the
fourth quarter of 2014 were $21.9
million and 11.1%, respectively, compared with $14.6 million and 11.9%, for the fourth quarter
of 2013, and to $22.6 million and
13.5% for the third quarter of 2014. As disclosed in the
Company's third quarter earnings release, non-GAAP net income in
the third quarter of 2014 was positively affected by the
acquisition timing issues. The extent of that impact was
approximately $7.3 million.
Non-GAAP net income and Non-GAAP net income margin for the
full year of 2014 were $63.2 million
and 10.8%, respectively, compared with $47.5
million and 10.8%, for the full year of 2013,
respectively.
Non-GAAP earnings per share (diluted) for the fourth quarter of
2014 were $0.51, compared with
$0.34 per share (diluted), for the
fourth quarter of 2013, and to $0.53
for the third quarter of 2014. Non-GAAP EPS in the third
quarter of 2014 was positively affected by $0.17 by the acquisition timing issues as
discussed above. Non-GAAP earnings per share (diluted) for
the full year of 2014 were $1.48, up
from $1.10 per share (diluted), for
the full year of 2013.
A reconciliation of each of the Company's non-GAAP measures to
the comparable GAAP measure is included at the end of this press
release.
As of December 31, 2014 the
Company had cash, cash equivalents, short-term bank deposits and
marketable securities of approximately $162
million, and debt of approximately $300 million. The Company generated cash
from operations of $23.4 million in
the fourth quarter of 2014.
First Quarter Guidance
The Company expects that for the first quarter of 2015, revenues
will be in the range of $180 million to $185
million and gross margin will be between 43% and
44%.
Conference Call
An earnings conference call for the Company's fourth quarter and
full year 2014 results is scheduled for today, February 12, 2015 at 9:00
a.m. EST. The dial-in number for the conference call
is 1-212-519-0824 or (US toll-free) 800-988-9689, and a replay will
be available on telephone number +1-402-280-1660 or (US toll-free)
800-835-8066 until February 25, 2015.
The pass code is Q4. A live webcast of the conference
call can also be heard by accessing the Company's website here:
http://investors.orbotech.com/phoenix.zhtml?c=71865&p=irol-calendar. The
webcast will remain available for one year here:
http://investors.orbotech.com/phoenix.zhtml?c=71865&p=irol-audioArchives
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ: ORBK) is a global innovator of
enabling technologies used in the manufacture of the world's most
sophisticated consumer and industrial products throughout the
electronics and adjacent industries. The Company is a leading
provider of yield enhancement and production solutions for
electronics reading, writing and connecting, used by manufacturers
of printed circuit boards, flat panel displays, advanced packaging,
micro-electro-mechanical systems and other electronic components.
Today, virtually every electronic device is produced
using Orbotech technology. For more information visit
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 and Other
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
management's expectations and beliefs concerning future events
affecting Orbotech and are subject to uncertainties and factors
relating to Orbotech's operations and business environment, all of
which are difficult to predict and many of which are beyond the
Company's control. Many factors could cause the actual
results to differ materially from those projected including,
without limitation, timing and extent of achieving the anticipated
benefits of the acquisition of SPTS,; Orbotech's ability to
effectively integrate and operate SPTS's business, the timing,
terms and success of any strategic or other transaction,
cyclicality in the industries in which the Company operates, the
Company's production capacity, timing and occurrence of product
acceptance (the Company defines 'bookings' and 'backlog' as
purchase arrangements with customers that are based on mutually
agreed terms, which, in some cases for bookings and backlog, 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 each of 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 timing for a verdict in the ongoing appeal
of the criminal matter and ongoing investigation in Korea, the
final outcome and impact of this matter, 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 Company's customers, which may result in
monetary judgments or settlements, expenses associated with the
Korean matter, ongoing or increased hostilities in Israel and other risks detailed in the
Company's SEC reports, including the Company's 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.
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 and acquisition costs; (iii) discontinued operations;
(iv) restructuring charges; and/or (v) share in losses of
associated company. Management uses these non-GAAP measures
to evaluate the Company's 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 Company's business from the same
perspective as the Company's 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 Company's 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 qualification of the adjustments made to
comparable GAAP measures, please see the Reconciliation.
To supplement the Company's 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, 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. 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 Company's consolidated
financial statements prepared in accordance with GAAP.
Management regularly utilizes supplemental non-GAAP financial
measures internally to understand, manage and evaluate the
Company's 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.
