YAVNE, ISRAEL -- Orbotech today announced fourth-quarter revenues fell 4.7% year-over-year to $188.2 million.

Net income was $16 million, up 22% from a year ago.

Printed circuit board business sales were $67.9 million, including $38.3 million in equipment sales, in the quarter ended Dec. 31, down 1.1% from 2015.

The OEM's semiconductor device segment saw sales climb 22.3% to $70.1 million, including $57.5 million in equipment sales, while flat panel display sales fell 31.5% to $45.5 million, including $35.9 million in equipment sales. Other segments' revenues totaled $4.8 million in the quarter.

Service revenues for the quarter were $53.8 million, compared with $54.1 million in 2014.

Full year revenues totaled $752.5 million, compared with $582.7 million in 2014. Excluding the Company's SD business, which was acquired in August 2014, 2015 revenues totaled $490.3 million, compared with $472.1 million in 2014. Net income was $56.8 million, up from $35.4 million last year, including a pretax gain of approximately $600,000 related to the sale of the company's Thermal Products business.

Gross profit and gross margin in the December quarter were $84.6 million and 45%, respectively, compared with $84.9 million and 43% in 2014. For the year, gross profit and gross margin were $339.8 million and 45.2%, respectively, compared with $253.2 million and 43.4% in the full year of 2014.

As of December 31, 2015, the Company had cash, cash equivalents (including restricted cash), short-term bank deposits and marketable securities of approximately $191.3 million, and debt of $239.6 million. In the fourth quarter, the company generated cash of $34.6 million from operations and repaid $30.7 million of its term loan.

Orbotech guided for first quarter revenues in the range of $184 million to $192 million and gross margin of approximately 45%.

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