YAVNE, Israel, Nov. 2, 2016 /PRNewswire/ --
2016 third quarter highlights
- Record revenues of $205
million
- Gross margin of 46.9%
- GAAP EPS of $0.51 (diluted);
non-GAAP EPS of $0.68
(diluted)
2016 fourth quarter and full year guidance
- Quarterly revenue range: $214 million to $224 million; full year revenue
range: $805 million to $815
million.
- Quarterly gross margin of approximately 47%.
ORBOTECH LTD. (NASDAQ: ORBK) (the "Company") today
announced its consolidated financial results for the quarter ended
September 30, 2016.
Commenting on the results, Asher
Levy, Chief Executive Officer, said: "The positive business
momentum we are experiencing, combined with systematic
implementation of our business model, enabled the Company to post
record quarterly revenues - crossing the $200 million threshold for the first time - as
well as improved gross margin and adjusted EBITDA levels, achieved
by leveraging our operating infrastructure. We are pleased to
report record FPD division bookings of approximately $100 million during the third quarter, reflecting
strong demand for our flex OLED and Gen. 10.5 solutions.
Sales of new products launched during the first half of 2016,
continued to ramp up in the third quarter and contributed to our
growth and profitability. In significant part, these sales
also reflect Orbotech's disciplined, consistent and methodical
execution on its strategy and working plans, and are the fruit of
ongoing, intensive dialogue and collaboration with key customers
and leading brands of electronic products, which is an important
element in maintaining technological innovation."
Revenues for the third quarter of 2016 totaled $205.0 million, compared with $190.5 million in the third quarter of 2015, and
$196.0 million in the second quarter
of 2016.
In the Company's Production Solutions for Electronics Industry
segment:
- Revenues from the Company's semiconductor device ("SD")
business were $71.5 million
(including $57.4 million in equipment
sales) in the third quarter of 2016. This compares to SD
revenues of $70.2 million (including
$58.4 million in equipment sales) in
the third quarter of 2015.
- Revenues from the Company's printed circuit board
("PCB") business were $69.0
million (including $38.0
million in equipment sales) in the third quarter of 2016.
This compares to PCB revenues of $64.2
million (including $34.5
million in equipment sales) in the third quarter of
2015.
- Revenues from the Company's flat panel display ("FPD")
business were $59.8 million
(including $49.4 million in equipment
sales) in the third quarter of 2016. This compares to FPD
revenues of $48.5 million (including
$38.6 million in equipment sales) in
the third quarter of 2015.
Revenues in the Company's other segments totaled $4.6 million in the third quarter of 2016,
compared with $7.6 million in the
third quarter of 2015.
Service revenues for the third quarter of 2016 were $58.0 million, compared with $53.5 million in the third quarter of 2015.
Gross profit and gross margin in the third quarter of 2016 were
$96.2 million and 46.9%,
respectively, compared with $86.3
million and 45.3%, respectively, in the third quarter of
2015.
GAAP net income and GAAP net income margin in the third quarter
of 2016 were $24.7 million and 12.1%
respectively, compared with $15.9
million, and 8.4% respectively in the third quarter of
2015.
GAAP earnings per share (diluted) for the third quarter of 2016
were $0.51 per share, compared with
$0.37 per share (diluted), for the
third quarter of 2015.
Adjusted EBITDA (as defined below) and adjusted EBITDA margin
for the third quarter of 2016 were $43.8
million and 21.4%, respectively, compared with $37.1 million and 19.5%, respectively, in the
third quarter of 2015.
Non-GAAP net income and non-GAAP net income margin for the third
quarter of 2016 were $33.0 million
and 16.1%, respectively, compared with $23.7
million and 12.4%, respectively, for the third quarter of
2015.
Non-GAAP earnings per share (diluted) for the third quarter of
2016 were $0.68, compared with
$0.55 per share, for the third
quarter of 2015.
A reconciliation of each of the Company's non-GAAP measures to
the comparable GAAP measure (the "Reconciliation") is
included at the end of this press release.