Adjusted EBITDA is also a non-GAAP financial measure. The
Company defines adjusted EBITDA as net income attributable to
Orbotech Ltd., in addition to the items described above, further
adjusted to exclude tax on income, financial expenses (income)–net
and depreciation. The Company presents adjusted EBITDA
because it considers it to be an important supplemental measure and
believes it is frequently used by securities analysts, investors
and other interested parties in the evaluation of companies in
Orbotech's industry. The presentation of adjusted EBITDA is
not based on the definition in the credit agreement governing the
term loan incurred in connection with the SPTS acquisition.
Although the Company believes its presentation of adjusted EBITDA
is useful, its adjusted EBITDA measure may not be comparable to
similarly titled measures presented by other companies.
For more information about all of the foregoing items, see the
Reconciliation and the Company's Annual Report on Form 20-F filed
with the SEC for the year ended December 31,
2013, its Form 6-K filed with the SEC on July 15, 2014, and other SEC filings.
|
ORBOTECH
LTD.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U. S. dollars in
thousands
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
31
|
|
|
|
|
2014
|
|
2013
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash
|
|
$146,367
|
|
$161,155
|
|
|
Short-term bank deposits
|
|
10,000
|
|
38,650
|
|
|
Marketable securities
|
|
|
|
5,265
|
|
|
Accounts receivable:
|
|
|
|
|
|
|
Trade
|
|
248,071
|
|
198,203
|
|
|
Other
|
|
39,076
|
|
31,546
|
|
|
Deferred income taxes
|
|
8,213
|
|
8,094
|
|
|
Inventories
|
|
157,030
|
|
93,938
|
|
|
Total current assets
|
|
608,757
|
|
536,851
|
|
|
|
|
|
|
|
|
INVESTMENTS AND
NON-CURRENT ASSETS:
|
|
|
|
|
|
|
Marketable securities
|
|
5,890
|
|
13,106
|
|
|
Funds in respect of employee rights upon retirement
|
|
9,755
|
|
11,024
|
|
|
Deferred income taxes
|
|
13,067
|
|
15,130
|
|
|
Equity method investee and other receivable
|
|
8,926
|
|
9,911
|
|
|
Deferred financing costs
|
|
7,470
|
|
|
|
|
|
|
45,108
|
|
49,171
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT
AND EQUIPMENT, net
|
|
55,580
|
|
27,715
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
179,445
|
|
12,444
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE
ASSETS, net
|
|
145,082
|
|
10,401
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$1,033,972
|
|
$636,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Current
maturities of long-term loan
|
|
$2,636
|
|
|
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
Trade
|
|
64,683
|
|
$43,663
|
|
|
Other
|
|
81,747
|
|
55,482
|
|
|
Deferred income
|
|
38,008
|
|
24,854
|
|
|
Total current liabilities
|
|
187,074
|
|
123,999
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
Long-term loan
|
|
293,851
|
|
|
|
|
Liability for employee rights upon retirement
|
|
22,763
|
|
25,845
|
|
|
Deferred income taxes
|
|
20,185
|
|
2,406
|
|
|
Other tax liabilities
|
|
13,218
|
|
17,178
|
|
|
Total long-term liabilities
|
|
350,017
|
|
45,429
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
537,091
|
|
169,428
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
Share capital
|
|
2,163
|
|
2,124
|
|
|
Additional paid-in capital
|
|
293,056
|
|
281,159
|
|
|
Retained earnings
|
|
303,950
|
|
268,570
|
|
|
Accumulated other comprehensive income (loss)
|
|
(1,980)
|
|
409
|
|
|
|
|
597,189
|
|
552,262
|
|
|
Less treasury shares, at cost
|
|
(99,539)
|
|
(84,946)
|
|
|
Total Orbotech Ltd. shareholders' equity
|
|
497,650
|
|
467,316
|
|
|
Non-controlling interest
|
|
(769)
|
|
(162)
|
|
|
Total equity
|
|
496,881
|
|
467,154
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$1,033,972
|
|
$636,582
|
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
12 months
ended
|
|
3 months
ended
|
|
December
31
|
|
December
31
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Revenues
|
$582,746
|
|
$439,995
|
|
$197,491
|
|
$122,235
|
Cost of
revenues
|
329,553
|
|
248,455
|
|
112,614
|
|
67,948
|
Gross
profit
|
253,193
|
|
191,540
|
|
84,877
|
|
54,287
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and
development, net
|
88,651
|
|
69,573
|
|
28,045
|
|
18,601
|
Selling, general and
administrative
|
96,169
|
|
75,948
|
|
32,426
|
|
22,172
|
Equity in earnings of
Frontline
|
(5,769)
|
|
(5,553)
|
|
(1,028)
|
|
(1,584)
|
Amortization of
intangible assets
|
19,235
|
|
4,041
|
|
8,805
|
|
1,011
|
Total operating
expenses
|
198,286
|
|
144,009
|
|
68,248
|
|
40,200
|
|
|
|
|
|
|
|
|
Operating
income
|
54,907
|
|
47,531
|
|
16,629
|
|
14,087
|
SPTS acquisition
costs
|
6,761
|
|
|
|
|
|
|
Financial expenses
(income) - net
|
9,046
|
|
1,191
|
|
5,232
|
|
139
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
39,100
|
|
46,340
|
|
11,397
|
|
13,948
|
Taxes on income (tax
benefit)
|
3,419
|
|
6,927
|
|
(1,660)
|
|
1,493
|
Share in losses of
equity method investee
|
417
|
|
252
|
|
102
|
|
69
|
|
|
|
|
|
|
|
|
Net income
|
35,264
|
|
39,161
|
|
12,955
|
|
12,386
|
Net income (loss)
attributable to
|
|
|
|
|
|
|
|
the non-controlling
interests
|
(116)
|
|
(840)
|
|
(167)
|
|
(228)
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd.
