YAVNE, ISRAEL -- Orbotech today reported sales from PCB inspection equipment fell 25% to $31.3 million for the period ended Mar. 31.

Overall PCB industry revenue was down 15.5% to $58 million for the period. 

The company, which also makes inspection gear for the semiconductor and flat planel display industries, reported overall revenues of $184.8 million, up from $104.8 million in 2014.  Nonsemiconductor business sales totaled $123.4 million, up 17.7% from the first quarter 2014. Net income was $11.8 million, up from $6.3 million a year ago.

Chief executive Asher Levy said, "We have begun 2015 with strong revenues, profitability and cash generation. Our larger scale of operations, as well as our enhanced diversification across businesses, end markets, products and customers, has enabled us to exceed most of the revenue and profitability targets we had set ourselves for the quarter."

The company guided for second quarter revenues of $185 million to $193 million and gross margin of approximately 45%.