YAVNE, Israel, Nov. 7, 2018 /PRNewswire/ -- ORBOTECH LTD.
(NASDAQ: ORBK) (the "Company") today announced its
consolidated financial results for the third quarter of 2018.
During the third quarter of 2018, the Company continued to
perform well and to provide its customers with innovative solutions
that enable them to overcome some of the most difficult production
challenges they face today. The Company expects to conclude
the year with revenues of approximately $1.05 billion, reflecting a year-over-year growth
rate of around 17%.
Revenues for the third quarter of 2018 totaled $261.2 million, compared with $245.7 million in the third quarter of 2017, and
$267.5 million in the second quarter
of 2018.
In the Company's Production Solutions for Electronics Industry
segment:
- Revenues from the Company's printed circuit board
("PCB") business were $94.7
million (including $56.7
million in equipment sales) in the third quarter of 2018.
This compares to PCB revenues of $85.7
million (including $52.6
million in equipment sales) in the third quarter of
2017.
- Revenues from the Company's flat panel display ("FPD")
business were $78.2 million
(including $65.6 million in equipment
sales) in the third quarter of 2018. This compares to FPD revenues
of $76.0 million (including
$64.5 million in equipment sales) in
the third quarter of 2017.
- Revenues from the Company's semiconductor device ("SD")
business were $79.0 million
(including $62.8 million in equipment
sales) in the third quarter of 2018. This compares to SD revenues
of $78.6 million (including
$65.9 million in equipment sales) in
the third quarter of 2017.
Revenues in the Company's other segments totaled $9.3 million in the third quarter of 2018,
compared with $5.4 million in the
third quarter of 2017.
Service revenues for the third quarter of 2018 were $68.7 million, compared with $59.2 million in the third quarter of 2017.
Gross profit and gross margin in the third quarter of 2018 were
$120.8 million and 46.3%,
respectively, compared with $118.0
million and 48.0%, respectively, in the third quarter of
2017.
GAAP net income and GAAP net income margin in the third quarter
of 2018 were $29.2 million and 11.2%,
respectively, compared with $36.6
million and 14.9%, respectively, in the third quarter of
2017.
GAAP earnings per share (diluted) for the third quarter of 2018
were $0.59, compared with
$0.75 for the third 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 third quarter of 2018 were $54.0
million and 20.7%, respectively, compared with $57.6 million and 23.5%, respectively, in the
third quarter of 2017.
Non-GAAP net income and non-GAAP net income margin for the third
quarter of 2018 were $39.3 million
and 15.0%, respectively, compared with $44.7
million and 18.2%, respectively, for the third quarter of
2017. Non-GAAP earnings per share (diluted) for the third
quarter of 2018 were $0.79, compared
with $0.91 per share, for the third
quarter of 2017.
As of September 30, 2018, the
Company had cash, cash equivalents, short term bank deposits and
marketable securities of $406.2
million, and debt of $56.5
million. During the third quarter of 2018, the Company
generated cash from operations of $52.9
million. As of September 30,
2018, the actual number of ordinary shares outstanding was
approximately 48.6 million.
Fourth Quarter 2018 Guidance
The Company expects fourth quarter 2018 revenue to be
approximately $270 million and to
conclude the year with revenues of approximately $1.05 billion, reflecting a year-over-year growth
rate of around 17%, based on current expectations of product mix.
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.
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 being contemplated by KLA, KLA's ability to
raise additional capital necessary to complete the repurchase
program within the time frame expected, the expected benefits,
synergies and costs of the acquisition of Orbotech by KLA ,
management plans relating to the transaction, the timing, outcome
and impact of the sell-buy rights related to Orbotech's ownership
interest in Frontline triggered by the Orbotech shareholders'
approval of the acquisition by KLA or any similar or voluntary
transaction, 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 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 foregoing items as well as 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, which may be amplified by
cyclicality and overall investment in electronics manufacturing
facilities, 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;
impact of the favorable resolution of the litigation in Korea and
the timing, final outcome and impact of the criminal 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, particularly amortization of
intangible assets; (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 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)
|
|
September
30,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
$383,875
|
|
$315,803
|
|
Marketable securities
|
1,526
|
|
|
|
Short-term bank deposits
|
14,154
|
|
4,115
|
