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 2016
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 4, 2016, and entitled Orbotech Reports First Quarter 2016 Results.
|
2.
|
Registrants Condensed Consolidated Balance Sheets.
|
3.
|
Registrants Condensed Consolidated Statements of Income.
|
4.
|
Registrants Reconciliation of GAAP to Non-GAAP Results.
|
5.
|
Registrants Reconciliation of GAAP Net Income to Adjusted EBIDTA.
|
6.
|
Registrants Reconciliation of GAAP Net Income to Credit Facility EBIDTA.
|
7.
|
Registrants Condensed Consolidated Statements of Cash Flows.
|
* * * * * *
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, Registration No. 333-169146 and Registration No. 333-207878) of Orbotech Ltd. previously filed with the Securities and Exchange Commission.
ORBOTECH REPORTS FIRST QUARTER 2016 RESULTS
2016 first quarter highlights
|
|
|
Revenues of $190 million
|
|
|
|
Non-GAAP EPS of $0.53 (diluted); GAAP EPS of $0.36 (diluted)
|
|
|
|
Term loan repayment of $26 million
|
2016 second quarter guidance
|
|
|
Revenue range: $190 million to $198 million
|
|
|
|
Gross margin range: 45.0% to 45.5%
|
YAVNE, ISRAEL, MAY 4, 2016 | ORBOTECH LTD. (NASDAQ: ORBK) (the
Company
) today announced its consolidated financial results for the quarter ended March 31, 2016.
Commenting on the results,
Asher Levy, Chief Executive Officer, said: We are very pleased with our financial results for the first quarter, which mark a strong start to the year. Industry conditions have developed generally as we anticipated at the beginning of the
year. In particular, the acceleration in technological changes is a clear positive driver for the Company, and our broad portfolio of high quality solutions enable our customers production facilities to answer the challenges posed by this
trend.
Revenues for the first quarter of 2016 totaled $190.4 million, up from $184.8 million in the first quarter, and $188.2 million in the fourth
quarter, of 2015.
In the Companys Production Solutions for Electronics Industry segment:
|
-
|
|
Revenues from the Companys semiconductor device (
SD
) business were $72.5 million (including $62.4 million in equipment sales) in the first quarter of 2016. This compares to SD revenues of
$61.4 million (including $46.6 million in equipment sales) in the first quarter of 2015.
|
|
-
|
|
Revenues from the Companys printed circuit board (
PCB
) business were $68.0 million (including $39.9 million in equipment sales) in the first quarter of 2016. This compares to PCB revenues
of $58.0 million (including $31.3 million in equipment sales) in the first quarter of 2015.
|
|
-
|
|
Revenues from the Companys flat panel display (
FPD
) business were $44.7 million (including $35.6 million in equipment sales) in the first quarter of 2016. This compares to FPD revenues of
$57.4 million (including $47.3 million in equipment sales) in the first quarter of 2015.
|
Revenues in the Companys other segments
totaled $5.3 million in the first quarter of 2016, compared with $8.0 million in the first quarter of 2015.
Service revenues for the first quarter of
2016 were $49.5 million, compared with $53.4 million in the first quarter of 2015.
Gross profit and gross margin in the first quarter of 2016 were $85.6
million and 45.0%, respectively, compared with $83.1 million and 45.0%, respectively, in the first quarter of 2015.
GAAP net income for the first quarter
of 2016 was $15.7 million, or $0.36 per share (diluted), up from $11.8 million, or $0.28 per share (diluted), for the first quarter of 2015.
Adjusted
EBITDA (as defined below) and adjusted EBITDA margin for the first quarter of 2016 were $35.3 million and 18.5%, respectively, up from $33.8 million and 18.3%, respectively, in the first quarter of 2015.
Non-GAAP net income and non-GAAP net income margin for the first quarter of 2016 were $23.1 million and 12.2%, respectively, up from $20.8 million and 11.2%,
for the first quarter of 2015.
Non-GAAP earnings per share (diluted) for the first quarter of 2016 were $0.53, up from $0.48 per share (diluted), for the
first quarter of 2015.
