YAVNE, Israel, April 30, 2015 /PRNewswire/ --
2015 first quarter highlights
- Revenues of $185 million,
compared with $105 million in the
first quarter of 2014
- Gross margin of 45.0% compared with 43.6% in the first
quarter of 2014
- Adjusted EBITDA margin of 18.3% compared with 11.8% in the
first quarter of 2014
- Non-GAAP EPS of $0.48
(diluted); GAAP EPS of $0.28
(diluted)
- Cash generated from operations of $21.6 million
2015 second quarter guidance
- Revenues range: $185
million to $193 million
- Gross margin: approximately 45%.
ORBOTECH LTD. (NASDAQ: ORBK) today announced its
consolidated financial results for the quarter ended March 31, 2015.
Commenting on the results, Asher
Levy, Chief Executive Officer, said: "We have begun 2015
with strong revenues, profitability and cash generation. Our larger
scale of operations, as well as our enhanced diversification across
businesses, end markets, products and customers, has enabled us to
exceed most of the revenue and profitability targets we had set
ourselves for the quarter."
Mr. Levy added: "Our flat panel display business and
semiconductor device division continued to perform strongly,
reflecting healthy demand trends across product lines and customer
segments. Consumer electronics is becoming an increasingly
indispensable part of modern life, requiring ever smaller, thinner,
faster, more flexible and even wearable devices. This inevitably
gives rise to escalating manufacturing challenges, which Orbotech's
solutions are designed to solve, supporting both our customers and
leading consumer electronics designers. The breadth and depth of
our product offering, especially after the SPTS acquisition,
enables us to benefit from the continually evolving and complex
world of electronics."
Revenues for the first quarter of 2015 totaled $184.8 million, compared with $104.8 million in the first quarter of 2014.
Revenues for the quarter excluding the Company's
semiconductor business totaled $123.4
million, up 17.7% from $104.8
million in the first quarter of 2014.
In the Company's Production Solutions for Electronics Industry
segment:
- Revenues from the printed circuit board ("PCB")
industry were $58.0 million,
including $31.3 million in equipment
sales, in the first quarter of 2015. This compares to PCB revenues
of $68.6 million (including
$41.5 million in equipment sales) in
the first quarter of 2014.
- Revenues from the flat panel display industry ("FPD")
were $57.4 million, including
$47.3 million in equipment sales, in
the first quarter of 2015. This compares to FPD revenues of
$31.5 million (including $23.1 million in equipment sales) in the first
quarter of 2014.
- Revenues from the semiconductor industry were $61.4 million, including $46.6 million in equipment sales, in the first
quarter of 2015.
In the Company's other segments, revenues totaled $8.0 million in the first quarter of 2015,
compared with $4.7 million in the
first quarter of 2014.
Service revenues for the first quarter of 2015 were $53.4 million, compared to $37.0 million in the first quarter of 2014.
Gross profit and gross margin in the first quarter of 2015 were
$83.1 million and 45.0%,
respectively, compared with $45.7
million and 43.6%, respectively, in the first quarter of
2014.
GAAP net income for the first quarter of 2015 was $11.8 million, or $0.28 per share (diluted), up from $6.3 million, or $0.15 per share (diluted), for the first quarter
of 2014.
Adjusted EBITDA and adjusted EBITDA margin for the first quarter
of 2015 were $33.8 million and 18.3%,
respectively, up from $12.4 million
and 11.8%, respectively, for the first quarter of 2014.
Non-GAAP net income and Non-GAAP net income margin for the first
quarter of 2015 were $20.8 million
and 11.2%, respectively, compared with $8.2
million and 7.8%, for the first quarter of 2014.
Non-GAAP earnings per share (diluted) for the first quarter of
2015 were $0.48, compared with
$0.19 per share (diluted), for the
first quarter of 2014.
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 (the "Reconciliation").
As of March 31, 2015, the Company
had cash, cash equivalents, short-term bank deposits and marketable
securities of approximately $180.6
million, and debt of $298.5
million. The Company generated cash from operations of
$21.6 million in the first quarter of
2015.
As a result of the Company's cash position, it intends to pay
ahead of schedule $20 million on its
term loan during the second quarter.