As of September 30, 2016, the
Company had cash, cash equivalents (including restricted cash),
short-term bank deposits and marketable securities of $217.8 million, and debt of $110 million. During the third quarter of
2016, the Company generated cash from operations of $21.8 million. As of September 30, 2016, the actual number of ordinary
shares outstanding was approximately 47.5 million.
Fourth Quarter 2016 and Full Year Guidance
The Company expects revenues for the fourth quarter of 2016 to
be in the range of $214 million to $224
million, and gross margin to be approximately 47%. The
Company expects revenues for 2016 to be in the range of
$805 million to $815 million.
Conference Call
An earnings conference call for the Company's third quarter 2016
results is scheduled for today, November 2,
2016, at 9:00 a.m. EDT.
The dial-in number for the conference call is +1-646-254-3388
or (US toll-free) 877-280-1254 and a replay will be available on
telephone number +1-347-366-9565 or (US toll-free) 866-932-5017
until November 17, 2016. The
pass code is 3631129 or Orbotech Q3. A live webcast of the
conference call can also be heard by accessing the Company's
website at: http://edge.media-server.com/m/p/nttep6t6. 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 to manufacture the world's most sophisticated
consumer and industrial electronic products. Orbotech 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 (MEMS), RF devices, power
semiconductors, and other electronic components. Orbotech's
solutions include automated optical inspection and shaping, direct
imaging, laser drilling, Inkjet printing, array test and repair,
yield management, and etch and deposition wafer process
solutions. Today, virtually every electronic device in the
world is produced using Orbotech systems. For more
information, visit http://www.orbotech.com/ and www.spts.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 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, 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, within and among divisions, 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,
including as a result of the so-called 'Brexit' process, 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 Company's global
operations and its ability to comply with varying legal,
regulatory, exchange, tax and customs regimes, the Company's
ability to achieve strategic initiatives, including related to its
acquisition strategy, the Company's debt and corporate financing
activities; the final timing and outcome (each expected during the
first half of 2017), and impact of the criminal matter and ongoing
investigation in Korea, including any impact on existing or future
business opportunities in Korea and elsewhere, any civil actions
related to the Korean matter brought by third parties, including
the Company's 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
Company's SEC reports, including the Company's 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.
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 equity method investee and amounts associated
with non-controlling interests company; and/or (vi) charges
associated with the financing activities related to the retirement
of the above mentioned 2014 Credit Agreement.
The Company uses the non-GAAP measures indicated in the
Reconciliation 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 and other expenses and 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, financial 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 and dispositions. 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 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.
The effects of a sale or disposition of a business have also
been excluded from the non-GAAP measures. This item is
inconsistent in amount and frequency. By excluding the item
from the non-GAAP measures, management is better able to evaluate
the Company's ability to utilize its existing businesses and
estimate the long-term value that remaining businesses will
generate for the Company. Furthermore, the Company believes
that this adjustment correlates more closely with the
sustainability of the Company's operating performance.
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 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
Orbotech's industry. Adjusted EBITDA margin is a measurement
of Orbotech's adjusted EBITDA as a percentage of its
revenues. Although the Company believes its presentation of
adjusted EBITDA is useful, its adjusted EBITDA measure may not be
comparable to similarly named 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,
2015, and its other SEC filings.
