YAVNE, ISRAEL – Orbotech reported first quarter revenues at its printed circuit board equipment business unit of $77.5 million, up 14% year-over-year. The division’s revenue included $49.8 million in equipment sales.

The company’s total revenues were $187.6 million, down 1.5% compared to the first quarter of 2016 and 12.7% sequentially. GAAP net income for the period was $14.9 million, down 5.7% year-over-year.

"Our results for the first quarter of 2017 reflect a solid start to the year, and are marked by particularly strong execution in our PCB division – mainly from new product sales,” said CEO Asher Levy. “We see the current growth opportunities in our existing served industries, such as advanced smartphones, automotive applications and flex OLED screens, as well as the plans for additional panel fabrication capacity by Chinese FPD manufacturers, as being strongly supportive of our growth for the remainder of 2017. As we have previously indicated, we anticipate that our 2017 results will be more backend-loaded than previous years, and we expect to post revenue growth and ongoing profitability improvement during the year."

As of Mar. 31, the company had cash, cash equivalents (including restricted cash), short term bank deposits and marketable securities of $222.3 million, and debt of $88.5 million.

Orbotech expects revenues for the second quarter to be in the range of $200 million to $210 million.

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