Second Quarter Guidance
The Company expects that revenues for the second quarter of 2015
will be in the range of $185 million to $193
million and gross margin will be approximately 45%.
Conference Call
An earnings conference call for the Company's first quarter 2015
results is scheduled for today, April 30,
2015 at 9:00 a.m. EDT. The
dial-in number for the conference call is 1-517-308-9019 or (US
toll-free) 800-857-6263, and a replay will be available on
telephone number +1- 203-369-0510 or (US toll-free) 866-396-4184
until May 13, 2015. The pass
code is Q1. 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-EventDetails&EventId=5188420.
The webcast will remain available for 12 months at:
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, including the timing and
amount of cost savings, if any, Orbotech's ability to integrate and
operate SPTS's business effectively, 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, and 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 United States Securities and Exchange Commission
("SEC") reports, including the Company's Annual Report on
Form 20-F for the year ended December 31,
2014, 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 of
intangibles and acquisition costs; (iii) tax impact; and/or (iv)
share in losses of associated company. The Company uses the
non-GAAP measures indicated in the Reconciliation, which give full
year effect to the SPTS Acquisition, to supplement the Company's
financial results presented on a GAAP basis. These non-GAAP
measures exclude equity based compensation expenses, amortization
of intangible assets, share in losses/profits of associated
companies, 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. Management uses all of the 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. In addition, these non-GAAP
measures are among the primary factors management uses in planning
for and forecasting future periods. However, the non-GAAP measures
presented are subject to limitations as an analytical tool because
they exclude certain recurring items (such as, equity compensation,
interest expense and amortization of intangible assets) as
described below and in the Reconciliation. 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. For a quantification of the adjustments
made to comparable GAAP measures, please see the
Reconciliation.
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., further adjusted, in addition to the
items described above, 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. Credit Facility EBITDA reflects additional
adjustments to adjusted EBITDA permitted by the Credit Agreement as
described in the Reconciliation and is calculated by adding
adjusted EBITDA for the year ended December
31, 2014 to adjusted EBITDA for three months ended
March 31, 2015, and subtracting
adjusted EBITDA for the three months ended March 31, 2014, and then further adjusting it as
permitted by the Credit Agreement. Although the Company
believes its presentation of each of adjusted EBITDA and Credit
Facility EBITDA is useful, its adjusted EBITDA measure and Credit
Facility EBITDA may not be comparable to similarly titled measures
presented by other companies.
For more information about all of the foregoing
items, see the Reconciliation, the Company's Annual Report on Form
20-F filed with the SEC for the year ended December 31, 2014 and its other SEC filings.
Company
Contact:
|
|
Anat
Earon-Heilborn
|
Ann
Michael
|
Director of Investor
Relations
|
Senior Corporate
Marketing Communications Manager
|
Orbotech
Ltd
|
Orbotech
Ltd
|
Tel: +972-8-942
3582
|
Tel: +972-8-942
3148
|
anat.earon-heilborn@orbotech.com
|
ann.michael@orbotech.com
|
|
ORBOTECH
LTD
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U. S. dollars
in thousands
|
|
(Unaudited)
|
|
|
|