A reconciliation of each of the Companys non-GAAP measures to the comparable GAAP measure (the
Reconciliation
) is included at the end of this press release.
As of March 31, 2016, the Company had cash, cash equivalents
(including restricted cash), short-term bank deposits and marketable securities of approximately $176.8 million, and debt of $214.0 million. In the first quarter of 2016, the Company generated cash of $15.7 million from operations and repaid $25.6
million of its term loan.
Second Quarter 2016 Guidance
The Company expects revenues for the second quarter of 2016 to be in the range of $190 million to $198 million, and gross margin to be in the range of 45.0% to
45.5%.
Conference Call
An earnings conference call
for the Companys first quarter 2016 results is scheduled for today, May 4, 2016 at 9:00 a.m. EDT. The dial-in number for the conference call is 1-312-470-7384 or (US toll-free) 888-469-1283 and a replay will be available on telephone
number +1-203-369-1922 or (US toll-free) 866-509-3935 until May 19, 2016. The pass code is Q1. A live webcast of the conference call can also be heard by accessing the Companys website here
http://investors.orbotech.com/phoenix.zhtml?c=71865&p=irol-EventDetails&EventId=5216447. 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 worlds 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. Virtually every
electronic device in the world is produced using Orbotech systems. For more information, visit
http://www.orbotech.com
.
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 Orbotechs
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,
cyclicality in the industries in which the Company operates, the Companys 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 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 as well as automobiles, the Companys global operations and its ability to comply with varying legal, regulatory,
exchange, tax and customs regimes, the Companys ability to achieve strategic initiatives, including related to its acquisition strategy, the Companys debt and corporate financing activities; the final timing, outcome and impact of the
criminal matter expected in mid- to-late 2016 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, ongoing or increased hostilities in Israel and the surrounding areas, and other risks detailed in the
Companys SEC reports, including the Companys Annual Report on Form 20-F for the year ended December 31, 2015, 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.
ORBOTECH LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U. S. dollars in thousands
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
March 31
2016
|
|
|
December 31
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
156,244
|
|
|
$
|
162,102
|
|
Restricted cash
|
|
|
11,374
|
|
|
|
13,617
|
|
Marketable securities
|
|
|
404
|
|
|
|
409
|
|
Short-term bank deposits
|
|
|
3,043
|
|
|
|
9,550
|
|
Accounts receivable:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
288,517
|
|
|
|
284,192
|
|
Other
|
|
|
58,572
|
|
|
|
55,906
|
|
Inventories
|
|
|
135,380
|
|
|
|
133,250
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
653,534
|
|
|
|
659,026
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS AND NON-CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
5,716
|
|
|
|
5,637
|
|
Funds in respect of employee rights upon retirement
|
|
|
8,471
|
|
|
|
8,130
|
|
Deferred income taxes
|
|
|
20,636
|
|
|
|
20,147
|
|
Equity method investee and other receivables
|
|
|
10,896
|
|
|
|
10,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,719
|
|
|
|
44,058
|
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, net
|
|
|
58,490
|
|
|
|
58,982
|
|
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS, net
|
|
|
103,340
|
|
|
|
109,635
|
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
170,177
|
|
|
|
170,177
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,031,260
|
|
|
$
|
1,041,878
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Current maturities of long-term loan
|
|
$
|
13,981
|
|
|
$
|
13,937
|
|
Accounts payable and accruals:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
66,675
|
|
|
|
65,037
|
|
Other
|
|
|
90,458
|
|
|
|
94,930
|
|
Deferred income
|
|
|
30,132
|
|
|
|
29,282
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
201,246
|
|
|
|
203,186
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
Long-term loan, net
|
|
|
193,819
|
|
|
|
218,372
|
|
