YAVNE, ISRAEL -- Orbotech announced first quarter revenues rose 34% year-over-year to $250.6 million.

Printed circuit board segment revenues, which are sales from AOI systems, were $87.1 million, versus $77.5 million last year. The revenue included including $53.3 million in equipment sales, up from $49.8 million a year ago.

GAAP net income was $30.3 million, up from $14.9 million, and net margin rose 410 basis points to 12.1%. Adjusted EBITDA was $53.1 million, versus $32.5 million in 2017. Non-GAAP net income nearly doubled top $41.1 million.

Gross profit and gross margin in the quarter were $117.9 million and 47.1%, respectively, compared with $87.1 million and 46.4%, respectively, in 2017.

The company expects second quarter revenue in the range of $250 million to $265 million. The firm also announced new orders totaling approximately $50 million from flexible printed circuit fabricator Career Technology, with delivery is scheduled to begin during the second quarter and to be completed by the end of 2018.

In light of the pending acquisition by KLA-Tencor, Orbotech will not provide guidance other than with respect to quarterly revenues, nor will it hold a conference call to discuss its financial results.

Register now for PCB West, the largest trade show for the printed circuit and electronics industry in the Silicon Valley! Coming Sept. 11-13 to the Santa Clara Convention Center.

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