CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
U.S. dollars in thousands (except per share data) | |||||||
(Unaudited) | |||||||
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| Nine months ended |
| Three months ended | ||||
| September 30, |
| September 30, | ||||
| 2018 |
| 2017 |
| 2018 |
| 2017 |
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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 |
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Operating expenses: |
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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 |
|
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| 944 |
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Total operating expenses | 246,597 |
| 209,081 |
| 83,437 |
| 73,975 |
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Operating income | 118,075 |
| 94,671 |
| 37,404 |
| 44,037 |
Financial expenses - net | 4,538 |
| 4,890 |
| 2,747 |
| 1,317 |
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Income before taxes on income | 113,537 |
| 89,781 |
| 34,657 |
| 42,720 |
Taxes on income | 18,857 |
| 14,256 |
| 5,600 |
| 6,569 |
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Net income | 94,680 |
| 75,525 |
| 29,057 |
| 36,151 |
Net loss attributable to non-controlling interests | (929) |
| (979) |
| (167) |
| (403) |
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Net income attributable to Orbotech Ltd. | $95,609 |
| $76,504 |
| $29,224 |
| $36,554 |
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Basic earnings per share | $1.99 |
| $1.60 |
| $0.60 |
| $0.76 |
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Diluted earnings per share | $1.95 |
| $1.57 |
| $0.59 |
| $0.75 |
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Weighted average number of shares (in thousands) |
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used in computation of: |
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Basic earnings per share | 48,140 |
| 47,914 |
| 48,611 |
| 47,995 |
Diluted earnings per share | 49,037 |
| 48,812 |
| 49,502 |
| 48,903 |