YAVNE, ISRAEL -- Orbotech reported revenues of $190 million, up 2.8% year-over-year.

Revenues from the inspection and direct imaging equipment maker's printed circuit board business were up 17% from a year ago to $68 million. Equipment sales accounted for $39.9 million in the March quarter, up from $31.3 million in equipment sales) in 2015.

Overall GAAP net income for the first quarter was $15.7 million, up from $11.8 million in the first quarter 2015.

Commenting on the results, chief executive Asher Levy said: "We are very pleased with our financial results for the first quarter, which mark a strong start to the year. Industry conditions have developed generally as we anticipated at the beginning of the year. In particular, the acceleration in technological changes is a clear positive driver for the Company, and our broad portfolio of high quality solutions enable our customers' production facilities to answer the challenges posed by this trend."

Semiconductor device equipment sales were $72.5 million, including $62.4 million in equipment sales, versus $61.4 million (including $46.6 million in equipment sales) in 2015. Flat panel display business unit sales were $44.7 million, of which $35.6 million were equipment sales, versus $57.4 million ($47.3 million in equipment sales) in 2015.

Revenues from other segments totaled $5.3 million in the first quarter of 2016, compared with $8 million a year ago. Service revenues fell 7.3% to $49.5 million.

Overall gross margin for the March period was 45%, flat with a year ago. Adjusted EBITDA was $35.3 million, up $1.5 million.

Orbotech expects second quarter revenues in the range of $190 million to $198 million, and gross margin of 45% to 45.5%.