Orbotech Ltd.
Orbotech Ltd.

Orbotech Ltd.


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Key Executives:
Raanan CohenRaanan Cohen
President & CEO 
Amichai SteinbergAmichai Steinberg
COO 
Investor Relations:Adrian Auman   Phone: 972-8-942-3560  
Web Site:http://www.orbotech.com
Email:adrian-a@orbotech.com
Exchange:
NASDAQ Symbol: ORBK Year Listed: 1984 
Main Indexes:NASDAQ Israel, NASDAQ Global Select Market
Industry:Electronics, Optics
Year Established:1981
# of Employees:1,602
Research Coverage:Avian Securities, Barclays Capital, Chardan Capital Markets, Needham & Co., Oppenheimer & Co., RBC Capital Markets
Auditor:Kesselman & Kesselman (member of PricewaterhouseCoopers)
Law Firm:Cravath, Swaine & Moore LLP, Tulchinsky, Stern & Co.
Office Address:Sderot Hasanhedrin, PO Box 215, Yavne 81101 Israel
Telephone:972-8-942-3533
Fax:972-8-943-8769
  Orbotech designs, develops, manufactures, markets and services yield-enhancing and production solutions for specialized applications in the supply chain of the electronics industry. Orbotech's products include automated optical inspection (AOI), production and process control systems for printed circuit boards (PCBs) and AOI, and test and repair systems for flat panel displays (FPDs). The company also markets computer-aided manufacturing (CAM) and engineering solutions for PCB production.
  Through its subsidiary, Orbograph Ltd., the company develops and markets character recognition solutions to banks and other financial institutions and has developed a proprietary technology for Web-based, location-independent data entry for check processing and forms processing.
  Through its subsidiaries, Orbotech Medical Denmark A/S and Orbotech Medical Solutions Ltd., the company is engaged in the research and development, manufacture and sale of specialized products for applications in medical nuclear imaging. In October 2010, the company agreed to sell the assets of Orbotech Medical Solutions Ltd. to GE Company (NYSE: GE). The transaction closed in February 2011. In April 2011, the company conditionally agreed to a managment buyout of Orbotech Medical Denmark A/S. As such, during 2010, Orbotech Medical Solutions Ltd. and Orbotech Medical Denmark A/S were reclassified as discontinued operations.  
  More than one quarter of Orbotech’s employees are scientists and engineers, who integrate their multi-disciplinary knowledge, talents and skills to develop and provide sophisticated solutions and technologies designed to meet long-term customer needs.
  The company maintains its headquarters, as well as substantial research, development and manufacturing facilities in Israel, and more than 35 offices worldwide. Orbotech's extensive network of marketing, sales and customer support teams throughout North America, Europe, the Pacific Rim, China and Japan delivers knowledge and expertise directly to customers the world over.

Management
President & CEO: Raanan Cohen
COO: Amichai Steinberg
CFO & VP: Doron Abramovitch
President, Global Business: Asher Levy
Asher  Levy

Corp VP/IR: Adrian Auman
Corporate Secretary: Michael Havin

Directors
Chairman: Yochai Richter
Dr. Michael Anghel
Haim Binyamini
Yehudit Bronicki
Dan Falk
Gidon Lahav
Eliezer Tokman
Dr. Shimon Ullman
Arie Weisberg

Three Months Ended
March 31
Income Statement Data ($m)
2012
2011
Total Revenues
100.2
134.2
Gross Profit
44.8
 55.7
Gross Margins  %
45%
 41%
Operating Income
3.1
 15.0
Interest, Net
1.1
 2.1
Pretax Income
2.0
 12.9
Net Income
1.6
 11.2
Diluted Earnings Per Share ($)
0.04
 0.31
 
 
 

Year Ended December 31
Income Statement Data ($m)
2011
2010
2009
Total Revenues 
565.3
529.4
359.3
Gross Profit
 216.5
 216.5
 139.1
Gross Margins %
 41%
 41%
 38%
Operating Income
 60.1
 57.7
 -5.1
Interest, Net
 6.6
7.3
 11.1
Pretax Income
 53.5
 50.4
 -16.2
Net Income
 47.3
 34.1
 -19.9
Diluted Earnings Per Share ($)
 1.16
 0.95
 -0.58
 
