The continued strong demand for sophisticated consumer electronic devices has resulted in increased orders for the Company’s printed circuit board (“PCB”) and flat panel display (“FPD”) inspection and production solutions. In the Company’s FPD business, this continued strong demand has translated into increased bookings for FPD equipment and expedited deliveries of products for new and existing fabrication plants. As previously announced, during the second quarter the Company received customer acceptances for its new Generation 8 FPD Array Checker electrical test systems and recognized revenues totaling $47 million from sales of these systems that were delivered by June 30, 2010. In the Company’s PCB business, the Company’s Paragon Xpress and Paragon Ultra direct imaging systems are increasingly becoming a “must have” solution for high density interconnect (HDI) PCB production.
As a result of these recent trends, the Company is today announcing that it is updating its revenue guidance for the full year of 2010 from a range of $460 - $470 million to a new range of $500 - $510 million.
Commenting on the results, Rani Cohen, President and Chief Executive Officer, said: “We are pleased with the Company’s financial results for the quarter. Our record quarterly revenues, although certainly a function of the prevailing strong business environment, also reflect the quality of Orbotech’s solutions and customer support; while our improved net income speaks to our operating efficiencies. The operational challenges posed by the current high level of bookings will be considerable; however, we are confident that our careful resource utilization and the specific steps we are taking during this ramp-up period will mean that our customers can continue in the future to rely on Orbotech’s superior and innovative product solutions and support.”
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