|
March
31
|
|
December
31
|
|
|
|
|
2015
|
|
2014
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$154,460
|
|
$136,367
|
|
|
Restricted cash
|
|
13,244
|
|
10,000
|
|
|
Short-term bank deposits
|
|
7,024
|
|
10,000
|
|
|
Accounts receivable:
|
|
|
|
|
|
|
Trade
|
|
249,739
|
|
248,071
|
|
|
Other
|
|
36,148
|
|
39,076
|
|
|
Deferred income taxes
|
|
6,818
|
|
8,213
|
|
|
Inventories
|
|
158,002
|
|
157,030
|
|
|
T o t a l current assets
|
|
625,435
|
|
608,757
|
|
|
|
|
|
|
|
|
INVESTMENTS AND
NON-CURRENT ASSETS:
|
|
|
|
|
|
|
Marketable securities
|
|
5,910
|
|
5,890
|
|
|
Funds in respect of employee rights upon retirement
|
|
9,620
|
|
9,755
|
|
|
Deferred income taxes
|
|
11,630
|
|
13,067
|
|
|
Equity method investee and other receivable
|
|
9,453
|
|
8,926
|
|
|
Deferred financing costs
|
|
7,158
|
|
7,470
|
|
|
|
|
43,771
|
|
45,108
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT
AND EQUIPMENT, net
|
|
53,108
|
|
55,580
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE
ASSETS, net
|
|
136,164
|
|
145,082
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
179,445
|
|
179,445
|
|
|
|
|
|
|
|
|
|
T o t a l assets
|
|
1,037,923
|
|
1,033,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Current
maturities of long-term loan
|
|
$2,508
|
|
$2,636
|
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
Trade
|
|
66,994
|
|
64,683
|
|
|
Other
|
|
71,188
|
|
81,747
|
|
|
Deferred income
|
|
37,162
|
|
38,008
|
|
|
T o t a l current liabilities
|
|
177,852
|
|
187,074
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
Long-term loan
|
|
293,349
|
|
293,851
|
|
|
Liability for employee rights upon retirement
|
|
22,804
|
|
22,763
|
|
|
Deferred income taxes
|
|
19,687
|
|
20,185
|
|
|
Other tax liabilities
|
|
12,681
|
|
13,218
|
|
|
T o t a l long-term liabilities
|
|
348,521
|
|
350,017
|
|
|
|
|
|
|
|
|
|
T o t a l liabilities
|
|
526,373
|
|
537,091
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
Share capital
|
|
2,171
|
|
2,163
|
|
|
Additional paid-in capital
|
|
296,089
|
|
293,056
|
|
|
Retained earnings
|
|
315,752
|
|
303,950
|
|
|
Accumulated other comprehensive income (loss)
|
|
(2,307)
|
|
(1,980)
|
|
|
|
|
611,705
|
|
597,189
|
|
|
Less treasury shares, at cost
|
|
(99,539)
|
|
(99,539)
|
|
|
T o t a l Orbotech Ltd. shareholders' equity
|
|
512,166
|
|
497,650
|
|
|
Non-controlling interest
|
|
(616)
|
|
(769)
|
|
|
T o t a l equity
|
|
511,550
|
|
496,881
|
|
|
|
|
|
|
|
|
|
T o t a l liabilities and equity
|
|
$1,037,923
|
|
$1,033,972
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
3 m o n t
h s e n d e d
|
|
12 months
ended
|
|
|
March 3 1
|
|
December
31
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
Revenues
|
$184,784
|
|
$104,793
|
|
$582,746
|
|
Cost of
revenues
|
101,707
|
|
59,136
|
|
329,553
|
|
Gross
profit
|
83,077
|
|
45,657
|
|
253,193
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development, net
|
25,779
|
|
18,461
|
|
88,651
|
|
Selling, general and
administrative
|
28,973
|
|
19,592
|
|
96,169
|
|
Equity in earnings of
Frontline
|
(871)
|
|
(1,504)
|
|
(5,769)
|
|
Amortization of
intangible assets
|
8,918
|
|
1,010
|
|
19,235
|
|
SPTS acquisition
costs
|
|
|
|
|
6,761
|
|
Total operating
expenses
|
62,799
|
|
37,559
|
|
205,047
|
|
|
|
|
|
|
|
|
Operating
income
|
20,278
|
|
8,098
|
|
48,146
|
|
Financial expenses -
net
|
6,471
|
|
327
|
|
9,046
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
13,807
|
|
7,771
|
|
39,100
|
|
Taxes on
income
|
1,752
|
|
1,350
|
|
3,419
|
|
Share in losses of
equity method investee
|
100
|
|
69
|
|
417
|
|
|
|
|
|
|
|
|
Net income
|
11,955
|
|
6,352
|
|
35,264
|
|
Net income (loss)
attributable to
|
|
|
|
|
|
|
the non-controlling
interests
|
153
|
|
65
|
|
(116)
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd.