ORBOTECH
LTD.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U. S. dollars
in thousands
|
|
(Unaudited)
|
|
|
September
30
|
|
December
31
|
|
|
2016
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
$
197,320
|
|
$
162,102
|
|
Restricted cash
|
9,445
|
|
13,617
|
|
Marketable securities
|
|
|
409
|
|
Short-term bank deposits
|
3,836
|
|
9,550
|
|
Accounts receivable:
|
|
|
|
|
Trade
|
319,507
|
|
284,192
|
|
Other
|
43,176
|
|
55,906
|
|
Inventories
|
137,821
|
|
133,250
|
|
T o t a l current assets
|
711,105
|
|
659,026
|
|
|
|
|
|
|
INVESTMENTS AND
NON-CURRENT ASSETS:
|
|
|
|
|
Marketable securities
|
7,187
|
|
5,637
|
|
Funds in respect of employee rights upon retirement
|
8,484
|
|
8,130
|
|
Deferred income taxes
|
20,494
|
|
20,147
|
|
Equity method investee and other receivables
|
9,547
|
|
10,144
|
|
|
45,712
|
|
44,058
|
|
|
|
|
|
|
PROPERTY, PLANT
AND EQUIPMENT, net
|
59,560
|
|
58,982
|
|
|
|
|
|
|
OTHER INTANGIBLE
ASSETS, net
|
88,885
|
|
109,635
|
|
|
|
|
|
|
GOODWILL
|
170,177
|
|
170,177
|
|
|
|
|
|
|
T o t a l
assets
|
$
1,075,439
|
|
$
1,041,878
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Current
maturities of long-term loan
|
$
20,000
|
|
$
13,937
|
|
Accounts payable and accruals:
|
|
|
|
|
Trade
|
62,303
|
|
65,037
|
|
Other
|
106,463
|
|
94,930
|
|
Deferred income
|
27,492
|
|
29,282
|
|
T o t a l current liabilities
|
216,258
|
|
203,186
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Long-term loan, net
|
88,156
|
|
218,372
|
|
Liability for employee rights upon retirement
|
23,614
|
|
21,535
|
|
Deferred income taxes
|
14,557
|
|
16,984
|
|
Other tax liabilities
|
8,800
|
|
14,045
|
|
T o t a l long-term liabilities
|
135,127
|
|
270,936
|
|
|
|
|
|
|
T o t a l liabilities
|
351,385
|
|
474,122
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Share capital
|
2,369
|
|
2,209
|
|
Additional paid-in capital
|
415,833
|
|
306,612
|
|
Retained earnings
|
414,528
|
|
360,721
|
|
Accumulated other comprehensive loss
|
(8,103)
|
|
(1,506)
|
|
|
824,627
|
|
668,036
|
|
Less treasury shares, at cost
|
(99,539)
|
|
(99,539)
|
|
T o t a l Orbotech Ltd. shareholders' equity
|
725,088
|
|
568,497
|
|
Non-controlling interest
|
(1,034)
|
|
(741)
|
|
T o t a l equity
|
724,054
|
|
567,756
|
|
|
|
|
|
|
T o t a l liabilities and equity
|
$
1,075,439
|
|
$
1,041,878
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATION
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
9 months
ended
|
|
3 months
ended
|
|
|
|
September
30
|
|
September
30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$591,360
|
|
$564,282
|
|
$204,953
|
|
$190,503
|
|
|
Cost of
revenues
|
319,634
|
|
309,096
|
|
108,739
|
|
104,158
|
|
|
Gross
profit
|
271,726
|
|
255,186
|
|
96,214
|
|
86,345
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
80,049
|
|
76,258
|
|
27,345
|
|
25,439
|
|
|
Selling, general and
administrative
|
92,357
|
|
89,121
|
|
31,068
|
|
30,094
|
|
|
Equity in earnings of
Frontline
|
(2,311)
|
|
(3,976)
|
|
(634)
|
|
(1,754)
|
|
|
Amortization of
intangible assets
|
20,750
|
|
23,547
|
|
7,615
|
|
7,519
|
|
|
Gain from the sale of
the Thermal product business
|
|
|
(628)
|
|
|
|
|
|
|
Total operating
expenses
|
190,845
|
|
184,322
|
|
65,394
|
|
61,298
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
80,881
|
|
70,864
|
|
30,820
|
|
25,047
|
|
|
Financial expenses -
net
|
15,318
|
|
18,406
|
|
1,171
|
|
6,138
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
65,563
|
|
52,458
|
|
29,649
|
|
18,909
|
|
|
Taxes on
income
|
11,599
|
|
11,137
|
|
4,885
|
|
2,769
|
|
|
Share in losses of
equity method investee
|
450
|
|
415
|
|
150
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
53,514
|
|
40,906
|
|
24,614
|
|
15,940
|
|
|
Net gain (loss)
attributable to
|
|
|
|
|
|
|
|
|
|
the non-controlling
interests
|
(293)
|
|
182
|
|
(99)
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd.