|
$35,380
|
|
$40,001
|
|
$13,122
|
|
$12,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$0.85
|
|
$0.94
|
|
$0.31
|
|
$0.30
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$0.83
|
|
$0.92
|
|
$0.31
|
|
$0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
|
|
used in computation
of:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
41,703
|
|
42,571
|
|
41,707
|
|
41,858
|
Diluted earnings per
share
|
42,757
|
|
43,253
|
|
42,626
|
|
42,692
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months ended
|
|
3 months
ended
|
|
|
|
|
December
31
|
|
December 31
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$35,264
|
|
$39,161
|
|
$12,955
|
|
$12,386
|
|
Adjustment to
reconcile net income to net cash
|
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
30,333
|
|
13,261
|
|
12,616
|
|
3,546
|
|
Compensation relating
to equity awards granted to
employees
and others - net
|
|
|
|
|
|
|
|
|
3,192
|
|
3,182
|
|
822
|
|
869
|
|
Increase (decrease) in
liability for employee rights upon retirement, net
|
(1,553)
|
|
624
|
|
(77)
|
|
64
|
|
Long term loans
discount amortization
|
237
|
|
|
|
119
|
|
|
|
Deferred financing
costs amortization
|
612
|
|
|
|
308
|
|
|
|
Deferred income
taxes
|
1,253
|
|
(1,558)
|
|
(961)
|
|
171
|
|
Amortization of premium
and accretion of discount on marketable
Securities, net
|
|
|
|
|
|
|
|
|
656
|
|
554
|
|
84
|
|
242
|
|
Equity in earnings of
Frontline, net of dividend received
|
468
|
|
446
|
|
572
|
|
(285)
|
|
Other
|
1,242
|
|
268
|
|
693
|
|
(137)
|
|
Loss from sales of
marketable securities
|
339
|
|
|
|
|
|
|
|
Decrease (increase) in
accounts receivable:
|
|
|
|
|
|
|
|
|
Trade
|
(17,440)
|
|
(33,721)
|
|
(9,643)
|
|
(13,931)
|
|
Other
|
(2,075)
|
|
(2,954)
|
|
484
|
|
65
|
|
Increase (decrease) in
accounts payable and accruals:
|
|
|
|
|
|
|
|
|
Trade
|
2,140
|
|
11,377
|
|
(10,042)
|
|
6,436
|
|
Deferred
income and other
|
10,672
|
|
15,511
|
|
13,884
|
|
3,532
|
|
Decrease (increase) in
inventories
|
(13,984)
|
|
(190)
|
|
1,546
|
|
(1,001)
|
|
Net cash provided
by operating activities
|
51,356
|
|
45,961
|
|
23,360
|
|
11,957
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(12,500)
|
|
(12,978)
|
|
(3,754)
|
|
(2,772)
|
|
Withdraw (placement)
of bank deposits
|
28,650
|
|
(35,636)
|
|
4,000
|
|
4,363
|
|
Purchase of
marketable securities
|
(15,152)
|
|
(9,936)
|
|
(66)
|
|
(7,760)
|
|
Redemption of
marketable securities
|
26,586
|
|
6,037
|
|
|
|
4,377
|
|
SPTS net of cash
acquired
|
(375,061)
|
|
|
|
|
|
|
|
Investment in equity
method investee
|
(250)
|
|
(2,250)
|
|
|
|
|
|
Proceeds from
disposal of property, plant and equipment
|
15
|
|
39
|
|
|
|
39
|
|
Increase in funds in
respect of employee
|
|
|
|
|
|
|
|
|
rights upon
retirement
|
(260)
|
|
(262)
|
|
(193)
|
|
(76)
|
|
Net cash used in
investing activities
|
(347,972)
|
|
(54,986)
|
|
(13)
|
|
(1,829)
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term loan,net of
$8 millions financing costs
|
288,918
|
|
|
|
|
|
|
|
Repayment of
long-term bank loan
|
(750)
|
|
(64,000)
|
|
(750)
|
|
(8,000)
|
|
