Orbotech Reports Strong Financial Results Ahead of Acquisition

Orbotech Ltd. released on Tuesday its final quarterly financial statement before its acquisition is finalized, reporting strong growth in revenue and net income. KLA-Tencor Corporation is acquiring the Israel-based technology firm in a cash and stock deal worth $3.4 billion.

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Orbotech’s revenue for the first quarter reached $251 million, up 34% from $188 million a year earlier.

The company, which makes manufacturing equipment to makers of electronics, saw its revenues from its printed circuit board unit increase by 12% to $87 million. The flat panel display unit generated revenues of $80 million, a 50% increase from last year, and revenues from its semiconductor device unit reached $79 million, also up 50%.

Non-GAAP net income is $41 million, up 84% from the same period last year, coming out to 83 cents a share.

The company has $302 million in cash assets and $73 million in debt.

Orbotech also announced it has secured orders of $50 million from Career Technology (Mfg.) Co. Ltd., a Taipei-based manufacturer of printed circuit boards.

The order is for electronic devices for use in the production of flexible printed circuit boards based on liquid-crystal polymer design. These components go into mobile phones.

Orbotech said that due to the pending acquisition it would provide no financial guidance except for a projection of second-quarter revenue $250 million to $265 million.

Founded in 1981, Orbotech is headquartered in Yavne, a city in central Israel, and employees around 2,600 million worldwide.