Liability for employee rights upon retirement
|
|
|
22,183
|
|
|
|
21,535
|
|
Deferred income taxes
|
|
|
16,259
|
|
|
|
16,984
|
|
Other tax liabilities
|
|
|
10,582
|
|
|
|
14,045
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
242,843
|
|
|
|
270,936
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
444,089
|
|
|
|
474,122
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
2,217
|
|
|
|
2,209
|
|
Additional paid-in capital
|
|
|
310,359
|
|
|
|
306,612
|
|
Retained earnings
|
|
|
376,475
|
|
|
|
360,721
|
|
Accumulated other comprehensive loss
|
|
|
(1,539
|
)
|
|
|
(1,506
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
687,512
|
|
|
|
668,036
|
|
Less treasury shares, at cost
|
|
|
(99,539
|
)
|
|
|
(99,539
|
)
|
|
|
|
|
|
|
|
|
|
Total Orbotech Ltd. shareholders equity
|
|
|
587,973
|
|
|
|
568,497
|
|
Non-controlling interest
|
|
|
(802
|
)
|
|
|
(741
|
)
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
587,171
|
|
|
|
567,756
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
1,031,260
|
|
|
$
|
1,041,878
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
March 31
|
|
|
12 months ended
December 31
|
|
|
|
2016
|
|
|
2015
|
|
|
2015
|
|
Revenues
|
|
$
|
190,427
|
|
|
$
|
184,784
|
|
|
$
|
752,517
|
|
Cost of revenues
|
|
|
104,824
|
|
|
|
101,707
|
|
|
|
412,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
85,603
|
|
|
|
83,077
|
|
|
|
339,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
26,569
|
|
|
|
25,779
|
|
|
|
103,854
|
|
Selling, general and administrative
|
|
|
30,023
|
|
|
|
28,973
|
|
|
|
117,493
|
|
Equity in earnings of Frontline
|
|
|
(636
|
)
|
|
|
(871
|
)
|
|
|
(5,849
|
)
|
Amortization of intangible assets
|
|
|
6,295
|
|
|
|
8,918
|
|
|
|
30,224
|
|
Gain from the sale of the Thermal activity
|
|
|
|
|
|
|
|
|
|
|
(628
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
62,251
|
|
|
|
62,799
|
|
|
|
245,094
|
|
|
|
|
|
Operating income
|
|
|
23,352
|
|
|
|
20,278
|
|
|
|
94,704
|
|
Financial expenses - net
|
|
|
4,664
|
|
|
|
6,471
|
|
|
|
23,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
18,688
|
|
|
|
13,807
|
|
|
|
71,119
|
|
Taxes on income
|
|
|
2,845
|
|
|
|
1,752
|
|
|
|
13,788
|
|
Share in losses of equity method investee
|
|
|
150
|
|
|
|
100
|
|
|
|
615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
15,693
|
|
|
|
11,955
|
|
|
|
56,716
|
|
Net gain (loss) attributable to the non-controlling interests
|
|
|
(61
|
)
|
|
|
153
|
|
|
|
(55
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Orbotech Ltd.
|
|
$
|
15,754
|
|
|
$
|
11,801
|
|
|
$
|
56,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.36
|
|
|
$
|
0.28
|
|
|
$
|
1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
0.36
|
|
|
$
|
0.28
|
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares (in thousands)used in computation of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
43,186
|
|
|
|
41,961
|
|
|
|
42,412
|
|
Diluted earnings per share
|
|
|
44,062
|
|
|
|
42,860
|
|
|
|
43,322
|
|
ORBOTECH LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
March 31
|
|
|
12 months ended
December 31
|
|
|
|
2016
|
|
|
2015
|
|
|
2015
|
|
Reported operating income on GAAP basis
|
|
$
|
23,352
|
|
|
$
|
20,278
|
|
|
$
|
94,704
|
|
Equity based compensation expenses
|
|
|
1,680
|
|
|
|
889
|
|
|
|
3,816
|
|
Amortization of intangible assets
|
|
|
6,295
|
|
|
|
8,918
|
|
|
|
30,224
|
|
Gain from the sale of the Thermal activity
|
|
|
|
|
|
|
|
|
|
|
(628
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
$
|
31,327
|
|
|
$
|
30,085
|
|
|
$
|
128,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income attributable to Orbotech Ltd. on GAAP basis
|
|
$
|
15,754
|
|
|
$
|
11,801
|
|
|
$
|
56,771
|
|
Equity- based compensation expenses
|
|
|
1,680
|
|
|
|
889
|
|
|
|
3,816
|
|
Amortization of intangible assets
|
|
|
6,295
|
|
|
|
8,918
|
|
|
|
30,224
|
|
Gain from the sale of the Thermal activity, net of tax effect
|
|
|
|
|
|
|
|
|
|
|
(628
|
)
|
Tax adjustments re non-GAAP adjustments
|
|
|
(729
|
)
|
|
|
(949
|
)
|
|
|
(46
|
)
|
Share in losses of associated company
|
|
|
150
|
|
|
|
100
|
|
|
|
615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
$
|
23,150
|
|
|
$
|
20,759
|
|
|
$
|
90,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share
|
|
$
|
0.53
|
|
|
$
|
0.48
|
|
|
$
|
2.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per diluted share calculation-in thousands
|
|
|
44,062
|
|
|
|
42,860
|
|
|
|
43,322
|
|
ORBOTECH LTD.