Short term bank
loan
|
|
|
|
|
(6,000)
|
|
|
|
Employee stock
options exercised
|
8,253
|
|
3,312
|
|
1,251
|
|
1,176
|
|
Acquisition of
treasury shares
|
(14,593)
|
|
(25,795)
|
|
|
|
(4,965)
|
|
Net cash provided
by (used in) financing activities
|
281,828
|
|
(86,483)
|
|
(5,499)
|
|
(11,789)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(14,788)
|
|
(95,508)
|
|
17,848
|
|
(1,661)
|
|
Cash and cash
equivalents at beginning of period
|
161,155
|
|
256,663
|
|
128,519
|
|
162,816
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$146,367
|
|
$161,155
|
|
$146,367
|
|
$161,155
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS FROM CONTINUING OPERATIONS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
12 months
ended
|
|
3 months
ended
|
|
|
December
31
|
|
December
31
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income on GAAP basis
|
$54,907
|
|
$47,531
|
|
$16,629
|
|
$14,087
|
|
Equity based
compensation expenses
|
3,192
|
|
3,182
|
|
822
|
|
873
|
|
Amortization of
intangible assets
|
19,235
|
|
4,041
|
|
8,805
|
|
1,011
|
|
Non-GAAP operating
income
|
$77,334
|
|
$54,754
|
|
$26,256
|
|
$15,971
|
|
|
|
|
|
|
|
|
|
|
Reported net income
attributable to Orbotech Ltd. on GAAP basis
|
$35,380
|
|
$40,001
|
|
$13,122
|
|
$12,614
|
|
Equity based
compensation expenses
|
3,192
|
|
3,182
|
|
822
|
|
873
|
|
Amortization of
intangible assets
|
19,235
|
|
4,041
|
|
8,805
|
|
1,011
|
|
Tax adjustments re
non-GAAP adjustments
|
(1,823)
|
|
|
|
(935)
|
|
|
|
SPTS Acquisition
costs
|
6,761
|
|
0
|
|
0
|
|
0
|
|
Share in losses of associated company
|
417
|
|
252
|
|
102
|
|
69
|
|
Non-GAAP net
income
|
$63,162
|
|
$47,476
|
|
$21,916
|
|
$14,567
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$1.48
|
|
$1.10
|
|
$0.51
|
|
$0.34
|
|
|
|
|
|
|
|
|
|
|
Shares used in
earnings per diluted share calculation-in thousands
|
42,757
|
|
43,253
|
|
42,626
|
|
42,692
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
FOR THE YEAR AND
THREE MONTH PERIODS ENDED DECEMBER 31, 2014
|
|
|
|
|
|
|
|
|
|
12 months
ended
|
|
3
months ended
|
|
December
31
|
|
December
31
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$35,380
|
|
$40,001
|
|
$13,122
|
|
$12,614
|
Minority interest and
interest losses
|
301
|
|
(588)
|
|
(65)
|
|
(159)
|
Tax
expenses
|
3,419
|
|
6,927
|
|
(1,660)
|
|
1,493
|
Financial
expenses
|
9,046
|
|
1,191
|
|
5,232
|
|
139
|
Depreciation and
amortization
|
30,333
|
|
13,261
|
|
12,616
|
|
3,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expenses
|
3,192
|
|
3,182
|
|
822
|
|
869
|
SPTS acquisition
costs
|
6,761
|
|
0
|
|
0
|
|
0
|
ADJUSTED
EBITDA
|
$88,432
|
|
$63,974
|
|
$30,067
|
|
$18,502
|
Company Contact:
Anat Earon-Heilborn
Director of Investor Relations
Orbotech
Ltd
Tel: +972-8-942
3582
anat.earon-heilborn@orbotech.com
|
|
Ann
Michael
Senior Corporate
Marketing Communications Manager
Orbotech
Ltd
Tel: +972-8-942
3148
ann.michael@orbotech.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orbotech-announces-fourth-quarter-and-full-year-2014-results-300035168.html
SOURCE Orbotech Ltd.