|
Accounts receivable - trade
|
336,651
|
|
362,839
|
|
Prepaid expenses and other current assets
|
65,334
|
|
56,448
|
|
Inventories
|
215,112
|
|
182,152
|
|
T o t a l current assets
|
1,016,652
|
|
921,357
|
|
|
|
|
|
|
INVESTMENTS AND
NON-CURRENT ASSETS:
|
|
|
|
|
Marketable securities
|
6,629
|
|
7,888
|
|
Funds in respect of employee rights upon retirement
|
10,381
|
|
10,622
|
|
Deferred income taxes
|
39,620
|
|
43,157
|
|
Equity method investee and other receivables
|
6,877
|
|
5,556
|
|
|
63,507
|
|
67,223
|
|
|
|
|
|
|
PROPERTY, PLANT
AND EQUIPMENT, net
|
74,597
|
|
69,612
|
|
|
|
|
|
|
OTHER INTANGIBLE
ASSETS, net
|
49,195
|
|
68,226
|
|
|
|
|
|
|
GOODWILL
|
177,486
|
|
177,486
|
|
|
|
|
|
|
T o t a l assets
|
$1,381,437
|
|
$1,303,904
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Current
maturities of long-term loan
|
$16,364
|
|
$16,364
|
|
Accounts payable and accruals:
|
|
|
|
|
Trade
|
81,773
|
|
96,166
|
|
Other
|
118,631
|
|
123,510
|
|
Deferred income
|
45,218
|
|
37,445
|
|
T o t a l current liabilities
|
261,986
|
|
273,485
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Long-term loan, net
|
40,100
|
|
56,117
|
|
Liability for employee rights upon retirement
|
26,719
|
|
24,997
|
|
Deferred income taxes
|
11,368
|
|
14,536
|
|
Other tax liabilities
|
22,799
|
|
22,901
|
|
T o t a l long-term liabilities
|
100,986
|
|
118,551
|
|
|
|
|
|
|
T o t a l liabilities
|
362,972
|
|
392,036
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Share capital
|
2,415
|
|
2,404
|
|
Additional paid-in capital
|
445,679
|
|
433,922
|
|
Retained earnings
|
668,153
|
|
572,544
|
|
Accumulated other comprehensive income
|
401
|
|
252
|
|
|
1,116,648
|
|
1,009,122
|
|
Less treasury shares, at cost
|
(99,539)
|
|
(99,539)
|
|
T o t a l Orbotech Ltd. equity
|
1,017,109
|
|
909,583
|
|
Non-controlling interest
|
1,356
|
|
2,285
|
|
T o t a l equity
|
1,018,465
|
|
911,868
|
|
|
|
|
|
|
T o t a l liabilities and equity
|
$1,381,437
|
|
$1,303,904
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Revenues
|
$779,292
|
|
$643,976
|
|
$261,226
|
|
$245,664
|
Cost of
revenues
|
414,620
|
|
340,224
|
|
140,385
|
|
127,652
|
Gross
profit
|
364,672
|
|
303,752
|
|
120,841
|
|
118,012
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net
|
104,697
|
|
90,662
|
|
36,361
|
|
31,921
|
Selling, general and
administrative
|
122,097
|
|
103,019
|
|
40,864
|
|
36,563
|
Equity in earnings of
P.C.B. Solutions L.P ("Frontline")
|
(4,016)
|
|
(3,235)
|
|
(1,104)
|
|
(880)
|
Amortization of
intangible assets
|
19,113
|
|
18,635
|
|
6,372
|
|
6,371
|
Transaction cost
pending merger with KLA
|
4,706
|
|
|
|
944
|
|
|
Total operating
expenses
|
246,597
|
|
209,081
|
|
83,437
|
|
73,975
|
|
|
|
|
|
|
|
|
Operating
income
|
118,075
|
|
94,671
|
|
37,404
|
|
44,037
|
Financial expenses -
net
|
4,538
|
|
4,890
|
|
2,747
|
|
1,317
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
113,537
|
|
89,781
|
|
34,657
|
|
42,720
|
Taxes on
income
|
18,857
|
|
14,256
|
|
5,600
|
|
6,569
|
|
|
|
|
|
|
|
|
Net income
|
94,680
|
|
75,525
|
|
29,057
|
|
36,151
|
Net loss attributable
to non-controlling interests
|
(929)
|
|
(979)
|
|
(167)
|
|
(403)
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd.
|
$95,609
|
|
$76,504
|
|
$29,224
|
|
$36,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$1.99
|
|
$1.60
|
|
$0.60
|
|
$0.76
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$1.95
|
|
$1.57
|
|
$0.59
|
|
$0.75
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
|
|
used in computation
of:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
48,140
|
|
47,914
|
|
48,611
|
|
47,995
|
Diluted earnings per
share
|
49,037
|
|
48,812
|
|
49,502
|
|
48,903
|
ORBOTECH
LTD.
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
|
|
U.S. dollars in
thousands (except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Reported operating
income on GAAP basis
|
118,075
|
|
94,671
|
|
37,404
|
|
44,037
|
Equity-based
compensation expenses
|
10,015
|
|
6,982
|
|
3,822
|
|
2,480
|
Amortization of
intangible assets
|
19,113
|
|
18,635
|
|
6,372
|
|
6,371
|
Transaction cost
pending merger with KLA
|
4,706
|
|
|
|
944
|
|
|
Non-GAAP operating
income
|
$151,909
|
|
$120,288
|
|
$48,542
|
|
$52,888
|
|
|
|
|
|
|
|
|
Reported net income
attributable to Orbotech Ltd. on GAAP basis
|
$95,609
|
|
$76,504
|
|
$29,224
|
|
$36,554
|
Equity-based
compensation expenses
|
10,015
|
|
6,982
|
|
3,822
|
|
2,480
|
Amortization of
intangible assets
|
19,113
|
|
18,635
|
|
6,372
|
|
6,371
|
Tax effect of
non-GAAP adjustments
|
(3,383)
|
|
(2,244)
|
|
(1,083)
|
|
(748)
|
Transaction cost
pending merger with KLA
|
4,706
|
|
|
|
944
|
|
|
Non-GAAP net
income
|
$126,060
|
|
$99,877
|
|
$39,279
|
|
$44,657
|
|
|
|
|
|
|
|
|
GAAP earnings per
diluted share
|
$1.95
|
|
$1.57
|
|
$0.59
|
|
$0.75
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$2.57
|
|
$2.05
|
|
$0.79
|
|
$0.91
|
|
|
|
|
|
|
|
|
Shares used in
earnings per diluted share computation - in thousands
|
49,037
|
|
48,812
|
|
49,502
|
|
48,903
|
ORBOTECH
LTD.
