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Orbotech Ltd. (ORBK) announced its consolidated financial results today for the first quarter ended March 31, 2009.
Revenues for the first quarter of 2009 totaled $91.9 million, compared to $129.2 million recorded in the fourth quarter of 2008 and the $100.5 million recorded in the first quarter a year ago. Non-GAAP net loss for the first quarter of 2009 was $1.4 million, or $0.04 per share (diluted), compared to non-GAAP net income of $6.0 million, or $0.18 per share (diluted), in the first quarter of 2008.
Rani Cohen, CEO of Orbotech, commented in a conference call today, "We are beginning to see some signs of market stabilization, but it is still too early to say if this is indeed the beginning of a trend. We believe that our customers' investment levels should begin to increase, but overall industry visibility is very limited. At this point, we are cautiously optimistic."
He continued, "Although the current environment makes a full year forecast very difficult, we expect Q2 revenues for flat panel displays to be similar to Q1. We expect Q3 revenues to be significantly lower than Q1 and Q2. Flat panel display revenues in Q4 are likely to return to the levels of Q1 and Q2."
Mr. Cohen concluded, "The global recession continues to profoundly affect our results. Nevertheless, we are confident in our ability to address these challenges and remain highly disciplined in cost savings implementation and financial management. At the same time, we continue to invest heavily in R&D and expect to be well positioned when conditions improve."
The Company also announced today that Mr. Arie Weisberg, who currently serves as President and COO of the Company, has decided to retire from the Company following 18 years of service. Mr. Erez Simha, who has been with the Company since 2004, has been named to the position of CFO.
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