|
$11,802
|
|
$6,287
|
|
$35,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$0.28
|
|
$0.15
|
|
$0.85
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$0.28
|
|
$0.15
|
|
$0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
|
used in computation
of:
|
|
|
|
|
|
|
Basic earnings per
share
|
41,961
|
|
41,842
|
|
41,703
|
|
Diluted earnings per
share
|
42,860
|
|
42,835
|
|
42,757
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
(Unaudited)
|
|
|
|
|
3 m
o n t h s e n d e d
|
|
12 months
ended
|
|
|
|
|
March 3 1
|
|
December
31
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$11,955
|
|
$6,352
|
|
$35,264
|
|
Adjustment to
reconcile net income to net cash
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
12,660
|
|
3,471
|
|
30,333
|
|
|
Compensation relating
to equity awards granted to
|
|
|
|
|
|
|
|
|
employees and others
- net
|
889
|
|
816
|
|
3,192
|
|
|
Increase (decrease)
in liability for employee rights upon retirement, net
|
176
|
|
(890)
|
|
(1,553)
|
|
|
Long- term loans
discount amortization
|
120
|
|
257
|
|
237
|
|
|
Deferred financing
costs amortization
|
312
|
|
|
|
612
|
|
|
Deferred income
taxes
|
2,334
|
|
|
|
1,253
|
|
|
Amortization of
premium and accretion of discount on marketable
|
|
|
|
|
|
|
|
|
Securities,
net
|
50
|
|
157
|
|
656
|
|
|
Equity in earnings of
Frontline, net of dividend received
|
636
|
|
(195)
|
|
468
|
|
|
Other
|
499
|
|
207
|
|
1,242
|
|
|
Loss from sales of
marketable securities
|
|
|
|
|
339
|
|
|
Decrease (increase)
in accounts receivable:
|
|
|
|
|
|
|
|
|
Trade
|
(1,668)
|
|
8,177
|
|
(17,440)
|
|
|
|
Other
|
3,093
|
|
606
|
|
(2,075)
|
|
|
Increase (decrease)
in accounts payable and accruals:
|
|
|
|
|
|
|
|
|
Trade
|
2,311
|
|
(3,152)
|
|
2,140
|
|
|
|
Deferred income and
other
|
(10,754)
|
|
(10,718)
|
|
10,672
|
|
|
Decrease (increase)
in inventories
|
(972)
|
|
(7,055)
|
|
(13,984)
|
|
Net cash provided
by (used in) operating activities
|
21,641
|
|
(1,967)
|
|
51,356
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(3,182)
|
|
(3,574)
|
|
(12,500)
|
|
Withdraw (placement)
of bank deposits
|
2,976
|
|
(3,524)
|
|
28,650
|
|
Purchase of
marketable securities
|
|
|
(2,490)
|
|
(15,152)
|
|
Redemption of
marketable securities
|
|
|
2,755
|
|
26,586
|
|
SPTS net of cash
acquired
|
|
|
|
|
(375,061)
|
|
Investment in equity
method investee
|
(1,500)
|
|
|
|
(250)
|
|
Proceeds from
disposal of property, plant and equipment
|
|
|
9
|
|
15
|
|
Increase in
restricted cash
|
(3,244)
|
|
|
|
(10,000)
|
|
Increase in funds in
respect of employee
|
|
|
|
|
|
|
|
rights upon
retirement
|
|
|
(71)
|
|
(260)
|
|
Net cash used in
investing activities
|
(4,950)
|
|
(6,895)
|
|
(357,972)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term loan, net
of $8 millions financing costs
|
|
|
|
|
288,918
|
|
Repayment of
long-term bank loan
|
(750)
|
|
|
|
(750)
|
|
Short term bank
loan
|
|
|
|
|
|
|
Employee stock
options exercised
|
2,152
|
|
3,523
|
|
8,253
|
|
Acquisition of
treasury shares
|
|
|
(4,174)
|
|
(14,593)
|
|
Net cash provided
by (used in) financing activities
|
1,402
|
|
(651)
|
|
281,828
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
18,093
|
|
(9,513)
|
|
(24,788)
|
|
Cash and cash
equivalents at beginning of period
|
136,367
|
|
161,155
|
|
161,155
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$154,460
|
|
$151,642
|
|
$136,367
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 m o n t h
s e n d e d
|
|
12 months
ended
|
|
|
March 3 1
|
|
December
31
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income on GAAP basis
|
$20,278
|
|
$8,098
|
|
$48,146
|
|
Equity based
compensation expenses
|
889
|
|
816
|
|
822