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
U.S. dollars in thousands
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
March 31
|
|
|
12 months ended
December 31
|
|
|
|
2016
|
|
|
2015
|
|
|
2015
|
|
Net income attributable to Orbotech Ltd. on GAAP basis
|
|
$
|
15,754
|
|
|
$
|
11,801
|
|
|
$
|
56,771
|
|
Minority interest and equity losses
|
|
|
89
|
|
|
|
253
|
|
|
|
560
|
|
Tax expenses
|
|
|
2,845
|
|
|
|
1,752
|
|
|
|
13,788
|
|
Financial expenses
|
|
|
4,664
|
|
|
|
6,471
|
|
|
|
23,585
|
|
Depreciation and amortization
|
|
|
10,251
|
|
|
|
12,660
|
|
|
|
45,282
|
|
Gain from the sale of the Thermal activity, net of tax effect
|
|
|
|
|
|
|
|
|
|
|
(628
|
)
|
Equity- based compensation expenses
|
|
|
1,680
|
|
|
|
889
|
|
|
|
3,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA
|
|
$
|
35,283
|
|
|
$
|
33,826
|
|
|
$
|
143,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
RECONCILIATION OF GAAP NET INCOME TO CREDIT FACILITY EBITDA
U.S. dollars in thousands
(Unaudited)
|
|
|
|
|
|
|
12 months ended
March 31
|
|
|
|
2016
|
|
Net income attributable to Orbotech Ltd. on GAAP basis
|
|
$
|
60,724
|
|
Minority interest and equity losses
|
|
|
396
|
|
Tax expenses
|
|
|
14,881
|
|
Financial expenses
|
|
|
21,778
|
|
Depreciation and amortization
|
|
|
42,873
|
|
Equity- based compensation expenses
|
|
|
4,607
|
|
Gain from the sale of the Thermal activity
|
|
|
(628
|
)
|
Litigation expenses
|
|
|
497
|
|
|
|
|
|
|
CREDIT FACILITY EBITDA
|
|
$
|
145,128
|
|
|
|
|
|
|
ORBOTECH LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
March 31
|
|
|
12 months ended
December
|
|
|
|
2016
|
|
|
2015
|
|
|
2015
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
15,693
|
|
|
$
|
11,955
|
|
|
$
|
56,716
|
|
Adjustment to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
10,251
|
|
|
|
12,660
|
|
|
|
45,282
|
|
Compensation relating to equity awards granted to employees and others - net
|
|
|
1,680
|
|
|
|
889
|
|
|
|
3,816
|
|
Decrease (increase) in liability for employee rights upon retirement, net
|
|
|
247
|
|
|
|
176
|
|
|
|
(113
|
)
|
Long- term loans discount amortization
|
|
|
300
|
|
|
|
120
|
|
|
|
897
|
|
Deferred financing costs amortization
|
|
|
798
|
|
|
|
312
|
|
|
|
2,010
|
|
Deferred income taxes
|
|
|
(1,214
|
)
|
|
|
2,334
|
|
|
|
(2,024
|
)
|
Amortization of premium and accretion of discount on marketable Securities, net
|
|
|
66
|
|
|
|
50
|
|
|
|
145
|
|
Equity in earnings of Frontline, net of dividend received
|
|
|
189
|
|
|
|
636
|
|
|
|
(540
|
)
|
Other
|
|
|
150
|
|
|
|
499
|
|
|
|
1,014
|
|
Gain from the sale of the Thermal activity
|
|
|
|
|
|
|
|
|
|
|
(628
|
)
|
Decrease (increase) in accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
(4,325
|
)
|
|
|
(1,668
|
)
|
|
|
(37,067
|
)
|
Other
|
|
|
(2,717
|
)
|
|
|
3,093
|
|
|
|
(5,507
|
)
|
Increase (decrease) in accounts payable and accruals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
|
|
|
1,638
|
|
|
|
2,311
|
|
|
|
353
|
|
Deferred income
|
|
|
850
|
|
|
|
(846
|
)
|
|
|
(7,770
|
)
|
Other
|
|
|
(5,744
|
)
|
|
|
(9,908
|
)
|
|
|
13,915
|
|
Decrease (increase) in inventories
|
|
|
(2,130
|
)
|
|
|
(972
|
)
|
