YAVNE, Israel, May 8, 2018 /PRNewswire/ -- ORBOTECH LTD.
(NASDAQ: ORBK) (the "Company") today announced its
consolidated financial results for the first quarter of 2018.
Throughout the early part of 2018, the Company has continued to
deliver innovative solutions to its customers that will help them
overcome some of the most difficult production challenges they face
today. The technology leadership and momentum in Orbotech's
business underscore our confidence in our ability to capitalize on
the opportunities available to us for the remainder of 2018.
Separately, Orbotech is today announcing that it has received
orders totaling approximately $50
million from Taipei-based
Career Technology (Mfg.) Co., Ltd., a worldwide manufacturer of
flexible printed circuit (FPC) PCBs for advanced electronic
devices, for a range of solutions for liquid-crystal polymer (LCP)
FPC production. These solutions will be implemented in Career's new
FPC production lines for the manufacture of next generation LCP
smartphone flexible components. Delivery is scheduled to
begin during the second quarter of 2018 and to be completed by the
end of 2018. These significant orders further validate
Orbotech's position as a technology leader in its served
industries.
Revenues for the first quarter of 2018 totaled $250.6 million, compared with $187.6 million in the first quarter of 2017, and
$256.9 million in the fourth quarter
of 2017.
In the Company's Production Solutions for Electronics Industry
segment:
- Revenues from the Company's printed circuit board
("PCB") business were $87.1
million (including $53.3
million in equipment sales) in the first quarter of
2018. This compares to PCB revenues of $77.5 million (including $49.8 million in equipment sales) in the first
quarter of 2017.
- Revenues from the Company's flat panel display ("FPD")
business were $80.6 million
(including $69.1 million in equipment
sales) in the first quarter of 2018. This compares to FPD
revenues of $53.4 million (including
$43.0 million in equipment sales) in
the first quarter of 2017.
- Revenues from the Company's semiconductor device ("SD")
business were $78.6 million
(including $67.2 million in equipment
sales) in the first quarter of 2018. This compares to SD
revenues of $52.5 million (including
$41.5 million in equipment sales) in
the first quarter of 2017.
Revenues in the Company's other segments totaled $4.3 million in the first quarter of 2018,
compared with $4.2 million in the
first quarter of 2017.
Service revenues for the first quarter of 2018 were $58.6 million, compared with $50.9 million in the first quarter of 2017.
Gross profit and gross margin in the first quarter of 2018 were
$117.9 million and 47.1%,
respectively, compared with $87.1
million and 46.4%, respectively, in the first quarter of
2017.
GAAP net income and GAAP net income margin in the first quarter
of 2018 were $30.3 million and 12.1%,
respectively, compared with $14.9
million and 8.0%, respectively, in the first quarter of
2017.
GAAP earnings per share (diluted) for the first quarter of 2018
were $0.61, compared with
$0.31 for the first quarter of
2017.
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.
Adjusted EBITDA (as defined below) and adjusted EBITDA margin
for the first quarter of 2018 were $53.1
million and 21.2%, respectively, compared with $32.5 million and 17.3%, respectively, in the
first quarter of 2017.
Non-GAAP net income and non-GAAP net income margin for the first
quarter of 2018 were $41.1 million
and 16.4%, respectively, compared with $22.3
million and 11.9%, respectively, for the first quarter of
2017. Non-GAAP earnings per share (diluted) for the first
quarter of 2018 were $0.83, compared
with $0.46 per share, for the first
quarter of 2017.
As of March 31, 2018, the Company
had cash, cash equivalents, short term bank deposits and marketable
securities of $301.9 million, and
debt of $72.6 million. During
the first quarter of 2018, the Company utilized cash for operations
of $20.4 million. As of
March 31, 2018, the actual number of
ordinary shares outstanding was approximately 48.5 million.
2018 Guidance
The Company expects second quarter 2018 revenue to be in the
range of $250 million to $265 million based on current expectations of
product mix. Other than with respect to the foregoing quarterly
revenue guidance, the Company is withdrawing the financial guidance
provided with respect to 2018 and beyond for all financial metrics
and periods presented.
