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Orbotech posted $94 million revenue for the second quarter, down from $105.1 million for the corresponding quarter of 2008.
GAAP-based loss was $1.2 million ($0.03 per share) compared with a GAAP-based net profit of $5.3 million for the corresponding quarter, but less than a sixth of its $7.9 million loss for the corresponding quarter. The analysts' consensus was a loss per share of $0.14.
Orbotech posted a non-GAAP net profit of $2.5 million ($0.07 per share), a third of the $7.4 million non-GAAP net profit for the corresponding quarter.
The company had $140 million in cash and cash equivalents at the end of June, up from $119 million at the end of the March. It had $160 million in debt at the end of June, including about $19 million of auction rate securities primarily tied to student loans.
Orbotech president and CEO Rani Cohen said, "While the current global recession continues to impact upon capital equipment expenditures, our customers are beginning to report some signs of inventory depletion." He added, "We will be ready for the ramp-up of PCB and FPD production once business conditions improve. We remain positive as to the short and long term demand for our principal products."
Orbotech's share jumped 5 percent in morning trading on Nasdaq to $11.43, giving a market cap of $388.24 million.
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