|
$53,807
|
|
$40,724
|
|
$24,713
|
|
$15,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$1.20
|
|
$0.96
|
|
$0.52
|
|
$0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$1.17
|
|
$0.94
|
|
$0.51
|
|
$0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
|
|
|
|
used in computation
of:
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
44,867
|
|
42,266
|
|
47,397
|
|
42,557
|
|
|
Diluted earnings per
share
|
45,813
|
|
43,237
|
|
48,385
|
|
43,491
|
|
|
|
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months
ended
|
|
3 months
ended
|
|
|
September
30
|
|
September
30
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income on GAAP basis
|
$80,881
|
|
$70,864
|
|
$30,820
|
|
$25,047
|
|
Equity-based
compensation expenses
|
4,319
|
|
2,597
|
|
1,361
|
|
848
|
|
Amortization of
intangible assets
|
20,750
|
|
23,547
|
|
7,615
|
|
7,519
|
|
Gain from the sale of
the Thermal product business
|
|
|
(628)
|
|
|
|
|
|
Non-GAAP operating
income
|
$105,950
|
|
$96,380
|
|
$39,796
|
|
$33,414
|
|
|
|
|
|
|
|
|
|
|
Reported net income
attributable to Orbotech Ltd. on GAAP basis
|
$53,807
|
|
$40,724
|
|
$24,713
|
|
$15,919
|
|
Equity-based
compensation expenses
|
4,319
|
|
2,597
|
|
1,361
|
|
848
|
|
Amortization of
intangible assets
|
20,750
|
|
23,547
|
|
7,615
|
|
7,519
|
|
Gain from the sale of
the Thermal product business
|
|
|
(628)
|
|
|
|
|
|
Tax adjustments re
non-GAAP adjustments
|
(2,410)
|
|
729
|
|
(887)
|
|
(782)
|
|
Share in losses of equity method
investee
|
450
|
|
415
|
|
150
|
|
200
|
|
Charges associated
with the retirement of the 2014 Credit Agreement
|
6,228
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
$83,144
|
|
$67,384
|
|
$32,952
|
|
$23,704
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
diluted share
|
$1.17
|
|
$0.94
|
|
$0.51
|
|
$0.37
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$1.81
|
|
$1.56
|
|
$0.68
|
|
$0.55
|
|
|
|
|
|
|
|
|
|
|
Shares used in
earnings per diluted share calculation-in thousands
|
45,813
|
|
43,237
|
|
48,385
|
|
43,491
|
|
ORBOTECH
LTD.
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
U.S. dollars in
thousands
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months
ended
|
|
3 months
ended
|
|
September
30
|
|
September
30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$53,807
|
|
$40,724
|
|
$24,713
|
|
$15,919
|
Minority interest and
equity losses
|
157
|
|
597
|
|
51
|
|
221
|
Taxes on
income
|
11,599
|
|
11,137
|
|
4,885
|
|
2,769
|
Financial
expenses
|
15,318
|
|
18,406
|
|
1,171
|
|
6,138
|
Depreciation and
amortization
|
32,997
|
|
34,739
|
|
11,599
|
|
11,221
|
Gain from the sale of
the Thermal product business
|
|
|
(628)
|
|
|
|
|
Equity-based
compensation expenses
|
4,319
|
|
2,597
|
|
1,361
|
|
848
|
ADJUSTED
EBITDA
|
$118,197
|
|
$107,572
|
|
$43,780
|
|
$37,116
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
(Unaudited)
|
|
|
|
9 months
ended
|
|
3 months
ended
|
|
|
|
September
30
|
|
September
30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
53,514
|
|
$
40,906
|
|
$
24,614
|
|
$
15,940
|
Adjustment to
reconcile net income to net cash
|
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
32,997
|
|
34,739
|
|
11,599
|
|
11,221
|
|
Compensation relating
to equity awards granted to