|
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
|
U.S. dollars in
thousands
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Net income
attributable to Orbotech Ltd. on GAAP basis
|
$95,609
|
|
$76,504
|
|
$29,224
|
|
$36,554
|
Net loss attributable
to non-controlling interests
|
(929)
|
|
(979)
|
|
(167)
|
|
(403)
|
Taxes on
income
|
18,857
|
|
14,256
|
|
5,600
|
|
6,569
|
Financial expenses -
net
|
4,538
|
|
4,890
|
|
2,747
|
|
1,317
|
Depreciation and
amortization
|
35,217
|
|
32,749
|
|
11,811
|
|
11,101
|
Equity-based
compensation expenses
|
10,015
|
|
6,982
|
|
3,822
|
|
2,480
|
Transaction cost
pending merger with KLA
|
4,706
|
|
|
|
944
|
|
|
ADJUSTED
EBITDA
|
$168,013
|
|
$134,402
|
|
$53,981
|
|
$57,618
|
ORBOTECH
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$94,680
|
|
$75,525
|
|
$29,057
|
|
$36,151
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
35,217
|
|
32,749
|
|
11,811
|
|
11,101
|
Compensation relating
to equity awards granted to
|
|
|
|
|
|
|
|
employees
and others - net
|
10,015
|
|
6,982
|
|
3,822
|
|
2,480
|
Increase in liability
for employee rights upon retirement, net
|
2,112
|
|
842
|
|
969
|
|
685
|
Deferred financing
costs amortization
|
347
|
|
363
|
|
116
|
|
363
|
Deferred income
taxes
|
11,524
|
|
(6,788)
|
|
(888)
|
|
(1,327)
|
Amortization of
premium and accretion of discount on marketable
|
|
|
|
|
|
|
|
Securities,
net
|
119
|
|
37
|
|
42
|
|
36
|
Equity in earnings of
Frontline, net of dividend received
|
(1,278)
|
|
(363)
|
|
(161)
|
|
20
|
Other
|
(119)
|
|
127
|
|
(61)
|
|
(290)
|
Decrease (increase)
in accounts receivable:
|
|
|
|
|
|
|
|
Trade
|
26,188
|
|
(59,138)
|
|
39,263
|
|
(24,245)
|
Other
|
(8,886)
|
|
(7,286)
|
|
(3,680)
|
|
(4,359)
|
Increase (decrease)
in accounts payable and accruals:
|
|
|
|
|
|
|
|
Trade
|
(14,393)
|
|
10,747
|
|
(2,323)
|
|
(1,611)
|
Deferred
income
|
7,773
|
|
4,936
|
|
(24,540)
|
|
2,503
|
Other
|
(17,653)
|
|
16,690
|
|
9,147
|
|
18,177
|
Increase in
inventories
|
(32,960)
|
|
(29,811)
|
|
(9,639)
|
|
(11,907)
|
Net cash provided
by operating activities
|
112,686
|
|
45,612
|
|
52,935
|
|
27,777
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(19,384)
|
|
(19,850)
|
|
(5,224)
|
|
(7,936)
|
Withdrawal of
(investment in) bank deposits
|
(9,969)
|
|
(184)
|
|
(4,947)
|
|
2,469
|
Purchase of
marketable securities
|
(500)
|
|
(1,994)
|
|
(250)
|
|
|
Redemption of
marketable securities
|
|
|
804
|
|
|
|
|
Deposits of funds in
respect of employee
|
|
|
|
|
|
|
|
rights upon
retirement
|
(149)
|
|
(1,187)
|
|
3
|
|
(65)
|
Net cash used in
investing activities
|
(30,002)
|
|
(22,411)
|
|
(10,418)
|
|
(5,532)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Repayment of bank
loan
|
(16,364)
|
|
(16,364)
|
|
|
|
|
Employee share
options exercised
|
1,752
|
|
2,138
|
|
261
|
|
901
|
Net cash provided
by (used in) financing activities
|
(14,612)
|
|
(14,226)
|
|
261
|
|
901
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
68,072
|
|
8,975
|
|
42,777
|
|
23,146
|
Cash, cash
equivalents and restricted cash at beginning of period
|
315,803
|
|
228,779
|
|
341,098
|
|
214,608
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
$383,875
|
|
$237,754
|
|
$383,875
|
|
$237,754
|
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-third-quarter-2018-results-300745555.html
SOURCE Orbotech Ltd.