In light of the pending acquisition by KLA-Tencor
Corporation, Orbotech will not provide guidance other than with
respect to quarterly revenues, nor will it hold a conference call
to discuss its financial results.
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ: ORBK) is a leading global supplier of
yield-enhancing and process-enabling solutions for the manufacture
of electronics products. Orbotech provides cutting-edge
solutions for use in the manufacture of printed circuit boards
(PCBs), flat panel displays (FPDs), and semiconductor devices
(SDs), designed to enable the production of innovative,
next-generation electronic products and improve the cost
effectiveness of existing and future electronics production
processes. Orbotech's core business lies in enabling
electronic device manufacturers to inspect and understand PCBs and
FPDs and to verify their quality ('reading'); pattern the desired
electronic circuitry on the relevant substrate and perform
three-dimensional shaping of metalized circuits on multiple
surfaces ('writing'); and utilize advanced vacuum deposition and
etching processes in SD and semiconductor manufacturing
('connecting'). Orbotech refers to this 'reading', 'writing'
and 'connecting' as enabling the 'Language of Electronics'.
For more information, visit 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, the previously
announced acquisition of Orbotech by KLA, the manner in which the
parties plan to effect the transaction, including the share
repurchase program, the ability to raise additional capital
necessary to complete the repurchase program within the time frame
expected, the expected benefits, synergies and costs of the
transaction, management plans relating to the transaction,
including with respect to the Company's ownership interest in
Frontline, the expected timing of the completion of the
transaction, the parties' ability to complete the transaction
considering the various closing conditions, including conditions
related to regulatory and Orbotech shareholder approvals, the
plans, strategies and objectives of management for future
operations, product development, product extensions, product
integration, complementary product offerings and growth
opportunities in certain business areas, the potential future
financial impact of the transaction, and any assumptions underlying
any of the foregoing. Actual results may differ materially from
those referred to in the forward-looking statements due to a number
of important factors, including but not limited to the possibility
that expected benefits of the transaction may not materialize as
expected, that the transaction may not be timely completed, if at
all, that KLA-Tencor may not be able to successfully integrate the
solutions and employees of the two companies or ensure the
continued performance or growth of Orbotech's products or
solutions, the risk that the Company may not achieve its revenue
expectations within and for 2018 (including, without limitation,
due to shifting move-in dates); cyclicality in the industries in
which the Company operates, the Company's supply chain management
and production capacity, order cancelation (often without penalty),
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
United Kingdom's prospective
withdrawal from the European Union (known as "Brexit") and
political uncertainty in the United
States, 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 smart mobile
devices, automotive electronics, flexible applications and devices,
augmented reality/virtual reality and wearable devices,
high-performance computing, liquid crystal display and organic
light emitting diode screens and other sophisticated devices, the
Company's global operations and its ability to comply with varying
legal, regulatory, exchange, tax and customs regimes, the timing
and outcome of tax audits, including the best judgment tax
assessment issued by the Israel Tax Authority with respect to the
audit of tax years 2012-2014 in Israel and the related criminal investigation,
the Company's ability to achieve strategic initiatives, including
related to its acquisition strategy, the Company's debt and
corporate financing activities; the timing, final outcome 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, and ongoing or increased
hostilities in Israel and the
surrounding areas.
The foregoing information should be read in connection with the
Company's Annual Report on Form 20-F for the year ended
December 31, 2017, and subsequent SEC
filings. The Company is subject to the foregoing and other
risks detailed in those reports. 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 operating income, non-GAAP
earnings per diluted 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 release of earn outs,
amortization of intangible assets and acquisition costs; (iii) tax
impact including tax effect of Non-GAAP adjustments and tax
benefit; (iv) share in losses of equity method investee and amounts
associated with non-controlling interests company; (v) release of
valuation allowance and/or (vii) expenses associated with the KLA
transaction that were recorded during the first quarter of
2018.
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.
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,
2017, and its subsequent SEC filings.