|
|
|
|
|
|
|
|
|
|
employees and others
- net
|
4,319
|
|
2,597
|
|
1,361
|
|
848
|
|
Increase in liability
for employee rights upon retirement, net
|
1,531
|
|
155
|
|
652
|
|
362
|
|
Long- term loans
discount amortization
|
1,866
|
|
572
|
|
|
|
175
|
|
Deferred financing
costs amortization
|
5,585
|
|
1,531
|
|
125
|
|
493
|
|
Deferred income
taxes
|
(2,774)
|
|
448
|
|
(1,096)
|
|
(355)
|
|
Amortization of
premium and accretion of discount on marketable
|
|
|
|
|
|
|
|
|
|
Securities,
net
|
112
|
|
131
|
|
18
|
|
32
|
|
Equity in earnings of
Frontline, net of dividend received
|
1,105
|
|
190
|
|
266
|
|
(412)
|
|
Other
|
631
|
|
704
|
|
243
|
|
90
|
|
Gain from the sale of
the Thermal product business
|
|
|
(628)
|
|
|
|
|
|
Decrease (increase)
in accounts receivable:
|
|
|
|
|
|
|
|
|
|
Trade
|
(35,315)
|
|
(31,787)
|
|
(28,091)
|
|
(37,345)
|
|
|
Other
|
608
|
|
(4,099)
|
|
4,311
|
|
(4,668)
|
|
Increase (decrease)
in accounts payable and accruals:
|
|
|
|
|
|
|
|
|
|
Trade
|
(2,734)
|
|
(5,829)
|
|
938
|
|
7,058
|
|
|
Deferred
income
|
(1,790)
|
|
(8,289)
|
|
(246)
|
|
(730)
|
|
|
Other
|
4,202
|
|
6,080
|
|
10,598
|
|
8,073
|
|
Decrease (increase)
in inventories
|
(4,571)
|
|
17,310
|
|
(3,456)
|
|
7,036
|
Net cash provided
by operating activities
|
59,286
|
|
54,731
|
|
21,836
|
|
7,818
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(17,387)
|
|
(11,356)
|
|
(5,272)
|
|
(4,237)
|
Consideration
received for the sale of the Thermal product business
|
12,000
|
|
10,000
|
|
|
|
|
Withdraw of
(investment in) bank deposits
|
5,714
|
|
5,966
|
|
(774)
|
|
4,501
|
Purchase of
marketable securities
|
(4,836)
|
|
(154)
|
|
(2,592)
|
|
|
Redemption of
marketable securities
|
3,617
|
|
|
|
1,280
|
|
|
Investment in equity
method investee
|
(1,000)
|
|
(1,500)
|
|
|
|
|
Proceeds from
disposal of property, plant and equipment
|
|
|
|
|
|
|
|
Decrease (increase)
in restricted cash
|
4,172
|
|
(75)
|
|
3,371
|
|
2,904
|
Increase in funds in
respect of employee
|
|
|
|
|
|
|
|
|
rights upon
retirement
|
194
|
|
445
|
|
68
|
|
52
|
Net cash provided
by (used in) investing activities
|
2,474
|
|
3,326
|
|
(3,919)
|
|
3,220
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Repayment of
long-term loan
|
(239,635)
|
|
(28,932)
|
|
|
|
(8,182)
|
Bank loan, net of $2
millions financing costs
|
108,031
|
|
|
|
|
|
|
Issuance of shares,
net
|
99,962
|
|
|
|
|
|
|
Employee stock
options exercised
|
5,100
|
|
7,585
|
|
1,636
|
|
1,424
|
Net cash provided
by (used in) financing activities
|
(26,542)
|
|
(21,347)
|
|
1,636
|
|
(6,758)
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
35,218
|
|
36,710
|
|
19,553
|
|
4,280
|
Cash and cash
equivalents at beginning of period
|
162,102
|
|
136,367
|
|
177,767
|
|
168,797
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
197,320
|
|
$
173,077
|
|
$
197,320
|
|
$
173,077
|
|
|
|
|
|
|
|
|
|
|
Company
Contact:
|
|
Rami Rozen
|
Tally Kaplan
Porat
|
Director of Investor
Relations
|
Head of Corporate
Marketing
|
Orbotech
Ltd
|
Orbotech
Ltd
|
Tel: +972-8-942
3582
|
Tel: +972-8-942
3603
|
Rami.rozen@orbotech.com
|
Tally-Ka@orbotech.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orbotech-reports-third-quarter-2016-results-300355758.html
SOURCE Orbotech Ltd.