OrbotechQ4 oper shr $0.85 v $0.71
Tuesday February 16, 5:55 am Eastern Time
NEW YORK, Feb 16 (Reuters) -
ORBOTECH LTD.
(An Israeli Corporation)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR
THE TWELVE MONTHS AND THREE MONTH PERIODS ENDED DECEMBER
31, 1998
12 months ended 3 months ended
December 31, December 31,
1998 1997 1998 1997
(Audited) (Unaudited)
U.S. dollars in thousands
(except per share data)
REVENUES 231,827 190,803 62,022 53,120
COST OF REVENUES 114,823 95,451 30,808 26,464
GROSS PROFIT 117,004 95,352 31,214 26,656
RESEARCH AND DEVELOPMENT
COSTS - net 25,926 21,449 6,918 5,654
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 43,200 34,555 11,887 9,889
AMORTIZATION OF GOODWILL 2,794 1,986 711 685
OPERATING INCOME 45,084 37,362 11,698 10,428
FINANCIAL INCOME - net 4,207 1,664 1,247 466
OTHER INCOME (EXPENSES)
- net (11,992) 89 (11,997) 15
INCOME BEFORE TAXES ON INCOME
37,299 39,115 948 10,909
TAXES ON INCOME 4,898 4,964 (483) 1,085
INCOME FROM OPERATIONS OF THE
COMPANY, ITS SUBSIDIARIES
AND ITS PARTNERSHIPS 32,401 34,151 1,431 9,824
MINORITY SHARE IN CONSOLIDATED
PARTNERSHIPS (263) 463 147 153
NET INCOME FOR THE PERIOD 32,138 34,614 1,578 9,977
EARNINGS PER SHARE:
BASIC $2.39 $2.64 $0.12 $0.75
DILUTED 2.30 2.52 0.11 0.71
WEIGHTED AVERAGE NUMBER OF SHARES
(IN THOUSANDS) USED IN
COMPUTATION OF EARNINGS
PER SHARE:
BASIC 13,423 13,103 13,408 13,354
DILUTED 13,961 13,709 13,983 14,092
NOTE: Full name of company is Orbotech Ltd.
Net income for the fourth quarter of 1998, excluding a
$10.3 million one-time charge, net of taxes, relating to the
settlement of the patent litigation between Orbotech and
KLA-Tencor Corporation, totaled $11.9 million, or $0.85 per
share (diluted), an increase of 19% compared with net income
from the fourth quarter of 1997 of $10.0 million, or $0.71 per
share (diluted). Including this one-time charge, reported net
income for the fourth quarter of 1998 was $1.6 million, or
$0.11 per share (diluted).
Net income for the full year, excluding a $10.3 million
one-time charge, net of taxes, relating to the settlement of
the patent litigation between Orbotech and KLA-Tencor
Corporation, totaled $42.4 million, or $3.04 per share
(diluted), an increase of 23% compared with net income of $34.6
million, or $2.52 per share (diluted) for the full year 1997.
Including this one-time charge, reported net income for the
full year was $32.1 million, or $2.30 per share (diluted).
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