ORBOTECH
LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U. S. dollars
in thousands
|
(Unaudited)
|
|
March
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
$
290,056
|
|
$
315,803
|
|
Short-term bank deposits
|
4,143
|
|
4,115
|
|
Accounts receivable - trade
|
398,134
|
|
362,839
|
|
Prepaid expenses and other current assets
|
60,488
|
|
56,448
|
|
Inventories
|
198,384
|
|
182,152
|
|
T o t a l current assets
|
951,205
|
|
921,357
|
|
|
|
|
|
|
INVESTMENTS AND
NON-CURRENT ASSETS:
|
|
|
|
|
Marketable securities
|
7,734
|
|
7,888
|
|
Funds in respect of employee rights upon retirement
|
10,570
|
|
10,622
|
|
Deferred income taxes
|
40,911
|
|
43,157
|
|
Equity method investee and other receivables
|
6,196
|
|
5,556
|
|
|
65,411
|
|
67,223
|
|
|
|
|
|
|
PROPERTY, PLANT
AND EQUIPMENT, net
|
71,010
|
|
69,612
|
|
|
|
|
|
|
OTHER INTANGIBLE
ASSETS, net
|
61,855
|
|
68,226
|
|
|
|
|
|
|
GOODWILL
|
177,486
|
|
177,486
|
|
|
|
|
|
|
T o t a l assets
|
$
1,326,967
|
|
$
1,303,904
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Current
maturities of long-term loan
|
$
16,364
|
|
$
16,364
|
|
Accounts payable and accruals:
|
|
|
|
|
Trade
|
91,926
|
|
96,166
|
|
Other
|
116,539
|
|
123,510
|
|
Deferred income
|
40,660
|
|
37,445
|
|
T o t a l current liabilities
|
265,489
|
|
273,485
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Long-term loan, net
|
56,232
|
|
56,117
|
|
Liability for employee rights upon retirement
|
26,167
|
|
24,997
|
|
Deferred income taxes
|
12,960
|
|
14,536
|
|
Other tax liabilities
|
20,823
|
|
22,901
|
|
T o t a l long-term liabilities
|
116,182
|
|
118,551
|
|
|
|
|
|
|
T o t a l liabilities
|
381,671
|
|
392,036
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Share capital
|
2,409
|
|
2,404
|
|
Additional paid-in capital
|
437,632
|
|
433,922
|
|
Retained earnings
|
602,812
|
|
572,544
|
|
Accumulated other comprehensive income
|
66
|
|
252
|
|
|
1,042,919
|
|
1,009,122
|
|
Less treasury shares, at cost
|
(99,539)
|
|
(99,539)
|
|
T o t a l Orbotech Ltd. equity
|
943,380
|
|
909,583
|
|
Non-controlling interest
|
1,916
|
|
2,285
|
|
T o t a l equity
|
945,296
|
|
911,868
|
|
|
|
|
|
|
T o t a l liabilities and equity
|
$
1,326,967
|
|
$
1,303,904
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
|
March 31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
Revenues
|
$250,551
|
|
$187,649
|
|
$900,856
|
|
Cost of
revenues
|
132,642
|
|
100,524
|
|
475,538
|
|
Gross
profit
|
117,909
|
|
87,125
|
|
425,318
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development, net
|
33,595
|
|
28,675
|
|
125,434
|
|
Selling, general and
administrative
|
41,066
|
|
33,953
|
|
143,363
|
|
Gain from the release
of AMST earn out payment obligation
|
|
|
|
|
(1,471)
|
|
Equity in earnings of
P.C.B. Solutions L.P ("Frontline")
|
(1,529)
|
|
(1,050)
|
|
(4,524)
|
|
Amortization of
intangible assets
|
6,371
|
|
5,893
|
|
25,006
|
|
Transaction cost
pending merger with KLA
|
2,481
|
|
|
|
|
|
Total operating
expenses
|
81,984
|
|
67,471
|
|
287,808
|
|
|
|
|
|
|
|
|
Operating
income
|
35,925
|
|
19,654
|
|
137,510
|
|
Financial expenses
(income) - net
|
(1,645)
|
|
2,006
|
|
5,535
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
37,570
|
|
17,648
|
|
131,975
|
|
Taxes on
income
|
7,671
|
|
2,868
|
|
1,088
|
|
|
|
|
|
|
|
|
Net income
|
29,899
|
|
14,780
|
|
130,887
|
|
Net loss attributable
to non-controlling interests
|
(368)
|
|
(140)
|
|
(1,498)
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd.
