Form 20-F
X |
Form 40-F
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Yes
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No X |
1. |
Press release issued by the Registrant on, and dated, November 11, 2002, and entitled Orbotech Announces Third Quarter 2002 Results.
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2. |
Registrants Condensed Consolidated Balance Sheet as at September 30, 2002. |
3. |
Registrants Condensed Consolidated Statements of Income (Loss) for the Nine Month and Three Month Periods ended September 30, 2002.
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CONTACT: |
COMPANY CONTACT: | |
Evan Smith |
Adrian Auman, Corporate Vice President | |
KCSA Public Relations Worldwide |
Investor Relations, Director of Finance | |
(212) 682-6300 |
Orbotech Ltd. | |
www.kcsa.com |
+972-8-942-3560 | |
Amichai Steinberg, CFO and Corporate VP Finance | ||
Orbotech Ltd. | ||
+972-8-942-3524 | ||
www.orbotech.com |
September 30 2002 |
December 31 2001 |
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(Unaudited) |
(Audited) |
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U. S. dollars in thousands |
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Assets |
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CURRENT ASSETS: |
||||||
Cash and cash equivalents |
98,150 |
|
99,899 |
| ||
Short-term investments |
31,343 |
|
40,828 |
| ||
Accounts receivable: |
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Trade |
74,862 |
|
82,619 |
| ||
Other |
25,068 |
|
20,120 |
| ||
Inventories |
71,738 |
|
80,062 |
| ||
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|
|
| |||
Total current assets |
301,161 |
|
323,528 |
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|
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INVESTMENTS AND NON-CURRENT RECEIVABLES: |
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Long-term investments |
24,183 |
|
25,151 |
| ||
Investments in companies |
7,484 |
|
333 |
| ||
Non-current trade receivables |
570 |
|
604 |
| ||
Severance pay fund |
11,321 |
|
10,828 |
| ||
Deferred income taxes |
2,317 |
|
2,209 |
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|
|
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45,875 |
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39,125 |
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PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation and amortization |
22,718 |
|
25,244 |
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|
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GOODWILL AND OTHER INTANGIBLE ASSETS, net of accumulated amortization |
16,878 |
|
18,746 |
| ||
|
|
|
| |||
386,632 |
|
406,643 |
| |||
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Liabilities and shareholders' equity |
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CURRENT LIABILITIES: |
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Current maturity of long-term liability |
2,816 |
|
2,835 |
| ||
Accounts payable and accruals: |
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Trade |
14,383 |
|
13,776 |
| ||
Other |
35,429 |
|
50,890 |
| ||
|
|
|
| |||
Total current liabilities |
52,628 |
|
67,501 |
| ||
ACCRUED SEVERANCE PAY |
18,931 |
|
18,835 |
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LONG-TERM LIABILITY TO THE GOVERNMENT OF ISRAEL, |
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net of current maturity |
11,268 |
|
11,338 |
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|
|
| |||
Total liabilities |
82,827 |
|
97,674 |
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|
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SHAREHOLDERS EQUITY: |
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Share capital |
1,609 |
|
1,603 |
| ||
Additional paid-in capital |
95,337 |
|
93,942 |
| ||
Deferred stock compensation |