|
|
Amortization of
intangible assets
|
8,918
|
|
1,010
|
|
19,235
|
|
SPTS Acquisition
costs
|
|
|
|
|
6,761
|
|
Non-GAAP operating
income
|
$30,085
|
|
$9,924
|
|
$74,964
|
|
|
|
|
|
|
|
|
Reported net income
attributable to Orbotech Ltd. on GAAP basis
|
$11,802
|
|
$6,287
|
|
$35,380
|
|
Equity- based
compensation expenses
|
889
|
|
816
|
|
3,192
|
|
Amortization of
intangible assets
|
8,918
|
|
1,010
|
|
19,235
|
|
Tax adjustments re
non-GAAP adjustments
|
(949)
|
|
|
|
(1,823)
|
|
SPTS Acquisition
costs
|
|
|
|
|
6,761
|
|
Share in losses of associated company
|
100
|
|
69
|
|
417
|
|
Non-GAAP net
income
|
$20,760
|
|
$8,182
|
|
$63,162
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$0.48
|
|
$0.19
|
|
$1.48
|
|
|
|
|
|
|
|
|
Shares used in
earnings per diluted share calculation-in thousands
|
42,860
|
|
42,835
|
|
42,757
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
3 m o n t
h s e n d e d
|
|
12 months
ended
|
|
|
March 3
1
|
|
December
31
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$11,802
|
|
$6,287
|
|
$35,380
|
|
Minority interest and
equity losses
|
253
|
|
134
|
|
301
|
|
Tax
expenses
|
1,752
|
|
1,350
|
|
3,419
|
|
Financial
expenses
|
6,471
|
|
327
|
|
9,046
|
|
Depreciation and
amortization
|
12,660
|
|
3,471
|
|
30,333
|
|
Equity- based
compensation expenses
|
889
|
|
816
|
|
3,192
|
|
SPTS acquisition
costs
|
|
|
|
|
6,761
|
|
ADJUSTED
EBITDA
|
$33,827
|
|
$12,385
|
|
$88,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP NET INCOME TO CREDIT FACILITY EBITDA
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
12 months
ended
|
|
|
|
March
31
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
|
$40,895
|
|
Minority interest and
equity losses
|
|
420
|
|
Tax
expenses
|
|
3,821
|
|
Financial
expenses
|
|
15,191
|
|
Depreciation and
amortization
|
|
39,521
|
|
Equity- based
compensation expenses
|
|
3,265
|
|
SPTS acquisition
costs
|
|
6,761
|
|
SPTS full 12 months
contribution(1)
|
|
5,028
|
|
Litigation
expenses
|
|
1,261
|
|
Other
(2)
|
|
|
|
CREDIT FACILITY
EBITDA(3)
|
|
$116,163
|
|
|
|
|
|
|
|
|
|
(1) The SPTS
Acquisition was completed on August 7, 2014. This adjustment
gives full year effect to the SPTS Acquisition by reflecting SPTS's
contribution to Credit Facility EBITDA for the period from April 1,
2014 to August 7, 2014, determined in accordance with the Credit
Agreement. This adjustment has been derived from SPTS's books
and records, is unaudited and does not correspond to SPTS's
historical accounting periods. This presentation does not reflect
our pro forma results and should not used as indicative of our
future results.
|
|
(2) Reflects
adjustments permitted by the Credit Agreement, including with
respect to employee and other matters.
|
|
|
|
(3) Credit Facility
EBITDA does not reflect any annualized expense reductions
anticipated as a result of operational changes made as part of the
SPTS Acquisition estimated by us in good faith as permitted by the
Credit Agreement. Because we are in the preliminary stages of
assessing our operations after the SPTS Acquisition, this
adjustment does not include the approximately $10 million of annual
cost savings that we believe may be available from our supply chain
optimization project. Although we are carefully assessing the
efficiency of our business, we may not identify additional cost
savings or achieve the estimated cost savings in the timeframe or
amount we anticipate, if at all. Accordingly, you should not
place undue reliance on our ability to achieve cost savings or
synergies.
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orbotech-reports-first-quarter-2015-results-300074984.html
SOURCE Orbotech Ltd.