|
$30,267
|
|
$14,920
|
|
$132,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$0.62
|
|
$0.31
|
|
$2.76
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$0.61
|
|
$0.31
|
|
$2.71
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
|
used in computation
of:
|
|
|
|
|
|
|
Basic earnings per
share
|
48,437
|
|
47,839
|
|
47,989
|
|
Diluted earnings per
share
|
49,331
|
|
48,768
|
|
48,850
|
|
|
|
|
|
|
|
|
ORBOTECH LTD.
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
|
|
|
U.S. dollars in
thousands (except per share data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
|
March 31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income on GAAP basis
|
35,925
|
|
19,654
|
|
137,510
|
|
Equity-based
compensation expenses
|
3,032
|
|
2,218
|
|
9,876
|
|
Amortization of
intangible assets
|
6,371
|
|
5,893
|
|
25,006
|
|
Transaction cost
pending merger with KLA
|
2,481
|
|
|
|
|
|
Gain from the release
of AMST earn out payment obligation
|
|
|
|
|
(1,471)
|
|
Non-GAAP operating
income
|
$47,809
|
|
$27,765
|
|
$172,392
|
|
|
|
|
|
|
|
|
Reported net income
attributable to Orbotech Ltd. on GAAP
basis(1)
|
$30,267
|
|
$14,920
|
|
$132,385
|
|
Equity-based
compensation expenses
|
3,032
|
|
2,218
|
|
9,876
|
|
Amortization of
intangible assets
|
6,371
|
|
5,893
|
|
25,006
|
|
Tax effect of
non-GAAP adjustments
|
(1,059)
|
|
(748)
|
|
(4,656)
|
|
Tax
benefit
|
|
|
|
|
(18,778)
|
|
Transaction cost
pending merger with KLA
|
2,481
|
|
|
|
|
|
Gain from the release
of AMST earn out payment obligation
|
|
|
|
|
(1,471)
|
|
Non-GAAP net
income
|
$41,092
|
|
$22,283
|
|
$142,362
|
|
|
|
|
|
|
|
|
GAAP earnings per
diluted share
|
$0.61
|
|
$0.31
|
|
$2.71
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$0.83
|
|
$0.46
|
|
$2.91
|
|
|
|
|
|
|
|
|
Shares used in
earnings per diluted share computation - in thousands
|
49,331
|
|
48,768
|
|
48,850
|
|
|
|
|
|
|
|
|
(1)
Reflects the net benefit of approximately $16 million consisting of
the impact of increase in deferred tax assets during the last
quarter of 2017,
|
mainly for the
valuation allowance releases and decrease in deferred tax
liabilities offset by an increase in our tax
provisions.
|
|
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
|
U.S. dollars in
thousands
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
March 31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$30,267
|
|
$14,920
|
|
$132,385
|
Minority interest and
equity losses
|
(368)
|
|
(140)
|
|
(1,498)
|
Taxes on
income
|
7,671
|
|
2,868
|
|
1,088
|
Financial expenses -
net
|
(1,645)
|
|
2,006
|
|
5,535
|
Depreciation and
amortization
|
11,629
|
|
10,651
|
|
44,543
|
Equity-based
compensation expenses
|
3,032
|
|
2,218
|
|
9,876
|
Transaction cost
pending merger with KLA
|
2,481
|
|
|
|
|
Gain from the release
of AMST earn out payment obligation
|
|
|
|
|
(1,471)
|
ADJUSTED
EBITDA
|
$53,067
|
|
$32,523
|
|
$190,458
|
|
|
|
|
|
|
ORBOTECH
LTD.