 
 
 


Balance Sheet Data ($m)
3/31/12
12/31/11
Total Cash & ST Investments
159.2
151.2
Current Assets
598.1
630.6
Total Assets
723.6
747.5
Current Liabilities
 127.1
147.9
Total Equity
 494.5
490.1
   
 
 

 
Key Financial Ratios
3/31/12
12/31/11
Current Ratio
4.7x
4.3x
L-T Debt/Equity
11.3%
13.1%
  
 
 

 
Business Summary
2011
Revenues
Production solutions for the electronics industry
98%
Recognition software
2%
 
 
 

Dividend Policy
Company does not currently pay dividends.
 


Main Shareholders (January 31, 2012)
 
Harris Associates LP
13.87%
Jacob Richter
7.00%
FMR LLC
7.15%
T. Rowe Price Associates, Inc.
 5.49%
 
 


Main Products
Laser direct imaging systems for printed circuit boards
  Laser direct imaging systems for printed circuit boards
Orbotech's field-proven Paragon systems feature state-of-the-art capabilities, achieving new levels of powerful LDI performance for quick turn around and sampling applications with higher yields. Using large scan optics technology – yield improvement is achieved on even the most difficult jobs.
Automated optical inspection for flat panel displays
  Automated optical inspection for flat panel displays
Using advanced optics, algorithms and data processing capabilities to detect, and categorize defects – Orbotech's extensive range of field-proven, inspection and verification AOI technologies successfully deliver a variety of solutions meeting even the most complex of challenges.
Electrical testing for flat panel displays
  Electrical testing for flat panel displays
Utilizing advanced digital imaging technology, array testing systems enable manufacturers to collect and analyze data from the production line and quickly diagnose and repair process-related defects. As a result, manufacturers are able to decrease material costs and improve throughput.
Electronics Manufacturers



Announcements
7/5/2012
Orbotech Announces First Quarter 2012 Results More Info

18/4/2012
Orbograph's Controversial White Paper Challenges Financial Industry to Take Branch and Teller Capture to New Level More Info

13/2/2012
Orbotech Announces Fourth Quarter and Full Year Results for 2011 and Preliminary 2012 Guidance More Info

26/1/2012
Orbograph Successfully Implements Healthcare Revenue Cycle Management Solution More Info

12/1/2012
Orbotech Receives 2011 Supplier Appreciation Award from Viasystems More Info

7/11/2011
Orbotech Introduces New Solutions for Touch Screen Production and Advanced PCB Manufacturing More Info

7/11/2011
Orbotech Announces Third Quarter 2011 Results More Info

1/8/2011
Orbotech Announces Second Quarter 2011 Results and Updates Earnings Per Share Guidance More Info

1/6/2011
Camtek and Orbotech Reach Agreement to Dismiss Lawsuits Between Them  More Info

31/5/2011
Orbotech Ltd. Completes Public Offering of Ordinary Shares More Info


All Announcements

News
Globes - 7/5/2012 - Orbotech profit halved
Orbotech revenue and profit fell sharply but were nevertheless well above the analysts' predictions. More Info

Globes - 13/2/2012 - Orbotech sees upswing in second half
The company posted non-GAAP earnings of $0.15 per share in the fourth quarter of 2011, well below the analysts' consensus. More Info

Globes - 9/1/2012 - The Orbotech complex
The more complicated the gadgets become, the more Orbotech sells, so the 2012 CES will hold useful clues to its performance this year. More Info

Globes - 4/1/2012 - Orbotech fires 50
Orbotech is trying to adjust its manpower to a slump in orders for inspection equipment for flat panel displays. More Info

Globes - 8/11/2011 - Orbotech lowers guidance on revenue drop
Orbotech posted a net profit of $18.6 million on $144.4 million for the third quarter, beating the analysts' forecasts. More Info

Globes - 25/5/2011 - Orbotech raises $84m in Nasdaq secondary offering
The company sold 6.7 million shares at $12.50 per share, reflecting a market cap of $440 million. More Info

Globes - 17/5/2011 - SanDisk and Orbotech are vastly underrated
Investors don't yet understand the centrality of these companies to the electronic future. More Info

Corporate Movie
Orbotech Be Sure


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