(711 |
) |
(1,350 |
) | ||
Retained earnings |
230,913 |
|
236,894 |
| ||
Accumulated other comprehensive income |
(1,019 |
) |
204 |
| ||
|
|
|
| |||
326,129 |
|
331,293 |
| |||
Less treasury stock, at cost |
(22,324 |
) |
(22,324 |
) | ||
|
|
|
| |||
Total shareholders' equity |
303,805 |
|
308,969 |
| ||
|
|
|
| |||
386,632 |
|
406,643 |
| |||
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9 months ended September 30 |
3 months ended September
30 |
12 months ended December 31 |
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2002 |
2001 |
2002 |
2001 |
2 0 0 1 |
|||||||||||||||
(Unaudited) |
(Unaudited) |
(Audited) |
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U.S. dollars in thousands (except per share data) |
|||||||||||||||||||
REVENUES |
|
159,500 |
|
|
243,014 |
|
54,196 |
|
|
61,680 |
|
|
301,904 |
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COST OF REVENUES: |
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COST |
|
96,105 |
|
|
125,267 |
|
33,498 |
|
|
35,945 |
|
|
162,293 |
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WRITE-DOWN OF INVENTORIES |
|
7,013 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
96,105 |
|
|
125,267 |
|
33,498 |
|
|
35,945 |
|
|
169,306 |
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GROSS PROFIT |
|
63,395 |
|
|
117,747 |
|
20,698 |
|
|
25,735 |
|
|
132,598 |
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RESEARCH AND DEVELOPMENT COSTSnet |
|
31,042 |
|
|
37,031 |
|
10,140 |
|
|
11,377 |
|
|
50,047 |
| |||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
37,340 |
|
|
48,174 |
|
12,803 |
|
|
13,188 |
|
|
58,612 |
| |||||
AMORTIZATION OF GOODWILL AND OTHER INTANGIBLE ASSETS |
|
1,881 |
|
|
5,369 |
|
627 |
|
|
1,834 |
|
|
7,291 |
| |||||
RESTRUCTURING COSTS |
|
1,888 |
|
|
4,406 |
|
4,406 |
|
|
6,149 |
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SETTLEMENT WITH THE GOVERNMENT OF ISRAEL IN RESPECT OF R&D GRANTS RECEIVED |
|
14,173 |
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OPERATING INCOME (LOSS) |
|
(8,756 |
) |
|
22,767 |
|
(2,872 |
) |
|
(5,070 |
) |
|
(3,674 |
) | |||||
FINANCIAL INCOMEnet |
|
1,960 |
|
|
3,613 |
|
727 |
|
|
662 |
|
|
4,702 |
| |||||
OTHER INCOME (EXPENSE)net |
|
(6 |
) |
|
50 |
|
2 |
|
|
10 |
|
|
28 |
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INCOME (LOSS) BEFORE TAXES ON INCOME |
|
(6,802 |
) |
|
26,430 |
|
(2,143 |
) |
|
(4,398 |
) |
|
1,056 |
| |||||
TAXES ON INCOME |
|
(965 |
) |
|
2,896 |
|
(242 |
) |
|
(821 |
) |
|
(975 |
) | |||||
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INCOME (LOSS) BEFORE SHARE IN LOSSES OF ASSOCIATED COMPANY |
|
(5,837 |
) |
|
23,534 |
|
(1,901 |
) |
|
(3,577 |
) |
|
2,031 |
| |||||
SHARE IN LOSSES OF ASSOCIATED COMPANY |
|
(144 |
) |
|
(144 |
) |
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NET INCOME (LOSS) FOR THE PERIOD |
|
(5,981 |
) |
|
23,534 |
|
(2,045 |
) |
|
(3,577 |
) |
|
2,031 |
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EARNINGS (LOSS) PER SHARE: |
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BASIC |
$ |
(0.19 |
) |
$ |
0.74 |
$ |
(0.06 |
) |
$ |
(0.11 |
) |
$ |
0.06 |
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DILUTED |
$ |
(0.19 |
) |
$ |
0.72 |
$ |
(0.06 |
) |
$ |
(0.11 |
) |
$ |
0.06 |
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WEIGHTED AVERAGE NUMBER OF SHARES (IN THOUSANDS) USED IN COMPUTATION OF EARNINGS PER SHARE: |
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BASIC |
|
31,962 |
|
|
31,607 |
|
31,962 |
|
|
31,607 |
|
|
31,819 |
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DILUTED |
|
31,962 |
|
|
32,683 |
|
31,962 |
|
|
31,607 |
|
|
32,871 |
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By: |
/s/ AMICHAI
STEINBERG | |
Amichai Steinberg Corporate Vice President for Finance and Chief Financial Officer |