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
U.S. dollars in
thousands
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
|
|
March 31,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
29,899
|
|
$
14,780
|
|
$
130,887
|
Adjustment to
reconcile net income to net cash
|
|
|
|
|
|
(used in) provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
11,629
|
|
10,651
|
|
44,543
|
|
Compensation relating
to equity awards granted to
|
|
|
|
|
|
|
|
employees and others
- net
|
3,032
|
|
2,218
|
|
9,876
|
|
Increase (decrease)
in liability for employee rights upon retirement, net
|
1,299
|
|
(130)
|
|
1,028
|
|
Deferred financing
costs amortization
|
115
|
|
132
|
|
479
|
|
Deferred income
taxes
|
11,802
|
|
322
|
|
(29,241)
|
|
Amortization of
premium and accretion of discount on marketable
|
|
|
|
|
|
|
|
Securities,
net
|
38
|
|
(333)
|
|
167
|
|
Equity in earnings of
Frontline, net of dividend received
|
(581)
|
|
26
|
|
(727)
|
|
Other
|
|
|
90
|
|
127
|
|
Gain from the release
of AMST earn out payment obligation
|
|
|
|
|
(1,471)
|
|
Gain from step up
acquisition of a subsidiary
|
|
|
|
|
(478)
|
|
Decrease (increase)
in accounts receivable:
|
|
|
|
|
|
|
|
Trade
|
(35,295)
|
|
(27,441)
|
|
(36,496)
|
|
|
Other
|
(4,016)
|
|
5,469
|
|
(10,568)
|
|
Increase (decrease)
in accounts payable and accruals:
|
|
|
|
|
|
|
|
Trade
|
(4,240)
|
|
(1,146)
|
|
24,030
|
|
|
Deferred
income
|
3,215
|
|
1,216
|
|
8,869
|
|
|
Other
|
(21,111)
|
|
(6,912)
|
|
36,845
|
|
Increase in
inventories
|
(16,232)
|
|
(8,182)
|
|
(47,914)
|
Net cash (Used in)
provided by operating activities
|
(20,446)
|
|
(9,240)
|
|
129,956
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(5,884)
|
|
(4,979)
|
|
(24,445)
|
Purchase of
intellectual property
|
|
|
|
|
(700)
|
Proceeds from sale of
property, plan and equipment
|
5
|
|
|
|
157
|
investment in bank
deposits
|
(28)
|
|
(12)
|
|
(3,326)
|
Purchase of
marketable securities
|
|
|
(2,292)
|
|
(1,994)
|
Redemption of
marketable securities
|
|
|
1,804
|
|
1,004
|
Acquisition of
subsidiary consolidated for the first time
|
|
|
|
|
102
|
Deposits of funds in
respect of employee
|
|
|
|
|
|
rights upon
retirement
|
(77)
|
|
(1,057)
|
|
(1,250)
|
Net cash used in
investing activities
|
(5,984)
|
|
(6,536)
|
|
(30,452)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Repayment of bank
loan
|
|
|
|
|
(16,364)
|
Employee share
options exercised
|
683
|
|
667
|
|
3,884
|
Net cash provided
by (used in) financing activities
|
683
|
|
667
|
|
(12,480)
|
|
|
|
|
|
|
|
|
Net (Decrease)
increase in cash, cash equivalents and restricted cash
|
(25,747)
|
|
(15,109)
|
|
87,024
|
Cash, cash
equivalents and restricted cash at beginning of period
|
315,803
|
|
228,779
|
|
228,779
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
$
290,056
|
|
$
213,670
|
|
$
315,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Contact:
Rami Rozen
VP, Investor Relations
Orbotech Ltd
Tel: +972-8-942-3582
Rami.rozen@orbotech.com
Tally Kaplan Porat
Director of Corporate Marketing
Orbotech Ltd
Tel: +972-8-942-3603
Tally-Ka@orbotech.com
View original
content:http://www.prnewswire.com/news-releases/orbotech-reports-first-quarter-2018-results-300644375.html
SOURCE Orbotech Ltd.