Orbotech Reports Second Quarter 2018 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except per share data)

 (Unaudited)








Six months ended


Three months ended


June 30,


June 30,


2018


2017


2018


2017









Revenues 

$518,066


$398,312


$267,515


$210,663

Cost of revenues

274,235


212,572


141,593


112,048

Gross profit

243,831


185,740


125,922


98,615









Operating expenses: 








Research and development, net

68,336


58,741


34,741


30,066

Selling, general and administrative

81,233


66,456


40,167


32,503

Equity in earnings of P.C.B. Solutions L.P ("Frontline")

(2,912)


(2,355)


(1,383)


(1,305)

Amortization of intangible assets

12,741


12,264


6,370


6,371

Transaction cost pending merger with KLA

3,762




1,281



Total operating expenses

163,160


135,106


81,176


67,635









Operating income

80,671


50,634


44,746


30,980

Financial expenses - net

1,790


3,573


3,435


1,567









Income before taxes on income

78,881


47,061


41,311


29,413

Taxes on income

13,257


7,687


5,586


4,819









Net income

65,624


39,374


35,725


24,594

Net loss attributable to non-controlling interests

(762)


(576)


(394)


(436)









Net income attributable to Orbotech Ltd. 

$66,386


$39,950


$36,119


$25,030

















Basic earnings per share

$1.38


$0.83


$0.74


$0.52









Diluted earnings per share

$1.35


$0.82


$0.73


$0.51









Weighted average number of shares (in thousands)








used in computation of:








Basic earnings per share

48,098


47,909


48,537


47,907

Diluted earnings per share

48,998


48,806


49,443


48,868










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