|
|
18,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
15,732
|
|
|
|
21,641
|
|
|
|
89,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(5,757
|
)
|
|
|
(3,182
|
)
|
|
|
(19,348
|
)
|
Consideration received for the sale of the Thermal activity
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
Withdraw of (investment in) bank deposits
|
|
|
6,507
|
|
|
|
2,976
|
|
|
|
450
|
|
Purchase of marketable securities
|
|
|
(1,268
|
)
|
|
|
|
|
|
|
(1,099
|
)
|
Redemption of marketable securities
|
|
|
1,157
|
|
|
|
|
|
|
|
821
|
|
Investment in equity method investee
|
|
|
(1,000
|
)
|
|
|
(1,500
|
)
|
|
|
(1,500
|
)
|
Decrease (increase) in restricted cash
|
|
|
2,243
|
|
|
|
(3,244
|
)
|
|
|
(3,617
|
)
|
Increase in funds in respect of employee rights upon retirement
|
|
|
60
|
|
|
|
|
|
|
|
510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
1,942
|
|
|
|
(4,950
|
)
|
|
|
(13,783
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term loan
|
|
|
(25,607
|
)
|
|
|
(750
|
)
|
|
|
(59,615
|
)
|
Employee stock options exercised
|
|
|
2,075
|
|
|
|
2,152
|
|
|
|
9,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(23,532
|
)
|
|
|
1,402
|
|
|
|
(49,746
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(5,858
|
)
|
|
|
18,093
|
|
|
|
25,735
|
|
Cash and cash equivalents at beginning of period
|
|
|
162,102
|
|
|
|
136,367
|
|
|
|
136,367
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
156,244
|
|
|
$
|
154,460
|
|
|
$
|
162,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Non-GAAP net income, non-GAAP net income margin, non-GAAP net income 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) certain items associated with sale or
disposition of businesses; (iv) tax impact; and/or (v) share in losses of associated company. The Company uses the non-GAAP measures indicated in the Reconciliation to supplement the Companys 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 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. 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 Companys 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 and Credit Facility EBITDA are each 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 taxes 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 Orbotechs 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
reflects the calculation for the twelve months ended March 31, 2016. 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 Companys Annual Report on Form 20-F filed with the SEC for the year ended December 31, 2015 and its other SEC filings.
|
|
|
Company Contact:
Anat Earon-Heilborn
Director of Investor Relations
Orbotech Ltd
Tel: +972-8-942 3582
anat.earon-heilborn@orbotech.com
|
|
Tally Kaplan Porat
Head of Corporate Marketing
Orbotech Ltd
Tel: +972-8-942 3603
Tally-Ka@orbotech.com
|
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/ Ran Bareket
|
|
|
Ran Bareket
|
|
|
Corporate Vice President and
|
|
|
Chief Financial Officer
|
|
Date: May 5, 2016
|
Orbotech Ltd. - Ordinary Shares (NASDAQ:ORBK)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Orbotech Ltd. - Ordinary Shares (NASDAQ:ORBK)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024